Real Estate has Changed

Barbara Wilson

What Sellers and Buyers Need to Know Now

Sellers:

It’s time to get serious.  The median sales price dropped another $10,000 last month, while active inventory increased by another 4%!!  You MUST price correctly upfront, which means you cannot use sales from the peak of the market (March-July of 2022).  And even then, price reductions will be common, staging is expected, repairs will be requested, and concessions will be normal.  

Buyers:

Good news…active inventory is on the rise and interest rates are still historically low. You have choices! If you were waiting on a market shift to help you buy a home, it’s here! If the interest rates are tough to swallow, consider asking the seller to pay for a rate buy down. Remember that a home is long-term investment, and don’t lose sight of that based on short-term market changes.  

Check out our latest Phoenix Real Estate Market Snapshot for the full report.  Let us know if you have any questions.

Barbara Wilson, Associate Broker®
Monty Castillo, Realtor®
520-240-3560 / 707-816-2467
bdlasky@gmail.com / montygcastillo5@gmail.com
TucsonAzRealEstateBlog.com / WestValleyPhoenix.com

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