PHOENIX ARIZONA ACTIVE LISTINGS UPDATE BE READY TO BUY
The Phoenix Real Estate Market continues to stay hot in 2017. Phoenix is projected to be the number 1 real estate market in the country. We are off to a great start. The chart above shows active listing inventory for 2016. The highest level of inventory was in February of 2016 at close to 21,000 homes. Then, the lowest point in Phoenix real estate inventory was in August of 2016 at 17,5000. It seems we are continuing the same trend in 2017.
Mortgage rates are still low to continue to convert renters into home owners. We all see advertising that it is cheaper to own vs rent. Also, we are hoping the President continues to create a healthy economy to create jobs so that people can afford to purchase homes. Then, that leads to furniture, appliances, home improvement and other items needed when making the home to suit the personal needs of the buyer.
Sellers can still be somewhat selective when receiving offers on their listings. Overall, I have to believe that sellers will still pay for closing costs for first time home buyers to close the deal. We do not want to price the home too high or it will stay on the market longer than expected.
Be ready for another exciting time when it comes to Phoenix real estate.
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