Over the next year or two what is more likely to happen is home prices will continue to rise, but at a much slower pace. Most of the bidding wars will simmer down, and the insane offers over asking price will eventually come down.
That said that doesn’t housing mean prices will return to their pre-pandemic 2020 levels. Listing prices are expected to continue rising to meet sale prices, but the overall annual increases should not be as brutal.
The only way you would see housing prices significantly change would be if the mortgage rates shot up pretty substantially along with a lot of homes flooding the market. Record-low mortgage rates have allowed current buyers to purchase much more expensive homes all while keeping their monthly payments within their budgets. As the lending rates rise, home buyers would not be able to afford the higher home prices. Plus, an increase in selling inventory would give buyers way more choices, meaning there would be a lot less crazy competition.
If you are looking to sell your home in Surprise AZ or if you are trying to gauge the prices to buy a home In Surprise AZ we have you covered on up to date housing market trends.
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Brandon Coulston
HomeSmart Surprise Arizona
Paramount Valley Realty Surprise AZ
Direct: 480.865.8500
Email: brandoncoulston@gmail.com
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