Arizona Real Estate Market Update
What a difference a couple months make in our real estate market here in Arizona.
Over the last 2 years, home buyers have lived and experienced a tough"Sellers Market". Multiple offers on properties were common and many buyers wrote offers over and over again to find out they got out bid by a cash buyer. Those days are over- at least for now. According to the current market report direct from ARMLS (Arizona Regional Multiple Listing Service). Our closed sales are down 24.5% from last year and the number of homes for sale increased nearly 32%. This graph says it all.
The Red Bar shows the number of ACTIVE LISTINGS
The Purple bar shows the number of PENDING SALES
The Blue bar shows the number of CLOSED SALES
What does this mean for buyers: Interest rates are still low and there are now more properties to choose from. Sellers are willing to negotiate so there are many deals to be had.
What does this mean for sellers: You need to be very realistic with your price. With the large amount of competition, pricing your home correctly from the start will improve your chances of selling it quickly. Condition will play a large factor as well. You need to make your home shine and stand out from the competition.
With the holidays quickly approaching, the market slows down a bit but be ready, come spring again and the numbers will be soaring again so take advantage now.
Please contact me for any questions about the real estate market. Also, I work by referral so please pass my name and number along to someone you may know looking to buy or sell a home. Thank you in advance!
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