Quick Look At The Greater PHX Area Market In February 2022!
There are more active buyers than we typically see in January and February. Great news for sellers. It’s no wonder housing prices steadily increase as demand continues to push prices higher and supply remains at a hundred year low.
There’s currently less than one month supply of homes for sale…meaning that if no new homes came on the market, everything would sell out in less than a month.
It will be interesting to see how higher interest rates affect buyers desire to obtain mortgages but until supply of homes hits at least the normal range of 15,000+ home equity will continue to rise.
Unless something crazy happens with interest rates that push too many buyers out of the market then sellers will have to respond with lower prices, but I don’t expect that to happen until the latter part of 2022 going into 2023.
Feeling inspired to talk about how much your home could sell for in today’s market? Just reach out and we would be happy to give you our opinion based on the latest trend.
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If you have any topics or questions you would like answered, contact The Shanna Day Dream Home Team - we’ll find the answers for you!
Shanna Day Dream Home Team
Keller Williams Realty East Valley