Phoenix Metro Area Market Update Nov. 2021
Here’s what we’re seeing in the market these days:
- Zillow leaving the home buying business does not signal a top in the market. It also does not mean that the iBuyer model is going away.
- New home sales are down dramatically because of the inability of the builders to complete home construction (supply chain issues and skilled labor shortages), not because of lack of demand.
- Supply has started on a slight downward trend and is very likely to continue through the rest of 2021, which would conform to the usual seasonal pattern.
- Demand is still strengthening but closings are taking longer.
- We can expect prices to continue rising in the near term.
Stay tuned to see what the remainder of 2021 will bring!
What is an iBuyer?
An iBuyer is a company that purchases homes directly from owners almost instantly using technology that determines fair market value. This is done online and often sight unseen, which makes for a quick sale for sellers. Some iBuyers are able to offer cash to a home seller in less than 24 hours. Sometimes, the deal can close in just a couple of days, and often the transaction happens entirely online.
Contact Us…
We are full-time, experienced Realtors working in Queen Creek and the surrounding areas. With decades of East Valley real estate experience under our belts, we are here to answer any questions you may have. Please do not hesitate to reach out to April Anderson at 480.272.1977.
We’re looking forward to hearing from you soon!
Queen Creek Real Estate
21408 S Ellsworth Rd
Queen Creek, AZ 85142
