Phoenix Metro Area Market Update May 2022
You may have noticed the clear shift in the market over the last month. Many feel that this shift is a long overdue correction to a market that seemed like it was never going to stop climbing. With interest rates rising at a historic rate and already record high home prices, sellers may have to be a little more patient in regards to how many offers they receive and how quickly their house sells. Sellers pricing their home correctly will also be important as we move in to a market with lower demand and higher inventory – MLS supply went up 45% in 6 weeks.
Interest Rates
Due to the increased interest rates, buyers may be deciding to take a break from the hunt. Buyers who haven’t been priced out will continue to see an influx of inventory and potentially less competition when submitting offers depending on their price point. Keep in mind that the market under $400,000 is still extremely tight and fast moving.
Market experts maintain that this shift does not indicate an impending crash. Instead, buyers and sellers should see the shift as a needed correction in a frenzied market.
Contact Us…
We’re looking forward to hearing from you soon!
