Phoenix Metro Area Market Update August 2021
“Supply continues to move higher. We would usually consider a 24.7% increase in one month to be an exceptional growth rate. However, we are rising from a very low point and the number of active listings without a contract is still down 75% from what would be considered normal. We are witnessing new listings arrive at a faster rate than we usually see at this time of year, especially those priced between $400,000 and $1 million. This is helping buyers, but there are still far more buyers than homes for sale.
Over the last year, prices have not been rising because of strong demand or low interest rate, as often stated by the media. They have been rising because of extremely poor supply. Buyers do not pay more for a home because they can. They pay more because they have to. Multiple bids make them pay more, unless they drop out. Low interest rates merely allow them to compete.”
-Tina Tamboer, The Cromford Report
Home Buyers Guide to a Successful Real Estate Transaction
If you are a prospective home buyer in today’s competitive real estate market, then it is important to set yourself up for success by making wise choices and surrounding yourself with a team of experienced professionals. Be sure to check out my blog Home Buyers Guide to a Successful Real Estate Transaction for more information.
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!
United Brokers Group
21321 E Ocotillo Rd E-111
Queen Creek, AZ 85142