Phoenix Metro Area Market Update August 2022
After over a year of being in a seller’s market, most major cities have now moved into a balanced or buyer’s market. For sellers this has been an abrupt reality. In some areas, sellers are realizing that pricing their homes at the same price as recently sold comparable properties will yield few, if any, buyers making offers. This is evident in the high number of price reductions we are seeing. According to The Cromford Report, “price reductions are up 500% since March”.
After over a year of being in a seller’s market, most major cities have now moved into a balanced or buyer’s market. For sellers this has been an abrupt reality. In some areas, sellers are realizing that pricing their homes at the same price as recently sold comparable properties will yield few, if any, buyers making offers. This is evident in the high number of price reductions we are seeing. According to The Cromford Report, “price reductions are up 500% since March”. For buyers, although interest rates aren’t at historic highs, they are finding it hard to reconcile paying current rates with current prices. This hesitancy is pushing our market further in to the “Buyer’s Market” zone because inventory continues to go up and demand stays at a subpar level. The good news is that whether you are a buyer or a seller, I am prepared with strategies to help you get your real estate goals accomplished.
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.
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!
–April Anderson
United Brokers Group
21408 S Ellsworth Road
Queen Creek, AZ 85142
