Is Phoenix a Buyer’s or Seller’s Market?

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Today we’re going to discuss the real estate market here in Phoenix. One question we get a lot is: “Are we in a buyer’s market or a seller’s market?”

Well, it depends on where you’re located. To be truthful, it’s a little bit of both. However, in most areas we are in a bit of a seller’s market because our inventory is so low. However, homes that are overpriced are just sitting on the market and not selling. The housing inventory in Phoenix has started to decline, but we are anticipating we will get some more selection in the near future as more sellers enter the market.

One more important thing to note is that interest rates recently went up. The Fed decided to slightly increase rates this December, which is something that we’ve been expecting for a while. This slight increase shouldn’t stop you from buying a home because interest rates are still extremely low compared to historical averages. 

So, what does all this mean for buyers and sellers? It’s time to get off the fence! If you’re selling, you need to price your home correctly in the market if you want to sell quickly. For buyers, now is the time to make your move because interest rates are only going to go up more in the future. 

If you have any questions, or are thinking about buying or selling in Phoenix, give us a call or send us an email. We look forward to hearing from you!