Did you catch this article in the Arizona Republic last week from Senior Real Estate Reporter Catherine Reagor? Home sellers are beginning to see an advantage again! Reagor reported last week:
“Home sales are projected to have dropped 50% in 2022 from 2021’s overheated pace. Though homebuyers don’t have quite the upper hand they did in August, September, October and November, most sellers were still giving out concessions in December and early January. About 50% of metro Phoenix houses to sell in December included seller concessions.”
“Homebuyers finding deals in Chandler in early December aren’t seeing the same ones now. Chandler was a buyers’ market in November but quickly shifted to a sellers’ market during the first week of January. Phoenix, Glendale, Tempe, Mesa, Gilbert and Avondale have all gone from buyers’ markets to balanced housing markets during the past month, according to Cromford.”
“The swift rise in mortgage rates – and the drop in prices and sales that followed – has put many investors on the sidelines. But that’s a good thing. Investors paying cash sparked bidding wars that drove up prices and shut the door on many regular buyers in 2021 and early 2022.”
Read the full article by Catherine Reagor below!
The good news is, that despite the fact that homebuyers no longer have the advantage they did in the fall of 2022, the majority of sellers were still offering concessions in December and early January 2023. Is it the right time for you to sell your current home or buy your next home? Call me today, and let’s discuss the best options for you! 480-500-1738