Phoenix Residential Housing Market Update

The Phoenix residential housing market slowed in the second half of last year, but things are looking up for 2024! Metropolitan Phoenix is just barely a seller’s market. That means there are differences across the valley.

• Seller’s markets – Tolleson, Apache Junction, Fountain Hills, Chandler, Gilbert, Laveen, El Mirage, Anthem, Glendale, Sun Lakes, Phoenix, Scottsdale, Mesa, Avondale
• Balanced markets – Tempe, Litchfield Park, Sun City West, Peoria, Goodyear, Surprise, Paradise Valley, Cave Creek
• Buyer’s markets – Gold Canyon, Casa Grande, Queen Creek, Sun City, Buckeye, Maricopa

THINKING ABOUT SELLING?

Low Inventory, peak visitors and the Spring market are on your side.

Inventory of homes for sale is 38% below normal for this time of year but new listings are on the rise as we head into the Spring selling season and peak of tourism. Homeowners with extremely low interest rates on their current mortgage are generally staying put, but those with life changes affecting their housing situation are selling and capitalizing on tremendous equity that grew substantially in recent years.

THINKING ABOUT BUYING?

Don’t wait, now is a great time to buy.

Mortgage rates recently adjusted to more reasonable levels and they are expected to decline further this year. Rather than wait for that to happen when more buyers will be competing for homes (pushing prices higher), we can negotiate seller concessions now to buydown your rate until it makes sense to refinance. Also, a number of lenders are offering no cost refinancing up to three years after your closing date.

Buyers often ask if they should hold off buying a home because they’re hoping prices will decline. While I don’t have a crystal ball, experts say that’s NOT likely. A couple things to keep in mind:

• We’re still an inbound migration market with low inventory of homes to sell. Neither of those factors are expected to change anytime soon.
• Whether you believe we’re in a recession now or headed for one, home values have declined in just one of eight recessions in the last fifty years.

QUESTIONS OR MORE INFO?

As mentioned at the start of this blog, the Phoenix residential housing market definitely has differences across the valley. If you have questions or would like more information on a specific part of the valley, please don’t hesitate to reach out to me at 312-608-9041 or paula.rosentreter@azmoves.com

Source: The Cromford® Report