The real estate market has changed significantly over the last six months in Arizona. Factors that lead to this change have also created opportunities for buyers, sellers & investors... opportunities that we have strategies to capitalize on! The video will give you a market update and discuss some of the strategies.
So what is the current real estate market in Arizona? Here are the numbers:
More homes available but the contracts (pending sales) remain steady. What is traditionally considered a balanced market. However the quick change from 3 years of massive competition make it feel like a buyers market.
This change of market was likely accelerated by two major factors in Arizona: 1. The rising interest rates at same time as 2. School year was coming to an end
We entered summer, travel, holidays & traditional slowing all at the same time. Most Arizona students just got back to school & college students are returning now.
Rates & payments (elephant in the room): What Opportunity?
For buyers (especially first time) rates were daunting as it created more difficult in qualifying as well as cost. However with the changing market we are once again seeing sellers giving concessions to buyers which creates opportunities for:
A. Rate buy downs - reducing both rate and payment
B. Closing cost assistance that allows less out of pocket expense for buyers
C. Utilizing all financing options that could reduce the payment.
We have recently closed a few home purchases with buyers that were able to utilize 1 or more of the above strategies to find ways to fit their budget to avoid renting or move up to a better suited home. We can connect you with a lender who has served many or our clients, giving you all the details related to YOUR unique financial situation.
Special Note RENTERS: Rates holding you back? We can show you options, your current effective interest rate is 100% because none of it goes towards equity for yourself.
Seller Opportunities: How to compete and win...
Proper expectations are a must - most homes will take 60-90 to sell IF they have:
Proper Pricing -- this is not a time to "push" the market
Proper Preparation -- the house needs to present well, have good photographs and be marketed correctly
Proper Timetable -- need to list, market, price and promote with the right timing
Someone is likely asking "how is this an opportunity?" GOOD QUESTION, the answer is that many homes on the market are still trying to catch up to the changing market... So if you employ the strategy above you will be at the top of the list for buyers that are in the market! By having the right expectations and a team like us serving you, it will also reduce stress in the process while reaching your goals.
Ready to make a move? Contact us to day to get moving towards your real estate goals!
This program is made possible by our great partners...