Summer is upon us in Arizona and so is the Real Estate Market Shift! What does that mean for you, the market and the future of real estate in Arizona? Watch the video or keep reading for answers!
60 days ago we told you the market was shifting, now it has shifted, so what does that mean moving forward? Lets check the numbers for today (July 21,2022).
The biggest change is the number of homes available, up 30%+ recently! However that does NOT mean a crash nor a massive drop in activity. In fact our Pending home sales (contracts) are down about 15% which is typical of summer here.
To give you some perspective, in the last 60 days Arizona has seen the school year end, Memorial Day, summer vacations, 4th of July and over the next week most of the state will head back to school -- YES buyers have been distracted!
RESULT: The Frenzy of the Spring has given way to what is technically a seller's market -- in fact we don't consider it a balanced market (sellers & buyers with equal leverage) until there is over 3 months of inventory, CURRENTLY we have only 2 months. VERY different than spring but following the typical path of our Arizona real estate market.
CAN BOTH SELLERS & BUYERS BENEFIT? YES, YES, YES!
How it benefits SELLERS:
1. The Equity you gained in the last decade or year is yours, that value remains!
2. With proper pricing and the right marketing strategy you can stand out.
3. If you are moving up, downsizing or just have different needs you have choices and it may be easier to find your forever home!
How to be prepare as a Seller? Having a professional on your team with experience to properly price your home and build a strong market strategy will maximize your profit. If you are updating or curious what makes the most impact, reach out to us at The Drew Team so we can reduce your stress and help reach YOUR goals.
How it benefits BUYERS:
1. Buyers have CHOICES! Couldn't find what you wanted or it was sold before you got there? NOW is your time to find a great home!
2. Buyers who had difficulty competing with cash offers... NOW very often you don't have to and that means keeping your contingencies in tact as well.
3. Buyers, the rates actually eased over the last two weeks and sellers who tried to push the market have had to get realistic on price, even giving some small concessions at times.
How to be prepare as a Buyer? Connect with us NOW so we can talk to you about options for both homes and financing that didn't exist just 3 months ago (including down payment assistance programs). Get prequalified so you can take advantage of the new opportunities. Let's talk about YOUR goals, then we can share some of the creative advantages that can help you win right now!
Many agents don't understand this market, that is why you need a team that has walked through all types of markets AND succeeded in reaching our clients goals! To those of you who allowed us to serve you, THANK YOU as we have been named to America's Best AGAIN!
Finally please pass along our First Responder program that can save those who serve our communities on both a home purchase or sale. We are grateful for those that serve!
Thanks to our partners in the First Responder Program
The Drew Team is Robin & Steven Drew, Robin McAvoy, Casey Hurlburt, Tom Walton and our amazing admin Nancy Horn. We are dedicated to the mission of reach YOUR goals! We serve most of the Phoenix Valley and beyond with an expertise in single family homes, investment property, 2nd homes and also active adult living communities. Additionally we have served hundred's of first time home buyers to moving from renting to owning.