I’ve been keeping tabs on the Phoenix real estate market, and today I wanted to let you know about a few surprising facts I’ve come to learn.
The first surprising thing about the market is that competition and inventory are the biggest challenges for both buyers and sellers.
For buyers in today’s market, things are very competitive. It’s likely that the house you choose will be the house that a lot of other buyers choose as well. It is very realistic to expect to compete against multiple buyers for that property.
The second surprising thing about our market is that buyers are facing a severe shortage of inventory.
There are two pieces to this puzzle. The first is that because of our severe shortage of inventory, remodeled properties are very competitive and often swelling over asking price. Even the ones that aren’t renovated are listing with prices that are similar. It’s important for you to know the difference.
As a home seller, you always have to keep your competition in mind. As I mentioned, there are a lot of updated and remodeled homes out there. It’s important to know exactly what is going to allow your home to sell for the highest price possible.
Obviously, we are in a seller’s market right now. With that in mind, it’s important to know that you don’t have to update your entire home in order to sell it. All that matters is that your home is prepared properly an listed at a price point in line with what the market is willing to pay.
If you have any questions for me about the real estate market or are interested in buying or selling a home, don’t hesitate to give me a call or send me an email. I would love to hear from you soon.