The real estate market is starting to balance out, not crash.
Is the market crashing? As you might have noticed, we’ve had very rapid appreciation over the last 12 months. Values have risen about 30%, depending on your location in the Phoenix metro area. Due to this rapid appreciation, it’s easy to think that the market is going to crash once it starts to flatten out and normalize. That couldn’t be further from the truth.
Right now, we’re seeing a drop in demand and a rise in supply, but we’re still in a position where we have very strong demand and don’t have enough inventory. Even if the market went into freefall, it would take us months to get back to a balanced market.
Sellers still have a strong advantage, and they’re getting top dollar for their homes. If you’ve been thinking about buying a home, this fall is going to be a good time to get back into the market. Although homes are still going with multiple offers, we’ll have less competition due to rising inventory. We’ve seen some listings that had 20 offers, but now they may only have three or five.
If you have any questions, please give me a call or send me an email. I’m happy to get you scheduled for a free consultation and answer your questions.