Buyers now getting edge in Phoenix market
By: Ahwatukee Foothills News
The real estate market has shifted quickly and dramatically, and sellers are scrambling to catch up and adjust their expectations.
The number of active listings in the Phoenix market has jumped significantly and sellers no longer have the extreme advantage they’ve seen over the past couple of years. As of last week, active listings were at 16,130 compared to 4,865 at the beginning of the year and 6,299 a year ago.
As a result, we are no longer in a seller’s market. The real estate market is quickly becoming balanced.
Buyers are now making offers below List Price.
Sellers are being forced to drop prices.
Seller concessions are back in play.
Homes are staying on the market longer.
Buyers are able to pick and choose between homes once again.
What all this means is that sellers have to make a quick adjustment to the rapidly changing market. Everything sellers have seen and heard in the past two years no longer applies. Throw in inflation and rising mortgage rates and we are left with a lot of confusion.
We have been keeping up with all the changes and the ramifications of those changes, so please reach out so we can have a conversation about how all of this affects you and your real estate needs.