Phoenix Metro Market Report October 2018

 

Phoenix Metro Market Report October 2018

Phoenix Metro Market Report October 2018

 

Phoenix Metro Market Report October 2018: Phoenix First  Time Home Buyers Information. The past 4 months has shown an increase in listings between $200K and $400K. This is great news for first time home buyers.  Buyers  likely will not have to compete with multiple offers. And buyers will have more home choices to chose from. But – if you’re a home buyer looking under $200K  price range, the inventory is  extremely low.  And it is likely there will be competing bids on homes. Last January inventory under $200K price range was at 18% and currently it’s at 12% which is a drop of 1,018 homes.

 

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Phoenix Home Seller Information: When listing inventory goes up sellers  normally react in several ways to  the decrease in the buyer pool. Reduce price before going under contract which isn’t necessarily a decline in sales price but rather an adjusted expectation of sellers appreciation in their home. Another option is for sellers to offer concessions to buyers towards their closing costs or perhaps a home warranty. Sellers generally are more open to the above concessions before they’d consider a ‘low ball’ offer. And this is why ‘sales price trends’ are the last thing to shift in supply and demand.

 

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You can easily spot the  real estate trends from October 2017 to October 2018 in the infographic below. And if you’re ready to buy or sell a home give us a call for more in depth information in the areas you are considering. Remember: real estate is VERY local to each individual town, area and subdivision. What’s hot in Mesa may not be hot in Scottsdale or Phoenix. It’s important to know the market trends for your area.

Phoenix Metro Market Report October 2018 

Phoenix Metro Market Report October 2018

Phoenix Metro Market Report October 2018