What’s Up In Real Estate News? Phoenix Housing Market Info

In a nutshell, there has been a shift in the market from the crazy seller’s market we were in the last two years up until the Summer of last year when inflation went sky high and so as always did interest rates. This slowed down the housing market along with everything that sells since stuff just cost more. Now the market shift or price adjustment from the huge gains that were made in housing for our area bottomed out in December of 2022. Since then we have seen an overall surge in properties selling and going under contract to a slight advantage for sellers, this has also put us in what is considered a hot market but much more normal than the last 2 years, and home buyers are not competing with as many people with crazy over asking offers. Many home buyers are getting seller-paid closing costs to buy down their interest rates compliments of the seller. So, right now you can get a great price, without crazy competition, and even though rates are high we can get the rate down for buyers paid by the seller. Also, with our current contract ratios, it indicates Spring and Summer, and into the end of the year, real estate with continue to do well in the Phoenix area.

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