Watch on your mobile device >>
My clients in the Phoenix area are always interested in how the real estate market is doing today and where it’s going tomorrow.
My clients in the Phoenix area are always interested in how the real estate market is doing today and where it’s going tomorrow.
A good way to determine the state of
the market in the Valley is what we call the “absorption rate per month.” We
divide the number of homes for sale by the number of homes sold. Anything less
than a 5 months’ supply of homes in a month is considered a sellers’ market.
Right now, that number is 3.26, so we are definitely in a strong sellers’
market.
Plus, the number of distressed sales
has significantly decreased from 70 percent in 2009-2010 to only 30 percent in
2013. In short, our real estate market in the Valley is recovering.
So what does this mean for
buyers?
·
There are only about 5 to 8 quality homes to
choose from in a given area. Act quickly when you find the right home!
·
Sellers: Because fewer homes are for sale, prices
are rising. Price your property right to attract as many buyers as possible and
potentially receive multiple offers.
·
Homeowners: Buyers are willing to pay for upgrades.
If you’re thinking about remodeling your home or adding a feature – such as living space,
an office, kitchen and bath upgrades – I am seeing buyers pay
top dollar for upgrades and new features. When you sell your home in a couple
of years, you’re likely to get your money back.
If you are ready to buy or sell a home
in the Phoenix area, please call or drop me a line. I’d love to help with your
real estate needs!
