Phoenix Real Estate Market Update 3/2018
Good morning friend :)
I really hope this confusing weather has been enjoyable for you. This is our first year with a pool and the boys haven't been able to frequent the pool as often as they'd like due to the weather. Damn, damn good for yard work though! :)
I came across some interesting stats the other day, they're for Maricopa county area.. [is attached] which if you don't know, is the main area of Phoenix. Based on the data here, it shows that inventory is at a 5 year low. As things heat up and we step into the busy season, this makes for a great time for Sellers, but somewhat difficult time for Buyers... and double stressful for Sellers whom have to buy shortly after.
The cure for all of that is preparation, preparation, preparation. Sellers right now have a huge upper hand as they can command a lot of the tempo in the market. If a home is new and under 30 days on the market, it's likely they are going to get near or at asking price with little give on other things. So if a home is fresh, they're even more likely to not budge. Surprisingly however, we've been able to swing a couple things for our Buyers that made the difference for them and allowed the Seller to flex some... and then in the same breath... we've not been able to.
It's funny because we all watch the HGTV and see people everywhere buying homes and such.. I can tell you though, it's like being a medical doctor and watching ER, House, or Grey's Anatomy... that crap only works on TV and is not real life! haha... same is for how HGTV works with our industry. So don't be mislead!
Something to takeaway is that each offer, each scenario, they all are different. Being patient, prepared, and creative/emotionally in-tune makes this kind of situation easier to deal with.
I digress.... the important part of what makes Friday's so, so special. :)
The important part really to know, is that it's still one of the best times to buy and a huge advantage to sell. Our Phx market has rebounded very well respect to where we all came from a few years ago. If this isn't the time, preparation never hurt anyone. :) If you need a safe place to consider your options or just be yourself with as many questions as you need, Chas and I are here to make that happen.... even if it's hey, how can I fix this thing, and how do I rotate my tires?? haha :) we're just grateful to help, however we can.
Have a fantastic weekend!