07/08/2021
How's the Market???
If you're a Seller, it's still fantastic. However, you are beginning to get more competition with the recent uptick in new listings. While there is still a wide gap between supply and demand, more homes are coming on the market as we are coming to the end of the Pandemic Forbearance Enrollment & Foreclosure Moratorium, as well as delayed listings caused by the pandemic now being listed for sale.
If you are a Buyer, the next 3 - 6 months may be your best opportunity for the foreseeable future as interest rates are expected to tick up over the next 18 months, more "delayed" inventory is expected to hit the market, and seasonally we are entering the best time to be a homebuyer in The Valley. By waiting too long, homebuyers run the risk of purchasing less house with a higher payment due to the projected rise in mortgage rates and continued rise in house prices.
If you are an investor, there is nothing on the horizon which points to a dramatic fall in real estate prices. The amount of inventory expected to hit over the next few months is nowhere near enough to quench the current demand of Buyers and rental rates continue to climb month over month due to the lack of available housing.
While you will more than likely not hear the crazy stories of homebuyer experiences from the 1st and early 2nd Qtr, rest assured that this is still a historically hot real estate market.
For the market in the Phoenix metro area to find a balance between buyers & sellers, we need about 5 more months of inventory or about 2.5x the amount of listings we have currently. Home prices still rise in a Balanced Market, but "only" at the rate of inflation.
📍RE/MAX Fine Properties
📲 602.538.9909
📧[email protected]
💻 NickTomasRealEstate.com
