Home prices are 3-4% higher now then last year at this time. Monthly foreclosure starts are down 49% from this time last year and home sales are up 8%. What does this mean for those in the market to buy a home? Supply is down and demand is up. Buyers need to act fast to beat out the competition. If a home is priced right chances are there are multiple offers on it and many of these homes are selling above list price. It can be very frustrating making offer after offer only to be beat out by investors and other home buyers. My advice to you is to have patience and when you find the home you want don’t be afraid to be aggresive. Make sure you have a hard working Realtor that understands the current market and is involved daily with it. The housing market in the Phoenix area is changing rapidly and you need someone who will work hard for you. If you are in the market to sell; now is a great time to think about listing your home as the supply is shrinking.
Please feel free to contact me if you are in the market to buy or sell a home in Arizona.