How Well Do You Know Phoenix Real Estate?
So you think you’re pretty real estate savvy?? Let’s put your knowledge to the test! I put together this short real estate based trivia with questions on buying/selling a home, as well some interesting facts you might not know. It’s just for fun, takes just a minute to do, and I bet some of the answers will surprise you! See how you do and let me know if you get it perfect!
(Market update below!)
Market Update
As we enter a historically slow season for Arizona real estate, we continue to grow in inventory, meaning buyers have a few more choices than in years past. Although Phoenix and Scottsdale remain slightly above a balanced market in favor of Sellers, the market valley wide is just below a balanced market, in favor of buyers. Goodyear, Maricopa, Buckeye and Queen Creek are the weakest cities – Fountain Hills and Chandler are the strongest performers.
Buyers – It’s arguably the best time to buy a home in the sense of lack of competition from other buyers. You finally have options to choose from, and much less likely to have to offer at or above asking price to have a shot at securing a home. Once interest rates subside, this is expected to bring more buyers in and competition will heat up. Buy your dream home now, refinance later.
Sellers – Patience is key. The buyers that are out there have the ability to shop around without being rushed and competing for a home that was so customary in recent years. They are making offers on the nicest homes that are priced the best. Overpriced homes, and homes needing work are not selling quickly, or at all. While prices are remaining stable, this is NOT the 2020-2022 market and don’t expect buyers to be giving away the naming rights to their first born.
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