Where Is the Scottsdale and Phoenix Area Market Heading?

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    Today, we discuss current Scottsdale and Phoenix area market conditions and what they mean for you!

    Does our market favor buyers or sellers right now? It depends on the price range. For homes under $300,000 we’re in a strong seller’s market, while for homes over $500,000, the market is more favorable for buyers. These are pretty normal conditions for our area, although the luxury market is doing much better than usual.

    Right now, inventory is down by almost 30%, which is advantageous for sellers. If inventory levels remain at current levels, we should see an appreciation over the next six months or so. Interest rates are still near historic lows, but we’re expecting that to change soon. Know that rising rates aren’t necessarily a bad thing, because it usually means banks are willing to take more risks, making more people eligible for home loans!

    What does all of this information mean for you? If you’re a buyer in the $300,000 and under market, be aware that a home you feel is overpriced now will probably appreciate 3-6 months from now. The market over $500,000 has recovered nicely, but there are still many options out there for you!

    If you have any questions about what market conditions mean for you, don’t hesitate to contact us. We would love to hear from you!


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