How's The Market?

These words are often spoken as ONE WORD, sounding like "howzthemarket?" Realtors are asked this question all the time! Most of us LIKE the question, as it allows us the opportunity to talk about the market, the subtle changes underway, and (hopefully), find that there is a real live client asking that question.

So, How IS The Market? Well, it continues to prove that the tie-wearing / NYC hi-rise-dwelling crowd of cable-TV reporters get it wrong A LOT.

The reality is that the market in the Phoenix area remains strong. Whether we look at the low-end, middle, or high-end homes, the spring 2023 activity level tells us that the market remains strong. We DID have a bit of a tumble in 2022, with the metrics pointing to a buyers' market in the latter part of the year. Blink and you'd miss it, as the buyer's market lasted for about 4 weeks, between Thanksgiving & Christmas. Shortest buyer market ever! Then, the numbers began to push prices higher, while the lack of inventory also helped push upward on prices. At the moment, the main thing holding activity back, even a little bit, is the higher mortgage interest rates. Once again, we are seeing multiple offers, appraisal waivers, and buyers pulling back from inspections. This is not a good idea, altho common when times call for it. Desperate buyers do desperate things.