Arizona Real Estate is like Gangbusters
Happy February 2022!
Hope your year is off to a great start.
The #1 question we are answering is "How much longer is the market going to be like this?"
We predict it will start "normalizing" at the end of this year. We are expecting another interest rate increase soon which means another surge of sales and more listings hitting the market.
We believe the interest rate increase will bring more buyer activity due to the "fence sitters" (buyers that have been waiting for prices to go down or just not sure if they are ready to pull the trigger).
The forecasted increase of listings is from a natural trend during this time of year. In addition, if rates are increasing, buyers have less to spend which means sellers want to list soon to get top dollar.
Another factor we watch is affordability. Arizona is known for a lower cost of living. If we are the 5th largest and fastest growing city in the country, it is about time our home values reflect that. Even with the increase of home prices, the low property taxes helps with overall affordability.
On average for a $1 Million dollar home listed in the Phoenix metro area, property taxes are approximately .5% of the list price compared to the national average of 1%.
If you have any questions, please feel free to reply to this email to set up a time to go over your specific situation. I would love to hear from you.
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"A Funny thing happens in real estate. When it comes back, it comes back up like gangbusters"
- Barbara Corcoran -
