Many of our clients and friends have asked how the real estate market is right now in Arizona, especially with all that is going on in our world. They trust our expertise and knowledge of the market since we have been selling real estate for over 16 years. So, here is an update from your favorite realtors at Success Real Estate Group…
Seller’s Market
Right now, in Arizona and a lot of other places in the U.S., it is a seller’s market. What that means is there are large numbers of buyers and not enough homes on the market for them to buy. In terms of supply vs demand, there is a lot more demand than there is supply. So, sellers have their pick of a great pool of buyers. Also, nearly 1/4 of the homes that are on the market are selling for over asking price. We are seeing a lot of cash buyers come through on the offers as well. Most of the homes are selling very quickly and not lasting long on the market. This is all great news for anyone who is selling their home. It sure is great to be a seller right now.
How to Compete
In Arizona, the real estate market is favoring sellers right now because there are oodles of people looking to buy homes. This is partly due to the extremely high rental rates, compare to the last 20 years (see graph). It is better to buy real estate than rent, in most cases. If you are one of the thousands of buyers looking for a home right now, it is very important you have someone to help you. You will need to compete with other offers during this current seller’s market. There are many ways to make your offer stand out from the others and look more appealing to sellers right now. So, choose a Realtor who sells real estate full-time and has been in the business for years. That way they understand the current market because we have experienced it before. Success Real Estate Group is very good at helping buyers compete in this market.
The Stats Tell All
Success Real Estate Group is analytical and loves numbers, so they pay close attention to the stats to know what the market is doing. That is why they look at the Cromford Report ever week. The numbers and stats are always a great way to determine what the real estate market is doing and where it is headed. If you are ever curious what the numbers are, this is a great website…cromfordreport.com
We are always available to answer any of your real estate questions. Feel free to reach out to our team at info@southscottsdalehomes.com
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