The Phoenix housing market continues to be very competitive. Over the last 3 months, resale homes receive several offers and remain on the market for an average of 34 days. The good news is homes in Phoenix will typically sell for 1% below the list price. However, “hot” homes will sell for list price and are on the market for 10 days.
New movers continue to move to Phoenix. As a result, the Phoenix housing market as experienced an inventory shortage. If you are planning a buy a home upon your move to Phoenix, here are a few tips to help you.
START SHOPPING EARLY
Give yourself plenty of time to find the right home. The Phoenix housing market has averaged a less than two-month supply of homes.
DON’T OVER HAGGLE
The Phoenix Housing market is a seller’s market with a very limited inventory. Come in with a strong, calculated offer.
KEEP YOUR EYE ON INTEREST RATES
Interest rates are hoovering at historic lows. Some realtors would suggest to get pre-approved prior to home shopping. That way, when you submit an offer, your mortgage loan is already in process.
According to RedFin.com, here is a snapshot of the Phoenix Housing Market:
Average Sale Price: $298,000
Sale per Square foot: $181
