Is it still a buyer’s market today in Phoenix? As experts in the Phoenix real estate market, we get asked this question a lot.
The answer isn’t as simple as yes or no.
The State of the Market for Buyers in Phoenix AZ
First of all, it really depends on the property type and the location.
Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.
Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.
But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Phoenix, but seem to be rebounding as the rental market increases.
Financing is still a major obstacle for buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow.
Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Sound confusing? It is, but we can help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
We’re investing in Phoenix because we believe in the community and the people here.
If you need to sell a property near Phoenix, we can help you.
We buy properties like yours from people who need to sell fast.