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Adjusting to Phoenix Real Estate Market Conditions

Adjusting to Phoenix Real Estate Market Conditions

Here are some fun facts about the Phoenix real estate market on a gorgeous Saturday morning …

  • There are 11,400 single-family detached homes for sale in Maricopa County.
  • 2,187 of those homes have been on the market two or fewer weeks.
  • Nearly 4,000 of those homes have been on the market for less than a month
  • There are 8,350 pending sales in the MLS; half of them were on the market for 30 days or fewer

Let’s drill down to the ever-popular sub-$100,000 price point:

  • 1,453 for sale
  • 742 on the market for 30 days or fewer
  • 2,952 pending sales – 1,800 of which were on the market 30 days or fewer; 1,240 on the market for less than two weeks

So what’s the overriding message here? Inventory in the Phoenix market is moving quickly and some of the traditional expectations need to go out the window, particularly for investors.

Looking at every home when it comes to the market before writing an offer just isn’t always an option. Some listing agents make that a requirement; when they vow not to accept an offer two days after a home’s on the market, I’ll vow to make sure to personally view every home.

Read: it ain’t likely.

This isn’t the way I like to do things, using the inspection period as a catch-all to make sure a home really looks the way it does online, but it’s almost a necessity for those wanting to purchase anything under about $150,000.

Sure, there are agents who likely will be more than happy to run around previewing everything. At some point, though, one might think to ask why they seem to have so much available time. There’s an easy answer.

It’s getting tougher out there, folks, every day the inventory tightens and demand remains high.

Adjust accordingly.

Image: digitalart / FreeDigitalPhotos.net

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