Inventory is the talk of the town these days! And not the same talk we had a year ago this time with high inventory, but low inventory – making it more difficult for buyers and investors to not only find good deals, but simply just secure homes to purchase!
Last week we put in an offer on a property for one of our investors in Gilbert and were one of 37 offers submitted on the home!!! And just yesterday I went out to preview a home in Chandler, and there were 6 sets of Realtor groups waiting to get inside the home – times are changing.
– As of today, we have 15,699 homes actively for sale in the MLS – down from 17,354 this time last month and down from 33,146 this time last year in 2011. It may sound like we still have a lot of homes available – but in a “normal/balanced market” – we’d have about 30,000 homes for sale for the size of metro-Phoenix.
– In February, we had 7,216 closed sales – down from January’s 7,669 closed sales – mostly because of the decreased amount of inventory.
– Our average sales price as of today is $169,816 – up from $164,740 this time last month… and up from $157,521 this this time in 2011.
So what does all this mean to you??
1.) If you’re a Seller, or thinking about Selling your home – right now is a fantastic time to sell your home very quickly. A lot of the good homes in good areas are getting multiple offers – and a lot of times offers over list price- within the first day or two of being put on the market! They still need to be priced right because buyers and investors still have the price hikes of 2003-2005 in the back of their mind and aren’t willing to be overly aggressive on their price. If you’re priced under $500k right now, our market is considered a “Seller’s market.”
2.) If you’re a Buyer, looking for a primary residence – right now is a great time to buy because prices are still relatively low and Phoenix is very affordable right now for the average buyer… but prices are starting to increase. It’s a very competitive time right now – it’s not uncommon to have to make 3-4 offers before you secure a home, but if you’re patient the homes will come! Interest rates are ridiculously low right now!!! Some of our recent owner occupants just received interested rates below 3.85% for 30 year fixed mortgage rates! Each credit situation will vary and you’ll need to speak with your loan officer.
3.) If you’re an investor, buying as a rental property – we’ve still got great deals that yield positive cash flow and great returns… but the time is now. Prices are going up! The rental market is still VERY strong – we’re seeing homes rented out very quickly.
We service the entire metro-Phoenix area! So whether you’re a Buyer, Investor or Seller – we can help. We of course still offer our one-stop-shop services for investors – we will find, remodel/fix up and manage single family and multi-family properties!
Call us at 480.442.9809 today or find us on all social media channels today to talk to us today about your buying, selling or investing needs.