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!

We have a full-time team dedicated to our clients complete with:  Buyer’s agents, Listing specialists, Luxury specialists, Property Management, Short Sale specialists & an administration team!

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.