Metro Phoenix Enters a Seller’s Market

May 14, 2009 at 11:13 pm Leave a comment

Recently, the Arizona real estate market has seen a tremendous increase in home sales. The demand for homes has been triggered by low prices, low interest rates and generous home buying incentives. The  inventory of homes dropped significantly from 49,000 homes to 37,350 in less than two months. The Valley is entering a seller’s market as demand for homes continues.

If you are looking to sell your home soon, there are benefits to starting the process now rather than waiting. The public is usually late to react to changes in the market.

I have yet to hear any major media outlets report that the Valley is entering a phase that qualifies as a seller’s market. That’s because the media typically rely on national statistics, not localized areas.

In Metro Phoenix, all signs now point to our area already qualifying as a seller’s market.  Some areas have less supply than other areas. Once the news of the seller’s market is widely reported  and takes on a national scale, I can imagine a surge in the inventory of homes being offered for sale from homeowners who had been waiting to sell, builders who had been holding off on building homes, even as the number of foreclosures may also increase.

The seller’s market is here today and may be gone tomorrow — we don’t know exactly when. In the meantime, if you’ve been considering selling a home for any reason, this may be the perfect time to avoid pandemonium and make your exit before the sleeping giant wakes up.

Entry filed under: Arizona Real Estate, Chandler Real Estate, Foreclosures & Short Sales, Phoenix Real Estate, Real Estate Deals. Tags: , , .

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