Local real estate expert says, “If you can afford it today, get them in today.”

January 23, 2022 at 5:07 pm Leave a comment

Valley’s hot real estate market continues in 2022
Metro Phoenix home prices are expected to continue rising through at least June 2022, according to a senior housing analyst.
Tina Tamboer of The Cromford Report, which provides real-time analysis of the real estate market in Greater Phoenix, had advice for people in the market to purchase a home during a mid-January webinar.
“If (homebuyers) can afford it today, get them in today,” Tamboer told Realtors during the session. 
While the Valley saw a slump during the holiday season as is tradition during the winter, Tamboer said the equally traditional uptick in demand for homes is ramping up now. 
Annual home value appreciation is at 26.7 percent this month — a normal seller’s market sees 4 to 7 percent appreciation. That said, the continued demand from people moving into Arizona probably means prices will be rising even faster through at least the first half of 2022, Tamboer noted.Other highlights from Tamboer’s presentation:

  • The median sales price for a home in the Valley is $440,000 — up 29.4 percent from January 2021
  •  Nearly 43 percent of all Phoenix area home sales closed for an amount over the asking price. In a normal seller’s market, the number would be 15 to 18 percent.
  • The median amount over list price is $10,000 this month — a normal seller’s market would see amounts up to $3,000.

Despite all of this, buyers needing a home now need to be aware that prices are expected to continue rising as supply is still behind demand. In addition, while many building permits have been issued for new construction homes around the Valley, the supply chain issues for materials have caused the average new home to take 10 to 14 months to complete, Tamboer said.
Tamboer added that the unemployment and forebearance issues caused by COVID are “effectively over,” as unemployment in Arizona has recovered to pre-pandemic levels. She added job growth in the Valley is drawing people to relocate from California, Illinois and even New York.
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Entry filed under: Arizona Real Estate, Chandler Real Estate, Foreclosures & Short Sales, Gilbert Real Estate, Maricopa County Real Estate, Phoenix Real Estate. Tags: , .

Phoenix, still best in the West How long will prices continue to go up?

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