Phoenix Metro Real Estate Market Update August 2013
Here we are at the end of summer and it has been a hot one. Both market and temperatures! Everyone has finished their vacations and school has started for most of the Valley.
The market continues its climb and is making a healthy recovery. It is not quite back to the height of the market but if definitely on its way.
We are now seeing fewer bank owned and short sale listings. A healthy market now exists and inventory levels are around a 3 month supply. Much better than last year as it was down to only a 1.1 month supply! Buyers were being pushed out of the market by cash laden investors. Today’s market is more balance with about the same number of sales as new listings hitting the market.
Buyers need to take advantage of the current prices and interest rates. We know prices should be higher next year and interest rates have, according to the Federal Reserve, should be much higher. There is only so much debt the Fed can buy.
Many sellers are realizing they cannot rely on a Zillow or Trulia estimate for value. Most of the evaluations are off by as much as 40%! Having a BPO(broker price opinion) completed is the best way to truly determine where your home should be priced. Let me provide you one as a courtesy. You’ll be glad you did and it will be great seeing you again!