Our current market is unique because both buyers and sellers can benefit.
Our market is unique right now: It’s a wonderful time to be both a buyer and a seller! Typically, we’re in either a buyer’s or a seller’s market. If I had to categorize it, Phoenix and its surrounding cities are in a seller’s market. However, because of the low interest rates, it’s also an excellent time to buy.
Last weekend I had a client flying in from out of state to look for a home in the East Valley. To help, I attended an open house for her that was listed at $400,000. When I arrived, there were 14 people in line to get in to see the house; by the time I left, there were another 40 waiting to get inside. (These days, open houses only allow a few people in them at a time due to social distancing.)
This story illustrates that it’s an exceptional time to be a seller. Many people want to move here, and our cost of living is low. Currently, sellers are often receiving offers over list price and waiving appraisals. However, you may be thinking that 55 people wanting to see the same home means it’s not a good time to be a buyer.
To continue with the previous example, my client opted to buy a new build and got a 3.1% interest rate for 30 years; that is unbelievable! While options are slimmer for buyers, and it’s true that you need to move quickly, it’s still a fantastic time to buy because interest rates are currently at historic lows. I don’t think we’ll see them much lower (or this low) for a very long time.
If you’ve been on the fence about buying or selling, it’s at least worth a conversation with me or another real estate agent to discuss your options. If you have questions about buying, selling, or anything else concerning real estate, reach out now via phone, text, or email. I’ll answer your questions, help you get pre-qualified, or get you ready to list. I look forward to hearing from you.