Buying or selling a house in Phoenix is a big decision that has many factors to consider. One such consideration is whether the Phoenix housing market is a buyer’s market or a seller’s market.
Why does the state of the Phoenix housing market matter? The state of the market will impact every aspect of your real estate transaction. From the price of the home to how quickly it sells to the terms and conditions of the sale, everything is largely dependent on the housing market. Buying or selling in an adverse market isn’t impossible but it can make it more difficult to get the price and terms you want.
Here we explore what it means for the Phoenix housing market to be a buyer’s or seller’s market and how you can leverage the market to your advantage.
What’s a Buyer’s Market Versus a Seller’s Market in the Phoenix Housing Market?
When realtors talk about the Phoenix housing market, they do so in terms of either a buyer’s market or a seller’s market. It’s helpful to think of a giant pendulum swinging from one extreme to the other. But what’s the difference?
A buyer’s market is favorable to a homebuyer. The conditions are such that the supply of homes is high and the demand is low. Houses sell slower and for more modest prices than in a seller’s market. When it comes time to negotiate the price and the terms and conditions of the sale, the home seller has the advantage.
A seller’s market, on the other hand, favors the home seller. A seller’s market means that the supply of homes for sale is low but demand is high. This means that homes sell quickly and for higher sums than in a buyer’s market. It also means that the home seller has the upper hand in negotiating price and terms.
So which market is Phoenix and what does it mean for you?
Is Phoenix a Buyer’s or Seller’s Market?
As 2022 drew to a close, Phoenix was a seller’s market. However, the beginning of 2023 saw a shift in the market towards a neutral market. This means that, if you are picturing a pendulum swinging between two extremes, in a neutral market it is in the middle.
A neutral market favors the home seller and the homebuyer equally. The supply of homes is relatively equal to the demand for homes for sale. The homes sell at an average rate for an average price. Also, both parties have the opportunity to gain the upper hand in negotiations.
Buying or Selling a House in Phoenix
Regardless of whether you are buying or selling a house, a neutral market could lead to success especially if you work with an experienced realtor. A team of real estate professionals can get you the best price and the best terms, with less hassle for you.
Simply pick up the phone and call the expert realtors at Your Home Sold Guaranteed Realty AZ today or fill out the form below to get started on your winning real estate journey. At Your Home Sold Guaranteed Realty AZ, we have intimate knowledge of the Phoenix real estate market and work hard to get you the deal you deserve. What’s more is that we offer a wealth of free services and resources to get you started. We are so confident that your real estate transaction will be a success that we guarantee our results! Don’t wait on the market – take control of your future with the team at Your Home Sold Guaranteed Realty AZ today.