The latest news about the Phoenix residential real estate market.
Today we’ll update you on Phoenix’s residential real estate market. I probably sound like a broken record, but we’re still in a hot seller’s market. We only have 1.3 months of inventory overall. If you only look at single-family homes, we only have about three weeks of supply.
If you’re a seller with a house priced at $500,000 or less, you’re likely going to get at least 10 offers when you list. If you have anything above $500,000, you’ll probably only get a handful of them. We recently saw one of our clients sell for $300,000 above their initial list price. I’m confident that the market will continue to move forward despite a couple of wild cards, like economic issues, global concerns, and interest rates. Keep in mind that on a $500,000 house, a 0.5% increase in interest rates means your mortgage payment will rise by $150 per month.
If you’re curious about what your home is worth or if you have any other questions, reach out to us by phone or email. We look forward to hearing from you.