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August Update: 5 Tips for Today’s Arizona Real Estate Market

Aug 7, 2021 | Buyers, Sellers | 0 comments

We feel like we’re beating a dead horse with the Arizona real estate market being a Sellers’ market, but it is still true. Housing inventory remains at historical lows. In this article, we discuss what it means for the future of real estate. When will the trend change? Has how we buy and sell homes changed forever? Who do you need on your real estate team to buy or sell a house? The good news is that working with an experienced team like Newman Realty, you can buy or sell and get the home you desire. 

Here are our tips for today’s Arizona real estate market:

    1. Sellers are still in control. This is due to low inventory and high demand. Multiple offers, bidding wars, contracts at significantly over asking price, and appraisal contingency waivers remain part of the marketplace. This doesn’t mean you won’t be able to buy a home, only that you may need to present a creative offer to get the home you want. 
    2. Everyone wants you to sell your house. We’re seeing solicitations to sell homes that include language like, “convenient, easy, and market value,” but it may not be the kind of offer you want. These are often attempting to keep you from going to the open market with competing buyers. In today’s market, the open market may get you a better price when you sell your home, and it may be well above the asking price so it may not make sense to move forward with an institution that has sent you mailers, called, and texted with market pricing offers. 
    3. Today’s Arizona real estate market conditions are temporary. Just like other markets, the housing market conditions will not last forever. We’re already seeing slight indications indicating a more balanced market but there is a long way to go. Eviction moratoriums ending and interest rate changes will impact supply and demand. This will be a slow process but change is coming. 
    4. There is a lot of noise about trends. New trends, new ways of buying and selling property, changes to new construction processes are flooding our airwaves, phones, and mailboxes..oh year, and billboards. It’s hard to know what is real and what is not. Cut through the noise and learn what is real. 
    5. Seek quality counsel and representation. There is no substitute for interviewing real estate agents before signing a contract. Whether you’re buying, selling, or both, there is a huge personal investment at stake for you. The first step to entering the Arizona real estate market is to connect with an experienced, trusted, and reliable real estate professional that offers candid advice with your best interests in mind. This represents your best opportunity for success.

At Newman Realty, we have been providing outstanding representation and counsel for buyers and sellers in all types of markets, including today’s Arizona real estate market. Want to cut through the noise and know what your best options are? Contact us directly via NewmanRealtyAZ and we’ll be happy to assist!

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