It's interesting to see how inventory levels have dipped dramatically in the housing market. There are indicators that we may be at the lowest point for this trend. Real estate professionals are saying:
- “We may have hit the bottom of the Arizona Home inventory levels”
The graph below gives a really informative overview of the inventory levels this year:
We’re still not at a point where homes are in balance which would be six months’ supply. But we are seeing an increase in the number of homes that have come up for sale and that leaves many buyers questioning if they should wait or buy now.
Arizona buyers: More home buying options are arriving, so it’s time to make a move.
More inventory means fewer bids because buyers have more choices. It should be a good thing for both sellers and buyers.
Most people would expect Arizona homes for sale supply levels to decrease in summer, yet from the latest monthly report it looks as if they're increasing.
As the temperatures rise in the summer, many people would expect the supply levels to decrease. However, from Arizona's latest monthly report it looks as if they're increasing.
If you’re tired of looking all but giving up, this news is for you. There are homes out there and they might just be the perfect fit for your next home! Experts predict that mortgage rates will go up, which will make buying a home a more costly endeavor in the foreseeable future. Now's the perfect time to start looking for your new home! Interest rates are the lowest they've been in years and with all these new houses coming on the market, now is the time to act.
Sellers: Buyers faced some tough challenges lately and we aren’t done yet, so now is still a good time to put your home up for sale.
Sellers should take advantage of market conditions for now as we are still in a sellers’ market. However, recent monthly gains for homes for sale create a new opportunity for buyers.
The graph below shows that even with an increasing number of homes for sale, we are still well below the supply levels from previous years. More homes are soon coming to the market.
With the summer months coming to an end, now is the perfect time to sell your house if you want to get ahead of the competition and maximize your profits before more homes in your area become available for sale.
More homes for sale means more options for buyers and more competition for sellers. Whether you’re looking to buy or sell, let’s connect today to discuss your options and why it’s still a good time to make your move.
Photos by KCM