You don't want to miss this! Hello all! Here is a snap shot of what is going on in the market: 14 out 17 largest cities are favoring Sellers 3 Buyers Markets - Queen Creek (mild Buyer’s Market moving to balance), Maricopa (fast-improving) and Buckeye Sales price measures have now risen for 4 months straight, average price per square foot has recovered 5.7% since December Supply decreasing at an alarming rate - average deficit of 54 listings per day since April 1st Supply is 40% below normal iBuyer inventory active supply = 3-4% (12% back in August)  % of closings with concessions is down 52% in January to just 39% last week As always, if you have questions I am here to help! All my best, Lisa A Huge CONGRATULATIONS to my first time Home Buyers, Chris and Monique! It was such a honor and a gift to help the two of [...]

You don't want to miss this! For the 1st time since 2010, Greater Phoenix is officially in a Buyer’s Market. In mid-November, the City of Phoenix entered a Buyer’s Market as anticipated, thus classifying our entire market as such. As we enter 2023, it is expected that contract activity will increase as it does seasonally every year, even if mortgage rates remain the same. In the first half of the New Year Sellers should see more showing traffic, fewer days on market and serious buyers which is good news for Sellers after a long 4th quarter. My advice to Buyers in our current market is to stay connected with me and I will make sure to continue to educate you on market conditions and can also connect you with a lender who is knowledgeable on loan different programs and seller incentives available. Give me a call to chat. Thank you to all [...]

  You don't want to miss this! Key words for Sellers in this “new” market are condition, price, concessions and patience. Price reductions keep coming. When rates hit 7% recently, the Phoenix market responded with 4,427 price reductions which equated to 24% of all active properties in the MLS. Half of the reductions dropped their price by $12,000 or more. In September, we saw over 1,300+ closings with seller closing cost assistance to the buyer. The median concession amount was $7,000. Closing costs are expected to continue to rise as mortgage rates continue to stay high and stifle demand for the time being. Heading into the 4th quarter, you can expect marketing times to increase as they typically do this time of year. Median days on market prior to contract was 31 days last week. From October through December, active days prior to contract is known to rise anywhere from 44 to [...]

You don't want to miss this! At Locality Real Estate, we are committed to keeping you educated and informed on what's happening in our local market. As the current balanced market continues, here are a few things we are seeing: Closings with seller-paid closing costs rose 27% in July - highest it's been since March 2021 Homes are on the market a median of 21 days prior to an accepted contract - this gives buyers time for a second showing and less pressure to make a decision on the spot Properties closing over list price has declined from 58% in April to 24% August-to-date (and continues to decline) Last week of July saw 4,172 price reductions on Phoenix listings, equating to 26% of active supply for that week. The median price reduction was $15,000. As our market continues to change, it is crucial to have an experienced, knowledgeable agent to assist you. [...]

You don't want to miss this! Buyers, it's the moment you have been waiting for - more supply and less competition in Greater Phoenix!  Our active supply of homes for sale is up 40% from this time last year - this is a significant change from April where supply was only up 16% over last year. Inventory listed between $400K - $500K range is up 35% in just 3 weeks! $500K - $1M range inventory is up 99% and $1M - $1.5M inventory is up 54% both in 6 weeks.  The market is in the early stages of shifting out of an insane seller's market and could be a regular old hot seller market before we know it. For Sellers, this would mean properties still appreciate but take multiple weeks to sell, buyers don’t waive their appraisal contingency and Sellers pay for home warranties. For those sellers waiting to sell at peak price, this may be [...]