Greater Scottsdale/Phoenix Market Update. Did we already hit the bottom?

[Ryan Hoover]

The end is here! Or is it just near?

After almost a full year of receding prices and extended days on market, we have finally turned a corner. I’m not sure if it is the fact that rates have been elevated for some time now and buyers are getting used to the “new normal” with mortgage rates or prices have come down enough to meet the pent up demand waiting on the sidelines, but sales were up significantly in February and that trend will only continue as the buying season is in full swing

I’ve been beating the drum for a while now, that we aren’t going to have another huge drop in pricing, contrary to what some national click bate headlines might have you think. This is not 2008. Distressed properties remain low as most homeowners are sitting on a lot of equity and not motivated to move with a record low interest mortgage anchoring them down.

This is creating a bit of an inventory issue, yet again. We topped out at about 21k available properties In October and as I’m writing this we are under 14k available properties! Welcome back to the time of multiple offers and waiving contingencies. It was nice to get a bit of a break, but guess what? Here we go again…

Where are we going next? Prices have stabilize and this competitive market it going to drive them up the next leg higher.

If you are one that has been waiting to time the market for this perfect bottom, sorry I think you already missed it. That’s the problem with attempting that strategy, you don’t really know the bottom until it’s already passed. Don’t stress though, the second best time to buy, besides yesterday, is today. Now is the time for action.