Phoenix Real Estate Market Expected To Finish Scorching Hot In 2017
Bidding wars, multiple offers, and quicker closings are the new status quo for housing in Phoenix.
September 07, 2017 ( datsyn.com) – Phoenix, Arizona – The back nine for the Phoenix Real Estate Market in 2017 is predicted to be even more interesting as the city continues dealing with a lack of inventory and greater buyer demand.
“The first half of the year was definitely hampered by a smaller volume of available properties,” said Andrew Glenn. “This is even more true today.” The Phoenix Real Estate Agent, with My Home Group Real Estate, points out that total number of listings is currently 6,000 to 7,000 homes below what is considered normal. “This is definitely making it extremely difficult for people to find properties.”
At the beginning of the year, Realtor.com projected Phoenix to be the number one housing market. Glenn was asked for his perspective during an interview with Mike Sunnucks of the Phoenix Business Journal. “I’m expecting a year-over-year growth of 5-to-6 percent in the Greater Phoenix Region,” said the Phoenix Realtor. “We are well on track.”
The last half of the year definitely seems well on pace with bidding wars and multiple offers as the market’s new norm. “As long as homes are properly priced and in decent condition, this trend will continue until year’s end.” Another trend that has captured the Phoenix Real Estate Market is aggressive sellers. ” It’s not unusual to see sellers except contracts for their properties within 3-to-5 days,” said the Phoenix Real Estate Agent.
The median average home price in Phoenix is currently $220,000. Properties in this price point are typically 3 bedrooms and 2 bathrooms and range anywhere from 1200-to-1800 square feet. “If you like this type of home, I guarantee there is someone else who likes it as well,” said the Phoenix Realtor.
Glenn suggests to buyers who are looking for these types of properties to make their offers more attractive to sellers. “Buyers can win homes by offering a quicker inspection period, larger Ernest Money Deposits, and even ordering appraisals on Day 1,” said the Phoenix Real Estate Agent. “You can do things like that to let a seller know you are serious.”
More information on the Phoenix Housing Market can be found by visiting andrew.freescottsdalemlssearch.com
Andrew has been an active Real Estate Agent with My Home Group Real Estate, LLC, since 2012 and is an Associate Broker. He specializes in various types of properties in and around Phoenix for traditional home buyers, as well as investors.
Andrew has ten years of experience as a Construction Project Manager, which provides him an edge over competitive agents. It also offers him a unique perspective of the home buying process, as well as provides a great asset to his clients in the areas of deciphering and evaluating home inspections. Andrew graduated from Arizona State University with a degree in Construction Management.