BEST TIME TO BUY A HOME IN PHOENIX ARIZONA IS 4TH QUARTER

BEST TIME TO BUY A HOME IN PHOENIX ARIZONA IS 4TH QUARTER

Our Arizona real estate market cycle is very similar every month as the same month in previous years. The numbers change but the pattern of when sales rise and fall does not. Late Fall through very early Spring is the best time to be buying when there is less buyer competition.

The challenge is limited inventory. Our real estate inventory had its highest point this year in January 2017 at 3.63 months, about half of what is considered ideal with a 6-month inventory of homes. June 2017 was our lowest point with an only 2.13-month inventory of homes. September 2017 inventory was higher at 2.7 months. Since inventory is low, when we find what you like and it makes good financial sense, we need to act quickly before someone else makes an offer first.

The summer of 2017 was good for sellers but very difficult for buyers who had a home to sell and/or were not cash buyers. There were too few homes for sale for the number of buyers looking to buy, causing those who bought to pay more than they had expected, while the rest of the bidders were disappointed. There were times when there were 4 - 14 purchase offers received within hours or days of homes recently listed.

Fortunately, that chaotic market has subsided, to resume the same time next year, starting in late spring through the summer. Best to be a buyer when there is less competition. This summer's sellers were reluctant to accept offers right away, their feeling being they will get more money by being patient. Buyer offers weren’t appreciated. Sellers were ignoring offer expiration dates to see what other offers would come in before reviewing offers. This time of year beginning in October through January is a different story. There are fewer buyers and sellers appreciate receiving an offer now.

Mr. Elam


Mindy Herbold Headshot
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Phone: 480-258-1414
Dated: November 11th 2019
Views: 289
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