Tuesday, September 22, 2020 / by Kevin Kauffman
The Phoenix market typically slows down in the fourth quarter, so in previous years, we might have given a different answer. In 2020, however, all market rules have been thrown out the window.
If you’re a buyer, you know inventory is almost as low as it has ever been in Phoenix, having reached levels comparable to what we saw back in 2005 and 2006. Could it get worse? It could, but then again we also might see some more inventory hitting the market as we move into the fall.
For sellers, it’s hard to think about waiting because who knows what’s going to happen? On September 10, Freddie Mac reported that interest rates just hit another historic low, and that means buyers are pretty active in the market. Because of this and the lack of inventory, many sellers are seeing offers over asking price.
Now is one of the best times that I’ve ever seen for sellers. For buyers, I can’t imagine that things will stay like this forever; it is possible that we’ll see more inventory in the future. Then again, who knows when we’ll see interest rates like these again? Depending on your situation, you may want to act now.
And remember, you don’t have to navigate the market alone! Give us a call—we’d love to speak with you about your situation and help you decide whether now is the time for you to jump off the fence. Hope to hear from you soon!