Inventory remains low in the Phoenix Metro area, keeping us in a "seller's market." Despite the low inventory home values have not increased significantly in the last 12 months. Sellers need to continue to price their home in alignment with other closed sales in their neighborhood. The number of homes that went under contract in July dropped significantly from the number in June, so sellers need to be smart when pricing their home. Don't price yourself out of the market!
We are now leaving our peak selling season. This may lighten the pressure for active buyers and lower the amount of multiple offer situations. However, homes priced under $200,000 will continue to be popular and see activity. It's time for buyers to take advantage of low interest rates and less competition!
