March 2016 MLS Market Report for Phoenix
Although it's still considered a seller's market, prices have remained relatively the same over the last 12 months with no significant increases. Sellers should keep that in mind when determining their list price. They should also take the recent activity in their neighborhood into account. While appraisers may look at how current list prices are trending, they are mainly look at the homes that have sold when determining market value. Days on the market have increased and if sellers want to sell their home in a reasonable amount of time, they need to be reasonable with their list price.
Buyers continue to deal with low inventory. If you are looking for homes $250,000 or less, or especially $200,000 and less, you will most likely have to act fast to compete against multiple offers. In a market like this it is crucial that all buyers speak to a lender prior to looking for homes and to have a strong pre-qualification or pre-approval in hand to help battle the competition out there.
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