| The start of a new year brings the promise of a fresh start, new beginnings, and new hope. And sometimes a new job or home. Word on the street is that jobs are many and wages are rising but what’s up with real estate? As the final quarter of 2022 rolled around, the housing market looked quite different from the hot days of pandemic fever — properties getting bought up by iBuyers and people fleeing big cities for larger lot living. Instead of homes going under contract at 20% over asking within days of listing and all manners of shortcomings being ignored, we ended the year with properties languishing on the market and sellers making concessions, repairs, and dropping list prices – yet sadly, these efforts proved insufficient, given higher mortgage rates affected new listings and dampened overall affordability. There have been significant changes to the Phoenix housing market. Home prices are dropping, and the highly competitive seller’s market has shifted to something more stable. Are you generally worried about your investment status, or maybe a bit curious? Click through and keep reading to learn how market changes are affecting buyers and sellers in Phoenix and whether [egad] the market will crash. Get the deets, click here! If you have any questions about real estate or design, message us! |
Photo by Tolga Ulkan on Unsplash
