The performance in the Greater Phoenix real estate market varies significantly across the pricing spectrum.

If you are listing a nice 3 bed 2 bath home, priced reasonably well, within the $250,000 range, you can expect to sell quickly, with possibly being able to choose among several offers.   This is because there isn’t enough inventory to satisfy the high demand from the  first time buyers, budget buyers, and investors.  The low end of the market ($250,000 and lower) is very much a seller’s market.

If you have a home in the mid ranges ($250 to $500k) demand (buyers wanting to buy) is much higher than this time last year, but supply is also up.  This is the most “balanced” range within the market – lots of choices for buyers, but selling at reasonable rate if you are a seller.

While there are segments within this range (a $2.5m property has significantly different market conditions than a $700k home), the market for properties priced above $500,000 is swimming in vastly different waters than the low end market.  Supply is high, and higher than a year ago. Sales have climbed, but not enough to soak up the increased inventory.  Price reductions are common, and conditions are tipped toward strength in buyer negotiations.  In fact, appreciation in the highest ranges is in negative territory compared to this time last year.  In simple terms:  for most areas,  the upper range is a buyer’s market.

How does your home stack up in light of this market backdrop?  How can you make the most of these conditions? Call or email and we can discuss!