Over the past several weeks, we have seen a noticeable increase in buyer activity. Several properties have sold within a day of being listed and others that have been on the market for a while suddenly had multiple offers.
Some buyers are relocating to Arizona, others are embarking on their search for a winter home, and many have been in the buyer pool for months, or even years!
What may be surprising to hear is just how many buyers are saying the same thing: “We just can’t find what we are looking for.”
That may seem strange when you hear reports that there is more inventory in the Valley than in past years. Statistically there is more inventory, but real estate is always much more nuanced than the headlines.
Today’s buyers aren’t just looking for any house; they are looking for “the one.” They want the right location, perfect floorplan, desirable upgrades, and great amenities. At the same time, they are hesitant to buy deferred maintenance, aging interiors, and location defects.
So even though we are seeing many buyers who are ready to buy, they aren’t moving forward because they simply aren’t finding what they are looking for in the marketplace. And at today’s prices, they aren’t willing to compromise.
All of this is happening in the wake of rising mortgage rates and rising Fed rates. In fact, if you only looked at the rate news of the past few weeks you might assume that the market would have halted to a standstill.
Rates absolutely matter, particularly for buyers who are financing a large portion of their purchase. But many people moving to Arizona aren’t making their decision to purchase based solely on an interest rate. They are coming for jobs, family, sunshine, lower taxes, outdoor living, and a quality of life that continues to make the Valley a very desirable place to call home.
For homeowners who have been thinking about selling, all of this creates an interesting opportunity.
There is a tendency to think spring is always the “best” time to sell a home. However, that isn’t always the case. October brings cooler weather, returning winter visitors, and buyers who often have a very specific reason for being here. Our homes and communities also begin to show at their very best.
Moreover, the demand has increased, and buyers are ready but the homes they are looking for simply aren’t on the market yet.
If you have been thinking about selling, this may be a very good time to have a conversation about what buyers are looking for in your neighborhood and whether your home might be a great fit.
If you are on the hunt for the perfect home, we also suggest you reach out. If we know what you are looking for, we may just be able to match you with a seller who is thinking of selling.
Give us a call today for a complimentary consultation and let us help you make your next move!
Whether you are buying or selling, the key is to be prepared, educated, and ready for the opportunities that are coming your way. We would love to help you build a strategy for success, so call us today for your complimentary consultation at (602) 615-0843. We have decades of experience, community knowledge, and the insight to answer all your real estate questions!