How’s the Market? Here is the May 2018, West Valley Market Report. Inventory levels in all West Valleys cities drop yet again, El Mirage sitting at only .087 months of inventory with only 47 home for sale. Other exceptions were Phoenix which only experienced a small increase, and Tolleson did see bit of a bump up. However all cities remain extremely low continuing the Sellers market as far as amounts of supply available to Buyers. Don’t be fooled, this is not another “Housing Boom” we are seeing nice steady increases in home values, federal regulations with the Appraisal industry and tighter lending guidelines is really helping to stabilize the market.
Once again, even with scarce amounts of homes for sale, we have continued with some positive increases in sales over last year. Maricopa county finished May off with a 2.4% increase over last year. Buckeye reported an outstanding surge with a 22.8% increase over last year. Following Buckeye, was Surprise at 20% increase over last year, El Mirage, with 16.4% increase and Avondale at 14.8%. A few cities fell short of sales over last year, Goodyear -7.8%, Peoria -6.9%, Glendale -6.3%, and Laveen -6.3%, Phoenix was only down -1.3% while Tolleson was flat with last year.
We are still seeing historically low interest rates, making home ownership in Phoenix area very affordable. Our team is always asked, “When is the best time to buy a home?” The answer is always, “NOW!” LOL!! Why is that always our answer? Today the home prices are lower than they will be next year, and so are the interest rates!
Why buy now when its a Sellers market? We get this question a lot. The answer is simple, in a seller’s market low supply means the home values are increasing, so your home is an appreciating asset. Your gaining equity with the market. In a Buyer’s market, there is an over supply of homes for sale, therefore the prices could dropping or stagnant in value. Why would you want to purchase a depreciating asset?
Typically, July-August are the slower selling months, why? The seasonal visitors are not here to compete with in multiple offers, most folks choose to wait until the heat is back down before beginning their home search in the fall. August tends to slow as families prepare for back to school, therefore if your wanting to avoid multiple offers and find truly motivated sellers, give us a call we are here to help, no matter the temps outside!
Tags: Buyers, Market Condition, Market Reports, Sellers