Phoenix West Valley Real Estate Market Report for August 2018
How’s the Market? Here is the August 2018, West Valley Market Report. High temps didn’t keep buyers away for finding their dream homes in Buckeye, incredible 26.7% increase in sales over last year! Goodyear had a 6.1% increase and Laveen was up 3.9% and Phoenix also increased sales over last year by 3%. El Mirage report -36.1% decrease in closed translation over last year, however they also have the lowest amount of supply at only 0.97 months, making it incredibly hard to find a home so sale in the entire city right now. Other West Valley cities also report a decrease in closed sales over last year, Surprise -6.6%, Peoria -6.5%, Glendale -4.4%, Litchfield Park -3.0%. Maricopa county over all came in almost flat with last year at -0.1% compared to August 2017.
Market Insights: Low amounts of homes for sale continue to be main factor in the decrease in resale homes. The lack of homes for sale continues to drive the New Home sales market to double and triple digit increases in sales. We are starting to see incredible incentives from the builders, along with loan closing cost bonus to the buyers. Many of the new home builders have lots of quick move in, inventory homes without the long build time, really great deals on these homes!
Real Estate Myths: Since we are discussing New home builders, a common myth we were is that I don’t need an agent representing me, I am working with the sales rep in the models. Keep in mind, this sale agent works for the builder, to get them the most amount of money on the home. They are not looking out for your best interest. Just like purchasing a resale home, it doesnt cost you anything to have Buyers representation. In fact it may cost you more by not having a negotiator on your side. You need an advisor helping you through out the process, inspections, loan closing fees, upgrades you put into the home. Thats what we do for you, working with the sales agent only saves the builder commissions, it doesn’t save you anything and could be paying way to much.
We are a full service real estate team, we would love to help you with all your real estate needs. Thinking of Buying or Selling, please give us a call we would love to help you!
Tags: Buyers, Market Condition, Market Reports, Sellers