How’s the Market? Here is the April 2017 West Valley Market Report. Some interesting things are going on in the West Valley last month! We saw a slight increase in inventory in all cities, except Surprise which continued to drop. While it is a strong sellers market in all West Valley cities, all reported a decrease in the average price homes of sold. Where were the buyers? Most cities had an increase in the number of sales transaction over last year. Buckeye had the highest increase in the number of homes sold compared to 2016 at 19.4% increase. Followed by Phoenix 11.6% increase. Litchfield Park had a -21.7% decrease in transactions compared to April 2016, Goodyear, -20% less and Glendale -1.1%. However, year-to-date home prices have continued to tick up. Peoria has the highest at 13.06% increase in average home price sold. All others cities average a 5% increase, while Litchfield Park is almost flat with last year, still down -0.16%.
The Million Dollar question I seem to be getting a lot lately, “Why would I want to buy in a Seller’s Market? Wouldn’t I want to buy in a Buyer’s Market?” This is a great question, makes sense to me right? Low inventory means that there is not a lot of homes to choose from and you might have to compete with other offers. Depending on your price range, you may not even get your first offer accepted. You have to write a strong offer and might have to increase your offer price. If it was a Buyer’s market you would have the upper hand on the offers, you would get a great deal on your purchase right!? Well here is something to think about. When you become a homeowner, you want your home to increase its value right? Real estate is a commodity, (Buyer’s Market) over supply— prices go down, (Seller’s Market low supply— prices go up. So why would you want to buy a home in a market where prices are going down? Whether you’re buying your dream home, or a long term investment, buying in a strong market where prices are increasing, is always a good thing! The name of the game is to jump in as soon as possible so you get to reap the benefits of your equity increasing! Todays price is very likely less than tomorrow price.
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Tags: Buyers, Market Condition, Market Reports, Sellers
