BEST TIME TO BUY A HOME IN PHOENIX ARIZONA IS 4TH QUARTER
Our Arizona real estate market cycle is very similar every month as the same month in previous years. The numbers change but the pattern of when sales rise and fall does not. Late Fall through very early Spring is the best time to be buying when there is less buyer competition.
The challenge is limited inventory. Our real estate inventory had its highest point this year in January 2017 at 3.63 months, about half of what is considered ideal with 6 month inventory of homes. June 2017 was our lowest point with only 2.13 month inventory of homes. September 2017 inventory was higher at 2.7 months. Since inventory is low, when we find what you like and it makes good financial sense, we need to act quickly before someone else makes an offer first.
The summer of 2017 was good for sellers, but very difficult for buyers who had a home to sell and/or were not cash buyers. There were too few homes for sale for the number of buyers looking to buy, causing those who bought to pay more than they had expected, while the rest of the bidders were disappointed. There were times when there were 4 - 14 purchase offers received within hours or days of homes recently listed.
Fortunately, that chaotic market has subsided, to resume the same time next year, starting in late spring through the summer. Best to be a buyer when there is less competition. This summer sellers were reluctant to accept offers right away, their feeling being they will get more money by being patient. Buyer offers weren’t appreciated. Sellers were ignoring offer expiration dates to see what other offers would come in before reviewing offers. This time of year beginning in October through January is a different story. There are fewer buyers and sellers appreciate receiving an offer now.
Contact Sam if you want to take advantage of the best opportunity to get a good home value in the 4th Quarter through January before prices start ramping up... again come Spring!!!
Sam has 27 years of residential real estate experience in Chandler, Gilbert, Mesa, Phoenix, Scottsdale, Tempe AZ, Arizona retirement communities and investment property. During that time he has dealt with many home buyer issues as a listing and buyer agent. He knows what to look for and will point them out to you, gauge the seriousness of the problem and recommend a sound course of action before you accept the house "as is".
Author: Sam Elam,
Arizona Associate Broker, GRI, e-PRO, SFR
Berkshire Hathaway HomeServices Arizona Properties