The 2022 real estate market is shaping up to be something closer to normal.
Main Tips for Buyers:
- Low housing inventory and high demand will continue the strong seller’s market, but not as intense as the market in 2021.
- Home prices will probably continue to rise, but compared to last year it will be at a slower
Know what you can afford prior to searching for a home. This is imperative in a competitive market. Gone are the days of figuring this out after you make an offer. Sellers want a buyer who is pre-qualified & ready to buy.
Main Tips for Sellers:
- We will continue with a strong seller’s market, but compared to 2021, don’t count on bidding wars to drive your sale price up.
- Prepare ahead of listing your home on the market. Make the suggested repairs from your professional agent before listing your home. If the agent you interview has no suggestions for repairs and/or staging, move on. This is not the agent for you! Every home has something that can make it more advantageous to a buyer. In addition, repairs and upgrades are taking longer to schedule and complete due to shortages of supplies and labor. Waiting could hold up a closing.
- All real estate is hyper-local. Some markets in the metro Phoenix area, or sub-markets, may be stronger or weaker than others. Your agent should know your specific community & know all the comparison values.
- Work with a local real estate professional that knows your targeting market.
Thinking of buying or selling? If you want expert advice on your specific situation, let’s connect.