Get Started →

Market Pulse – Phoenix October 2020

by | Oct 16, 2020 | Phoenix

Thinking about buying or selling a home?

Contact an expert agent for a free, no-obligation consultation today!

Heading into fall, it’s finally starting to cool down a bit … weather-wise. But that’s not the case for the Phoenix metro real estate market. 

All stats below are based on End of Month in September and August:

Homes on the market – 12,296 vs 11,140 (up 11%)

Average days on the market – 45 vs 49 (down 8%)

New homes on the market – 10,940 vs 10,879 (up 1%)

Homes sold – 9,647 vs 9,214 (up 5%)

The Phoenix metro real estate market continued to be fast-paced and competitive in September. 

What should I do as a seller?

The low inventory available for buyers, coupled with interest rates being historically low, has created an ideal scenario for sellers. Multiple offer situations and waived contingencies have become the new norm across the Valley. So it makes sense as a seller  to get your house out there. 

On the other hand, if your house has been on the market for longer than 30 days, what issues could there be? It’s possible your listing might now be getting overlooked or disregarded by buyers for particular reasons: pricing, staging, location, etc. Make sure you examine this further with your agent. 

Additionally here are a few blogs that might help you as a seller:

What should I do as a buyer? 

Buyers should first speak with a lender to discuss different financing options with historically low rates and price ranges before starting their home search. Having a clear understanding of your purchasing capabilities and setting realistic boundaries will be immensely beneficial to you in such a competitive market. 

And you could also be considering capitalizing on a home that’s been on the market for a longer time, or you could even look for an off-market deal where the seller has recently thrown in the towel and given up hopes of selling their home if they’ve been unsuccessful this past summer. Your agent can help you navigate these situations. 

Additionally here are a few blogs that might help you as a buyer: 

And always remember, if you buy with us, we split our buyer’s agent commission with you, up to $6,000, and if you sell with us, we give you comprehensive, expert service for a low fee. In the meantime, please stay healthy and safe. 

Stay up to date on the latest market conditions

Get the best real estate advice from local experts in your inbox. 

The information contained in this blog is for general information purposes only, and while believed to be accurate, Trelora assumes no legal responsibility for accuracy. Information provided within should not relied upon as legal advice. Please consult with your local advisors for independent information regarding availability and applicability in your market.