Word on the street is that it’s a buyer’s market in Phoenix right now. Ummmm…not exactly. The answer to the question of whether buyers or sellers have the edge in the Phoenix real estate market, like a lot of questions about Phoenix real estate, it depends.
Let’s take a look at how the price of the house is related to who holds the cards. In a nutshell, sellers hold the cards in the lower price ranges and buyers take the advantage in the luxury market. Here’s a breakdown by price range:
Note that homes listed for $175,000 or less are in extremely low supply. Finding a good home in this price range is tantamount to a unicorn hunt. As prices increase, this ceiling for the “Unicorn Range” will rise. Don’t be surprised when the Unicorn range hits $200K. Like a broken record, I will continue to encourage you first time home buyers and folks looking for the ultra-affordable to get your ducks in a row before you miss out.
At the other end of the scale, the luxury market is saturated at present as the stock market pummels homeowners in this price range and encourages more sellers to sell and fewer buyers to buy. It’s party-hardy time for buyers and no sign of that climate changing anytime soon. Go forth and find the McMansion of your dreams!
No matter what price range you are targeting as a buyer or seller, there is a winning strategy. This is definitely not one-size-fits-all time. If you are buying, it makes a big difference in your offer strategy if there is a lot of competition or an over-saturated market. As a seller, your pricing strategy depends on who you are competing with and if you are in a saturated market, over-pricing and under-promoting your home and could cost you 1000’s of dollars – not kidding. Let me know what I can do to help you achieve your goals in this bipolar market.
You know where to find me:
P.S. See if you can spot the blooper in this video!!!
If you are shopping in that tea party range between $300K-$500K, check out these East Valley buys: