PHOENIX METRO AREA: July Market Update

July Market Update:

Although temperatures in Phoenix are setting record highs, unfortunately the housing market is not. It’s been several years since we have seen “normal” seasonal trends in the market, but this summer is certainly showing the signs of a seasonal slow down. As Phoenicians get the heck out of dodge for the summer, inventory has remained low and buyers are not in any rush to schedule showings in this heat.

In response, I have had several sellers decide to temporarily take their homes off the market until the school year starts and temperatures start to trend downward. That being said, if you are a buyer, it’s not a bad time to be looking as your competition has “gone fishing” for the summer. Experts agree that the fall has the potential to be a pretty busy market, especially if we finally get a drop in interest rates.

And if you are thinking about selling, it’s time to start getting your house ready and make a plan to take advantage of the pent up demand we may see flood the market once those rates drop and kids are back in school. If there is one thing to remember, it’s that the market never turns off. Although the summer may slow down, it’s still busy. And if a buyer comes to see your house when it’s 110 degrees outside, you know they are serious! If you are ready to make a move, give me a call so we can create the best strategy for you and your family!

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