March 2023 Opportunity
In any real estate market, there is always opportunity . So where is today’s opportunity? This is John Schloz with HomeSmart, and this month’s market update.
Believe it or not, the Valley is currently in a seller’s market. Though buyer demand is down, supply is still significantly lower than where it should be this time of year, putting sellers back in charge. The year started with sellers contributing to buyer’s closing costs on over 51% of all closings. Since then, that number has dropped to 45% and is trending down. And, after 6 months of falling sales prices, we’ve seen increases in prices every month this year.
Remember, real estate is a long term investment, and most homeowners who have owned their homes over 2 years have significant equity in their homes.
Lastly, prior to the pandemic, our market was predictable on a seasonal basis - the best time to sell your home was in April, May and June. The weather is nice, we’re nearing the end of the school year, and the snowbirds are still here. We’re expecting - well, we’re hoping, that seasonality will return this year.
So if it’s time to make a move - now is the opportunity to do so. Over the last two years many buyers got shut out of the buying market due to competition and lack of inventory - and though we still have a shortage of properties for the size of our population, active listings are at the highest level for this time of year at any time over the last 4 years.
Buyers have choices. And sellers are still helping contribute to buyer’s costs - at a level to nearly double that from before the pandemic. And prices are starting to climb again. Though most of the valley is in a seller’s market there are areas of the Valley that still favor buyers. If you’re thinking of making a move, as your trusted advisor I can help you find your opportunity in this market.
John Schloz, HomeSmart