I mentioned in my bio that I am a licensed Real Estate Agent. I’m not currently practicing but I watch the housing market here because it has always fascinated me. From the time that I bought my first home (2010) until today, there have been so many ups and downs in the market – it’s just amazing!
Just a few facts about the housing market in Arizona today*:
- In August 2023 home prices were up 1.2% compared to 2022
- Median price was $437,900
- # of homes sold was down 4.9% year over year
- 8222 homes were sold, down 8644 homes vs. August 2022
- Median days on market was 42 days, up 3 year over year
So, what does all this mean? The market is strong – demand is there but supply is low. In August 2023 20.2% of homes sold above list price and that is an indication that homes are receiving multiple offers.
My opinion of all this data (strictly my opinion) is that if you are considering a move to Arizona and looking to purchase a home, be sure to get a professional to assist you.
One of the things that I think people shy away from is the agent who asks you to sign an agreement for them to work with you. My professional and personal opinion is – sign it!! Of course, you should do some research and interview (yes interview!) a few before you make a final decision. This is a big deal!
Even if you are looking to purchase a new build home, get an agent! There are new build communities everywhere you look and just like a resale home, there are things in a new home contract that you can benefit from a real estate professional assisting you.
A home purchase is the biggest expenditure that you will ever make in this life and unless you have experience, you need someone with experience and training to guide you through the process. Working with a licensed Realtor gives you that experience; someone who is licensed to help sellers and buyers in their specific marketplace. Realtors have access to the most up to date info in the MLS (Multiple Listing Service) and they are required to take Continuing Education training to keep their skills and knowledge up to date. They are also required to adhere to a code of ethics so you can have confidence that they will act in your best interest.
Happy Home Hunting – you’re on your way to being
#Transplanted
*Statistics in this article were obtained from Redfin. You can see the entire article at this link:
https://www.redfin.com/state/Arizona/housing-market – supply