What are you hearing about Real Estate in Peoria?
Everyone has an opinion about the Real Estate Market and what will happen to the market. Let’s delve in and peel some of the layers back and then take a look at what the actual numbers say.
First, let’s look at what we know has happened in the past year.
Let’s take a look first at the negative aspects.
- Interest rates have risen significantly as of late!
- Home sales have slowed down due to this dilemma.
- We are still unsure when the increase in rates will subside.
Now let’s consider what some positive things have been.
- The real estate inventories have increased giving more choices to prospective buyers.
- The sellers are more open to giving buyer concessions now vs. one year ago!
- Multiple offers are no longer as prevalent as before.
- The mortgage companies are doing more rate buy-downs than previously.
- The Arizona economy is still growing with many people relocating here.
Now let’s take a deep look at just a small area of the Peoria Market!
Today we are focused on one zip code in Peoria AZ 85383!
Click on the photo for the Report!
So let’s discuss some of the findings!
- Inventory is already down to 1.91 months’ worth of homes for sale in Peoria!
- List to sold price is up to 98.4%!
- Median Days on Market is down to 39 days.
- Also, did you see the median sold price is moving up again?
Let us know if you would like information on another area in AZ.
As it is always said the real estate market is cyclical, always moving. There are always opportunities to take advantage of regardless of what the market deals us. For instance with the resilience of the Peoria market right now and the fact that rates are higher than usual you must have a plan and make sound decisions.
For some people, it is good to take advantage of sellers’ concessions to find the house they love without the competition of so many buyers because inventory is higher.
In this circumstance, it may be best to say let’s “marry the house” but we will “date” the rate on our mortgage and dump it when it is no longer friendly.
If you would like to discuss buying or selling we are here for you!
You can hit the contact us button on the page or call/text us at 602-910-7596.
Just remember when you work with us we are focused on 1 thing.
