In Phoenix, Sellers Offer More Incentives Amid the Drop in Home Sales

If you are considering buying a house, specialists advise doing so now, as home sales have decreased and the number of available properties is increasing in the city of Phoenix and its surrounding areas.

Recent figures from ARMLS indicate a 7% drop in sales and an almost 6% increase in home listings in the Phoenix area. Experts have also noticed that sellers today are offering more incentives and greater flexibility in an effort to sell their properties quickly.

Brannon Bartley, branch manager of Citywide Home Mortgage, says: “We’ve noticed a lot of fluctuations in interest rates, and the interesting thing is that the average rate has been approximately 7.9% since 1971, and it’s currently much lower.”

Bartley also points out that buying a house in the Phoenix area in recent years has not been an easy task, as he believes the main problem is that people are struggling to gather down payments. He also notes that mortgage rates have been decreasing since April, and if they drop even further, the market could become more active.

He concludes by saying: “With a drop in mortgage interest rates, the Phoenix real estate market could benefit, as a recent report shows that sales are declining, and many sellers spend more than 33 days on the market before securing a sale.”

Tina Tamboer, senior housing analyst at Cromford Report, mentions that there is positive news with this data, including price reductions and incentives. She says: “Sellers willing to cover part of the buyer’s payments for a year or two, known as a 2-1 buydown, can offer an additional 20% discount on the first year’s payment. And many sellers are making repairs and improvements so that properties that are not in perfect condition meet the standards to compete with other properties for sale on the market.”

The median home price in Phoenix last month was $440,000, unchanged since July, and just $5,000 more than in 2023. Real estate experts point out that the price of smaller family homes is actually decreasing in Phoenix, while luxury homes in the Valley are either increasing or remaining stable.

Available Foreclosures:

Phoenix: 120 homes available

By Elías DaSilva | 29 de Noviembre de 2024