Thanks for joining us again for a North Central Phoenix first quarter 2022 market update, everyone! We can’t believe that 2022 is flying by so quickly. The year is well underway and, so far, we’re still in a heavy seller’s market. So, what’s on the horizon? Let’s talk! We’ve got the scoop.
An Unprecedented Year
How about that unprecedented 2021? Even with extremely tight inventory in the last year, there was over 110,000 homes sold in the Valley, which is a whopping 5,000 more than in 2020. And we’re certainly still in the hot seller’s market that really took off in October of 2021. That’s why it’s no shock that 2022 started off with less home inventory than 2021 did. About 5%, in fact. However, demand has surprisingly not gone up – but instead begun to decrease a bit.
A Good Time to Buy
One thing we want buyers to keep in mind is that although the inventory is low, there really are homes available. The key is to hire a great, seasoned team that knows how to write you a clean offer. That’s because offers that will beat out the competition are key in this fast-paced market; and being prepared makes all the difference.
It’s also crucial to keep an eye on the fact that interest rates are creeping up and will likely be within the 4% range soon. Beyond that, we anticipate that values will continue to steadily increase throughout 2022.
Don’t Wait to Make Your Move
If you are able, now is the time to buy. In this market, waiting could cause you to potentially miss your opportunity to buy in this great market window. As we mentioned, interest rates are on the rise. This could allow for more inventory, but it can also decrease your buying power.
In fact, Erik himself is in the market for a ranch-style home in the North Central area. And during his journey, he’s encountered the same trials that many others have. For instance, a high market offer that he wishes he made!
The Bottom Line
While we feel like a broken record repeating ourselves about such a strong seller’s market, we cannot reiterate enough that it is an absolute great time to be a seller. But most importantly, in this market, we just have to remind both ourselves, and those looking to buy, to be patient. Even if the numbers level out, we have a while before we get back to what could be considered a “balanced” market. Please take just a few minutes to check out Steve and Erik’s market update video above to get more information about our North Central Phoenix first quarter 2022 market update. And if you’re thinking about buying, selling, or just want to know more about the market in your neighborhood, please feel free to contact us at 602-903-7220.