Market Monday for June 29, 2015

Welcome to Market Monday!

Exciting. Isn’t it?

Every Monday I will give a brief overview of what the real estate market is doing in and around Scottsdale.

Since time is valuable I will keep these videos and posts to the point and relevant.

Our first Market Monday is about “Boomerang Buyers” which are buyers that had a foreclosure or bankruptcy or some time of distressed sale more than 5 years ago and are now back in the market to buy a home. Essentially, there are a lot of these buyers in the market and, with inventory at low levels are putting upward pressure on prices.

You can read the report here or allow me to summarize:

The real estate market is moving very quickly under $200k but is still a sellers market up to $500k.

For buyers this means it is a tough market but there are ways to still find a home you love. First, get pre qualified with a mortgage professional and then start looking for a home. Reason being, when you find the home you want, you need to act quickly. So getting the pre qualification ahead of time means you won’t waste time when it is time to write the offer.

For sellers this means that you are in a strong negotiating position but buyers still want a good value for their money. So the home must show well to express that value. And remember, buyers want to be in A home not YOUR home.

My  side note: while demand is higher, and rising, this chart shows that we are also following a bit of a trend in the fluctuation of our listing inventory. I will be interesting to see if this trend continues.

June 29, 2015 Market Update

Essentially, it is a good time to buy and sell real estate in the Valley and will be for some time. Stay tuned.

 

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