Phoenix 2021
Real Estate Market News.
A full breakdown of what's happening in the Phoenix real estate market in 2021 — from record-breaking demand and bidding wars to the latest inventory trends shaping the valley.
Hello! Welcome to our Vista Blog!
As fun as it is to joke that our market is like playing a game of musical chairs that has 40 participants and 1 chair with the floor and walls on fire, it’s been a tough ride for both sellers and buyers. Hopefully, by June we will start to see an increase in inventory as mortgage rates rise and the pressure of buyer demand eases. Home values are expected to continue rising at a rapid rate until inventory levels can reach a “normal” market level, which doesn’t appear to be coming any time soon. Inventory issues have plagued the Valley with less than 5,000 homes for sale on a month to month basis. The fluctuations in inventory are day to day, yet the persistent demand has buyers snapping up homes consistently over market value. Buyers are pulling out all the stops in order to get into a home by waiving appraisal conditions, inspection contingencies, and offering significantly above market value. The rental market demand is also exceptional and renters are experiencing the same housing shortages. The building permit levels are close to 2005 levels and providing an option for buyers and investors. If you are considering selling but concerned about finding your new home. let’s chat about the Knock Home Swap Program. Our team has Knock certified agents that can make this transition much smoother for you.
Land has also been high in demand as buyers look for alternate options to purchasing a new build tract home or existing home. In fact, we sold a 40 Acre parcel in Maricopa in less than 18 hours. If you have been struggling to find the right property- we have a fantastic 3.3 acre parcel listed in Maricopa for $55,000. One of the few changes to buy raw land at such a great value.
If you’ve been looking for a unicorn, we have it! Our team also has a great opportunity for Commercial and Industrial investors with a 4.7 Acre Vacant Land parcel in the Phoenix Opportunity Zone. This level rectangular parcel is located at 35th Ave and Clarendon and is the perfect location for building a new commercial or industrial building. If you are not sure what an opportunity zone is, please check out this information from the City of Phoenix. If you are interested please call or text me at 480-266-7656.
Hope you have a safe and healthy Spring,
Lindsay and the Vista Team
Continue Reading
More from Lindsay's Blog