Here’s why our real estate market is so hot right now.
The Phoenix real estate market is scalding hot right now. Many people thought that COVID would decimate the market, but the opposite has happened.
We have freeware homes on the market for sale, more buyers than I’ve ever seen, and bidding wars on properties. What’s causing this?
First, we’re one of the states that have more people moving in than moving out. We have a lot of people relocating here, but there aren’t enough homes to sell. As a result, prices are going up.
Rent has been going up for some time as well, so many buyers are jumping into the market and buying because they can have a mortgage payment that is the same or even less than their rent.
There’s also a fear of the Fed printing so much money will result in inflation and buyers will eventually be priced out of the market. If you’re going to trade up, why wouldn’t you want to trade up with interest rates under 3%?
If you have any questions about buying, selling, or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you.