By Holly Henbest, Realtor
As we begin 2022, we’re seeing much the same market trends that we saw in 2021. Supply and demand continues to be our dominant theme. We are seeing more homes get listed for sale and we expect a mini surge after the Super Bowl and Phoenix Open, but it is not predicted to significantly impact the shortage. What does this mean for sellers? This means that we will continue to see well priced homes sell quickly and multiple offers. What does this mean for buyers? Buyers will need to continue to act quickly and be aggressive in their offers.
As for inventory, in Phoenix in mid-January 2021 there were 1,095 homes available for sale and in mid-January 2022 there were 777. In Scottsdale there were 569 homes in mid-January 2021 and 344 in mid-January 2022.
If you are considering selling, this remains a great time to sell. If you’re considering buying, then you need to be prepared. You’ll want to ensure you have all your pre-qualification ‘ducks’ in order and understand what special terms and conditions you can offer to help make it a winner in a multiple offer situation.
Interest rates are starting to increase, but they remain extremely attractive. So, our prediction that interest rates would increase is already happening and that will impact the rate at which home prices escalate. While we see prices continuing to rise, they are rising at a very minimal and modest rate. Last year prices rose around 32%.
Phoenix was ranked as a top relocation destination last year and we’ve already had a surge in population. This year we also expect to see an increase in vacation snowbird activity. We’re already seeing our Canadian homeowners start to return, and we expect to see more buyers hit the market as people visit for the Phoenix Open, Spring Training and simply our fabulous spring weather. Be prepared to see our roads and restaurants get a bit busier too, keeping in mind that these vacation visitors bring a positive economic impact to our city and our real estate values. Phoenix was also voted the “Most Relaxed City in the U.S.,” so let’s show our visitors that we can chill, even though it’s not chilly.
If you have any questions regarding buying or selling, call us at 480-266-8785 or email [email protected].
Holly has been a Desert Ridge resident since 2000 and has been a Realtor since 2006. She is the leader of The Henbest Team with Realty One Group. Holly is ranked in the top ½ of 1 percent of Realtors in Arizona and is a certified luxury marketing expert. She was also ranked #24 in 2019 by the Phoenix Business Journal and recognized by So Scottsdale! magazine as a Real Estate Superstar for 2019.
