As real estate experts, we're excited to share with you our take on what's in store for the Phoenix housing market in 2023. We've done our homework and put together all the important details for you, so you can make the best decision for you whether you're in the market to buy or sell. So, sit back, relax and let us give you the inside scoop on what's going on in Phoenix real estate.
This year was an unpredictable year – which was accompanied by an unpredictable market here in Phoenix, Arizona. Thankfully, after studying and analyzing the ebb and flow of the real estate market patterns and trends, we have a solid grasp as to what Phoenix housing market buyers can anticipate in 2023. Here is the list we compiled based off our copious research:
As you have seen and experienced these past few years, Phoenix has been an incredibly hot market, which was due in large part to an issue of supply and demand. There are so many wonderful benefits that come with relocating to a city like Phoenix – work opportunities, beautiful properties, amazing schools, and an endless stream of entertainment and fun activities. And according to AZ Big Media, this has resulted in many families, couples, and young professionals to relocate from urban to suburban cities along the Sunbelt region – especially Phoenix. This caused an issue of supply and demand, which therefore, led to a hot, competitive market. Thankfully, in 2023, we see the market starting to cool off due to a spike in inventory of the homes listed on the market. So if you are interested in relocating to Phoenix, 2023 may be your year to finally make the move!
From 2021-2022, the real estate market in Phoenix Arizona, and also in many other hot markets throughout the nation, have undoubtedly provided a drastic advantage for buyers, rather than sellers. Phoenix boasted a strong sellers market – and buyers had to endure extremely high listing prices and competing with multiple offers when trying to purchase a home. According to AZ Big Media, the intense demand and low supply of homes exponentially increased the power of sellers, but experts now say that this disparity is starting to close. Although we cannot predict that this shift will provide a comparable extreme advantage to buyers in 2023, it will be much more feasible for buyers to purchase a home, compared to this year.
The Holmes Team understands that navigating a fluctuating market like ours here in Phoenix is extremely difficult and stressful. Above all else, our goal is to ensure that each of our clients are receiving the best deal possible, as a buyer or seller. Our team of real estate experts are constantly staying up to date with the latest market trends, and using our knowledge of the market to guide you to making your decision based on your unique wants and needs. So if you are looking to buy or sell in 2023 in Phoenix, Arizona – you know who to call!
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