If you are looking into buying a second home in Arizona or investing in some great real estate property, then you may want to stick around for juicy details about the Arizona housing market.
The covid-19 pandemic has brought along seismic shifts in the Arizona housing market – many of which could not be more opposite from what the experts predicted at the beginning of the coronavirus pandemic.
For instance, 2021 has been a sellers’ market and going into 2022, we can use these industry trends to safely predict where the housing market in Arizona will be in 2022.
We should make it clear that these are predictions, and no matter how experienced one is on a subject, predictions are only forecasts of the future until they are solidified by actual events.
Nevertheless, the predictions are based on the effects we have seen the coronavirus pandemic have on the American and the Arizona housing market in conjunction with the trends we have seen in 2021, in other words, they are based on facts and concrete data.
That said, let’s begin.
Arizona housing market predictions for 2022
In 2021, we saw a seller’s market defined by steep competition and negotiations, especially in the valley.
This was the case because the Covid-19 pandemic halted the construction of new houses, thus, people wishing to buy a house had to gobble up all the existing houses on the market before someone else got to it. Additionally, with the daily influx of people moving to Arizona, it is no surprise that demand exceeded supply leading to a sellers’ market.
The Arizona housing market for buyers
Even though it is a seller’s market, we predict that now through to at least the beginning of 2022 will still be a good time to buy a house in Arizona, as interest rates are at an all-time low.
We estimate that the Arizona housing market in 2022 will still be a sellers’ market, nevertheless, the reduced interest rates can leave you with more home space than you would have originally been able to get when interest rates were much higher.
Additionally, there are homes in different price ranges and you can simply choose one best-suited to your budget. So, get prequalified for a mortgage and begin making plans for your new home in 2022 right now.
The Arizona housing market for sellers
If you have a house for sale in Arizona, now is probably one of the best times to sell it.
Owing to the fact that there are more buyers than there are houses available, you are more likely to get a buyer that will negotiate a good price for your home. This sellers’ market won’t last forever; so take advantage of the opportunity now.
According to statistics, this is the 2021 report for the Arizona housing market:
- Total amount of $ customers saved: $3,420,624
- Average home savings per sale: $11,215 (based on the median home price of $467,172)
- Number of homes sold: 305
- Number of homes bought: 92
- Average $ amount over asking price: $18,376
- Average % over asking price: 56%
Looking to buy a house in Arizona? Call Tammy today at (480)-848-7173 to know your options.