Market Update and check out After It Training!
We hope your 2022 is starting off well! In addition to sending out a quick real estate Market Update (scroll down for that), we’re launching a new feature this year where we will highlight a local business and pass on some information and possibly even discounts for our clients. This month, we’re featuring After It Training in Tempe, AZ. We love this local gym and they have passed on the following information and discount:
“After It Training is starting a 30-Day Challenge this month! All referrals from the Gannon Hamilton Real Estate Team will receive 🎟1-Free Week to Try Us Out! New members can attend the Challenge for FREE, get trainer support, and accountability along the way to keep them going! 💪🏼Check out the website at www.afterittraining.com and mention the Gannon Hamilton Real Estate Team when calling to sign up.”
Checkout a quick video below!
And now for your Real Estate Market Update!
Here’s what we are seeing in the market the last 30 days:
The overall numbers have not changed drastically within the last month. The momentum is still heavily in favor of sellers and will remain that way until we see a drastic increase in inventory.
Although the percentage of Buyers in the market is not historically different, the lack of inventory is causing a sharp hike in the month-over-month price increases in homes.
Experts are still hopeful that we will see somewhat of an increase in inventory mid- to late-February, but with inventory being so behind, this will still make a minimal impact on the overall seller’s market strength. Ultimately, to see less of a frenzy and for pricing to not escalate at such a high rate, we need more homes to come on the market for sale.
Renters may be seeing an increase in homes available to rent, but they will likely see record high rental pricing to go along with it. In the end, it still seems more cost effective for renters to purchase homes while rates remain under 5%.
As always, let us know if you have any real estate questions or needs!