November 2020 – Phoenix Real Estate Market Update and Our Favorite She-Shed!

We hope you have a happy and safe Thanksgiving next week.  With people spending more time at home this year, we’ve been intrigued by some of the fun ways to transform your space.  One of our favorites (behind a Man Cave, of course!) are She-Sheds!  These have been around for a couple of years but we found a site with some fun ones.  Check out our favorite (#6) and then take a look at some of the others! 

Now, onto the Real Estate Market Update that continues to be more of the same!

As For November, housing inventory in the Greater Phoenix area remains in short supply, and prices are reacting accordingly. Active listings stand at 8,682, down 40.2% year over year, and the median sales price is up 16.5% year over year, aided by our historically low interest rates. 

Another factor aiding rising prices is our extremely low rental inventory. This low inventory is driving significant increases in rental rates, which are up 17% since April (Cromford Report, November 2020). Low interest rates and rapidly escalating rental prices make buying rather than renting an attractive choice for many. 

Speaking of interest rates, 30-year money is down slightly at 2.78% with .7 points (Freddie Mac, November 10, 2020). This current rate profile is expected to remain the same for the foreseeable future (Federal Reserve Chairman Powell). 

Multiple offers above asking price are not unusual in this market. For buyers this means you should be prepared to move quickly on a home you like, or risk losing it. For sellers this means you should prepare by having an exit plan for leaving your home before you sell, as your buyers will be expecting to move in immediately after closing. If you have not prepared a place to go ahead of time, you could be scrambling–it could be a very fast sale and closing! 

As always, if you are buying or selling, let us know how we can help!

Torey and Ryan