Why Right Now is a Great Time to Buy in The Greater Phoenix Area

High prices and elevated mortgage rates have pushed many Phoenix buyers out of the market in the last few months. However, recently released data shows the market is shifting in buyers’ favor. 

Even with higher mortgage rates, now is an excellent time to buy for a few reasons.

Metro Phoenix Inventory is Growing

Currently, inventory for the greater Phoenix area is higher than we have seen in a long time. September data shows 18,000 active listings, giving buyers much more to choose from. 

In week one of 2022, there were only 5,000 active listings in the entire Valley. February and March of this year were crazy buyer frenzy months. Today, there are a variety of homes to view. Inventory is growing, creating a balanced market. 

We are in a Balanced Market 

What does a balanced market mean for buyers in the Valley?

It means that seller concessions have returned. 

Seller concessions are anytime a seller gives something monetarily to the buyer during the transaction. 

Seller concessions usually contribute to closing costs, meaning buyers bring less cash to the table when closing or buy down their mortgage rate at the closing table, which can make monthly payments more affordable over the long term. (Image Source: The Cromford Report)

In the week ending September 12, 2022, we saw 14% of contracts with seller concessions – this number rose from zero.

Until recently, it was buyers making concessions. Buyers were waiving appraisals or bidding on homes at or above the asking price even if they were in need of repair.

Those days are gone. 

Buyers are now getting what they need from a home, along with sellers throwing in extras to sweeten the deal.

Seller concessions are part of a balanced market, a normal market. 

Price Reductions

Price reductions are happening in the Valley. 

In May of this year, prices were sky high. Since May, we have seen home prices decrease by 6.7%. (Image Source: The Cromford Report)

When the Valley was in a buyer frenzy, many buyers were making escalation clauses and going over the list price, which is not happening anymore. In a normal market, you may pay even below the list price.

Right Now is an Opportune Time for Buyers

Typically, September through December is the best time to buy. And in January, when the snowbirds arrive, it is selling season. 

Right now, presents an excellent opportunity for all those buyers that have been sidelined due to our recent market. Currently, we find ourselves in a balanced market, able to negotiate and give buyers some power back. 

If you would like more information about buying a home or have questions about the market, we would love to chat.

Subscribe to our YouTube channel, where we keep Valley buyers and sellers in the know, and check out a few of The Kay-Grant Group’s top agents in the video below!

Scottsdale Optima Camelview Condo Under Contract 

This incredible Optima Camelview condo is under contract! The remolded home features an open floor plan flooded with natural light and highlights rich, artistic details throughout. The upscale two-bed condo is perfect for entertaining or relaxing in style. The new homeowners will enjoy the patio balcony, which offers a tranquil setting with spectacular views of the Optima grounds. 

The Optima community amenities include an indoor basketball court, racquetball court, pools, spas, a fitness center, and an on-site restaurant, just to name a few.  

Found in the heart of Scottsdale, this home is near Old Town Scottsdale and Scottsdale Fashion Square, with upscale shopping, fine dining, and energetic nightlife. Are you considering selling your Scottsdale condo? If so, let’s connect!

Looking to Sell Your Scottsdale Condo?

If you want to sell your Scottsdale condo, your first step should be to find an experienced real estate agent. We have the knowledge, skill, and expansive network to get you the most from your investment. For more information about our services or to schedule a Free Home Valuation, call us at 480-387-3990 or fill out our Contact Form.

Spanish-Style Maricopa Home Just Sold

This beautiful Alterra home has just closed! The two-story home features plush carpeting and upgraded tile floors. The sizeable kitchen with a breakfast bar and sophisticated canned lights spill into the large family room, and the upstairs loft is ideal for an office or game room. The home also features a spacious backyard, covered patio, and a two-car garage. 

This home is situated on John Wayne Parkway and North Maricopa Road near Harrah’s Ak-Chin, Copper Sky Regional Park, and many parks and greenbelts. Are you in the market for a Maricopa home? If so, let’s connect!

Looking to Buy a Maricopa Home?

We have the experience and know-how to help you find your perfect Maricopa home. For more information about our services, call us at 480-387-3990 or fill out our Contact Form. 

Spacious Paseo Home Under Contract

This three-bedroom Anthem home has gone under contract! The two-story home features beautiful tile, upgraded cabinets, a gas range, a newer refrigerator and dishwasher, and a two-car garage. The spacious bedrooms include brand-new plush carpet. 

Located in the family-friendly Paseo neighborhood off I-17 and Anthem Way, this home is near the Adventure Playground & Splash Pad, the Anthem Skatepark, and several restaurants. Are you searching for an Anthem home? If so, let’s connect!

Looking to Buy an Anthem Home?

We would love to help you find your next home! With our experience, network, and familiarity with Anthem, we will provide you with an exceptional home-buying experience. For more information about our services, call us at 480-387-3990 or fill out our Contact Form. 

Beautiful Arrowhead Ranch Home Under Contract

This gorgeous four-bedroom Arrowhead Ranch home has just gone under contract. The home features a contemporary kitchen with an island and stainless-steel appliances, a beautiful primary suite, vaulted ceilings, wood-like and tile flooring, plush carpet, a two-car garage, and a sparkling pool. 

Situated near West Deer Valley Road and North 67th Avenue, this location is near The Legend at Arrowhead, shopping, and dining. Are you in the market for a Glendale home? If so, let’s connect!

Looking to Buy a Glendale Home?

We have the experience, an expansive network, and know-how to find you the ideal Glendale home. For more information about our services, call us at 480-387-3990 or fill out our Contact Form. 

Pristine Estrella Mountain Ranch Home Under Contract

This beautiful Estrella Mountain Ranch home has just gone under contract! The four-bedroom house comes complete with stunning mountain views, a spacious great room, and tile flooring throughout. The ranch-style home features a backyard putting green, and a heated pool and spa allowing for year-round use!

Located near I-10 and Estrella Parkway, this peaceful neighborhood is surrounded by a golf course, parks, North and South Lake, and shopping and dining just down the road. Are you in the market for a Goodyear home? If so, let’s connect!

Looking to Buy a Goodyear Home?

We would love the opportunity to help you find your next home. We have the experience and familiarity with Goodyear and the West Valley to help you find your ideal home. For more information about our services, call us at 480-387-3990 or fill out our Contact Form. 

Impressive Three-Bedroom Albany Village Home Under Contract

This fabulous three-bedroom Albany Village home has just gone under contract! The two-story home features an open floor plan with nine-foot ceilings and beautiful tile flooring throughout the main living areas. The kitchen includes granite counters, stainless steel appliances, a large pantry, an island, and espresso cabinets. The spacious primary bedroom features an incredible ensuite bathroom with double sinks and an oversized walk-in shower. Community amenities include a pool and a playground.

Located near East Main Street and North Recker Road, this home provides easy access to parks, schools, shopping, dining, and entertainment. Are you in the market for a Mesa home? If so, let’s connect!

Looking to Buy a Mesa Home?

We would love to help you find your next home. With our expansive network, know-how, and familiarity with Mesa, we will provide you with an exceptional home-buying experience. For more information about our services, call us at 480-387-3990 or fill out our Contact Form. 

Charming 55-Plus Sun Village Condo Just Sold

This cozy two-bedroom condo has just closed! This home features tile flooring, ceiling fans, an all-electric kitchen, and an open living and dining area flooded with natural light. 

Situated near Litchfield Park Road and Bell Road, Sun Village is a 55-plus community. Amenities include a fitness center, tennis courts, pickleball, golf, and a sparkling pool. Are you considering selling your Surprise home? If so, we would love to help you!

Looking to Sell Your Surprise Home?

If you want to sell your Surprise home, your first step should be to find a knowledgeable real estate agent familiar with Surprise. We have the experience, know-how, and network to get you the most from your investment. For more information about our services or to schedule a Free Home Valuation, call us at 480-387-3990 or fill out our Contact Form. 

Beautiful Arcadia Grove Condo Just Sold

This charming two-bedroom Arcadia Grove condo has just closed! The fully-furnished home features a two-car garage, 10-foot ceilings, large bedrooms, and a sizeable living area. Community amenities include a remodeled community center, a fitness center, and a pool. 

Located in the heart of Phoenix near Loop 202 and State Route 143, the Desert Botanical Garden, Arizona Country Club, and tons of dining and shopping, everything you could ever need is just around the corner! Are you considering selling your Phoenix home? If so, we would love to help you!

Looking to Sell Your Phoenix Home?

If you want to sell your Phoenix home, your first step should be to find a knowledgeable real estate agent. We have the know-how, experience, and network to get you the most from your investment. For more information about our services or to schedule a Free Home Valuation, call us at 480-387-3990 or fill out our Contact Form.

Charming Leisure World Home Under Contract

This cozy two-bedroom home has just gone under contract! Set in the highly desirable 55-plus community of Leisure World, the gated community is 958 acres offering everything from beautiful condominiums to luxurious homes, all with breathtaking views. 

This home is located on Power Road Between Broadway and Southern, near many golf courses, shopping centers, restaurants, and entertainment! Are you in the market for a home in an active adult community? If so, let’s connect!

Looking to Buy a Home in an Active Adult Community?

We have the network, know-how, and familiarity with active adult communities in the greater Phoenix area and can help you find the perfect home. For more information about our services, call us at 480-387-3990 or fill out our Contact Form.