After years of soaring prices and limited inventory, homebuyers in Phoenix are finally gaining the upper hand in the housing market. A combination of rising mortgage rates, expanded inventory, and cooling demand has shifted the balance of power, giving buyers more options and the leverage to negotiate. Sellers, facing longer listing times and fewer bidding wars, are increasingly willing to reduce prices or offer concessions to close deals.
Experts say the Phoenix market is undergoing a significant correction from the frenzied pace of previous years. With more homes available and demand returning to sustainable levels, buyers are in a far better position than during the pandemic-era boom. While the market hasn’t crashed, it’s now more balanced, offering opportunities for those who were previously priced out.
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