Buyers are finally regaining the upper hand in the Phoenix housing market after years of soaring prices and stiff competition. Inventory has significantly increased, giving house hunters more choices and negotiating power, while homes are spending more time on the market than in previous years. As a result, sellers are more willing to offer concessions such as price cuts and assistance with closing costs, a notable shift from the bidding wars and rapid sales that previously defined the landscape.
Although mortgage rates remain high, the slower pace of sales and increased inventory means buyers no longer have to rush critical decisions or settle for less-than-ideal properties. Experts say the current market offers a window of opportunity for those ready to buy, as conditions are more favorable than they have been in quite some time.
Read the original Arizona home sales article.
