What Buyers Need to Know About the Phoenix Market Right Now

By Nate Martinez

Nate Martinez is a trusted REALTOR® and real estate leader with nearly 40 years of experience helping buyers and sellers make confident, successful real estate decisions.

What should buyers know about the Phoenix real estate market right now? Here’s the short version: the window is opening, but it may not stay open for long.

It’s been a busy stretch in the Greater Phoenix housing market. Contracts in escrow are up over 10% compared to last year, which means buyers are stepping back into the market in a real way. The big reason is that mortgage rates stabilized and even dropped as low as 5.9%, which brought a lot of confidence back.

At the same time, new listings are down 7%. So think about that for a second. Demand is rising while supply is tightening. That combination doesn’t last forever.

What’s Happening With Rates

Rates have recently moved back up above 6%, which does affect buying power. So buyers are facing a real decision right now: buy now and secure a home, or wait and hope rates drop further.

Here’s the reality. When rates drop again, and they will, we typically see a surge of buyers jumping right back into the market. That’s when competition increases, bidding wars come back, and your negotiation power starts to shrink. The buyers who are already pre-approved and ready to act are the ones who will have the most leverage when the right home comes up.

Why Getting Pre-Approved Now Matters

If you’re even thinking about buying, now is the time to get pre-approved, understand your numbers, and be ready to move when the right home hits the market. You don’t have to rush into a purchase, but you do want to be in a position where you can act quickly when something fits.

The market is rewarding prepared buyers right now. The ones who know their budget, understand what they qualify for, and can write a clean offer are the ones getting the best deals. Waiting until rates drop to start the process means you’ll be competing with everyone else who had the same idea.

If you want to build a smart buying strategy for this market, reach out anytime. I’ll help you understand your numbers and put together a plan that makes sense for your situation. Call me at 602-430-5226 or email me at natem@remax.net.