Looking to buy a home in Greater Phoenix but unsure of the best time to do so? As a potential homebuyer, it’s important to consider several factors when deciding on the optimal time to make your purchase. From seasonal trends to market competition, the timing of your home purchase can have a significant impact on both the price you pay and how long it takes to find your dream home. In this article, we’ll explore the best time to buy a home in the Valley of the Sun. To help you make an informed decision, we provide insights from local real estate expert James Wexler, a HomeLight Elite Agent who works with over 80% more single-family homes than the average Scottsdale agent. In the Phoenix area, the buyer’s market is traditionally more competitive from January through May when snowbirds are moving into the area and the weather is more temperate. Additionally, this is a good time for homebuyers with school children to prepare to transfer schools. Throughout the U.S., summer is often cited as the most expensive time to buy a house. For this reason, many real estate experts advise that you buy in January or February for a better price. During the summer months of July through September, there are fewer buyers in the Phoenix market, which can create more opportunities for buyers to negotiate a better price. However, Wexler notes that the Phoenix homebuying season has been shifting. According to Wexler, the real estate market used to be the busiest in winter when snowbirds come to Arizona to escape colder climates. But now, with more people relocating to Phoenix and taking advantage of remote work opportunities, the market is becoming competitive year-round. He suggests that the traditional buying season has become less relevant in the Phoenix market, and buyers may need to be prepared to act quickly regardless of the time of year. Knowing this, the best time of year to buy a house in Phoenix ultimately depends on your goals. To pick the best time for you to buy a house in Phoenix, the first step is to partner with an experienced agent in your selected market. Typically, weekdays can be a better time to schedule home viewings, as weekends can be busier with open houses and crowded with buyers, which leads to greater competition and may result in higher prices. If you’re wondering if there’s any one best time of day to visit a Phoenix home during the summer months, it’s more comfortable to tour homes in the morning hours or during the evening after the sun has set. Learn more: What to Ask During an Open House? Although Phoenix is still struggling from a shortage of houses on the market which means there’s more competition, there are fewer buyers in early 2023, putting the market more in the buyer’s favor. “Historically, we are about twenty percent below historic traditional inventory. But the reality is that there are fewer buyers — which is primarily interest-rate driven — and that puts the balance slightly in favor of buyers,” explains Wexler. An increase in interest rates coupled with the above-average market value may be daunting to some Phoenix homebuyers. However, market trends show that Phoenix-area homes boast a three-year appreciation rate of 64% in comparison to the national average of 41%, and average home equity over nine years that is 43.9% higher than the national average. With fewer buyers in the market, sellers are more willing to make concessions, prices are coming down, and bidding wars have become rare over the past nine months. This makes it an excellent time to invest in a Phoenix home. As we mentioned earlier, there are fewer buyers in July and August. This is in part because the summer heat can create a challenging environment for homebuyers and make it uncomfortable to look over the yard and exterior of a home. The limited outdoor activities and higher utility costs that go with the extreme summer temperatures can also make a Phoenix home purchase unappealing to some buyers. Because there’s a limited number of buyers willing to brave the hot weather to tour Phoenix properties, summers are an excellent opportunity to buy a home at a lower cost. To get the best deal on your real estate investment, it’s crucial to hire a performance-proven buyer’s agent. We recommend that you choose one who is: “Buyers who want a good deal should work with an experienced real estate agent who can protect your interest, find the best properties, and negotiate great deals for you in the areas where you’ll be happy long-term,” says Wexler. Need help finding an experienced local agent? Let HomeLight connect you with a top agent who can help you determine when, where, and how to get the best deal on your home purchase. Learn more: Ready to Buy Your Dream House? How to Find a Buyer’s Agent Where you want to buy a home in the Phoenix area depends on the local amenities you require, the school system you prefer, your budget, and the distance you’re willing to commute. Here are a few of the most popular and most affordable places to live in the Phoenix area. Most popular places to live in Greater Phoenix: Most affordable places to live in Greater Phoenix: Learn more: 5 of the Best Retirement Communities in Arizona If you’re looking for a good deal in the Phoenix area, the best time to buy isn’t the only factor to consider, especially in a shifting market. Here are a few tips to find the best opportunities and negotiate the best price: “Buyers should be prepared to act fast when their agent finds the right property. While there may not be a specific month or day of the week that is best to buy, hiring an agent who is strategic and knowledgeable about the market can help buyers get the most bang for their buck,” Wexler advises. The summer months can be the best time to negotiate a better price on a Phoenix home, as there are fewer buyers in the market. However, the market has been changing, and buyers should be prepared to act quickly regardless of the time of year. It’s important to work with an experienced local real estate agent who can help you navigate the market and find the best opportunities. Ready to get started? Get the best deal on your Phoenix home purchase with a top real estate agent by your side. Header Image Source: (Christoph von Gellhorn / Unsplash)When is the best time of year to buy a house in Phoenix?
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Is it a good time to buy a Phoenix house in the current market?
How does the weather affect house prices or sales in Phoenix?
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Buyers should be prepared to act fast when their agent finds the right property. While there may not be a specific month or day of the week that is best to buy, hiring an agent who is strategic and knowledgeable about the market can help buyers get the most bang for their buck.
A few final tips for Phoenix homebuyers
Bottom line: Phoenix buyers could get the best deal during the summer
