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Here are a few real estate trends to watch for in 2022

2021 proved to be a seller's market in the Valley. Will next year be the same? Real estate technology company Homie weighs in.

ARIZONA, USA — It's no secret the real estate market has been red-hot all year. Steep competition and bidding wars made it obvious that it's a seller's market.

A seller's market occurs when demand exceeds supply, or there are more buyers seeking to purchase homes than there are available homes. 

How did we get here?

"Right now we can't keep up with the demand because we have such a high influx of people coming into Arizona and the builders can't keep up," Homie's Lead Listing Manager, Dorrie Sauerzopf said. "With the pandemic there's low supply of all sorts of lumber. With that said, there's just not enough housing out there for everyone."

Does that mean buyers should be discouraged? 

"No! It's a fabulous time for them to consider buying because the interest rates are really low, so they can actually get more home than what they could've when interest rates were higher," Sauerzopf explained.

She said 2022 will still be a seller's market, so she has advice for buyers. 

"It's still going to be a seller's market but there are homes in every price range. They have to be prepared, they need to get pre-qualified, we have a number of programs for first-time home buyers to make it easy."

She also said working with a good agent who can meet your expectations is key. 

"You have to be realistic, you might get 7/10 items on your wish list."

Homie's year-end statistics in Arizona:

  • Total amount of $ customers saved: $3,420,624 
  • Average home savings per sale:  $11,215 (based on median home price of $467,172)
  • # of homes sold: 305
  • # of homes bought: 92
  • Average $ amount over asking price: $18,376
  • Average % over asking price: 56%

It looks like the Arizona housing market will continue its hectic pace into the new year. We'll be sure to track the new real estate trends as they develop.

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