Assessing the San Tan Valley real estate market can help you determine whether or not the area is experiencing a buyers’ or sellers’ market. To do this, we will need to examine where the market has been, where it is now and where it is going.
Just Three Years Ago
By the end of 2013, the San Tan Valley real estate market was very much in favor of buyers. The housing market had taken a turn and property values dropped. While this may sound negative, houses always gain value in the long term, so this was a blessing in disguise for buyers. The supply of housing was enormous and there was little demand. The average asking price in the area was around $130,000, but some opportunistic buyers paid in the neighborhood of $85,000. As property values and prices bottomed out, however, it was the beginning of a strong buyers’ market.
Starting in 2015, people were on to the fact that you could get a lot of home for your money. San Tan Valley real estate soon became a hot commodity as both property values and average prices paid have been slowly climbing. Currently, we are witnessing the near end of the buyers’ market. What this means is that there is still time to get great prices on housing but it may not last long. San Tan Valley real estate is still experiencing a buyers market, but buyers may need to act quickly as the supply of houses has been shrinking.
While there are other factors involved, simply put, the housing market is like a pendulum that swings between a buyers’ and sellers’ market. The pendulum has almost reached its middle point and will soon become a sellers’ market once again. This isn’t a bad thing for buyers, however, since it means the value of your new home will remain high for a while should you need to sell soon. And over the long term, property trends lead toward increasing in value.
For those who act fast, great prices are available right now. For more information on San Tan Valley real estate market contact me today at 480-720-0730.