Last week, I wrote a blog post Looks like Phoenix real estate prices may be on their way up, where a comment was left regarding the danger of generalizations. I agree, generalizations can give a false picture of what is happening in various areas of the market, such as in different communities or different price ranges.
For example, Scottsdale has not followed the same trend of pending price increases that is being seen in the overall Phoenix area. In the first chart, you will see that Scottsdale’s pending price is still decreasing, where as in the second chart you will see that in the overall Phoenix area the pending price of homes is increasing.
As Artur mentioned in his comment, price is another area where there are large differences in our market. You can see from this next chart that we are very much in a seller’s market in the price range of $150,000 and below, but still very much in a buyer’s market in the over $300,000 and over range.
Understanding the pricing dynamics for your zip code, neighborhood, price range, house size, and much more is critical to correctly pricing your house, if you are planning to sell, or for making a smart offer in today’s real estate market.
Indeed, basing your decisions on general information could be an expensive mistake. Get the detailed information you need to make an informed decision.
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