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What’s Really Driving Prices Up?

Friday, July 2, 2021   /   by Vyral Marketing

What’s Really Driving Prices Up?

What the national media is saying about demand isn’t accurate.

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What are the motivating factors driving housing prices up so quickly right now? Many media outlets are discussing how demand is very high. Because home prices are appreciating so quickly, many people are prone to think that demand is high. In reality, demand is fairly normal. That's somewhat hard to believe when you regularly have multiple offers coming in, but what's truly driving the housing prices is our low supply.

Right now, we have about 6,000 homes for sale through the Arizona Regional MLS. Comparatively, we usually see 30,000 to 35,000 homes on the market around this time of year. Having a fifth of the normal amount of inventory means that we have an extreme shortage. Contrary to what you hear through media outlets, the market is not rising quickly because of strong demand or interest rates. It’s rising due to the fact that there just aren’t enough homes for sale.

For anyone who is looking to sell their home right now, there's a great opportunity to get multiple offers and to drive your price up. If you have any questions about the real estate market, give my team and me a call. We would love to chat with you about what's happening and what we can expect to see happen in the near future.

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