When Is the Best Time to Buy a House in Phoenix?

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.

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When is the best time of year to buy a house in Phoenix?

Winter-spring

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.

Summer-fall

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.

Are there any best days or times to buy a house in Phoenix?

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?

What’s unique about the Phoenix housing market?

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.

Is it a good time to buy a Phoenix house in the current market?

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.

How does the weather affect house prices or sales in Phoenix?

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.

How else might I get a better deal on a home in Phoenix?

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:

• Experienced. Wexler explains that the recent market has seen a 60% increase in real estate agents. Unfortunately, a new agent may not have the knowledge or negotiating skills to get you the best deal on your home purchase.
• Local. It’s important to work with an agent who knows the Phoenix housing market and can help you find the right opportunity at any time of year.
• Good fit. It’s important to find an agent whose personality is a good fit with yours. You must be able to share your homeownership goals and challenges with your agent, who will act as a consultant to find the best home at the best price to fit your needs.

“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

What are the best cities to buy a house in Greater Phoenix?

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:

• Gilbert is recognized as the most prosperous, safest, and best place to raise a family in the U.S., with amenities such as destination parks, restaurants, and business opportunities. Average home values: $495,000-$530,000.
• Scottsdale offers residents and visitors a luxurious lifestyle and world-class shopping, dining, and entertainment options. Average home values: $750,000-$850,000.
• Chandler is a thriving city that offers a high quality of life, excellent schools, a diverse range of housing options, and plenty of shopping, dining, and entertainment choices. Average home values: $490,000-$530,000.

Most affordable places to live in Greater Phoenix:

• Apache Junction, immediately west of Superstition Mountain, offers outdoor recreation and a lower cost of living than other areas around Phoenix. Average home values: $330,000-$400,000.
• Phoenix is a popular and affordable place to live. It has a diverse range of housing options, excellent job opportunities, and plenty of cultural and entertainment attractions. Average home values: $390,000-$420,000.
• Mesa has a strong economy, a low cost of living, excellent schools, and a diverse range of housing options, making it a popular choice for families and professionals alike. Average home values: $390,000-$420,000.
• Glendale, about 10 miles northwest of Phoenix, offers restaurants, outdoor recreation, historic attractions, and entertainment. Average home values: $380,000-$410,000.

Learn more: 5 of the Best Retirement Communities in Arizona

A few final tips for Phoenix homebuyers

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:

• Hire a real estate agent who really knows the area. Wexler explains that an experienced local agent can find opportunities and may even be able to alert you to a good deal before a home is listed.
• Don’t be afraid to look outside the area. If you’re retired, work remotely, or you’re willing to commute, you may find a better deal on a home outside the Greater Phoenix area.
• Know what the seller needs. Understanding what’s important to the seller is key to negotiating the best price.
• Be prepared to move quickly on an excellent opportunity.

“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.

Bottom line: Phoenix buyers could get the best deal during the summer

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.

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