Weekly Market Update 8/14/2020

Hello from the Capstone Team! This week's market update discusses a record-breaking month in MLS ever! The selling market saw its' second-highest month in history during the month of July which means that the competition to buy a home is fiercer than ever. This also means that inventory is at an all-time low, causing potential buyers to put in higher offers on homes to ensure the purchase. We are seeing homes get 10-12 offers within days of being listed and in order to compete, buyers must be willing to pay slightly above asking price and hope the home is appraised for the amount they offer. While the real estate market is booming, we are seeing some tenants request assistance with rent this month but we won't know the true impact until the end of August. This video has a few tips for homeowners who are leasing their homes out to tenants so be sure to watch the full video below for expert insight from a leading Phoenix property manager. If you have further questions about this week's market update for Phoenix property management or Phoenix real estate, contact the Capstone team today!