By Holly Henbest, Realtor
Most people think the summer is the busiest season for real estate because the kids are out of school and it’s a convenient time to move. But, the reality is that summer is typically one of our slowest selling seasons in Arizona. When the temperatures rise, we typically see real estate start to cool a bit.
While moving during the summer may be the most convenient for families, there are a lot of people who move and don’t have kids, and moving during the hottest months of the year isn’t the most appealing. At the same time, we are seeing continued relocation buyers, as Arizona is a high demand destination.
With all the frenzy that has been happening this year, what should we expect to see with regards to real estate this summer?
Our best guess is that we will likely see more of the same, with potentially a nice opportunity for buyers to seize the moment this summer. Why is that? With COVID-19 restrictions lifting and vaccinations increasing, we expect to see more people traveling this summer. Many people haven’t been on a plane for a year and a half, or longer, so they are excited to take a vacation this summer.
With people leaving town, that could mean fewer people to compete for homes when they get listed. Typically there is a big wave of residents leaving Arizona in July to escape the heat, so if you’re still looking to buy a home, July might be a great opportunity for you to make an offer on a home. There may be fewer bids in the bidding wars.
There is also likely to be some buyer fatigue setting in this summer. For buyers that have struggled to find a home, continuing their search on a 115 degree day may cause them to skip a few homes or select fewer homes to consider. The high temperatures cause a natural human reaction to conserve your energy and get tired more quickly, so buyers will be more selective in their searches, which will potentially lead to less competition for some homes.
We are also starting to see an increase in our supply. It’s very modest at this point, but we are seeing some positive movement regarding our supply challenges. Again, with COVID-19 restrictions easing, we’re seeing more people feeling comfortable with the idea of selling their home. Many people who would have liked to have sold their home in 2020 are now feeling more comfortable with the idea of selling and having their home listed for sale. We will likely continue to see some added inventory from sellers who were hesitant to list their home during the pandemic due to health concerns.
There are several factors to consider when we start to predict what the summer will bring us: relocation, travel, temperatures and inventory. One thing we do know for sure, all indications point that the overall real estate market will continue to thrive.
Do you have questions about buying or selling a home? Give The Henbest Team a call at 480-266-8785.
Holly has been a Desert Ridge resident since 2000 and has been a realtor since 2006. She is the leader of The Henbest Team with Realty One Group. Holly is ranked in the top ½ of 1 percent of Realtors in Arizona and is a Certified Luxury Marketing Expert. She was also ranked #24 in 2019 by the Phoenix Business Journal and recognized by So Scottsdale! magazine as a Real Estate Superstar for 2019.