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The Condo Mania Team

News > Buy Now or Wait? A Question Tempe Condo Buyers are Asking

published on 2023-04-01

After a few years of craziness, the real estate market in Arizona has been tepid. Tempe condo sold prices fizzled somewhat in early 2023, wiping out the stratospheric gains of early 2022. But as Oscar Wilde would say, "everything in moderation," and that's true for a healthy real estate market as well. Though sellers have been giddy about big gains, new and trade-up buyers have been suffering, especially with higher mortgage rates to add to the mix. But now, we are reaching a more normal real estate market.

Inventory Remains Low

The number of condos and townhomes in Tempe and the Southeast Valley remain low. Owners are staying put, and without enough inventory to satisfy buyers, prices probably won't take a dive like they did 15 years ago. Newer and refurbished condos are selling well, while others are staying on the market or seeing price drops.

So What Should Buyers Do?

Everyone's situation is different. Second home buyers that want to spend the winter and spring in Tempe have noticed pricey hotel rooms, so the chance of missing out on another season of warm weather may be more desirable than missing another prime season. First time buyers are missing out on equity building all while paying the apartment tax and having to deal with landlords. However, if job prospects are shaky, then waiting may be a better choice. And then there's the difficulty of trying to time the market. Even with a recession this year a possibility, inflationary forces and low inventory could keep home prices fairly steady or rising, albeit at a slower pace than in years past.

Paying Less For Your Tempe Condo

There are deals to be had, but finding a desperate seller may mean you will have to do some remodeling or forgo that pool view. Look for communities with more for sale than normal or listings that have been on the market for over 60 days without an offer (we can help with that). Contact us when you are ready and we'll help you craft a plan for your real estate purchase.

 

Though not guaranteed, information and statistics in this article have been acquired from sources believed to be reliable.

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Villagio at Tempe has several floorplans, ranging from a single level 2nd floor condo to a two story townhome style with enclosed patio and a small yard. Upgrades vary within the community, but most units have granite counters and ...

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Information Deemed Reliable But Not Guaranteed. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information, including square footage, while not guaranteed, has been acquired from sources believed to be reliable.

Last Updated: 2024-07-19 04:35:54