{"id":6460,"date":"2024-11-29T14:09:14","date_gmt":"2024-11-29T14:09:14","guid":{"rendered":"https:\/\/www.foreclosurelistings.com\/news\/?p=6460"},"modified":"2025-06-12T11:49:24","modified_gmt":"2025-06-12T11:49:24","slug":"in-phoenix-sellers-offer-more-incentives-amid-the-drop-in-home-sales","status":"publish","type":"post","link":"https:\/\/www.foreclosurelistings.com\/news\/foreclosure-market\/in-phoenix-sellers-offer-more-incentives-amid-the-drop-in-home-sales","title":{"rendered":"In Phoenix, Sellers Offer More Incentives Amid the Drop in Home Sales"},"content":{"rendered":"<p><span style=\"font-weight: 400\">If you are considering buying a house, specialists advise doing so now, as home sales have decreased and the number of available properties is increasing in the city of Phoenix and its surrounding areas.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Recent figures from ARMLS indicate a 7% drop in sales and an almost 6% increase in home listings in the Phoenix area. Experts have also noticed that sellers today are offering more incentives and greater flexibility in an effort to sell their properties quickly.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Brannon Bartley, branch manager of Citywide Home Mortgage, says: &#8220;We\u2019ve noticed a lot of fluctuations in interest rates, and the interesting thing is that the average rate has been approximately 7.9% since 1971, and it\u2019s currently much lower.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bartley also points out that buying a house in the Phoenix area in recent years has not been an easy task, as he believes the main problem is that people are struggling to gather down payments. He also notes that mortgage rates have been decreasing since April, and if they drop even further, the market could become more active.<\/span><\/p>\n<p><span style=\"font-weight: 400\">He concludes by saying: &#8220;With a drop in mortgage interest rates, the Phoenix real estate market could benefit, as a recent report shows that sales are declining, and many sellers spend more than 33 days on the market before securing a sale.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400\">Tina Tamboer, senior housing analyst at Cromford Report, mentions that there is positive news with this data, including price reductions and incentives. She says: &#8220;Sellers willing to cover part of the buyer\u2019s payments for a year or two, known as a 2-1 buydown, can offer an additional 20% discount on the first year\u2019s payment. And many sellers are making repairs and improvements so that properties that are not in perfect condition meet the standards to compete with other properties for sale on the market.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400\">The median home price in Phoenix last month was $440,000, unchanged since July, and just $5,000 more than in 2023. Real estate experts point out that the price of smaller family homes is actually decreasing in Phoenix, while luxury homes in the Valley are either increasing or remaining stable.<\/span><\/p>\n<p><b>Available Foreclosures:<\/b><\/p>\n<p><span style=\"font-weight: 400\">Phoenix: 120 homes available<\/span><\/p>\n<p style=\"text-align: right\">By El\u00edas DaSilva | November 29, \u00a02024<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are considering buying a house, specialists advise doing so now, as home sales have decreased and the number of available properties is increasing in the city of Phoenix and its surrounding areas. Recent figures from ARMLS indicate a 7% drop in sales and an almost 6% increase in home listings in the Phoenix [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":6461,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[205,1,169,151],"tags":[],"_links":{"self":[{"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/posts\/6460"}],"collection":[{"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/comments?post=6460"}],"version-history":[{"count":2,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/posts\/6460\/revisions"}],"predecessor-version":[{"id":6709,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/posts\/6460\/revisions\/6709"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/media\/6461"}],"wp:attachment":[{"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/media?parent=6460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/categories?post=6460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/tags?post=6460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}