In 2023 Housing Trends, Part 1 I detailed 3 new trends. Here are 3 more: 4. Cash Remains King. All-cash repeat buyers jumped to 27% of the market nationwide during 2022, up from 17% the previous year. In the Phoenix metro area it was 35%, with some zip codes much higher: 85263 – 61%; 85253 – 52%; and 85262 – 51%. It’s believed that the buildup in housing equity over the last decade due to the rising prices is why. So buyers with a house to sell – especially those that downsize, have been able to avoid getting a loan. 5. Buyers are Moving Further. The median distance purchasers moved from their previous home reached an all-time high of 50 miles. Historically, the median distance moved has been between 10 and 15 miles. This shows that more buyers are relocating to other communities rather than within their own immediate area. 6. Ready To Go Rules. Few buyers are seeking out fixer-uppers. Homes that need major kitchen or bathroom renovations and updates are not selling. Buyers want those homes only when there is no other inventory. But the lack of inventory means that some searching for a home have no choice other than fixer-uppers, homes lacking curb appeal, and those in less desirable areas.
