During this weekly market update, we want to first make sure to take a moment to recognize those who served and sacrificed their lives for our country on this day 19 years ago.
Currently, in the greater Phoenix real estate and property management market, we are seeing the majority of our tenants pay rent on time month-over-month. We have open communication with all of our tenants and have payment plan opportunities for those who need it which currently only 1% are needing to utilize which is great to see.
In terms of the housing market, we are seeing a boom in new home builds with numbers surpassing those of the last 12 summers. This is amazing to see but we are also seeing a huge shortage in overall homes for sale. The limited market is heartbreaking for those looking to purchase a home as the competition is fierce and homes are going for over asking price.
Make sure to watch the full video below to get a complete market update for Phoenix real estate.