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A Note From Me from May 2025

May 13, 20252 min read

Real Stories, Real Shifts: Appraisals & Market Insight in Today’s Phoenix Market

While Phoenix home prices showed a 3.5% increase year-over-year in February—reaching a median sale price of $470,000—there are growing signs of a subtle but important market shift. And as we’ve seen recently, that shift is starting to show up in the appraisal process, impacting both buyers and sellers at a critical stage of their transactions.

Let me share two recent stories that illustrate why having experienced professionals in your corner truly matters in a changing market.

Buyer Story: The Two-Yard Line Appraisal Challenge

Imagine you’re a first-time homebuyer. You find a home you love, and after careful negotiations, you make a solid offer—only to be turned down by a long-term investor seller convinced their property is worth more. A few weeks later, after some back-and-forth, your offer is accepted. You're under contract. Then comes the appraisal—and it comes in low.

Suddenly, both sides are forced back to the table.

But because both buyer and seller were working with professionals committed to collaboration—not confrontation—we helped everyone refocus on fair market value, not just assumptions or emotions. Cooler heads prevailed, and the deal was salvaged. It’s a reminder that today, deals aren’t just made—they’re managed carefully, especially when appraisers are signaling that the market may be easing.

Seller Story: A Competitive Offer, a Short Appraisal

On the listing side, we’re seeing another dynamic. Buyers are still writing competitive offers, sometimes slightly over asking, especially to gain concessions like closing costs or rate buydowns. Sellers are often thrilled—until the appraisal comes in short.

In one recent case, an offer over asking was accepted quickly. But when the appraised value came back lower, the deal hit turbulence. Why? Because appraisers are anticipating the potential for a shifting market, especially with rising interest rates and more inventory becoming available. Fortunately, with the right communication and local data to back it up, both parties came to terms that reflected today’s true market conditions—not last year's headlines.

What This Means for You

These situations are becoming more common in Phoenix:

  • Buyers may find opportunity in softening prices, but must stay grounded in data when negotiating.

  • Sellers should prepare for the reality that appraisal values may not always match list or contract prices, even with multiple offers.

  • Investors, take note: the "bad news" of a market correction is often good news for long-term acquisition strategies.

Experts like Chad Breeden of Sentry Real Estate believe we’re heading toward a more balanced market—and that’s good news for everyone who’s in it for the long game.

Your Next Move

Whether you’re buying your first home, selling an investment property, or just watching the market from the sidelines, now more than ever, you need expert guidance—not just to price right or negotiate smart, but to help navigate the appraisal terrain that can make or break a deal.

Let’s talk about what this shift could mean for you.

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Kendra Harrison

Kendra Harrison lives in Phoenix, Arizona with her husband and children. She started her real estate career in 2007 during the global financial crisis triggered by the bursting of the United States housing bubble and has worked in challenging markets for almost 20 years. Her no nonsense approach to business drives her success and provides desired results for her clients. Her construction and renovation background give her unique perspective on investing. She enjoys the outdoors and adventure, making Arizona the perfect place for her to call home.

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