Hey, Phoenix homebuyers! If you’re in the market for a home, it might feel like you’ve walked into a maze of confusing information. With mortgage rates fluctuating, prices stabilizing, and the constant chatter about market trends, it’s easy to get lost. The truth is, owning a home could be closer (and more attainable) than you think! In fact, a recent statistic shows that 57% of homes sold in Phoenix in the past year went for under the list price—giving you more wiggle room than you might expect. In addition, home prices have decreased by about 0.3% in recent months. While that might seem small, every little bit adds up to substantial savings. The confusion has also created a lot of housing myths in Phoenix.
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With demand holding steady and a growing number of homes available, it’s important to sift through the myths and focus on what’s really going on in the market. As a top agent in Phoenix, I’m here to clear up some of the biggest misconceptions and help you make more informed decisions when it comes to buying a home in Greater Phoenix. Let’s dive in!
Myth #1 – Buyer demand is dropping
Reality: This was true in 2022 and 2023 when the market took a bit of a dip due to rising mortgage rates. However, buyer demand has remained steady into 2025, even with fluctuations in rates. In fact, many buyers are still actively looking for homes, albeit with more caution than a couple of years ago. The Phoenix market, with its growing job opportunities, great weather, and affordable options, is still a hot spot for buyers. So, if you’re wondering whether there’s still demand in the market—rest assured, the answer is yes!
Myth #2 – There’s nothing to buy under $300K
Reality: In February 2022, only 90 single-family homes under $300K were available in Maricopa and Pinal counties combined. Fast forward to today, and that number has jumped to over 500 homes—mostly in Pinal County, but also a growing number in Maricopa County. If you’re looking for condos or townhomes, the picture looks even better: more than 1,200 options are available in Maricopa County alone. The idea that affordable homes don’t exist in Phoenix is simply outdated. You just need to know where to look.
Myth #3 – My income is too high for homebuyer assistance
Reality: Many homebuyer assistance programs are based on location rather than strictly income. Some programs allow for incomes up to $150K per year, and a few have no income cap at all. So, before you write off these programs, it’s worth checking with a loan officer who can guide you through options that could save you thousands on your down payment. You may be surprised at what’s available!
Myth #4 – Homebuyer assistance is only for first-time buyers
Reality: Not necessarily! While some programs are designed specifically for first-time buyers, there are many situations where repeat buyers can still qualify for assistance. If you haven’t owned a home in the last three years, are recently divorced, or even if you’ve only owned a mobile home before, you could still qualify as a “first-time homebuyer” under HUD guidelines. The eligibility requirements are broader than most people think, and you could be missing out on financial help just because of an outdated belief.
Myth #5 – Mortgage rates are too high and nothing can help
Reality: While mortgage rates have been higher in recent years, there are plenty of strategies to mitigate their impact. For example, 57% of home sales in Phoenix included seller-paid incentives, meaning sellers are offering to cover closing costs or contribute towards other expenses. Additionally, some sellers are offering FHA or VA loans that can be assumed at rates below 5%. And, there are buyer programs that offer grants to help permanently reduce mortgage rates. Don’t let the headlines scare you—there are ways to make a higher rate work for you.
Myth #6 – Housing prices are about to crash
Reality: If you’re waiting for a dramatic drop in prices, you may be disappointed. The big price correction in Phoenix already happened in 2022. Since then, home prices have stabilized, and there’s been no indication that a massive crash is coming. Prices might still fluctuate here and there, but we’re looking at more modest negotiations rather than fire-sale prices. If you’re hoping for a sudden dip, you might want to lower those expectations.
Myth #7 – Selling “as-is” at a low price with incentives will still work
Reality: In today’s buyer’s market, “as-is” sales only work if your home is already in excellent condition. Gone are the days when sellers could list a home in poor shape and rely on flashy incentives to make a sale. In today’s market, homes that are well-maintained, upgraded, and move-in ready stand out the most. Price and condition are the key factors—offering incentives won’t make up for a property that’s in need of major repairs.
Navigating the Phoenix housing market doesn’t have to feel like running a marathon with no finish line in sight. By cutting through these common myths, you can focus on what really matters: finding a home that works for you. The market is evolving, and while it’s different from a few years ago, there are still plenty of opportunities out there. So, whether you’re a first-time buyer or a seasoned homeowner looking to upgrade, now might just be the right time to take the leap. If you’re feeling uncertain or need help separating fact from fiction, I’m here to guide you every step of the way. Don’t let the myths hold you back—let’s make your dream home a reality!
Author: Trevor H. Halpern, J.D. is CEO of Halpern Residential at eXp. As a Phoenix native, Halpern’s deep knowledge of both people and property has allowed him to create client success in all areas of town. A graduate of ASU’s College of Law, Halpern prides himself on delivering high-level strategy, efficient negotiations and precise tactical execution. Since 2011, Halpern has sold over $300 million in real estate and is in the top 1% of real estate agents in the Greater Phoenix area.
