How much should I offer on a home in Phoenix?

{ "answer": "When making an offer on a home in Phoenix, consider that prices have seen some recent drops. The median listing price is \$475,000, which is nearly 5% lower than this time last year. You may have some flexibility to negotiate your offer.\n\nThere are a good number of homes available right now, with 18,437 active listings. This gives you more options to choose from compared to last year, which can be helpful when deciding on an offer.\n\nHomes are also staying on the market a little longer, with a median of 62 days before going under contract. This is slightly less time than last year, suggesting homes are moving, but not at an extreme pace.\n\nIt's also worth noting that nearly three out of ten homes, about 29%, have recently had their price lowered. This high percentage of price reductions shows that sellers are often willing to adjust their asking prices.\n\nGiven these factors, you might consider offering below the asking price, especially if the home has been on the market for a while or has already seen a price reduction." }