The Phoenix real estate market is booming. You have probably heard it’s a sellers’ market. The city has recorded the highest home values amongst the largest metropolitan locations in the nation, according to an article in AZMediaBig. While Phoenix comes in at the very top spot, there are other cities in Arizona that are all amongst the hottest markets in the country.
However, there are some important things you should be aware of if you are looking to buy or sell a home right now.
Demand for homes is high, inventory is low.
1. Low inventory – This means 5,000 properties are available for sale currently in comparison to 20,000 two years ago. Did you know that Arizona had the highest amount of home sales in history for 2020?
Homes move fast. What buyers and sellers need to know.
2. Speed to Lead for Sellers – The average time a home is on the market is 40 days. Considering that the average loan takes 35-40 days to process,this means homes are selling oftentimes in one day. In light of this, our Halpern Residential team does not recommend putting a sign in the yard until you are fully prepared with a strong selling strategy.
3. Speed to Lead for Buyers – Homes are frequently going under contract within one day of being publicly listed. Taking prompt action, scheduling an appointment, using Google Maps, and driving by the home will arm you with enough information to know if the property and neighborhood are right for you. Keep this in mind — You have a 10-day inspection period that gives you the option to cancel for certain reasons without the loss of your earnest money deposit. An earnest money deposit is a payment representing a buyer’s good faith to buy a home. In addition to the inspection period, it allows you time to conduct a title search and get an appraisal.
How home buyers and sellers can be competitive.
4. Competitive Offers – The “win” is keys in hand. To make that happen, be prepared to make offers on multiple homes. Halpern’s average is 5 offers per home buyer. Have a cushion of cash to cover repairs or appraisal contingencies – in addition to closing costs. This is essential in making it to the finish line.
5. Your Team — Who you surround yourself with makes a difference. An experienced real estate team, a proficient lender, and a detailed title company are extremely vital to a successful home closing.
Selling or buying a home during this dynamic real estate market is definitely easier when you keep the above 5 key points in mind. You have done your homework, come prepared with a winning strategy, mindset, and your team. If you are still looking for seasoned, dedicated, knowledgeable real estate professionals you can rely on, Trevor and the Halpern Residential team at North & Co
If you have any questions about this robust real estate market, you can send them to Trevor on Facebook or Instagram, and/or, tune in to his YouTube Channel where he shares his insights about real estate.
Keep an eye out for the next blog for the latest details and developments about the ever-changing real estate landscape in Phoenix.