Phoenix West Valley real estate professionals say the area’s already “hot” real estate market looks like it’s going to get even “hotter.”
According to a recent report by the I Arizona Regional Multiple Listing Service (ARMLS), 8,344 Valley homes sold in March 2019, with median selling prices about $267,000. The upcoming peak months of March, April, May, June, and July are expected to continue the trend.
For homeowners who are considering selling, now is a good time. With quick turnarounds and new developments under construction, the Valley is experiencing a healthy market it hasn’t seen in years.
Plenty of employment opportunities in Phoenix keeps people from other parts of the country flocking to Phoenix in record numbers, which feeds the area’s strong real estate market.
Buyers needn’t worry about the market tanking as it did a decade ago during the nationwide housing crisis. Experts say that the circumstances leading up to the 2008 crash did not reflect today’s economic and job-growth based activity.
While the growth of Phoenix’s real estate market in recent years is expected to plateau eventually, experts say there is no risk of a repeat of the 2008 crash.
Home sellers who want to achieve top dollar in this healthy housing market are advised to take some key steps toward achieving that goal:
• Make sure the home’s curb appeal is top notch
• De-clutter, deep clean, add fresh coats of pain and replace old carpet
• Stage the home to maximize interior space
• Take high-quality photos of the home and property’s best features to include with your listing
Potential buyers in this market should come prepared with a checklist of must-have features they need in their new home and have their funding lined up so they’re ready to bid without delay when the right property becomes available. Buyers should be completely prequalified, not just preapproved.
Buyers should also resist submitting lowball offers on properties that are perfectly suited to their needs since chances are there will be multiple offers at full price or higher.
People who are considering buying a home in the Phoenix but are waiting for prices to dip should consider that interest rates right now are pretty low—about 4 percent. If home prices go down, interest rates could go up, so it’s important to weigh the potential options carefully.
Phoenix hot real estate market