We’re certain that you’ve heard at least one story of someone’s home selling lightning fast, or for a much higher price than they listed for. While this could be a super intimidating thought if you’re in the market to purchase, we’re here to calm your nerves! Let’s break down what the current real estate market looks like in Phoenix and what it could mean for you.
In the metro Phoenix market, we’ve seen less than half of the homes for sale than we saw this time last year. However, the demand for homes has jumped significantly. Many speculate the increased demand is due to the pandemic – many are now permanently working from home which allows them to live in a location without having to take a commute into consideration. Forced time at home during lockdown also exposed new needs for homes. More space, more spaces, amenities like a pool or home gym are all topping the list for “must-haves”.
A huge reason many buyers are in search of a new home is that interest rates are some of the lowest we’ve seen in the last FIFTY years! Meaning you can now borrow more money for less. And unlike real estate bubbles of the past, lenders are making loans on concrete factors rather than speculating, ensuring higher integrity and avoiding a bubble burst.
Don’t Get Discouraged
This all sounds fantastic if you’re selling your home, but if you’re looking to purchase, it can be pretty intimidating. That’s where having a trusted agent comes in. The booming market has been flooded with brokerages staking a claim in the area to get a piece of the action. Working with someone you can trust, who knows the area where you want to buy is invaluable right now. While the allure of paying a smaller percentage to an agent may sound like a great deal, the trade-off may not be worth it.
When you work with an experienced, local agent, you get what you pay for! Knowing what homes are selling for in the area and how hard to push an offer is huge. Not to mention a seasoned agent has area-specific knowledge. Many neighborhoods have solvable, negotiable repairs – such as galvanized pipes leading into the home – that someone who isn’t familiar with the area may not know to ask about at a property. Or worse, you could be convinced to skip an inspection altogether as part of your offer.
Work with the Best
We always want our business to focus on relationships, we’re never going to push a client to a property or a price that doesn’t work, just to close a deal. That’s not our style. When our clients sign that contract, we want them to feel like their best friend has been walking them through the process. If you’ve been thinking now might be the right time to sell your home, let’s talk. We’re excited to hear your story and answer your questions too.