Is NOW the best time to sell in Metro Phoenix?

It has been a crazy couple of years in the Phoenix real estate market, and over the incredible growth we’ve seen in this market, it’s easy to begin feeling like it will never end.

But today, I want to share why NOW is a great time to put your home on the market.

Phoenix real estate has been hot hot hot.

It’s been a sellers market for the last couple of years, meaning there are more buyers in the market to buy, than homes for sale. This is in part to a greater influx of milennial buyers entering the market, huge job and opportunity growth in Metro Phoenix, and low interest rates making buying a more appealing option than renting. But what does that mean for you?

That brings us to…

Reason #1: Record-Breaking Home Values

Home Values are at an all time high. According to the Cromford Report statistics, May 2019 say an all time high median sales price in the valley. That means that if you own a home, you can likely sell it for more today than you could in the past, meaning you have a lot of opportunity to pull out some hard-earned equity.

Reason #2: Extremely High Demand From Buyers

The influx of demand and the rising home values resulted in very low inventory of homes in Metro Phoenix, creating a competitive environment for sellers. This means our sellers are selling for more, and faster, than they would in a different kind of market.

With fewer homes on the market means less competition on your street when you go to sell, putting you in a stronger position for your listing agent to negotiate a great offer.

Reason #3: Interest Rates Have Dipped Again

You might be thinking, well that’s good for the buyers, but what’s in it for me? Cash money, that’s what! As interest rates drop and continue to remain at record lows, it leaves buyers the ability to pay more for a home. Buyers have jobs, more money to spend, meaning they are able to pay more for their dream home.

It should be noted that this isn’t altogether typical for this time of year.

Typically in Phoenix, we see the peak of home sales occur in May and then gradually dip down through the end of the year. However, this year, average incomes have risen while interest rates dropped over 1% on average (!! WOW!) allowing buyer demand and activity to remain strong. Again, according to the Cromford Report, if these trends continue, we can expect the seller market to continue to push up home prices through the year, putting home sellers in a strong position to sell in 2019.

If you’d like a more in-depth analysis on market conditions in your neighborhood, or if you’d like a custom home-valuation-report delivered to your inbox, please contact us right away!

As always, I hope you find the helpful! Please don’t hesitate to reach out for additional information, or to get added to our newsletter to be notified on the latest market trends in Metro Phoenix.