In spite of job losses, drop in tourism, and economic hardship caused by the current pandemic crisis, the sellers market is still holding strong in Phoenix Arizona.
Due to an overwhelming migration into our valley, the demand for homes has increased significantly. Whether you're a buyer or a renter, when a quality property comes on the market, expect to compete for it.
We've had a very strong sellers' market for quite some time here in the valley. One would have thought that this pandemic would have caused a drop in sales, and yet there has been no downward trend whatsoever. Prices under $500K are still holding strong and rising, and homes priced over $500K have seen only a slight decrease in sales over the last few months.
If you're a seller, things are still looking pretty good for you. Our demand far exceeds our supply, so prices continue to increase, and time on the market continues to decrease. However, please don't allow yourself to believe that you can get way over market value. Your home still has to appraise according to market value and condition, Buyers are now more knowledgable due to online information and the help of a good agent. With that said, as long as you price your home accordingly, maintain the landscape, make all necessary repairs, declutter spaces and create a good traffic flow, you will get your asking price (maybe more) in a short period of time.
If you're a buyer and are waiting for the prices to drop, that's not going to happen anytime soon. Don't let that discourage you from buying, because with interest rates at historic lows, it's still a great time to buy.
As your HomeSmart Elite Phoenix real estate expert, I have all the tools of the trade to sell your home and help you find your perfect dream home. All of which protect you during the buying and selling process, and provide you with valuable assistance in making financial decisions.