Arizona real estate markets change, If you are thinking “Should I sell my Arizona house this year?” the current Housing Opportunities and Market Experience (HOME) Survey from the National Association of Realtors® (NAR) should boost your confidence as it relates to the current selling sentiment in the housing market.
Even with all the information overload in the media circling around talk of a possible changes in a period of temporary economic decline, the upcoming 2020 election, and more, Americans feel good about selling a house now. That’s some news to get excited about!
Although these numbers are national, Arizona is fitting in with the first time buyer homes, and the homes under 250k moving fast. Especially if they are in a good neighborhood, and well maintained.
As the graph below shows, as of Q4 2019, 75% of people surveyed indicate they believe now is a good time to sell a home:
In the case of those with a yearly salary of $100,000 or more, the results jumped even higher, coming in at an 82% positive sentiment.
When the study divided the outcomes by region, the results still consistently showed Americans feeling good about selling:
Northeast: 71% positive about selling
Midwest: 76% positive about selling
South: 72% positive about selling
West: 81% positive about selling
In addition to looking at income and region, the report also divided the results by generation, as shown in the graph below:
As you can see, many believe that, despite everything going on in the world, it is still a good time to sell a home.
According to NAR, the unsold inventory available today “sits at a 3.0-month supply at the current sales pace,” which is down from a 3.7-month supply in November. The current inventory is half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory. This is good news for sellers, as Lawrence Yun, Chief Economist at NAR, says:
“Home sellers are positioned well, but prospective buyers aren’t as fortunate. Low inventory remains a problem, with first-time buyers affected the most.”
The 2020 Home sellers guide has more information for your home selling research.
Entry level homes are selling fast, so if you are considering buying a first home, downsizing, or a lower priced home. Expect to see them move quickly. This can all change with market changes. If the market changes to a buyers market, be ready to hold on to the home for a while until the next change. Make sure you buy within your means.
If you’re ready to list your home, you can feel good about the current sentiment in the market. Let’s get together today to determine the best next step when it comes to selling your house this year.