It isn't surprising that the housing market in Phoenix activity fell in March 2020. Coronavirus mitigation efforts were just beginning mid-month and the normal home buying process quickly became more complicated as shelter-in-place orders went into effect.
Since then, however, there have been signs that Arizona buyers are still interested and willing to adapt to a new way of doing things. For example, one online real estate database reports that views of for-sale listings have rebounded in April and are now even higher than they were last year at this time.
That's after falling almost 20 percent in March. This is encouraging news. It may also be an indication that Americans who were interested in buying a home this spring haven't abandoned their plans.
Of course, location matters and activity is higher in some areas than others. In cities like Los Angeles, Houston, Dallas, and Atlanta views of online listings increased more than in other metros. However, nationally they're up 13 percent from last year, which suggests demand is increasing or, at least, stabilizing in much of the country.
For home buyers, a great way to start is a Map Search of Phoenix Arizona. Check out the homes with hundreds of photos online, check out the front view and the map allows you to street view, so you can narrow your search. And not look at homes you know will not work.
Selling Your Arizona House Today
Looking at the release of the latest Economic Pulse Flash Survey from the National Association of Realtors (NAR), results show that home owners selling their houses today are holding strong on prices. According to the most recent data, 74% of real estate agents noted that sellers are not dropping listing prices to attract more buyers in most areas.
Also, Lawrence Yun, Chief Economist at NAR, stated:
“The housing market faced an inventory shortage before the pandemic. Given that there are even fewer new listings during the pandemic, home sellers are taking a calm approach and appear unwilling to lower prices to attract buyers during the temporary disruptions to the economy.”
This current Arizona inventory shortage, which spread widely throughout the housing market going into today’s economic slowdown, created an environment where there were not enough homes for sale for those who wanted to buy them. With that backdrop setting the stage, Yun also notes:
“With the current quarantine recommendations in place, fewer sellers are listing homes, which will limit buyer choices.”
So, with home buyer choices already limited going into this spring season, and more sellers removing listings today, if you’ve been thinking about listing your house, it’s a great time to do so. Many others in your neighborhood may be waiting to make a move or removing their listings, so staying on the market – or jumping into it – could work to your advantage.
Arizona buyers today are serious ones, and with home prices holding steady in this low-inventory market, you can feel confident about selling today. Embracing the process virtually, where available, could help your house hit the top of an eager buyer’s list. While your neighbors miss out on this opportunistic time, you don’t have to.
If buyer choices are limited in your neighborhood, selling now may help your listing rise to the top of the pool. Let’s connect today to make sure you have the expert help you need to succeed in the selling process.