Phoenix Housing Explained Through 4 Key Trends
Phoenix has seen some staggering home sale gains over the last 6 months and, in particular, in the second half of the year. It's clear that real estate is going to fluctuate a lot moving forward. Today’s market is different because of four key components. Homes are staying affordable due to record low-interest rates.
Phoenix is a growing market and as a result, there are not enough homes for sale.
Phoenix is a growing market and as a result, there are not enough homes for sale. This has led to the skyrocketing prices of homes increasing at a staggering rate. Phoenix's population is expected to grow in the next decade. As a result of this, there will be an increased demand for new housing and commercial properties in Phoenix. The impact of this will be seen on the city’s real estate market and construction sector.
There are many reasons why Phoenix is the place to be in terms of real estate investment right now. The city has great infrastructure, low unemployment rates, and high growth potential. There are also options for real estate investments outside of Phoenix which makes it easy for investors who want to diversify their portfolio with real estate.
The homes available for sale are higher than they've been in past years. However, the trend is slowly beginning to reverse. The latest Monthly Housing Market Trends Report from Realty.com says that the inventory levels are starting to trend up, giving home buyers a few more choices.
Phoenix's home inventory is slightly increasing right now, which should give some relief to home buyers. Phoenix has seen a significant increase in the number of homes being listed on the market in recent months. This is good news for people looking to buy a home, as it means there's likely to be more inventory available soon.
Inventory is still tight in the housing market, due to small gains in the numbers of homes available. Homes are selling faster than they can be replaced so sellers are still up on the highs. Buyers gain more options, but it's still a seller's market.
Phoenix Home Buyer Competition and Bidding Wars
Phoenix is a major housing market that has low supply, coupled with high demand and a lot of competition between buyers. This creates people bidding on houses like an auction instead of making a reasonable offer.
Phoenix home buyers are eager to find a new home and make a good offer. They are willing to do whatever it takes, even if that includes offering more than the asking price or paying cash for the place.
Homebuyers are moving into Phoenix, AZ, in droves because of the housing market. Selling homes in higher markets like California, and moving to Arizona to take advantage of better housing prices.
The average house that is up for sale can receive five offers, according to statistics from the National Association of Realtors.
Phoenix housing is moving fast, on the market and sale pending in days, Professionals backed by statistics know what's most appealing for a seller&can guide you in compiling a compelling offer. That trusted advisor can help you decide amongst your options, which will lead to a smoother deal.
Phoenix Housing Price Appreciation
Competition is driving prices up. Home prices are increasing across the country, according to CoreLogic's Home Price Index, and nationwide inflation increased 15.4% year-over-year in July!
Risings home prices are part of why many Americans continue to invest in real estate. If you're preparing to sell, now may be the time to take advantage of the sellers market.
A Rise in Phoenix Home Prices and Equity
Homeowner equity in the Phoenix is increasing just like its value. Thanks to higher house prices, homeowners are seeing record-breaking gains in home equity.
In recent years, the Phoenix has seen a shift in home values and record-breaking gains in equity. Homeowners are seeing even more gains than those in other parts of the country.
As the housing market in Phoenix continues to rebound, homeowners are seeing record-breaking gains in equity. The city's median home value has increased by a lot more than real estate professionals and experts expected
Homeowners looking to use their home as some sort of savings or to move up in the world can benefit from leveraging that equity. This is a major perk of enduring personal home equity.
Homeowners can save money by leveraging their equity, and taking advantage of record low mortgage rates, to purchase a new home or relocate. This will also help them build wealth over time.
Bottom Line
It can be a challenge to find the best home right now, but there are a few key things that you should keep in mind while shopping. Let's connect to talk about how you can make the most of these opportunities and meet your homeownership goals.
Photo by August de Richelieu
