If you’re thinking should I sell my house? Or about moving, looking to selling your house this fall might be the way to go. Here are four highlights in the Arizona housing market that may make your decision to sell this fall an easy one.
1. Buyers Are Actively in the Market
ShowingTime, a leading real estate showing software and market stat service provider that agents use, just reported that Arizona buyer traffic jumped 60.7% compared to this time last year. That’s a huge increase.
Many buyers are moving to Arizona from all over the country right now. People in other states are using equity they built up to pay down homes in Arizona. California to Arizona buyers sell high in California, and wind up with a nicer home and neighborhood for significantly less per month.
It’s clear that Arizona buyers are ready, willing, and able to purchase – and they’re in the market right now. In many regions of the country, multiple buyers are entering bidding wars to compete for the home they want. Take advantage of the buyer activity currently in the market so you can sell your house in the most favorable terms.
2. There Are Not Enough Homes for Sale
In the latest Existing Home Sales Report, by the National Association of Realtors announced that there were only 1.49 million units available for sale. That number was down 18.6% from one year ago. This means in the majority of the country, there aren’t enough homes for sale to satisfy the number of buyers.
Home builder confidence is up, so a lot of people are buying a brand new home. Basically leveraging future home inventory. This is a great way to move, but it can be tough if you have a home to sell before you can buy. Contact us and we can help!
Due to the health crisis, many homeowners were reluctant to list their homes earlier this year. Opening your home to the public during a pandemic was not an option for some high risk people. That will change as the economy/pandemic continues to recover. The choices buyers have will increase going into the new year. Don’t wait until additional sellers come to market before you decide to make a move.
3. The Process Is Going Quickly
Today’s ultra-competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home. According to the latest Origination Insights Report from Ellie Mae, the time needed to close a loan is just 49 days. Loans typically take 30 days in normal circumstances.
Getting pre-approved has always been a good move for buyers. The benefit is you know exactly what your payment and rates will be. You have more time to shop loans before you make an offer on a home. If you shop loans after you find a home and make an offer, the new lender may not be able to close in time.
4. There May Never Be a More Important Time to Move
You’ve likely spent much of the last six months in your current home. Perhaps you now realize how small it is, and you need more space. If you’re working from home, your children are doing virtual school, or you just need more space, your current floor plan may not work for your family’s changing needs.
People are definitely moving toward homes with private office space, larger more entertaining yards. And people from big cities are looking for something a lot more rural away from neighbors. Land with space.
Homebuilders are beginning to build houses again, so you can choose the exact floor plan to match what your family needs, and you can make sure the outdoor space is what you want too.
The housing market is prime for sellers right now, so let’s connect to get the process started this fall. If the timing is right for you and your family, the market is calling your name. Scott 623-293-2833
Should I sell my house? Start with a no obligation home value check, then create a custom market report for your neighborhood and home details. These two tools will keep you informed about home prices in your neighborhood. So when your ready, you will already have a ballpark number.