1. Demand Is Strong!
The Phoenix market demand will continue to be strong this summer due to the lack of inventory and increase in prices. The average sales price is up +7.5% year-over-year while the year-over-year median sales price is also up +5.4%. The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.
Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
Housing inventory is currently at less than a 3-month supply, well under the 6-months needed for a normal housing market. This means, in the Phoenix market, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices and sellers. However, additional inventory could be coming to the market soon.
There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last few years. Many of these homes will be coming to the market this summer.
Also, builder’s confidence in the market has hit its highest mark in over 11 years. We are already seeing new construction of single-family homes ramping up.
The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.
3. The Process Will Be Quicker
Fannie Mae anticipates an acceleration in home sales that will surpass 2007’s pace. As the market continues to strengthen, banks will be inundated with loan inquiries causing closing-time lines to lengthen. Selling now will make the process quicker & simpler. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to a new low of 42 days, after seeing a 12-month high of 48 days in January. For more information about selling your home in the summer call us at 602-352-3600 or contact us here.
RELAX and ENJOY Your Summer…
When You Hire 10X Homes to Sell Your Home!
Worried about the hassle of putting your home on the market during the summer months? Don’t!
When you hire the 10X Home Team, we will take care of everything so you can relax and enjoy your summer vacation. We have developed a special client care checklist that we use when our clients are out of town. Plus, when we receive an offer – we can help you complete your entire transaction from the convenience of your smartphone or computer.