You Can't Crash Here

By
Real Estate Agent with HomeSmart SA561034000

 In spite of job losses, drop in tourism, and economic hardship caused by the current pandemic crisis, the sellers market is still holding strong in Phoenix Arizona.

Due to an overwhelming migration into our valley, the demand for homes has increased significantly. Whether you're a buyer or a renter, when a quality property comes on the market, expect to compete for it.

We've had a very strong sellers' market for quite some time here in the valley. One would have thought that this pandemic would have caused a drop in sales, and yet there has been no downward trend whatsoever. Prices under $500K are still holding strong and rising, and homes priced over $500K have seen only a slight decrease in sales over the last few months.

If you're a seller, things are still looking pretty good for you. Our demand far exceeds our supply, so prices continue to increase, and time on the market continues to decrease. However, please don't allow yourself to believe that you can get way over market value. Your home still has to appraise according to market value and condition,  Buyers are now more knowledgable due to online information and the help of a good agent. With that said, as long as you price your home accordingly, maintain the landscape, make all necessary repairs, declutter spaces and create a good traffic flow, you will get your asking price (maybe more) in a short period of time.

If you're a buyer and are waiting for the prices to drop, that's not going to happen anytime soon. Don't let that discourage you from buying, because with interest rates at historic lows, it's still a great time to buy.

As your HomeSmart Elite Phoenix real estate expert, I have all the tools of the trade to sell your home and help you find your perfect dream home. All of which protect you during the buying and selling process, and provide you with valuable assistance in making financial decisions.

Comments (6)

Realtyna Inc
Realtyna - Newark, DE
Realtyna- MLS RETS Integration software & services

Hi Vinicio Vacca, how is inventory where you are? While demand has ticked up in our area, supply is still only about 60 percent of what it was last year.

Jul 28, 2020 02:27 AM
Vinnie Vacca

As you can see by the chart, we are nearly down 60% since our highest point last year. Inventory has been at all time lows in our area for over a year.


 


 


 

Jul 28, 2020 11:22 AM
Realtyna Inc

Hi Vinicio, it's certainly a unique market. Thanks for sharing.

Jul 29, 2020 02:32 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Vinicio. A pleasure to make your acquaintance here in the Rain. Enjoy your day.

Jul 28, 2020 04:38 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much for following my blog. Your comments are always welcome.

Jul 28, 2020 04:30 PM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Vinicio, No doubt your market is crazy hot with so many people moving to the area.  I like that photo.  What is the name of the mountain in the background? 

Aug 05, 2020 12:23 PM
Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update, all the best to you as you get many of these properties listed and sold.

Sally

 

Aug 15, 2020 01:01 AM
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Oh my gosh!  The sellers' market is everywhere!  I started in a strong buyers' market and still love them.  Oh, well!

Sep 09, 2020 10:17 AM