Happy new year! New year, new home? Now that the holidays are behind us, you might be starting to think about selling your home. And if you’re wondering if now is still a good time to list, we’ve got some feedback for you to consider.
Steady Market Conditions
We’ve continued to see similar market conditions throughout 2021. However, experts are projecting a slow rise in mortgage rates over the next 12 months—which will affect how much buyers are able to borrow. This is why many buyers are anxious to purchase now, making the average days on the market for a home in Phoenix, Arizona, only 17 days.
Still Low Inventory
Even with a rise in rates, inventory is expected to stay low. Because of a smaller number of homes for sale, in June 2021, numbers show that homes sold for 101.8% of the listing price—the average being $20,000 more than the list price. If that’s not a motivator to sell, we don’t know what is!
More Buyers to Come
Arizona saw one of the largest population gains in the last year with more than a 1% increase, or more than 72,000 new residents. The majority moved to retire here (35.1%), followed closely by those moving for jobs (25.2%), lifestyle (22.16%), and family (21.72%). And with both Arizona, as a whole, and the Phoenix metro recovered from the pandemic at almost 108%, there are plenty of jobs to keep attracting those new residents.
If you’re wondering what your home could list for, let’s talk. We would be more than happy to take a brief look through your home to give you a quick value with absolutely no obligation on your part. And no need to straighten up your home just for us! We are Realtors, and we’re very used to viewing homes before they’re ready to show—really. Click over to set up a time to talk and/or a walk-through of your home today.