With the Metro Phoenix residential real estate market setting new records for sale prices on a daily basis, many people are wondering if it’s a good time to sell their house. Here are my five reasons why it’s a good time to sell your house now:
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1. Demand is on your side
With huge demand for homes in the Phoenix area, and relatively low inventory, it is most definitely a seller’s market. While this situation is expected to continue, there are no guarantees. It is a great time now to take advantage of highly motivated buyers and get top dollar for your home.
2. Competition is low
At the moment, sellers are entering a space without much competition, due to the low inventory of homes for sale. However, there will be an increase in new construction as homebuilders work through their labor and supply chain constraints. There will also be other homeowners looking to capitalize in the current market, particularly as we move toward the end of the school year. Time is always of the essence.
3. Smooth sale-ing
Enjoy a quick and smooth sale of your home. Since buyer demand is so high, we are seeing submitted offers that are all seller friendly. This could include all cash, no contingencies, no appraisal, waived inspections, and a quick closing. Imagine selling your home over asking price within days and receiving the proceeds within two weeks. That is happening all the time in today’s market.
4. Low mortgage rates
Another reason why it’s such a good time to sell is due to low mortgage rates. If you’re considering an upgrade for something bigger, a new location, or maybe just more accommodations, now would be the time. The same home could cost you significantly more a year from now depending on where the rates happen to be — not to mention the equity gained over the course of that same year, with annual equity gains estimated around 15% in the Phoenix area.
5. Work commutes not as much of a factor
For a lot of people, working from home full time is now a reality. With that said, the concerns about a commute are no longer a factor. Homeowners now have the freedom to choose homes based on what they really want and need without compromising due to career obligations. This opens up your pool of buyers more than the past, when commute times factored heavily in home purchase decisions.
Alex Molleo is a Realtor at The Brokery. He lives and works in the Arcadia neighborhood of Phoenix. He can be reached at alex@thebrokery.com.
