What to expect if you are thinking of selling your Phoenix AZ home in 2020?
Whether you’re looking to buy a home or sell a home in 2020, it helps to know what you’re up against. Here are things to expect if you and your family are considering of selling house in Phoenix area 2020.
Majority of home buyers are millennials
Millennials will make up the largest buying class of homeowners. Millennials are finally reaching ages between 30-40, having families and needing more space. Millennials took the lead as the largest group (37%) of home buyers last year.
Interest rates are expected to stay low
Economists predicted that the 30-year fixed-rate mortgage will average between 3.60% and 3.85%. Low mortgage rates mean it’s a great time for anyone to buy: whether it’s for the first, second or fifth time. This is especially true for someone looking to upgrade their home and purchase one in a higher bracket.
Home price in Phoenix area are raising
Based on 2019 Phoenix Arizona Housing Market Trends Report, home price for single family homes has increased about 6% from a year ago. A nice profit may be on the horizon!
Inventory, inventory and inventory
Real estate sale is relying on supply and demand. As Phoenix and Maricopa County have ranked first in fastest-growing cities and counties (again). Lack of housing inventory, especially for entry-level homes, has been a thorn in buyers’ sides since 2018. The situation isn’t expected to get much better. Inventory had been decreasing from a year ago. In Phoenix, there were 20,177 new listings for single family homes for sale in 2019 compare to 21,282 in 2018, that’s about 5.2% decreased from a year ago.
Although we will see more in balance market in some areas, if the house is move in ready and is priced competitively, chances you will see a multiple offers situation bidding war going on too.
Conclusion
Entering into 2020, just like last year, the market continues to favor sellers with potential shift in to balance. Supply is still below normal compared to previous year. Phoenix is still in normal seller’s market, however it’s weaker out of the gate. This means there is still more demand than supply, but multiple offers will not be as common. there will be fewer sales overall and scenarios will vary widely depending on price range. Demand could change in either direction depending on interest rates, however for the time being buyers and sellers must play the hand they’ve been dealt. For those wondering if it’s still a good time to sell, the answer is “yes” for now.
Selling your home in Phoenix AZ
Contact Us or call Swee Ng at 480.721.6253 today to discuss your potential Phoenix House Value and our comprehensive marketing plan. We will prepare complimentary competitive market analysis (CMA) to find out what your home is worth at today’s market.
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Swee Ng, Realtor and Phoenix East Valley resident specializing in win-win real estate transaction through great communication and fighting for his clients’ best interest. After all, this is more than real estates, this is about your life and your dreams.
If you are looking to buy or sell your home in Phoenix AZ area, we hope you will consider us. Contact us today for complimentary consultation.
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