What to expect if you are thinking of selling your Phoenix AZ house in 2019?
Whether you’re looking to buy or sell a home in 2019, 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 2019.
Home price already hit their peak
Median sold price for single family home in Phoenix in 2007 is $250,000 and median sold price in 2018 is $264,900, so if you bought your home in 2006 or 2007, you may have equity now. So, if you been thinking of selling your house for a while, now it is time.
Millennials will still dominate home buying
According to Realtor.com, millennials will continue to make up the largest segment of buyers in 2019. Older millennial move-up buyers will have more options in the mid-to upper-tier price point and will make up the majority of millennials who close in 2019. Millennials are also likely to make up the largest share of home buyers for the next decade as their housing needs adjust over time.
According to a Fox Business report, those young professionals are fueling the Valley’s housing market, with 31.9 percent of mortgage takers in the Valley being millennials.
Entry level home inventory still low
Lack of housing inventory, especially for entry-level homes, has been a thorn in buyers’ sides since last year. The situation isn’t expected to get much better in the coming year. Inventory had been slightly decreasing from a year ago. In Phoenix, there were 21,282 new listing single family homes for sale in 2018 compare to 21,629 in 2017, that’s about 1.7% decreased from a year ago. If you been thinking on moving up or upgrade, it is time to do it.
Mortgage rates are on the rise
If you are thinking of selling, chances you are going to buy your next home be it upgrade or down size. Selling your entry level home with maximum gain and hopefully will cover most of your down payment on your next home!
Conclusion
Entering into 2019, the market continues to favor sellers but not nearly as much as it did at 2018. Supply is still below normal compared to last year. It is buyer demand that has shifted as buyers grapple with affordability and concerns about an overvalued market. While it may feel like a buyer’s market compared to the last years, it is far from one. Greater Phoenix is still in a 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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