Spring is a great season for home buying wherever you are, and Phoenix is certainly experiencing the boom! It may not seem like a metropolis, but the combination of great climate, community, and culture contribute to a rush of new residents to The Valley. Whether you just got a job in the city, or you’re looking to retire to a balmy locale, Phoenix should be high on the list of places to live. With that in mind, let’s take a look at the real estate trends that are hot in PHX for the spring, that will give a hand to buyers and sellers alike. This is a great litmus test of the Phoenix market as it stands now, but you can always get in touch with an Asher Chaim agent to get a more in-depth look!
The median sale price for a home in Phoenix is around $330,000 currently, which is a dramatic increase of 19.6% from the year prior. It’s a hot real estate market, and sellers are finding luck getting asking price or higher at a great rate right now. If you’re on the fence about listing, now might be a good time to bite the bullet and put your property on the market.
Additionally, you can feel some freedom to test the waters for longer than normal. At another time, you might jump on the first offer you get, but with the real estate world currently this competitive, you can likely take more time to take advantage of multiple buyers vying for your property.
Conversely, on the buyer side, you’ll want to know the constraints of your budget when looking to offer. Often times having the asking price within your budget won’t last, and the bidding will rise above your initial limits. Additionally, it might be in your best interest to sweeten the pot for the seller if you think you’ve found ‘the one’. Things like covering closing costs can mean the difference between you securing the home of your dreams. Know the rope that you’re working with, and you’ll be able to navigate the market more smoothly when you’re prepared for costs to be higher than expected.
According to purchasing data, we’re able to see what home features result in the best purchase price, which allows for some direction on what improvements yield the best results in the real estate market. Phoenix has its own unique statistics, and coming in #1 is homes that have a specialized breakfast area which netted sellers more than listing price on average. Next in line are homes with dedicated laundry areas, and then things like patios, open floor plans, or large backyards.
With this information in mind, you can prioritize which aspects of your home buyers will focus on, and allow for you to impartially choose what you should work on!
These real estate trends are ever-changing, if you’re looking to stay on top of them while shopping for a home in Phoenix, there’s no better option than Asher Chaim and our expert team.
Sean Reger-Flores is a Managing Partner at Asher Chaim Capital Ventures. All stats courtesy of redfin.com