Homeowners in Phoenix who have been contemplating about selling their properties should do so in the next two months, as experts believe that the influx of buyers from Arizona and other states will further increase prices in the city.
According to the Arizona Regional Multiple Listing Service (ARMLS), more than 8,300 houses in the Valley region have changed possession in March for an average price of $267,000. The median value could be more expensive in June and July. The trend isn’t only because of the growing demand among interstate migrants, but also due to existing homeowners who are looking for a larger house.
The Ideal Neighborhoods for Moving-up Buyers
Homes in Desert Ridge serve as one option for moving-up buyers based on the ARMLS data. These people have found it hard to sell their properties during the real estate crash, but things have changed, and the continually climbing values mean that many of them are ready to divest their houses. The median home price in the community cost $550,000 in the previous year, up by 13% from 2017.
The 85054 ZIP code in particularly attracted many house hunters with a 29% increase in transactions. Once you decide on a particular area, the next step requires you to think about how to move your items. Professional packing and moving services can help, especially when you need to transfer larger pieces of furniture. In case you only want to downsize, there are other alternative zip codes in Phoenix.
Cheap Homes for New Home Owners
The market in West Phoenix is likely the best place to find an affordable home whether or not you’re buying a house for the first time. For instance, the average cost of a property in the 85017 ZIP code amounted to $165,000 in 2018. It’s possible that the actual price today could be more than that, but it remains to be one of the most affordable places to buy a house in Phoenix.
Don’t expect prices below $200,000 to stay long on the market. Some people even receive an offer as early as two days after putting their house for sale, so it’s best to plan before planning a relocation. This is more necessary for those who want to move from other states like California and Washington State.
The good thing about Phoenix’s housing market involves the right balance of home price growth and not too many people being priced out of the market. It’s better to buy a house at the same time that it’s an excellent time to sell, because of mortgage interest rates that linger around 4%. If you wait for prices to decline, there’s a possibility of interest rates moving in the opposite direction. Hence, the money you save from paying a lower upfront payment can be spent on a bigger monthly loan installment. It can be easier to sell a house during the summer months, but you must ask a property broker about your options to help you with a home sale and purchase.