What to expect if you are thinking of selling your Phoenix AZ home in 2021?
Whether you are thinking of buying a home or selling home Phoenix AZ in 2021, it helps to know what you’re up against and set your expectation. Here are things to expect if you and your family are considering of selling home in Phoenix AZ 2021.
Phoenix homes price are increasing
Based on 2020 Phoenix Arizona Housing Market Trends Report, both median sold price and average sold home price for single family homes has increased about 16% from a year ago. A nice profit may be on the horizon!
Inventory, inventory and inventory
The state of Arizona ranked 3rd in the nation for population growth behind Texas and Florida in the latest 2020 Census release. 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 19,578 new listings for single family homes for sale in 2020 compare to 20,177 in 2018, that’s about 3.0% decreased from a year ago.
Prepare for bidding wars
In 2020, the average days on market homes for sale in Phoenix is just 44 days compare to 62 a year ago. It takes average about 44 days to sell your home in Phoenix in 2020. It’s common for multiple offers to come in for a home, including from investors in the entry to mid-level price segment paying for properties with cash.
Conclusion
Entering into 2021, just like last year, the market continues to favor sellers. Supply is still below normal compared to previous year. Phoenix is still in normal seller’s market. 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”, “yes” and “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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