Are you a Phoenix resident? Are you planning on selling your home? You couldn’t have picked a better time to make that decision. Phoenix is currently experiencing one of the strongest seller’s markets in years. According to research from Zillow, the market is expected to remain resilient through at least 2020.
We have Seen a Massive Profits Selling Homes in Phoenix in 2019
You can earn a massive profit if you sell your property this year. The market is even stronger than it was during its peak in 2005 in 2006. Housing prices are at an all-time high and are expected to continue rising for the next year. If you purchased your property during the depths of the housing crisis, you could earn a handsome premium on a sale.
In March, the Arizona Republic reported that housing prices in the Phoenix metropolitan area increased 130% over the past decade. In June 2018, median home prices reached $275,000, which was $8,500 higher than the record home prices reported during the housing boom of 2006.
When that report came out, some skeptics believed that the market was due for a correction. However, more recent reports show the market is as strong as ever.
In June, the Arizona Regional Multiple Listing Service reported that median home prices reached $280,000. High prices have not dampened sales, either. Homeowners sold 10,341 houses in May, which is the highest monthly sales volume in nearly 15 years. You shouldn’t have any difficulty selling your house, even at an elevated price.
Do Not Be Skittish Thinking About the Housing Collapse of 2007
The pre-recession housing boom in Phoenix preceded a terrifying housing collapse. Phoenix housing prices soared through the roof, which was a very encouraging sign for countless homeowners that wanted to flip their properties and relocate to rural areas with cheaper housing. Unfortunately, the roaring market ended almost as abruptly as it arrived.
You might be nervous that history will repeat itself if you got burned during the last housing crash. However, experts cite some important differences that should ease your concerns.
The first difference is that housing prices have risen much more steadily. During the previous housing boom, prices rose over 50% in just two years. This time around, prices have steadily increased for several years. This data suggests the price of your home should be stable for the foreseeable future.
Financial institutions have also been more responsible with their actuarial decisions. The previous housing crash was largely driven by an unsustainable volume of subprime mortgages. Lenders also made the mistake of offering a lot of stated income loans before new regulations required them to verify income.
Finally, obscenely expensive homes in other metropolitan areas are likely to improve the stability of the Phoenix housing market. Homeowners in other communities might flee high housing prices and seek residency in Phoenix. These refugees could help sustain demand for Phoenix houses.
Williams Luxury Homes Can Help You Sell Your Home
You are probably eager to sell your home while the housing market is hot. The good news is that there will be plenty of time since the market is expected to be resilient for months to come.
However, you’re going to want to work with a seasoned Phoenix real estate agent. Williams Luxury Homes offers the services that you need. Here are some reasons Phoenix homeowners turn to us:
We have a team of hard-working, highly qualified real estate professionals. Every agent on our team strives to offer the highest quality service to every client.
We work closely with the most qualified luxury staging companies in Phoenix. Our staging partners know how to emphasize the core features that entice buyers to pay premium prices for your home.
We are highly tech-savvy. We use the latest, proven tools to monitor the ROI of our home development customers and to get maximum exposure for your property.
We are one of the most highly respected real estate agencies in the Phoenix area. We look forward to assisting you with your new home. Call today to learn more.