Is the Phoenix Market Still Hot?

Phoenix home prices have skyrockets 28.9% in the last year. With the economy recovering after Covid lockdowns, and stimulus cash having been injected into the market, home prices are at record highs. But will it last? Here are the trends we’re seeing.

While home prices were up significantly from July 2020 to July 2021, they seem to have flattened out over the last two months, which indicates a possible downturn. Most likely we won’t see anything like 2007/2008, but we can expect prices to dip a bit as the market corrects slightly from the abnormal spike.

If you’re looking to sell your home, here are some tips for getting top dollar:

• Buyers want move-in ready houses with modern styles. The basic baseboard from the 70s, carpet from 10 years ago, square ceramic tiles, laminate countertops, and popcorn ceilings are going to cut it. If your home is outdated, it will need to be brought up to speed.
• Carpet has been on the wane for quite some time. Desirable flooring is usually a hard surface (wood, tile, vinyl), and one that flows throughout the home (even into the bathrooms and kitchen) rather than segmented floors per room.
• If the countertops in the kitchen and bathrooms are 15+ years old, there’s a good chance the styles there are outdated.
• An asphalt roof in Phoenix usually lasts 15-20 years, and a good roof should have more than half of its life remaining.
• An air-conditioner replacement is costly, and a buyer will want to know that the one they’re buying is relatively new, and energy efficient.
• When listing, be prepared to wait some time. The average house in Phoenix in July 2021 had an offer accepted about 25 days after it was listed. Then the process begins, which takes 1-2 months assuming a qualified buyer.

If your home doesn’t meet these criteria, or you’re in a hurry to sell, read about why you should sell to us!