Phoenix Arizona Real Estate Market Update January 2021
Many are looking at the Moon Valley and Phoenix area real estate market and wondering if they should take the next step for their next home. The housing market in Phoenix is looking strong for this year, with Realtor.com’s most recent forecast predicting home sales in the Valley will rise 11.4% over last year, the prices expected to rise 7%. After 2020, the expectation is that home buying seasonality will return to normal this year with spring and summer homebuying up, and homes sales slowing down around the Holiday season.
In Moon Valley we’re experiencing an even stronger housing market, with inventory down 48.4% and demand above the national average, our prices are up 16.5%! At Locality Homes, we’re predicting the housing prices to continue to rise over the course of the year, but worry not. If you’re having a flashback about the real estate bubble burst, circumstances are far from the same. In fact, most homes are financed with fixed rates - much different than the adjustable mortgage rates so many had 13 years ago.
Many requirements were put in place after the housing crisis happened to prevent another from happening again, like ensuring those who purchase a home can afford to make the payments. Even if a homeowner has been impacted adversely by the COVID-19 crisis, it’s likely they have enough equity in their home and could sell long before foreclosure is even an option they would need to consider.
Buyers are relying even more heavily on virtual tours and digital tools and resources to narrow down the pool of homes they are willing to look at in person. It’s important to put the best version of your home on the internet to ensure you entice a bevvy of potential buyers to come and see your property. You can do this by partnering with a real estate agent who specializes in creating beautiful marketing materials, including hiring a photographer that specializes in real estate photography, and uses social media and other forms of digital marketing to draw home buyers in.
Now, on the flip side, if you’re contemplating buying a home in the Moon Valley area, you may deal with multiple offer scenarios and it is important to have realistic expectations about pricing and how to negotiate. With Moon Valley being such a unique community it’s more important than ever to work with a local real estate agent in Phoenix with in-depth experience selling in the area. We recommend to be prepared with a solid pre-approval so you can be ready to make an offer immediately if you find a property you love.
Our favorite Moon Valley mortgage broker at Guaranteed Rate, Jaime Kinman, has over 17 years’ experience and she can help you find a great interest rate as well as explore the best options for you. Especially with mortgage rates still sitting at a 50-year low, the time may be now for you!
With low inventory, buying a home in Moon Valley requires being able to move quickly, especially with homes going under contract within just a few hours of listing. If you’re looking to be the first to know about properties going on the market, subscribe to our newsletter and follow us on Facebook and Instagram. If you’re interested in seeing what your home may be worth, get in touch with our expert Moon Valley realtor, Jackie Briggs.