The Arizona real estate market is doing great. So great, in fact, that it is consistently outpacing the rest of the country. Within that market, Phoenix area real estate is performing especially well and wise investors who purchased and held on to a Glendale home since the Great Recession are probably sitting on a decent amount of equity right about now — home values recently increased a whopping 9 percent when looking at price per square foot data year over year. So what is a Glendale homeowner to do? Do you hold on to that real estate or is it time to cash out? Here, we make the case for why you should consider selling your Glendale home to move to Peoria.
Trade Your Glendale home for One in Peoria
The Glendale real estate market looks poised to continue growth in the coming years, which is good news for those who may love their Glendale home so much that they shudder at the thought of leaving. Your investment is secure. And it is little wonder with all of the development and amenities that make Glendale so great. However, families and individuals who are looking to maximize the equity they currently have in their Glendale home to build their nest eggs to the extent reasonably possible should take a serious look at selling now before interest rates go up next year. Luckily, the nearby suburb of Peoria offers just as many amenities, many of them much newer, as well as a close proximity that would allow you to continue hitting up your favorite Glendale shops and restaurants should you make the move.
Demand in Glendale
The demand for Glendale homes is such as that selling now may be easier than ever. And with stiff competition, you may even find yourself with a final selling price above your list price (provided you work with a qualified real estate professional).
Numerous factors are driving this demand for Glendale real estate. Glendale’s current unemployment rate is a full percentage lower than the rest of the state, sitting at only 5 percent according to the Bureau of Labor Statistics and many companies in key industries are looking to relocate to or expand in Glendale.
The point to underscore here is that Glendale is on track to continue performing well. The demand being generated there is balanced enough that home prices are not artificially high, however, it is unrealistic to think that the area will continue with the huge gains in prices Glendale homes have seen in recent years.
Upside of Peoria
Peoria has seen tremendous development in recent years and is emerging as one of the most popular destinations in the Valley for families and retirees alike. In fact, Forbes has recently named the suburbs one of the best communities in the country for retirees, based on the affordability, low crimes rates and availability of physicians in the area.
While the average price per square foot is slightly higher than in Glendale, what you would lose in square footage of a home you would more than make up for in the newness of construction. Peoria’s abundance of newer developments means that it is much easier to find properties with amenities like RV gates, up to date fixtures and open concept floor plans. While those home can be found in Glendale, they are much rarer as the bulk of Glendale homes were built in previous decades on smaller lots. Those differences more than compensate for the price per square foot discrepancy between the two suburbs.
Next steps and timeline
If you are seriously considering selling your Glendale home to purchase a house in Peoria, the first step you should take is to meet with a professional real estate agent to assess the market value of your home and give you data from some comparable Glendale homes in your neighborhood. If you are working with a credible agent, this consultation will come with no obligation and will give you the most clear idea of what you can expect in terms of time to sell, the target price you should have in mind as well as the amount of profit you can expect to make by selling your Glendale home (Remember, if you roll the profit from the sale of your Glendale home over into the down payment on a new residence, you will not be responsible for capital gains taxes on that amount).
While you are speaking with your real estate agent, be sure to ask for a recommendation for a good mortgage company. Closing the deal efficiently will be critical to maximizing your profits and going through the prequalification process early can be really helpful as you take on the task of both buying and selling homes in what will hopefully be a short time period.
The bottom line is this: It is a great time to live in Glendale. But it may be an even better time to sell a Glendale home. And if our crystal ball is accurate, moving you equity across the Glendale – Peoria border will yield huge dividends in the years to come. Contact us today to discuss at further length and let us evaluate your Glendale home!