Have you been thinking about trying to sell your home in 2018? Maybe you are ready to live in a new neighborhood, need more square footage or are just sitting on a bunch of equity. In any case, we will outline three of the reasons this may be the year to pull the trigger.
Reason #1 to sell your home: the job market in Phoenix is doing well
The Phoenix area job market has been doing incredibly well in the past few years. This is due to multiple factors such as a thriving tech scene, a diverse pool of educated talent fueled by our universities and a favorable climate for new businesses to move here and existing employers to expand. And according to multiple economists, Phoenix and the surrounding area are projected to continue steady growth into the new year. Companies ranging from Phoenix-area breweries to software firms have already announced plans for relatively big expansions soon.
What does this have to do with selling your home? Higher levels of income and employment means that there are more potential buyers who would be competing for your home (thus, more opportunity for you to profit). Young people have more opportunity to invest in real estate and more people are moving in from out of state to fill jobs. Maybe yours would be the house of their dreams! Definitely something to consider as you contemplate the possibility of selling your current home.
Reason #2: Phoenix area real estate inventory is low
The well being of the job market is one of the main factors leading to increased demand for homes on the market. Additionally, it means that fewer people are having to move away to look for jobs elsewhere. As a result, the number of homes available for sale is relatively low. While new construction is contributing to the current inventory, builders can only build so fast. And homes that are already in established neighborhoods appeal to certain buyers, whether it be because of overall geographic location or personal preference. If you want to cut down on your commute time, are retired or have the ability to work from home, selling your current home to move into a new one may be an especially attractive option.
Especially if your home is located near a major employer, you can be almost certain that it will sell quickly, should you decide to go that route. (Provided you partner with the right realtor.)
Reason #3: Mortgage rates are low
Also contributing to the bevy of would-be buyers competing for your home, mortgage rates are still at low levels. This means that their buying power goes further as less of their money is tied up in interest rates and it is easier for people to qualify for a loan. In its most simple terms, this means that more people have access to more capital to make you an offer. A qualified real estate agent will be able to help you take advantage of this trend by strategically setting the list price on your home to get you the highest offers possible – as balanced by your priorities and timetable for moving.
On the flip side, this also means that you can take advantage of low interest rates as a buyer should you decide that homeownership is still for you. Whether you are looking for a larger home, different amenities or want to cut your commute time, your real estate dollars will go further now. But these low mortgage rates will not last forever. While still relatively low, mortgage rates are probably only going to go up from here. It is crucial that you act quickly.
What is my house worth?
Still unsure about whether or not this is the time to sell your home? One critical piece of information you may be missing is your home’s current value. It is nearly impossible to decide whether or not it is a good financial decision or even worth the hassle without knowing exactly how many dollars you should expect from the transaction.
If you want to know exactly what your home is worth, click here to check out our tool to get some powerful real estate information and data that is specific to your property.
Then, when you are ready to have an even more serious conversation, give us a call. One of our agents can meet up with you to check out your home in person and give you an even more accurate estimation on the homes’ value, the demand for your particular home in the market and any information you might need about new homes or neighborhoods.
So, with this new information in mind, is 2018 the year you will sell your home? Click here to speak with one of our trusted agents who can help you decide if now is the time to make the move and sell.