Need a Reason To Stick Around? July's Buyers Are Serious
Much like the weather, the housing market is hot right now. Summer has arrived and many casual home buyers are making their way to cooler climates, leaving behind only those who are serious about buying a house. If you want to get top dollar for your home in the Valley, stick around and sell your house now.
Buyers Want Low Mortgage Rates
Arizona's housing market remains strong. As more and more people are able to work from home, out-of-state buyers are drawn to Arizona for its beautiful weather and reasonable cost of living. The current mortgage rates, which are still near historic lows, are also enticing Arizona residents to buy a new home now.
Even as real estate prices rise, low mortgage rates still attract buyers. Today’s rates can save borrowers thousands of dollars over the life of their loan. However, the rates can’t stay this way forever. They are already trending upwards, so savvy buyers are serious about purchasing a new home right away.
Sellers Are Getting Top Dollar
Because of COVID-19 and high lumber prices, fewer new houses were built earlier this year. This has contributed to the shortage of houses for sale. However, the demand for homes remains high, and that has continued to drive up home values. This is good news for sellers.
Buyers are facing a ton of competition due to the low inventory. As a result, it’s common for buyers to make offers above the asking price and to forego contingencies. Sellers are getting multiple offers like this, giving them the opportunity to choose the most attractive one.
Since housing is in such high demand these days, selling a house is much easier than it used to be. If you don’t want to update or remodel before you sell, you may not need to. You can sell a dated house with normal wear and tear, and buyers won’t bat an eye. As long as you price it right, even houses sold as-is will get multiple offers and sell quickly.
Major issues, such as a cracked foundation, should still be addressed before selling. Otherwise, be prepared to take a much lower offer. But small repairs can be left for the next owners.
All you really have to do to get your house ready to go on the market is declutter and do basic cleaning. Put away personal items, clean the carpets, and make sure your house looks spacious. If potential buyers can see all the potential your house has, the need for a little updating won’t scare them away.
Ready to Sell?
July’s buyers are serious about finding a home now and are taking advantage of today’s low mortgage rates.
Sellers have a great opportunity to get the highest price for their homes. But the market can’t maintain this momentum forever. Mortgage rates will go back up and, at some point, we will have a buyer’s market again.
If you want to sell your Arizona home before the market changes, please reach out. My goal is to help you position your home for a quick and profitable sale. Let’s connect today.