When listing your home on Phoenix, Arizona’s real estate market, getting the best deal for your home means being patient and waiting for the right time to sell. And if you’re wondering when that’ll be in 2022, you have two options: consult with your real estate agent or stay updated on the latest real estate trends in Phoenix.
So what’s in store for those who are thinking of selling their Phoenix home in in the second half of 2022? Here’s what you should know about the real estate market in Phoenix if you’re keeping up with trends – and what to do in case you can’t wait for the best time and need to sell your house in Phoenix fast.
Phoenix, AZ Is a Seller’s Market
Since April 2022, Phoenix has been a seller’s market. This means you’re more likely to have the upper hand during a sale as the demand for homes is higher than the number of available homes for sale. During a seller’s market, the competition between buyers can get tough. That’s why those seriously interested in buying a home are more likely to give offers higher than the homeowner’s asking price. Back in April, buyers gave offers that were, on average, 1.61% higher than the asking price.
However, keep in mind that the current market trend in favor of homeowners isn’t a guarantee that buyers will be flocking to buy your Phoenix home, nor does it mean you should expect a bidding war for your property. Factors like the location and quality of your home can still have a huge effect on how many offers you’re likely to get, as well as the kind of offers you can receive.
Houses Are Selling Faster
Market trends in Arizona show that the average number of days it takes to get an offer on the market has been getting smaller. Back in 2019, homes in Arizona could receive an offer within an average of 59 days. In 2022, it’s now down to 35 days. Add in the usual 35 to 45 days it takes to close the deal, and you’re looking at a maximum average of 85 days to sell.
But just as mentioned earlier, this isn’t a guarantee that you’re likely to sell your Phoenix house fast. On top of the preparations, renovations, and other home improvements you need to do before listing your property, selling on the real estate market is a waiting game. Homes in pristine condition and in choice locations around Phoenix are likely to get an offer in less than the average number of days, while other homes may not have the same luck.
There are also factors in months that affect the median days on the market. In 2021, homes listed in February took around 48 days to receive an offer, while May and June saw the fastest times to get an offer within 36 days. This year, homes listed on January took 45 days, while homes in April and May took 35 days. This means that you’re likely to sell your house faster on the market within the second quarter of the year.
House Prices Are Increasing in Phoenix
The average listing price of homes in Arizona are increasing. In 2019, the average listing price in Arizona was at approximately $350,000; today, that same home could fetch an average price of $441,000. Phoenix, in particular, is much higher than the state average with a median listing home price of $475,000 – and it’s expected to see a 26.7% increase every year.
What this means is that (at least, in the foreseeable future) is that now is a great time to sell your home in Phoenix. There are still no signs of the local real estate market crashing, so listing your property can be a good way to capitalize on the city’s strong real estate market with many factors in your favor.
Need to Learn More?
While plenty of factors suggest now is a great time to sell your home, you have to understand that, when it comes to selling your house in Phoenix fast, there isn’t a guarantee on the market. If you need to sell your home faster than the average two to three months on the market, you might need to consider other options aside from selling your house on the real estate market. At United Home Offer, we buy houses in Phoenix, AZ regardless of condition, location, and reason for selling.
Contact us today to find out how much your property is worth and begin a quick, convenient, and stress-free way of selling your home.