You may have heard that Arizona is hot in the summer. That’s certainly true, but there’s something that’s getting even hotter… Home prices in Arizona !
The Arizona real estate market! Summer 2021 home prices in Arizona are hitting a fever pitch, and there’s no indication of a slowdown in sight.
What’s behind this insane market boom, and how long will it last? What does it mean if you want to sell a home in Arizona?
Cash For Homes Arizona has years’ worth of experience in the Arizona real estate market. We want to make sure that potential sellers understand the current market so that they can make the most of it. Read on to learn more…
Home Prices in Arizona
Perhaps you’ve heard that home prices in Arizona are exploding. But what does that mean exactly?
Well, first we’ve got to go into a little real estate 101. The market is generally dictated by supply and demand. When there’s a large supply and little demand, prices tend to go down. When there’s a small supply and large demand, prices tend to go up.
Right now, we’ve found ourselves at an extremely low point in terms of inventory with Arizona housing.
Typically, there’s a roughly six-month supply of housing on the market. Believe it or not, parts of Arizona are currently down to an eight-day supply. That’s pretty insane!
It’s reflected in home prices. According to real estate investment site Million Acres, Phoenix prices are rising higher than in other parts of the country.
The current median price is about $345,000 — $15,000 higher than the country’s median. Prices are expected to keep going up for the rest of the year.
Summer 2021 Real Estate Trends
Low inventory: As previously noted, the inventory for housing is at all-time lows. That trend is unlikely to reverse itself in the near future, and inventory is expected to stay low throughout the summer and beyond.
Lots of new residents: During the pandemic, a lot more people started working remotely. That meant that they were able to pursue living wherever they wanted. For a lot of people, sunny, affordable, and culture-packed Arizona became the natural pick! People have been flocking to the state for the past year, and the trend is expected to continue.
Investment properties: Part of why inventory is so low at the moment? Some people are choosing not to sell homes in Arizona, instead opting to rent them out instead. It’s been contributing to the next trend…
Prices continuing to rise: Due to the increased demand and low supply trends that don’t seem to be going anywhere, it’s expected that home prices will continue to rise for Arizona homes throughout the summer and possibly even into 2022.
How to sell your home quickly in Arizona
If you’ve been considering selling a home in Arizona, there’s never been a better time. There’s a lot of demand and it’s highly likely that you’ll be able to fetch a desirable price!
Selling a home in Arizona
If you’ve decided to sell a home in Arizona, the next question is how to sell your home.
The traditional home-selling process can be burdensome. It’s expensive to deal with repairs, staging, and showings.
If you’re interested in a faster sale that’s not contingent on mortgage financing, you may choose to pursue a cash sale.
At Cash For Homes Arizona, we’re in the business of making fair offers on homes in “as-is” condition. We pay cash and make the process as seamless and fast as possible.
Not familiar with the process? Read this post to learn more about selling your home for cash.
Home Prices in Arizona: Conclusion
The hot market in Arizona doesn’t seem to be going anywhere. It’s likely to last throughout the summer and into the fall.
Are you ready to take advantage of the record demand for Arizona housing by putting your house on the market?
If so, Cash For Homes Arizona may be able to help. If you’re interested in selling your home for cash, please reach out!
Are you ready to put your Arizona home on the market?