Be part of the conversation: azarchitecture/Jarson & Jarson Architecture blog covers architecture and civic topics that comment on what’s happening in the Valley’s diverse design community. Here’s what’s happening now:
Here are the basics – February 1, 2021 compared with February 1, 2020 all areas & types:
You might have been hearing rumblings that this market is crazy, and those rumblings are right. It is a little nutty to say the least, but we are here to help you understand exactly what is happening.
As you may have noticed, this market very different than it has been in past years. In our pre-COVID days we would have expected to see a typical increase in listings in the month of January. Unfortunately, that did not happen this year. The number of new listings in January was the weakest on record, and, while demand softened a bit, it was still strong enough to absorb the low amount of listings that entered the market.
Supply hit an all-time low in January, surpassing the former record holding year of 2005, but appreciation is still trending up. In fact, appreciation has already surpassed 19% and is projected to reach 30% by the end of the 2nd quarter of 2021.
What does this mean for you as a seller? Well, as we have said before, it means that NOW is a great time to sell IF you have a plan in place for where to go once your sale is complete. Knowing that it is a great time to sell might make you think that now is not a good time to buy; however, that thinking would actually be incorrect. While interest rates are slightly rising, they are still very low and real estate is still appreciating. This means that NOW is also a great time to buy!
If you are looking to buy in this market, we highly suggest you reach out to us and our team of professional agents. While it is still a good time to buy, that doesn’t mean that it is an easy time to buy. You will benefit from the knowledge and connections our agents have now more than ever!
If you are looking to sell your home, we would be happy to help you determine the current value of your home in this crazy market. By using a seasoned REALTOR®, we can help you price your property appropriately to maximize it’s value. We can also help you determine which offers are the best offers and what to do in situations that might arise such as lagging appraisals.
If you are ready to buy or sell in Phoenix, Scottsdale, Paradise Valley, Cave Creek, Carefree, Chandler, Mesa, Gilbert, Peoria, Glendale, Avondale, Sun City or any of the surrounding areas, or if you just want more information on the current real estate market, please reach out to us at firstname.lastname@example.org. We are happy to help!