AZValleyWide Home Talk: Video Two of a Five part series on Selling Your Home.
Hi Folks, Michelle Noel with AZ Valleywide's Home Talk Series!
Today's Home Talk Series is a continuation on our topic of selling. In this segment I'm going to discuss the main topic of Market Condition and all the elements that are associated with it.
Those elements of Market conditions include but are not limited to.... economic conditions, timing: as to when is the right time to put your home on the market, next a deeper discussion on interest rates and if there is any impact to the market, and finally is it a buyers or a seller's market?
Economic Growth with major companies entering into our workforce.
Visit my website for updates and sign up for notifications on my AZ Valleywide Blog.
- Chandler Based Company CampusLogic lands $55 million investment to continue growth.
- Freedom Financial in Tempe set to expand its workforce by 1000
- Cullum Homes to build 33 golf estates at Scottsdale's most exclusive golf community
- APS partnering with a solar company with expanded growth in the West Valley
Subsequently... these and many other factors are stirring up the pot in both commercial and residential sales!
Also, rents have gone up on the residential side which is another positive indicator.
Q: When is the right time to introduce your home to the market?
A: The short answer is now!
Depending on price point there are time factors involved.
As of April 11 For Maricopa County for single family residence:
(excluding for this example:condo's, manufactured, land sales)
- The average days on the market for a closed single family home in the last 30 days was 66 days.
- The number of homes that sold in those 30 days totaled 6,457.
- The number of homes that went under contract in that time was 4,468.
- The new active listings in those 30 days totaled 7,917.
- Total Homes on the Market on April 11, 2018 equals 15,100.
- The total that are expired, withdrawn and off market - year to date thru April 11 is 6,307.
If you want more specific data for your area - connect with me at azvalleywide.com.
Did you know?
- In Maricopa county alone we have 44,000 licensed active agents.
- Arizona has an impressive total of 57,771 active real estate agents.
This is why it is so crucial to vet your agent. So you know who you are partnering with! (I will be covering this topic in greater detail in another video: things you should consider in hiring the right agent for you.)
The federal reserve has been increasing the interest rate, subsequently this is affecting buying power as it does impact the person's debt to income ratios.
- Just a .25% bump up in the rate for example on a $315k loan amount equals to an increase of $47.00 in the payment.
- An increase of .5% then it's almost $100.00 increase in payment on a $315k loan.
If you truly are thinking about selling or buying - I highly encourage you connect with a lender. I have vetted strong competitive lenders here in the valley and by extension nationally. I can connect you with someone who will get you the information you need on financing.
Buyer or Seller Market
This depends on location, where in the valley and price point! Predominantly though I will say it is currently a seller's market! Especially if looking at anything under $400k mark. If it's higher than that there is quite a bit more inventory.
Having the right agent is critical in exposing your home in the right way to the right audience.
Who are the buyers:
- entry level home buyers
- move up buyers
- high end buyers
- relocation buyers
- investment buyers
There are many factors to consider; I am happy to navigate this very exciting real estate market of ours here in Maricopa County with you.
This concludes this segment of Market Conditions.
Join me in the next video discussing My Home will it Sell and for how much?
Thank you so much for joining me on this segment of azvalleywide's Home Talk series - if you want to connect with me or want to sign up for informative market updates - connect with me on my website www.azvalleywide.com.
azvalleywide's Home Talk
I hope you have an awesome day!