The most important factor to consider when selling real estate in Phoenix, AZ is timing. Check out the top 5 reasons why selling your home in 2019 will give you the best returns:
- New buyers are entering the market
The biggest wave of incoming homebuyers this 2019 will be millennials, the majority of which are first-time homebuyers. In 2017, millennials made up 36% of buyers, the most of any generation. In Phoenix, 74% of millennials consider buying a home a top priority.
- You can get ahead of the crowd
Putting your home on the market in 2019 gives you a head start on other home sellers with similar properties. The demand for homes is on the rise but there will also be more homes for sale based on the uptick in the number of homes on the market in late 2018.
While inventory remains low, your neighbors might take advantage of the seller’s market by putting their homes on the market, too. You could end up having to compete with several properties right in your neighborhood. This could mean lowering your list price. Avoid that possibility by selling your property now.
- Take advantage of relatively low interest rates
Mortgage interest rates have gone up and down over the past few years. In November 2018, 30-year mortgages reached as high as 4.94. However, as of February 2019, interest rates have gone down to 4.35%.
Note that this downward trend won’t last for long. Interest rates are actually expected to gradually increase in the next year. Buyers will want to buy now instead of risking higher rates next year.
- You can make a substantial profit
The combination of new buyers coming into the market and low mortgage interest rates makes it an ideal time for you to sell your home. It is likelier to sell more quickly and yield higher returns.
According to CNBC, putting your home on the market early this year ups the chance for more online views and an earlier sell by around 6 days. Past data also shows a difference that could mean an increase of up to 6% in profits.
- It’s better than waiting until next year
According to a May 2018 survey by economists and real estate experts, a staggering 48% expect the next recession to occur in 2020. In the same survey, 14% of experts believe the recession will not start until 2021.
These estimates aren’t particularly great news if you’re planning on selling your home in the next five years. So while economic activity remains robust, it’s best to take advantage of new, incoming buyers and low interest rates now.
Get in touch with the best realtors in Phoenix, Arizona
Urban Luxe Real Estate is a top producing real estate firm that provides sellers a 90-day guarantee. Our expert team of real estate agents has had years of experience in Phoenix, Arizona. Give us a call today at 480.359.6519 or send an email to info(at)urbanluxere(dotted)com.