PHOENIX - After foreclosures, home auctions, and short sales in recent years, we are now entering back into a “seller’s market.”
That means prices are on the rise, and homes are hard to find in some Valley neighborhoods.
Kristen White with Realty Executives said she researched five major Valley cities: Phoenix, Scottsdale, Paradise Valley, Mesa, and Glendale.
She said that for the first time in four years, average sales prices have increased across the board.
Some of the increases are considerable for instance in Phoenix, Glendale, and Mesa.
White said she has seen a 28 to 35 percent increase in the average sales price since the end of 2011.
This is good news for homeowners who have been under water but holding onto their home, hoping the market would come back.
With home prices on the rise and low interest rates, buyers are rushing to purchase.
But due to low inventory, they may find some challenges.
White has three tips for those buyers:
1. Cash is king
Right now we are experiencing near record low inventory (less than 13,000 single-family home on the market) and with values on the rise, many investors are scooping up properties with cash, therefore creating challenges for financed buyers.
2. Financed buyers – be ready to compete
If a buyer doesn’t have cash to purchase, you have to be ready to compete with these cash offers. That means a buyer must have their financing in order. They also must be prepared to submit a very strong offer so they can compete with multiple offers, several of which may be cash.
3. Secure a great realtor
In a market like this, a realtor needs to be doing more than just showing you homes. A realtor needs to educate their clients on the market so they can be prepared for the search ahead. A realtor needs to be pro-active in making sure homes are seen within the first 24 hours on the market. And a realtor also needs to offer an expansive network so they can find homes for their clients that possibly have yet to come to the market.
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