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Spring Numbers Show a Seller’s Market in the Phoenix Metro Area
If you live in the Phoenix Metro Area and have been thinking about selling your home but have been on the fence, now may be the time to act. Real estate data from April show that now is the perfect time to sell your East Mesa home.
The Phoenix real estate market is continuing its comeback after the recession. Data show that there were nearly 13,000 homes under contract by just mid-April, which was 9 percent more than the same time period of the previous year.
Some industry insiders speculate that the increase in sales can be attributed in part to the increase in rents. When home sales were down, more people were renting, which drove rents up. Now, rents are higher than most mortgages — even on similarly sized homes. Renters are learning that they can buy the same size home or even a larger home for less than what they pay in rent.
In addition, requirements for down payments and mortgage insurance are lower, reducing the cost of home ownership.
What this means for sellers is that there is more demand for property. Since there are not as many listings coming on the market as there once were, there is not much competition. You can sell your home faster and for more money. It’s a great time to give an East Mesa realtor a call and start exploring the options for selling your home.
The greatest demand for East Mesa real estate was for homes that are between $150,000 and $200,000. There was a 10 percent increase in successful closings (sales) in March 2015 over the previous year. There was an 8 percent increase in successful closings for homes between $100,000 and $150,000.
The least successful market segment was for homes over $1 million, which experienced a 2 percent decrease in successful closings. Data shows that the demand for these homes has not diminished, but there are more listings available, which reduce competition and negotiating potential.
Still, the largest market in East Mesa and all of Phoenix is for homes that are under $300,000. Homes in this range make up 77 percent of all sales in the Phoenix Metropolitan Area.
Homes on the lower end of the spectrum are not readily available. The majority of homes under $100,000 are townhomes and condominiums.
In addition to renters looking to make the switch to home ownership, those coming out of foreclosures or short sales are also re-entering the real estate market, helping to drive demand. Home owners have to wait seven years after a foreclosure or four years after a short sale to be eligible to buy a new home. There was a surge of foreclosure activity starting in 2008, so many of those home owners are now becoming eligible to buy again.
Ease Mesa is one of the areas in Phoenix with the most demand. In the 85207 zip code, there were 290 homes for sale and 130 homes under contract in April. In the 85208 zip code, there were 188 homes for sale and 109 under contract. In the 85215 zip code, there were 132 homes for sale and 60 under contract. Zip codes that have homes in the lower price bracket are seeing the most selling activity.
Now is the perfect time to consider selling your East Mesa home. Working with the right East Mesa realtor can help you sell your home quickly and for the highest price. North East Mesa Coldwell Bankers has been selling homes in East Mesa and the surrounding area for many years. We know the area intimately, and we can help you sell your East Mesa home fast. If you are looking to stay in the area after you sell, we can also help you find the next perfect home for your family. Call us today to learn more about how we can help you meet your goals.