Hows the Market? Here is your West Valley Market Report for May 2019. As temperatures start to rise so did median home values. All West Valley cities reported increases for the month of May, Goodyear had the largest increase at 17.05% over May 2018, Tolleson was next at 14.08 increase and Peoria at 8.81%. Low inventory levels continue to drive this increase in home values with low supply and high demand prices should continue to steadily increase. Several West Valley cities reported and increase in sales as well, Goodyear had a 31.4% increase in sales over May 2018. Glendale was up 22.2%, Laveen 17.2%, Surprise 8.1%, Phoenix 3.4%, Peoria 2.5% and Tolleson 1.5%. El Mirage was down -31.0%, Litchfield Park -18.0% and Avondale -10.9%. Maricopa county had a 4.1% increase in sales.
Market Insights: As the West Valley continues to experience massive growth, one thing I have found, is that the competition for selling is tremendous. In the past it seemed that buyers would choose a city, based on personal preferences and thats were we would look at homes, now buyers are looking in multiple cities for homes that meet their needs. So when selling your home, you are not just competing with homes in your neighborhood, prospective buyers are looking for similar homes in 2-3 neighboring cities. I believe two reasons for this shift, one is the low inventory levels buyers are having to expand the regional search to find the perfect home. Secondly the 303 has really made most west valley cities closer to commute and buyers are willing to add 15 minutes onto a commute to get their dream home.
Market Disruption: I am so excited to share with you all how Keller Williams is bringing more value to our buyers and sellers and completely disrupting the industry. As the worlds largest real estate company we have now partnered with Keller Mortage to bring ZERO COST loans to our clients!! What does that mean? ZERO Origination fee (this is typically 1% of your loan) ZERO Underwriting Fee (typically $875) and ZERO Processing Fee (approx $625) AND we give you $1000 credit towards 3rd party cost, which can be used to pay for things like your appraisal!! These loans also have low interest rates, the have beat or were better than the other lenders. We have saved our clients $4000, $5500, $7500, $6500 and $3500 just this month!! Sellers, when you list with us, your potential buyers can take advantage of this program instead of asking you to contribute to their loan cost!! Call today for more details.