Phoenix Market -Time to Sell? Or Time to Buy?
After several years of continuous depreciation in home values, the Phoenix Market has been experiencing a tremendous rebound. Low inventory levels and historically low interest rates continue to drive property values in a positive direction. We are starting to see more and more “traditional or equity” sellers on the market. Many who, just 1-2 years ago would not have been able to sell, are now able to take advantage of the market. In fact a short sale we had listed, received multiple offers, we were able to negotiate highest and best and actually brought the home to a positive equity and NOT a short sale and the sellers even got some money in their pocket!
Great, it’s a Seller’s market, but what about when we are the buyer? Are we going to have to pay more for a new home? That’s a great question. Let me tell you about our clients, Anthony & Kelly. With a growing family they needed more living space. So they sold their home, 1,800 sq ft $135,000 mortgage with interest rate of 5% with a monthly payment of $724.00 They purchased a new home 2,600 sq ft for $185,000, 3.75% interest rate… monthly payment $856.00. This makes it an opportune time to “move up”. Anthony & Kelly were able to get their dream home for only $132.00 more a month. Take a look at the illustration below showing to opportunities in todays market due to the low interest rates.
I was contacted last month by someone needing help to short sale their property. John, active duty military transferred two years ago and left behind a home that was underwater. Because of the hot market and increase in market value we we sold his home to a cash buyer, as-is condition and was able to put $10,000 in his pocket in less than 45 days!!
Have you been thinking about making the move? Call us or visit our website and lets us help you find your new dream home. If you know someone who could benefit from this market, share this with them. There has never been a better time than now! If you are a seller, low inventory will assist you. If you are a buyer, low interest rates make it worth buying NOW!
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