Is The Phoenix Housing Market Changing?

If you are looking or intend to buy a home in Phoenix area, then you should act fast. According to a survey done by the Zillow real estate website, prices of homes in Phoenix are growing at a higher rate, and it is advisable for those who wish to own houses in Phoenix to do it now before the prices go up. The home value in Phoenix has increased by 10%, and this figure is based on the past year and Zillow’s prediction for the next year is a rise of 4.3%.

According to Aaron Terrazas, the value of homes in Phoenix has increased over the past three years, and the demand has succeeded supply. For anyone to own or buy a house now, it will all depend on their speed. The highest home purchases were experienced in 2017 with 33 out of 35 housing markets being affected.

The tally is predicted to decrease by 13.5% in 2018 in Phoenix, and this reduction will probe home buyers to be on their toes. In 37 succeeding months, the decline in the number of houses was seen nationally.

With the reduced number of homes for sale, there is no room for bargaining. The reduction is depicted in 2017 with 16% of houses being sold at higher price than the actual cost. When the number in 2016 is compared with that of 2017, it is clear the number had gone up by 1% even though there is an increase the percent is lower about the national data of 24.1%. 

Houses in San Jose, California sold faster in 2017 on an average of 41 days. In the previous year, San Jose has experienced a drop of 26.8% in homes. San Jose was not the only ones undergoing this change, but Seattle, San Francisco, Sacramento, and Denver were also part of the change in the housing market. These cities were among the top five that has increased market sale. 

It looks like you don’t have a chance in Phoenix area if you are still contemplating whether to buy that home or not since many people are eyeing the big cake and only the smart and fast will be able to benefit.