The real estate market is an unpredictable space where prices fluctuate even during normal times. And if we talk about the current pandemic situation, there should be complete chaos in the property market just like any other industry today. However, the condition is the exact opposite, and the real estate market is thriving even with the coronavirus pandemic sitting undefeated all over the news headlines.
But, it’s not like the property market is soaring across the United States. For many cities and states, the home prices are falling and it is becoming difficult for the sellers to sell their house at a price they want.
Cities like New York, San Francisco, etc., are struggling with the fluctuations of the real estate market. However, cities like Phoenix, North Carolina, Charlotte, and more are observing a steady and steep growth. Phoenix, in particular, has emerged to become one of the best cities for the real estate market in Arizona. But what exactly is causing this high demand?
Phoenix Real Estate Market
The coronavirus pandemic has forced many changes in the world we used to know. Work from home has become an integral part of the new normal, and due to this, many people now want to move out of the noisy and dense urban areas. Additionally, to save themselves from the spread of the virus, people are moving to suburban or rural areas where the population is less and they have a low risk of contagion.
Working professionals who do not have the luxury to work from home or are required to attend the office at least once a week are also seeking new and better homes. According to many real estate experts, people are eyeing homes that are open and are not compact like the ones usually found in big cities. Considering this, it can be said that the housing market is being driven by the pandemic, which is here to inhibit the price growth of homes in urban areas. However, since demand is shifting to suburban areas like Phoenix, the real estate market there is thriving and growing like never before. This pretty much sums up why sellers in Phoenix are having their time of life these days.
One more factor that’s important to consider is the all-time low mortgage rates. What was once more than 6% has now slashed down to less than 3% in November 2020. Mind you this is the lowest mortgage rate has gone for the first time in history. So what does it mean for the buyers? Well, their house-hunting venture has just become cheaper. And what does it mean for the sellers? They have more buyers for their house, meaning more potential to sell their homes at their desired price.
Selling Home During The Pandemic
Phoenix, Arizona has become the hot-spot for all the buying and selling of houses. Part of the reason is the peace and ease of living that comes with this city. There aren’t many people, and the neighborhoods are peaceful and good for young couples and families with kids. If you have a home in Phoenix that you want to sell, now is the right time to make it happen. The real estate market here is booming and you should get your share of profit before the market settles.
However, the pandemic has made it difficult for the sellers to allow buyers to tour their house. With no potential vaccine and/or cure for the said virus, it is not worth it that the house owners should risk their lives just to sell their home. But it is also true that the marketing of your home is absolutely necessary if you want to expose your home to the buyers. So, how to do that?
Back in the day when everything was normal, sellers used to have Saturday or Sunday open houses where the interested buyers can walk into their homes at any time to have a closer look. However, considering the current pandemic and the high-risk that comes with it, having an open house is a dream far-fetched. But if everything is going virtual, why not take this as well?
Open houses are now becoming virtual with sellers sharing 3D versions of their houses with potential buyers. This is just to give the buyers a basic idea before things move forward. If the buyers like the little virtual tour, sellers can invite them to their home by following every necessary precaution. It is also a good idea to advise the buyers to wear full protective gear and leave the cabinets open to minimize the contact.
Needless to say that you have to sanitize your home before and after the buyer’s visit. Also, it would be a great idea to have the signage pasted around the house informing buyers about the specifics of your home. This can be informative for them, and save you from otherwise direct contact with a stranger.
Once the buyers have made up their mind, and you have many potential people who are ready to purchase your home, take a moment, and think about a price that best meets your desire. If you have numerous people eyeing your home, it would be a better idea to have a bidding process where the buyers are allowed to lock an amount that they have in mind for your home.
This will not only make it easier for you to choose your potential buyer, but it will also make it transparent for the people who are making bids.
After choosing the buyer that you want to proceed with, do not forget to inform the rest of the buyers about your decision. It is not important but will save their time so that they could look somewhere else.
Arizona is becoming the center of the real estate market in the United States. With beautiful neighborhoods like Phoenix, this state has a lot to offer for potential real estate investors. As a home seller, that means a lot of good news for you.
Just do not wait for this pandemic to settle only because you’re afraid you may not strike a great deal. Once you are in the market, you will know the worth of your home.