Already our 2018 Real Estate market is blowing away last year’s stats, and the Phoenix area is not alone in its home shopping free-for-all. Zillow reports that most of the country is feeling the squeeze of the abundance of eager home buyers versus a shortfall of available listings.
I tend to accept that the Real Estate market is a reflection of our economy’s health overall and 2017 bore that out, it was indeed a banner year for home sales. Average days-on-market were fewer than in recent memory and home prices enjoyed fairly uniform growth throughout the year. Interest rates remained low… definitely a market booster. Phoenix sits nearly dead-center on Zillow’s list of major cities, for average days on market.
So how are things looking for Home Sellers this year? About the same but with even a bit more urgency. Home buyers have become mindful of the Real Estate market rat-race and along with their agents, are devising alternative strategies and aggressive workarounds to outpace and outdistance the competition.
Get Ready for the Rush: Homes Were Snapped Up in 2017
By RISMedia Staff
If 2017 is any indication, buyers will be against an all-out frenzy this spring and summer.
In 2017, the median listing was snatched up in 81 days—a record, according to data from Zillow. Competition was fiercest in June, with 73 days on-market for the median listing. (Closings are included in the timeline.) In almost every one of the 35 largest markets, homes moved quicker than they did in 2016:
“As demand has outpaced supply in the housing market over the past three years, buying a home has become an exercise in speed and agility,” says Aaron Terrazas, senior economist at Zillow. “This is shaping up to be another competitive home-shopping season for buyers, who may have to linger on the market until they find the right home, but then sprint across the finish line once they do.
“Being prepared—working with a great agent, getting financing preapproved—can help a buyer make a stand-out offer,” Terrazas says.
For more information, please visit www.zillow.com. Reprinted with permission from RISMedia. ©2018. All rights reserved.
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Bill Salvatore / Arizona Elite Properties
Residential Sales, Marketing, and Property Management
Founder: AZVHV ⋅ MEMBER: Heroes Home Advantage
Voted East Valley Tribune’s: Best Gilbert Realtor
While you’re deciding if it’s time to make a move, let us help with our Moving On Advantage Discount! When you list your home with us, and buy another, we’ll contribute $2,000 toward your closing costs!
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Heroes Home Advantage and Moving On discounts are in the form of a cash-back credit to be applied to closing costs, and must appear on Arizona Settlement Statement at close. You must be a client of Bill Salvatore, Arizona Elite Properties. Cash back credit amount is based on a percentage of Realtor’s single client-side commission and will be disclosed by signed contract in advance. Realtor discounts can not be combined, only one Realtor discount may be applied each transaction. Listing information is deemed to be accurate. Broker/Brokers is/are not responsible for information contained herein.
