The housing market is facing an unprecedented surge due to the recent increase in price. Phoenix has one of the hottest real estate markets in the United States and has seen as much as a 32.35% year-on-year increase in the price of houses, this makes phoenix the market with the highest home price growth in the US. Due to a shortage of homes, demand has gone up shooting the prices of homes up with it and buyers are facing fierce competition to meet the demands of sellers and in some cases make concessions like allowing sellers to rent the home for a while till they are able to purchase another home. The surge in the housing market is beneficial to homeowners and sellers who are having the time of their lives. The median sales price of homes in Arizona went from about $325000 in January 2021 to $404300 in October of the same year.
How to leverage the Surge in the Housing Market
In the midst of this surge, Homeowners should equip themselves with information on what position to take and how they can make the best of the Market. You have to position yourself to make returns in the market especially when there is a surge. Here are a few hacks:
- The State Of your property: Ensure your property is in the best shape. Run maintenance from time to time to preserve the quality of your home. Remember its an investment and soon enough it will yield returns. Make sure your home is in the best state, this generally gives you confidence when talking with buyers.
- What Differentiates Your Property: You should find the spark that comes with your property. What makes it desirable to people, is it the story (if its a house with rich history), the structure or certain features that makes it appealing. Ensure you highlight this differentiator in your conversation with prospects.
- Understand The Market: While we understand there might be a surge, it is important that you understand the market to know which position to take from time to time and also to manage your expectations. The market will set the price range for your property and therefore you must be realistic in setting a price.
- Optimize Cost : You can sell your house without spending a dime. You can do away with advertising on platforms or real estate agents as this will make a dent in your profit. Some real estate agents charge up to 6% of your profit on the sale. You can use free listing sites and social media to advertise and be visible to buyers.
- Ez Max Offer: They help you make the process of selling your property as smooth as possible. They buy properties as is and therefore you don’t need to spend on repairs to make sure your property is “market worthy”. They make it easy for you to sell in three steps, you provide information about the property you want to sell, you get an offer from them, they do an inspection and you prepare to close.