The housing market remains strong here in the East Valley at the start of 2020. We are not quite into home buying/selling season yet but our inventory is still very low (averaging less than 2 months in most areas), keeping us in a “Seller’s Market”. What does this mean for you?
Buyers: It doesn’t mean that it’s not a good time to buy. But it does mean you need to be prepared for this type of market:
- You very well may lose a few homes/offers before you get one accepted and will likely end up in a multiple bid situation.
- Be prepared to make some minor repairs / updates to the home.
- Move quickly. When you see a home come on the market you may have to go see it that evening or on your lunch break. Waiting until you have a scheduled day off may mean the home is already gone.
Sellers: Buyers are showing us that they want Turn-Key homes. They don’t want to put a lot, or in some cases any work into the home. This doesn’t mean that you need to go crazy remodeling your entire home before selling it though. If your home needs a Little Love, it will still sell; it may just take a little longer on the market. Buyers are also very savvy about what homes are selling for these days. Price your home correctly for its location and condition.
Here’s a look at some specific numbers for Gilbert, Queen Creek, Mesa, and Chandler. As always, I’m here if you have any questions.