PHOENIX IS NUMBER ONE IN THE U.S. FOR YEAR-OVER-YEAR HOME PRICE INCREASE

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. census divisions, reported a 13.2% annual gain in March 2021, up from 12.0% in the previous month. Phoenix, San Diego, and Seattle reported the highest year-over-year gains among the 20 cities in March. Phoenix led the way with a 20.0% year-over-year price increase, followed by San Diego with a 19.1% increase and Seattle with a 18.3% increase. All 20 cities reported higher price increases in the year ending March 2021 versus the year ending February 2021. “Housing prices continued to rise robustly in March 2021,” says Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI. “The National Composite Index marked its tenth consecutive month of accelerating prices with a 13.2% gain from year-ago levels, up from 12.0% in February.” “More than 30 years of S&P CoreLogic Case-Shiller data put these results into historical context. The National Composite’s 13.2% gain was last exceeded more than 15 years ago in December 2005, and lies very comfortably in the top decile of historical performance. The data is consistent with the hypothesis that COVID has encouraged potential buyers to move from urban apartments to suburban homes. This demand may represent buyers who accelerated purchases that would have happened anyway over the next several years. Alternatively, there may have been a secular change in preferences, leading to a permanent shift in the demand curve for housing. More time and data will be required to analyze this question. Phoenix’s 20.0% increase led all cities for the 22nd consecutive month, with San Diego (+19.1%) and Seattle (+18.3%) close behind. Although prices were strongest in the West (+15.1%) and Southwest (+14.8%), every region logged double-digit gains.

JULY EVENTS

Presented by: Susan Celano 
2020 | December Events Apache Wells Realty

There’s Less Inventory

A Home in a great area with a lot of potential buyers can sit on the market for just a few weeks or, in some cases, even days. But that does not mean people don’t look – or buy – at other times of the year. In fact, there are plenty of homes listed around the holidays that may command more money, even if the inventory is limited. If you play your cards right, you may even be able to sell your home quicker than ones listed in the spring. One of the reasons is the lack of competition during the holidays. There are so many different reasons why people will not list their houses just before or during the holidays – some do not want people tracking in snow and dirt during each showing while others just want to relegate the holidays to family time.  Whatever the reason, do not discuss the holidays because serious buyers will not have an endless list of homes from which to choose so there’s more time for them to focus on yours. Furthermore, the limited range of options available to a buyer means you may be able to command a higher asking price for your property. If you do your research, stage your home property, and price is right, you could attract the perfect buyer and be on your way out the door into a brand-new home.

Buyers Are More Serious

Most open houses take place during the spring and early summer. It isn’t unusual to see people saunter into a property without a clear plan to buy. People often check out homes just for the sake of looking. After all, hitting open houses is a favorite pastime for many Americans. But if your house is up for sale in the winter and someone is looking at it, chances are that person is serious and is ready to pull the trigger. Anyone shopping for a new home around Thanksgiving, Christmas, or New Year’s is undoubtedly going to be a serious buyer – they aren’t going to spend their precious time around the holidays seeing hos the other half lives. Putting your home on the market at this time of the year and attracting a serious buyer can often result in a quicker sales process.

The Warm and Cozy Feeling

The holidays are often a time when people gather around fireplaces, have hot chocolate, and makes nice smelling cakes and pies. Homeowners who put their houses up for sale during the winter months can stage their house to give off the comfy and homey vibe that appeals to many buyers. Some people may argue that showing a house in the winter is hard to do because there’s snow on the ground, the house is drafty, and the curb appeal is lacking. But keeping the heat up, having a pie baking in the oven to give off a pleasant smell and keeping the sidewalk and driveway clear of snow and ice can boost a home’s appeal. Not to mention that buyers tend to be more emotional during the holidays and will make decisions based on the feeling a house conjures up. During the spring, there is a lot more foot traffic in homes that are up for sale. Buyers may not be able to do a thorough walk-through with so many distractions. Or they may feel uneasy about the number of people looking at it and can leave with a bad feeling about the home. Hiring a reliable agent can help bring more serious buyers to the table during the holidays.

An Appealing Neighborhood

One of the staples of the holiday months, particularly around Christmas, is that many people adorn their homes with festive lights and decorations. That is also true of local communities were lit-up snowflakes and wreaths can be found on lamp poles up and down the main streets. People purchasing a home during that time may see the neighborhood in a different light – more festive and cheerful – and may be more willing to consider an area that they may have been on the fence about. Again, this is all about tugging on the heartstrings. People who buy during this time of year may be more prone to emotional purchases, so it bodes well if there’s a lot of triggers that can reel them in from an emotional standpoint.

Duty Calls

Another good reason is timing. The end of the year is typically the time when people get notified that they will be moving because of a job transfer, or perhaps another offer comes through from another company that’s just too good to pass up. Those people are going to need a home sooner rather than later, and as a result, they’ll be hunting for a new home during the holidays. These buyers can’t wait for the spring which is why listing during the holidays can get the home sold and sold quickly.

End-of-Year Tax Breaks

Reducing the property tac bill may not be the main reason buyers purchase a new home, but it could be why serious buyers make a move during the holidays. That’s because buyers can decide the mortgage interest costs of the loan if a sale closes on or before December 31. The tac deduction can be significant and could prompt a buyer to move during the holidays instead of waiting until the spring.

The Bottom Line

Nobody wants their home to languish on the market nor do they want to have to lower their asking price. And while many fear that reality if they list their home during the holidays, this often isn’t the case. When you sell your home during the holidays, you will face less competition, find more serious buyers, and may even be up for a quicker sales process. It also presents a unique opportunity to create a warm and cozy environment that you can’t present during the spring or summer months.

As the year comes to an end, there’s still plenty of things left to do! Click the link below to see events around the valley and ways to give back this upcoming season: CLICK HERE For Things To Do This December

Presented by: Susan Celano 
2020 | October Events Apache Wells Realty

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