This might be the best time of the year to buy or sell in the Grand Canyon State.
As the world tries to get back to a normal pace through the coronavirus (COVID-19) pandemic, the United States is not far behind. With almost all states’ stay at home orders expiring before the month of May, most of the country is set to get back to work, even if it’s through modified practices that you may need to get familiarized with at first.
One sector that has surprisingly held its own throughout the past couple of months is real estate. Not only did the market adapt to social distancing measures early on, but it also handled COVID-19 stress pretty well. Take the Arizona real estate market, for instance. During a time when most industries were grappling with keeping their operations afloat, the Arizona real estate sector offered realtors one of their best months of sales.
Some Arizona Realtors Had Their Best Month Ever
As reported by FOX 10, an Arizona realtor reported her best-ever month of sales while going through the novel coronavirus outbreak in April 2020. Kelly Henderson, the Arizona realtor in question, explained that the achievement came through contributing factors such as serious buyers and consistent prices.
According to Henderson, the amount of potential buyers has dropped during the pandemic. However, the buyers who are still looking harbor a serious commitment to close on an ideal listing. As long as a home fits their requirements to a T, they don’t take long before putting an offer on it. This makes a way for sellers sticking to their target prices, which also makes it easy for both parties to close a listing with realistic expectations.
Home Prices Might Increase by the End of the Year
Another reason that plays a part in this boon to the Arizona real estate market is the projection of increased prices by the end of 2020. While several real estate markets such as Arizona are currently playing with a certain consistency in prices, you might see them making a jump towards higher price points by the end of the year.
The current dip in mortgage rates might also not stay until the end of the year. This adds to the current seriousness of buyers and their urgency to close on their ideal home.
Together, these aspects are spelling out quite a favorable period for sellers in the Arizona real estate sector. It is not something that’s exclusive to luxury listings only. If you have an average home, it can also benefit from these conditions. This is why, if you are currently wondering whether or not to throw your hat into the ring as a potential seller, contacting a realtor would not be a bad idea.
Since Arizona realtors are incorporating virtual showings for initial discussions and following social distancing measures for subsequent dealings, closing on a home does not add significant risk to your wellbeing. Through these measures, you can follow through on your plans to sell without putting your safety on the line.