You must be wondering, “When is the best time to sell your home in Arizona?”
The best time to sell your home in Arizona will depend on what kind of home interests buyers at that time of year. Is there a better or worse time to list your house?
Below we will discuss information about the current housing market, whether now is the best time to sell your house in Arizona or if you should hold.
Weâ€™ll also go over the best time of year to sell your home in Arizona and how you can turn a maximum profit selling your home with Emery Lane.
The Current Market in Arizona
Arizona is currently in a sellerâ€™s market. There are more interested home buyers in Arizona than available homes for sale. This puts the seller at an advantage as they can use this competitive atmosphere to instigate a bidding war in potential buyers.
Arizona is not currently in a buyerâ€™s market. This is when buyers have the advantage because there are more properties for sale than interested buyers. A buyerâ€™s market gives the seller less negotiating power, especially if they are in a rush to get the property off of their hands.
Average Arizona Housing Prices 2021
According to Redfin, a national real estate brokerage, the median housing sale price in the Phoenix, AZ metropolitan area has shown a year-over-year increase of 25% in 2021. The trend shows a steady incline, suggesting that housing prices in Arizona are continuing to rise.
Arizonaâ€™s current housing market trends have been influenced by several factors: low-interest rates, increased demand for housing in Arizona, and a reduction in new constructions.
The median monthly home payments citizens of Arizona make are relatively low compared to many other States. This translates to more affordable housing than in states like New York, Hawaii, or California.
Low-interest rates have made Arizona an attractive destination for 55+ home buyers looking to retire in a warm climate. This has led to an increase in population, creating a higher demand for homes in Arizona.
Reduction in Construction
According to the United States Census Bureau, construction rates are not increasing at the same rate as the population.
This is true of Arizona as well as many other states across America. This means that the supply of homes does not meet the high demand, resulting in a more competitive market.
When Is the Best Time to Sell Your Home
So, when is the best time to sell a home in Arizona? According to data from Redfin, the best time to list your house for sale in Arizona is during the spring.
Homes sold in 2017, 2018, 2019 followed similar trends for the best time of year to sell your home. 2020â€™s trends were slightly different due to the global pandemic. However, 2021 continued along many of the same trends as previous years.
The key differences between 2021 and other years were that, on average, more homes were sold in total and more homes were sold in the winter of 2021. Below weâ€™ll discuss all this in more detail.
Spring (March to May)
Spring is the best time to list your home in Arizona, and this is when most people list their properties. According to Redfinâ€™s statistics about median days on the market, springtime shows a surge of more extended waiting periods before it sells.
Summer (May to October)
Summer is the best time to sell your house the fastest in Arizona. Looking at the data, most new listings go up in the spring. By summertime and throughout the summer months, those listed houses sell.
Summer has the lowest median days on the market than any other time of year. This is also the season when the median sale price tends to peak, meaning summer is also the best time to sell your house for the most money.
The reason behind this trend is that homebuyers in the summer season are looking to move without disrupting their familyâ€™s school schedules. Snowbirds are also looking to purchase around this season.
Buying a home in the summer ensures that everything is already in place come the new school season for families and wintertime for snowbirds.
Fall (October to December)
During the fall season in Arizona, people are not listing their houses as frequently as in the spring. Fall is when many homes sell, corresponding to the high amounts of places listed in the spring that might not have sold during the summer months.
Though the median sale price does take a slight low-interest dip compared to the price surge seen in the summer months, numbers are still relatively stable until winter.
Winter (December to March)
Winter is the worst time to sell your home in Arizona. According to Redfin, new listings are at their lowest during the beginning and end of each calendar year.
This corresponds with the data regarding homes sold. The number of houses sold sees a dropoff around the beginning and end of the year.
When Should Seniors Sell Their Home
If you are wondering when seniors should sell their homes, springtime is a good choice. Once listed, it could take several months before the house finds a buyer. Time like this can be valuable for seniors wanting to declutter before moving.
Seniors should opt to sell their homes in the summer months if they are looking to close the deal and move out rapidly.
Selling Your Arizona Home in a Buyerâ€™s Market
If you are wondering if you should sell your home in Arizona during a buyerâ€™s market, consider that rising house prices could mean that your current home will be worth more if you wait to sell.
It might be more beneficial to hold onto the property, maintain it, and perhaps add in modern renovations to increase the property value.
Rising house values also mean that if you are relocating elsewhere in Arizona, your advantages as a seller become your disadvantages as a buyer.
You are more likely to pay over the sellers asking price for the new home. That said, your new home is expected to be worth more than what you initially paid as more time accrues.
Sell Your Arizona Home with Emery Lane
If you want to know how to make a profit when selling your home, hire a real estate expert from Emery Lane.
Our experience will guide you through what to know when selling your home to enable you to get market value. We give personalized attention to each of our customers and answer all your questions including, when is the best time to sell your home in Arizona.
We have the experience, understanding, and compassion to make selling your Arizona home as smooth as possible. Get in touch today to sell your home with Emery Lane.