Despite COVID, housing prices soar in the Phoenix area
Article originally posted on AZFamily on January 14, 2021
Phoenix is expected to be one of the top housing markets in 2021 thanks to our cost of living and outdoor recreation options.
Our weather right now is as close to as good as it gets. The forecast calls for a sellers paradise in the real estate business, just ask south phoenix resident Joel Carbajal.
“We needed more space, our family is growing and we bought this house as a starter,” said Carbajal. “We had 20 plus showings the first day and multiple offers. We were really surprised we had so much interest,” said Carbajal who was represented by John O’Hagan with Retro Real Estate.
“The offers that came, all of them that came in, over half were above the listing price,” said Carbajal.
Carla Magee a local real estate specialist with MHG Commercial said while COVID-19 has decimated hotel, restaurant and retail businesses, it hasn't slowed residential real estate sales.
“Right now is one of the absolute best times to sell, our inventory is so incredibly low we have about 6,000 houses available right now for a Valley of, what, four million people. We have a lot more tech jobs than people realize, a lot of work from home jobs, and people that weren’t effected by COVID as drastically,” said Magee.
Magee said you can expect house prices across the Valley to keep climbing over the next 12 months.
“It’s everywhere and we’ve never seen it like this, every ZIP code every city in our Valley, all for different reasons,” said Magee.
Home sales increased by nearly 12% in 2020 and are expected to increase by 7% in price this year.
So where does that leave buyers?
“If you’re are buying, don’t think there’s going to be a better deal out there next year because the people last year are kicking themselves this year,” said Magee.
Meanwhile, the Carbajal family already has big plans for the profit they made.
“It’s going to go to the new house (laughs) for the down payment and getting some new furniture,” said Carbajal.
Magee said the most popular sought after price point in Maricopa County is between $250,000 to $400,000.
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