There are many signs that the Phoenix housing market is cooling off in March 2019.
Home Buyer Section:
Let's deep dive right into the buyer's side and how this is going to affect you in our current market. One thing to note is that the conventional conforming loan amount and FHA loan amount has increased in 2019 to give buyers more home buying power.
2016 Conforming Loan Amounts:
FHA = $271,050.00
Conventional = $417,000.00
2019 Conforming Loan Amounts:
FHA = $314,827.00
Conventional = $484,350.00
The FHA new conforming loan amount really has had no effect in the Phoenix housing market in Arizona. The conventional has helped many buyers purchased their house as Phoenix home values have increased in our current Phoenix housing market. The biggest winner in the march phoenix housing market are the homes in the price range between $500,000 to $600,000, this has increased 15% from last March 2018.
Let's deep dive into the housing market if you are a seller.
Buyer season is upon us and he usually last from February to May, then we see a spike in April and of course, the slowdown begins to happen during the summer in the Phoenix area. If you are home seller wanting to put your house on the market the time is now, you have about 8 to 12 weeks left to get your house in order, and in the market, before all the homebuyers decide to leave the valley the sun because temperatures will get hot. Selling your house right now it's very competitive. Your house must be in the right location, the right condition, and the price must be very competitive and you must Hire a roast agent who can forecast the market in your subdivision, one mile radius, or in your zip code in order to get your house sold the highest price in the least amount of time.
Major price reductions are happening between the $200,000–$400,000 price range. As sellers keep on reducing the prices to get their house sold, just like I noted above, make sure you hire a real estate agent who can forecast a market so you'll lose potential buyers in the first two weeks of listing your house for sale. Price reductions between $200,000 to $250,000 is up 71% from March 2018 And supply has Rosen 32% in this price range as well. Price ductions are up 42% in the price range between $250,000 to $400,000 as well. Supply has actually Rosen 26% in this price range as well from March 2018.
So if you're looking to sell your house in 2019 we have to make sure you are priced aggressive, property has to be in pristine condition, your wrist agent must have a marketing plan, video, pictures, YouTube, Facebook ads, flyers, everything is going to be needed in order to get your house sold. But the most important thing is going to be the price per square foot. Price is what will get your house sold in Phoenix Arizona and the surrounding cities.
Let's deep dive into the Phoenix housing market for March 2019 statistics
- Active listings for sale are up 10.5%, 18,828.
- Listings under contract are down 10.2%, 10,907.
- Monthly median sales price is up 4.9%. $265,000 is the new monthly median sales price in Phoenix Arizona and the surrounding cities
- Close sales are down 8.7%, 6,852.
- Months of supply is 3.5 months. Meaning if nothing were to come on the market for sale the entire inventory would sell out in 3.5 months. With this number, this means that we are still in a seller's market but you will have to be aggressive in my key factors above when selling your house in Phoenix Arizona.
This is what's going on in the Phoenix housing market in March 2019. It's not a time to be scared that the housing market is going to crash over here in Phoenix Arizona. You just must be aware if you're selling your house it's going to take aggressive pricing and getting your house ready to hit the market.
Overall, it is still a great time to buy a house in Phoenix Arizona. With no more interest rate hikes from the fed, and inventory slowly growing, you're going to have more choices when purchasing your new home. You still have to remember we are still in a seller's market in Phoenix Arizona, so if you see that house that you love, jump on it, and don't forget to negotiate as much as possible BUT just not enough to lose your new home.
I hope you enjoy the Phoenix house market update for March 2019 and my video. If you have any questions don't hesitate to reach out to me as all my information is below
I would love to hear your thoughts on where you think we are heading?
Remember, you the people are the assets and the gateway to the next version of me
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