2019 was a positive year for the Arizona housing market as well, as the U.S. housing market as a whole. Median home prices in Scottsdale have risen to $515,143, which is a 4.5% increase from 2018. The big question is, will 2020 bring similar results in the current economic condition?
Here are the 2020 real estate trends that you should know if you are thinking of selling, buying or staying put in your home.
Real estate experts predict that the city of Scottsdale will continue to rise about 2.6% for 2020. You will likely see home prices continue to creep up, but there probably won’t be a sharp increase like we have seen in the past years.
Higher prices for home sellers will result in an excellent financial gain, but the other side of that sword is that many buyers are being priced out of their desired home choices. Now you may be thinking, what in the world am I supposed to do? First, call us to help prep your home with what today’s buyers are looking for, along with an accurate price tell your home that best fits your situation. If your circumstance does not require a time frame, you can wait for the offer that checks all of your boxes or let us negotiate your must-haves when you are ready to sell. Remember, the low inventory gives us the upper hand when negotiating!
Now you may be asking yourself, what if my 2020 goal is to become a homeowner in the expensive market? Most importantly, you must connect with a lender you trust and who understands your objective. We can always give you referrals to top lenders that we trust, and that our clients have used in past transactions. After that, it is a matter of crunching numbers and really figuring out what your monthly payment would be that can fit your budget.
Our goal, along with the lenders we have worked with, do not want to push you into a financial situation that wouldn’t work for your future. Don’t let your hopes down yet, this is where we work as a team to execute an action plan to put you in the best situation down the road to find your dream home.
You may be thinking, “all this is great, but I’m not buying or selling real estate anytime soon”. We hear you, and here’s what you should know for now.
The equity you have in your home is unlikely to decrease through 2020, with most housing markets at low risk for a downturn. Most housing and mortgage experts suggest prices will continue to rise, as we stated earlier. Another reason to raise a glass this year! If you have no idea the equity (what your home is worth minus how much you owe) in your home, we are always here to assist and can keep you updated as the year rolls on.
One buzz word that everyone fears in the real estate market is crash. From what we can see, the real estate market is not going to crash. Price growth will most likely be slowing down compared to previous years in Arizona. Some folks are wondering if the housing market could collapse again. It’s impossible to know for sure, unless Santa brought you a crystal ball this year. However, several factors indicate a housing crash is unlikely, as long as tariffs and trade wars don’t cause a dramatic ripple effect. Economists say we seem to be in a good position since people are spending money and new job opportunities in Arizona continue to grow.
Buyers are here, and there is a very high likelihood that they are interested in your neighborhood! Since home prices have experienced rapid growth over the past few years, some buyers may be less choosy. In fact, determined ones might be willing to consider neighborhoods a little farther from work or not directly in the core of their desired cities. If you think you live in an unpopular neighborhood or believe your home isn’t what buyers are looking for, think again. Now may be your perfect time to consider selling.
Depending on your current living situation we can provide you with the knowledge you need to stay on top. Our real estate team at Andy Gregg Properties can help advise you through your first home or another home to add to your real estate portfolio. Our team of top performing professionals will help you with the best approach for any of your needs and are ALWAYS thrilled to be of assistance and care regarding your real estate needs or goals.