Up Close Publications
  • Home
  • Read Articles
    • Community
    • Education
    • Events
    • Finance
    • Food + Dining
    • Health + Beauty
    • Holidays
    • Home Improvement
    • Las Sendas Golf Club: A Closer Look
    • Local Business
    • Over 50
    • Real Estate
    • Sports
  • Events
  • Service Directory
  • Advertisers
  • Testimonials
  • About Us
  • Contact Us
  • Advertise
  • Contact Us
  • About Us
CALL US AT (480) 748-1127

Up Close Publications

ad Acoya
  • Home
  • Read Articles
    • Community
    • Education
    • Events
    • Finance
    • Food + Dining
    • Health + Beauty
    • Holidays
    • Home Improvement
    • Las Sendas Golf Club: A Closer Look
    • Local Business
    • Over 50
    • Real Estate
    • Sports
  • Events
  • Service Directory
  • Advertisers
  • Testimonials
  • About Us
  • Contact Us
FeaturedReal Estate

It’s a Strong Seller’s Market Now and into the Future

by Lorraine Ryall March 30, 2018
written by Lorraine Ryall March 30, 2018

We expected this year to be a strong market, but it’s definitely heating up to be a much stronger seller’s market than anticipated, with home prices continuing to increase month over month.

If you have been thinking about selling your home but are not sure as to the best time to do so, it doesn’t get much better than this.

So, what’s driving the market?

Supply and Demand

This is pretty much the dictator of where the market is today and where it is headed in the near future. As of March, demand far out-weighed supply. The Cromford Market Index (see chart) is a single value that indicates the balance of the residential resale market. Values below 100 indicate a market that favors buyers. Values above 100 indicate a market that favors sellers. A value of 100 is equally balanced. The current market index is at 158.9, which is a strong seller’s market. We will start to see more supply coming on the market as we head into our peak selling season, which is now through July. Even with the increase in supply, demand will be even higher, continuing our unbalanced market trend.

Multiple Offers

With such low supply, we are seeing multiple offers again, especially in homes priced under the $350,000 price point. I called on a listing that had been on the market for only two days, and they already had 12 offers and were over asking price. Multiple offers drive the already high prices even higher as buyers bid over the asking price to get their offer accepted. The luxury market also has picked up steam in the past 12 months, with 42 percent more properties closing over $1 million as compared to 2016.

Interest Rates

The Federal Reserve voted in March to raise its benchmark interest rate to the highest level in a decade. As the Federal Reserve continues raising the federal funds rate, mortgage rates are expected to rise as well. With increasing mortgage rates and increasing home prices, affordability is a more pressing issue for buyers. We will see an increase in demand over the next few months as buyers try to beat the rising costs of home ownership.

Market Statistics

Active listings in Mesa for January and February have decreased by 10.8 percent over 2016, and sales have increased by 22.8 percent. The median sales price for Mesa has increased 8.9 percent year over year.

With the current trend continuing, March sales and median sales price will continue to increase and keep driving the market up.

If you have been thinking about selling your home, now would be a perfect time to get it listed while we are in such a strong seller’s market. If you would like to find out the true market value of your home and the top price for which you could sell your home in today’s seller’s market, please email or call me directly to set up a free in-home valuation.

Lorraine Ryall is ranked in the Top 1 Percent of Realtors in Maricopa County and has been a Multi-Million Dollar producer for the past nine years. You can reach Lorraine at (602) 571-6799. You also can send her an email at Lorraine@Homes2SellAZ.com, or visit her website at Homes2SellAZ.com.

 

0 comment
0
FacebookTwitterPinterest
previous post
There are many things to consider when turning 65
next post
Neighborhood Volunteers Organize Community Event

Related Articles

The History of The Rockefeller Center Christmas Trees

November 29, 2020

Out with the old in with the new:...

January 2, 2020

Check out our 2020 Predictions for the Real...

January 2, 2020

Strong Housing Market Expected for Winter Months

October 30, 2019

Housing Market Takes a Leap

August 1, 2019

Consider Not Taking Your Home Off the Market...

June 1, 2019

Take A Look Ahead At This Year’s Housing...

February 28, 2019

This Year May Be The Best Time To...

February 28, 2019

Strong Housing Market for Fall and Winter Months

October 1, 2018

There Are Advantages to Selling Your Home During...

May 31, 2018

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Read Print Issue Now

find us on social media

Facebook Twitter Instagram Pinterest

Trending Articles

  • Mesa Citizen of the Year Association Honors Students for Exceptional Service and Lifelong Impact

  • Curiosity, Geometry, and Arts and The Shaping of The Future

  • So, What Kind of Music Do You Like?

  • Xoxo Charcuterie Mesa is aone stop solution for great events

  • Getting Off theLong, Uphill Bicycle Ride

Read PDF Editions





GET IN TOUCH

Kim Phillips
Publisher
(480) 748-1127
publisher@phillipswest.com

 


 
Monica Adair
Advertising Representative
(480) 772-1949
monica@goupclose.com

Email Us



    Sign up for our newsletter



      • Facebook
      • Twitter
      • Instagram
      • Pinterest
      • Advertise
      • Contact Us
      • About Us

      Ⓒ 2020 Phillips West Publishing | Website by Rangefinder Studios