3 ON YOUR SIDE (3TV) - Valley real estate experts say our real estate market has been hot and it could get “hotter.”
“I would say the market today is amazing. We're busy,” said Valley real estate agent Nate Martinez.
Make no mistake about it, the Valley real estate market is hot right now.
“We got our first offer in two days.”
In a previous 3 On Your Side report, we told you about Celia Peña. She sold her home in a couple of days and she's not alone.
“This is the time of year to be in the marketplace,” said Martinez.
Martinez has been selling homes for 30 years and says Peña's case isn't unusual these days.
In fact, numbers recently released by the Arizona Regional Multiple Listing Service (ARMLS) shows 8,344 Valley homes sold last month with the median selling price hovering around $267,000. And, Martinez suspects the market is just heating up.
“March, April, May, June going into July are the busiest months of the year. This is the peak for that,” said Martinez.
So, if you're considering selling, now is a good time to do it. However, even with quick turn arounds and new developments going up, Martinez says he doesn't necessarily consider this a real estate "boom."
He says it's just a healthy market that the Valley hasn’t experienced in years.
“There's a lot of employment in Phoenix. People are migrating into Phoenix. So as long as we have net in migration, it's always gonna be a strong real estate market,” said Martinez.
Which means he doesn't believe the market will tank like it did a decade ago when we saw a nationwide housing crisis. At that time, homeowners bought in a hot market, but the value of their home eventually plummeted. As a result, homeowners were considered "underwater" and simply walked away.
Could the same thing happen now?
“I do think that market will plateau sometime in the next six to 12 months, but I don't have a crystal ball. But I don't think we'll have a correction like we did in the crash,” said Martinez.
And even with this healthy housing market, Martinez says if you're selling your house and want top dollar, there are some key things to do. First, make sure it has good curb appeal.
“The main thing is to start across the street and look at your house in a buyer’s eyes. What does the landscaping look like? Are the windows clean? Are the shrubs trimmed?” said Martinez.
Next, he says, declutter and deep clean. Pay attention to windows, baseboards and light switches.
Also, he says it's a good idea to give it a fresh coat of paint and new carpet.
“People are gonna come through your house. They're looking for reasons not to buy it as much as to buy it,” said Martinez.
But what if you're buying in this market? Well, you have to have a checklist as well, like having your funding ready.
“Be completely prequalified not just preapproved,” said Martinez.
And, he says if you find a home you like, don't give a lowball offer.
“Good chance you're gonna miss out because that house will probably sell with multiple offers at full price or maybe above,” said Martinez.
If you're thinking of buying but you're waiting for prices to dip, consider this. Interest rates are pretty low right now at about 4%.
If home prices go down, interest rates may go up, so it's kind of a balancing act.