Selling a house in Phoenix is not always as simple as it might seem. 2018 is looking like it will trend quite differently than the past few years. If you are thinking about selling a house in Phoenix this year, take a look at this forecast of the housing market in 2018.
Increase in Available Houses on the Market
The trend has been consistent for a few years now. In the Valley, there were 20,915 new single-family house listings in 2016. Compare this number with the 21,622 new single-family home listings in 2017. Luckily for you, as a home seller, this coincides with more house sales as well. In 2016, 16,303 single family houses were sold. In 2017, there were 17,295 single family houses sold. As long as your house is priced competitively and ready to move into, you should have no problem selling your house this year in the Valley.
Increase in Price
In 2017, the median price of a house in Phoenix was just over $200,000. According to estimates, this price looks like it will increase this year. The median price range for homes is estimated to rise by about 3.5% in 2018.
Houses Are Likely Overpriced, but That Overpricing Is Slowing Down
As we mentioned above, the median price of a house in Phoenix is expected to increase by 3.5% this year. However, in 2017, the median price of a house in Phoenix grew by 9.4 percent. This clearly indicates a drop in growth over the past year and statistics indicate that this trend should continue in the next few years.
Household Income Needed to Buy a Median-Priced Home in Phoenix
If you are going to buy to a new home in Phoenix, due to the median price of homes, you should be earning $46,000 a year if you will pay 20% of the house price down at closing. If you are going to pay 10% down on a new house, you should be earning roughly $54,000 per year.
As we stated before, buying or selling a house in Phoenix is not always easy. If you need any help, feel free to contact us here at Housso. We would be happy to help you in any way possible through this important time in your life.