The median home price just hit $359,300 and it is still climbing. This might seem like great news for those looking to sell their homes, but it can present some challenges to those looking to purchase.
The biggest problem is that home prices are skyrocketing and buyers can’t find anything they can afford. Some prices can increase by $75,000 over a period of 8 weeks, making it challenging for those that have saved up a down payment but are still being priced out. One way to overcome this would be to sell, and rent until there are more homes available.
The location of where you’re looking to buy is also a factor in the price you’ll pay. If you are able to move to a different part of the Valley you may be able to find a home at your price range. Here is a list of the zip codes that have seen the biggest increase in home value over the past year.
- 85249 in Chandler – Home prices are up 43%
- 85201 in Mesa – Home prices are up 43%
- 85268 in Fountain Hills – Home prices are up 47%
- 85255 in Scottsdale – Home prices are up 51%
- 85253 in Paradise Valley – Home prices are up 59%
Those that are looking to sell a vacant or tenant-occupied property are in a better position. They will get top dollar for their property and selling to an off-market buyer could give them a competitive price and allow them to sell without taking on additional costs to improve, repair, or prep their home for selling on the market.
Like the temperatures here in the Valley, the housing market will continue to heat up this Summer.
Source:
Phoenix housing prices set new records, creating challenges for home buyers.
Jason Barry, AZFamily.com; May 10, 2021
