I think it is safe to say that 2020 has been a year like none other. Full of surprises and learning how to navigate in new situations. This describes the Maricopa housing market too. In fact, this would describe the market across the entire East Valley. The new situation to navigate through is the low inventory of houses we currently have. As we are nearing the end of the second quarter, we can clearly say we are in a sellers’ market. In fact, we actually have a housing shortage. Here are our current Maricopa housing numbers:
1. Number of active single family resale homes in HOA subdivisions: 82
2. Number of active new builds listed on MLS: 42
3. Number of single family homes in HOA subdivision under contract: 266
We currently have more homes under contract than what is available for sale! In fact, we have a 15-day supply of homes in the city of Maricopa. We generally have a 4- to 60-day supply so this is extremely low.
If you have been thinking about selling your home, there is no better time than right now to sell.
In the eight years I have been a Realtor I have not seen an inventory this low. The Real Estate industry as a whole implemented safety precautions and alternative ways to sell your home, if needed, with virtual tours and other options. Buyers are respectful and always with a Realtor that will adhere to your guidelines for showings. There is no reason to delay the sale of your home. With interest rates still at historical lows, buyers have not stopped buying.
Maricopa still provides the most affordable housing across the Valley for many home styles and buyers. Many new build homes take 8 months to build from the time of purchase and many builders are out spec homes (a home that is already built and move in ready), which means a buyer will need to wait eight months if they purchase a new build. Some buyers don’t want to wait the eight months and are looking for resale homes.
If you have been thinking of selling your home, this is an excellent time to do so. Sit down with a trusted local Realtor and get a market analysis and discuss the options for selling your home. Knowledge is power and knowing when to sell is just as important as location, location, location.