Buy in a Seller’s Market? Here are a Few Things to Consider.
Buy in a seller’s market? As a matter of fact, we are in a seller’s market. But, should that stop you from purchasing a home? Whether, it is a second home or your primary residence, here are some things to think about. So, should you put your dreams on hold, or make an offer?
Put Your Dreams on Hold or Make an Offer?
2021 still has us reeling from a pandemic and a political climate that is very divisive. And yet, the housing market is on fire. Therefore, if you want to buy a house right now, you may discover it is difficult to find one at a fair price. Especially, with mortgage rates still low and the inventory insanity. Thus, housing options are at an all time low throughout the country.
Hungry Buyers Compete Over Best Listings
First of all, there is no shortage of buyers. We know, because we have a large list of ready, willing and able buyers. With this in mind, hungry buyers are competing over the best listings. Consequently, driving home prices up. Likewise, Sun Lakes, AZ has over 10,000 homes and as of this writing there were only 18 active homes for sale.
Homes Are Selling in Days
Most homes in the active adult community of Sun Lakes, AZ are selling in a matter of days. Additionally, if the home has a competitive price, we are seeing multiple offers. As well as, many of those offers over asking price. For instance, the average home price across the country is $400,000. In like manner, IronOaks average home price in May was $493,000. Similarly, average home price in Cottonwood/ Palo Verde was $392,000. Together with, Sun Lakes Phase 1 being $262,000.
But, the mania is not limited to moderately priced homes. Identically, buyers are just as aggressive in the higher price points. For instance, the highest home sale in May 2021 in IronOaks was $710,000. Comparatively, Cottonwood / Palo Verde saw home sales over $620,000. Equally important, Phase 1 saw homes sales at $365,000.
Buy in a Seller’s Market?
If you want to buy a home in a hot market do you wait? Firstly, do not consider your primary residence as an investment. Moreover, a great investment generates cash flow. Your home does not. Also, owning real estate, has some costs. Such as, insurance, property taxes and maintenance.
By the same token, you are not a hedge fund, but a person. So, even if you ignore the carrying costs of your home. Buying low and selling high can be a long road to hoe. In light of this, we have only one life to live. Therefore, don’t delay a home purchase just to save a few bucks. Rather, you are buying a home in which to live or vacation.
Call a Real Estate Agent With Experience
First of all, whether you are buying or selling call an agent with experience. The Kolb Team lives, works and plays in Sun Lakes, AZ. In reality, in hot markets, desirable homes are under contract in a matter of days. Therefore, a great agent will be able to help a buyer or seller navigate this fast paced market. Likewise, they will have the best strategies to make your experience a great one! Who you are in business with matters. When it comes to quality of service The Kolb Team does more for you!
Not All Realtors® Are Created Equal!
If you have questions The Kolb Team has answers! Contact us at info@www.thekolbteam.com or 480-809-5759 for all of your buying and selling needs. The Kolb Team, Arizona’s active adult communities experts!
Whether, you are considering selling or buying a home in Sun Lakes, Arizona, knowledge and expertise are the two components to consider.
The Kolb Team is in the top 1% of all Keller Williams agents nationwide. Get in touch with us at 480-809-5759 or contact us online.
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