The current housing market in the Phoenix area has 2.8 months of inventory, which is far below the 5 to 6 months needed for a balanced real estate market. The shortage of homes is being exacerbated by low new construction, fewer boomer sellers looking to downsize, and rising interest rates that are making it harder for buyers to afford their mortgages.
Phoenix House Selling Time, the median days on the market for single-family properties in Phoenix is now 86 days, up from 52 days last year. This increase may be due to an overall shift in market conditions, or because the number of homes being sold has dropped compared to last year.
Phoenix House Selling Time: How to Speed Up Your Home Sale
If you want to sell your Phoenix home faster, there are several things you can do. One is to work with a qualified and experienced real estate agent to market your property. Another is to do curb appeal improvements. These can include mowing the lawn, painting the front door, adding flower pots or outdoor lighting, and more. This can make your house more appealing to potential buyers and encourage them to tour it.
Finally, you can try to speed up the process by offering concessions. This can include covering a buyer’s closing costs or paying some of the seller’s unpaid property taxes. You can also sell to an iBuyer like Offerpad or Opendoor, which can buy your Phoenix property with cash and close within weeks.