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Should You Wait To Sell Your Home Until The Next Real Estate Boom?

December 19, 2022

AZ Big Media

The real estate market is always fluctuating, but these past three years have brought new highs and lows.

In 2020, the world was experiencing the pandemic, and many were wary how uncertain everything was. Then, due to low interest rates and high demand, Arizona homes were selling at a feverish rate with many buyers in tense bidding wars. Now, the market is cooling slightly and in fact, there was a 17.6% decrease in home sales this September compared to September 2021, according to the United States Census Bureau.

Home prices are much more complex than what a buyer may see at first glance. Depending on the attributes of your home, you may have a huge profit in store. The neighborhood, age, condition, size and upgrades are all factors that determine the price of your home. If you bought your house prior to the increase in values, it is possible that you have gained a substantial amount of equity. According to Hometap, Arizona homeowners are ranked to have the fifth largest amount of homeowner equity, averaging at $96,000. This can result in a generous profit if you decide to sell.

Deciding whether to sell your home is a big decision to make, but don’t be discouraged by the fluctuating market. There are plenty of advantages to buying and selling during this cool period that you may want to take advantage of.

This article originally appeared on Big AZ Big Media. Read the full article here.