If you are shopping for luxury homes in Paradise Valley, you have probably already experienced the frustration of missing out on a purchase because of the buying frenzy that is currently taking place.
The competition for homes in the area is fierce right now.
Paradise Valley continues to be a seller’s market, which means there are more people wanting to buy homes than there are homes available.
According to realtor.com, in March 2021 the median list price for a Paradise Valley home was up over 20% year-over-year.
Homes for sale in Paradise Valley sit on the market for an average of seventy-one days.
Why Are Paradise Valley, AZ, Homes So in Demand?
There are many reasons why the Paradise Valley housing market is so hot right now.
First, the area has always been highly coveted for its beautiful weather, high-end dining and boutiques, natural beauty, privacy, and spectacular luxury homes.
You can learn about all the charming aspects of Paradise Valley here.
Second, mortgage rates continue to hover at historic lows, making it possible for buyers to save money on their mortgage payments and afford more expensive real estate than they may have been able to do with higher interest rates.
Third, homes in the area are in short supply.
This is causing potential buyers to take drastic measures.
In some cases, people are buying homes with cash, sight unseen, waiving inspections, and paying way over the asking price to win the deal.
COVID-19 also contributed to the seller’s market we are currently experiencing in the area.
As people began to work remotely, they started to re-evaluate their living spaces.
Without the constraints of commuting and the need to be close to urban areas, many people are opting for more living space and a home further from the city where they can enjoy nature and the spectacular beauty of the area.
The reasons above, coupled with a lower cost of living than other states like California, is even drawing out-of-state buyers to the Valley.
Oftentimes, these out-of-state buyers are outbidding Arizonans looking to purchase in Paradise Valley.
If you are interested in purchasing a home in Paradise Valley, it’s more important than ever to partner with an experienced local luxury real estate agent who knows the Paradise Valley market and can help you successfully purchase the home you desire.
Wanted: Paradise Valley Homes for Sale
According to Redfin, in March 2021 home prices in Paradise Valley were up 46.5% over last year.
Last March, 51 homes were sold in the area, compared to 93 homes sold this March.
This is all great news if you are thinking of selling your home.
While the current Paradise Valley housing market is somewhat stressful for potential buyers right now, sellers are finding a much more pleasant experience for a couple of reasons.
First, there are not nearly enough properties for sale to handle the number of buyers right now, which means that homes that do go up for sale are generating a tremendous amount of interest.
As the seller, you can stand to turn a sizeable profit on the sale of your property.
Additionally, unlike in a buyer’s market, you can likely sell your home quickly without having to compete with other sellers for a small pool of buyers.
This lessens the need to sink as much money into major upgrades and other selling tactics you would normally employ to entice potential buyers away from other homes on the market.
Of course, you still want to present your home in the best possible way to maximize your sale.
Here are some tips from Thomas Osterman on how to get your home ready to sell.
If you will be selling your Paradise Valley home and then purchasing another one in the area, be sure to work with an experienced realtor who understands your specific needs and timeframe.
He or she should be well-versed in the local market for the best possible outcome.
Selling Your Luxury Home in Paradise Valley
If you are considering selling your luxury Paradise Valley home, it pays to list with a knowledgeable luxury real estate professional who can help ensure that the selling process goes smoothly and that you get the best possible price for your property.
Thomas Osterman has been helping clients buy and sell Paradise Valley real estate for two decades.
Put his unparalleled knowledge and experience to work for you. Contact him today to get started!
Are you looking to buy or sell in Paradise Valley? Work with a real estate agent that has been helping luxury home buyers and sellers get the most for their investments for decades! Call Thomas today at (602) 405-4052 and enjoy a more personalized real estate experience.