The coronavirus outbreak seriously impacts the lives of people all over the world. Businesses are very much concerned how this pandemic will influence various markets. Despite all these fears, the real estate market in Arizona is doing quite well. The property prices still rise. People try to live their normal lives and make plans for the future. However, the speed at which the novel coronavirus spreads is frightening. But outbreak doesn’t deter people from buying or selling property in Arizona.
People Still Want to Sell Homes
Some people might think that it’s not a very good idea to sell property during a pandemic. But if you have planned to sell your house for a long period of time, the coronavirus outbreak should not prevent you from doing so. There is no need to be afraid of selling property amid the pandemic if you have a reason to do that.
Demand for Homes and Prices in Arizona
Despite the current economic uncertainty, the housing market in Arizona experiences moderate growth. Thus, the demand for detached houses is stronger in comparison with the last year.
It’s important to note that sales in this category have increased.
The average selling price for detached houses has increased as well.
When it comes to the condo market in Arizona, we should say that the prices have risen even more substantially in this sector.
Spring Housing Market in Arizona
In fact, it’s hard to say how the health emergency will influence the spring housing market in Arizona. The coronavirus pandemic is unpredictable. In February, the real estate market in Arizona was doing very well. Home sales increased in comparison with the same month last year.
The first week of March was not that successful. However, last week the number of sales increased. New listings grow as well. Some experts believe that the rise in listings and sales has nothing to do with the coronavirus outbreak. The number of sales has increased during the second week of March in comparison with the first week.
Experts Predict Housing Market in Arizona Will Slow down
Real estate experts predict that the housing market in Arizona is likely to slow down in the nearest future.
Some people want to buy property, but they feel nervous about doing it during the novel coronavirus pandemic. As a result, we can see fewer potential buyers ready to make a purchase.
Some real estate agents ask their clients to postpone the sale of their property till the situation on the global housing market gets back to normal.
In fact, people are not ready to sell their property for less money than it is really worth. But if you need to sell your property fast for whatever reason, you have an opportunity to do that.
New Rules of Showing Property in Arizona
The coronavirus outbreak sets its own rules that people have to obey. People all over the world are very much afraid of contracting the virus. That is the main reason why people have to change their lifestyles at least for a while in order to prevent the quick spread of the coronavirus. Some changes and restrictions are implemented in the real estate market as well.
Home sellers are asked to sanitize all doorknobs, cabinets, countertops and other services after each visit. Property agents and buyers have to keep 6 feet away from each other. Plus, both agents and buyers need to put on gloves before entering the house. Today, buyers may be asked to leave their shoes outside. Buyers should also avoid touching kitchen cabinets and bathroom fixtures.
Due to all these changes some buyers refuse visiting the house they would like to purchase. For these buyers online tours are available. They will get an opportunity to see the property online and decide whether they really want to buy it.
In some areas open houses have been prohibited. Hopefully, all these restrictive measures will help people contain the virus. So, there is no need to panic.
Do you find it difficult to sell your property during the outbreak of COVID 19? Contact us today. At Candid Property Solutions, we are always happy to provide a cash offer for your property. We buy properties in any conditions, we pay cash and we buy properties quickly!