The real estate market in Paradise Valley continues to set record levels based on average price-per-square-foot in excess of $700 per square foot. As the stocks officially hit bear market territory this week, the housing market continues to hold value. Luxury housing inventory in Arizona continues to remain low keeping prices at near record levels but for how long? Despite record inflation and a sluggish economy, our record low levels of housing inventory could continue to keep current luxury housing prices from correcting anytime soon – keeping home equity levels in check.
Total US home equity recently hit a record high of $27.8 trillion – a nearly 20% increase. And while households have lost over $3 trillion in stock value, real estate gains of $1.6 trillion have helped soften the blow. But with rapidly rising interest rates, many homeowners will find tapping into their home equity to be a more expensive proposition than in years past – making home equity credit lines more appealing than cash-out refinancing.
Current inventory of homes for sale in PV has increased slightly in June to 114 homes. Quality, newer, modernized, and move-in ready homes still command top-dollar in today's luxury market in Paradise Valley.
CURRENT PRICE PER SQUARE FOOT SOLD:
A number of factors beyond price-per-square-foot sold go into determining the true value of your Paradise Valley home. If you would like a more accurate estimate of your home value, contact us today for a FREE value estimate (click here).
CURRENT MARKET CONDITIONS (BUYERS VS SELLER'S MARKET):
When selling your home, it is important to consider the overall nature of the market and if it is a BUYERS MARKET, a SELLERS MARKET, or somewhere in between. These two market conditions generally mean the following:
BUYERS MARKET: Supply exceeds demand, home pricing decline, homes take longer to sell, more homes are for sale, and price reductions and lower offer prices are more common. Buyer’s markets typically see supply of homes for sale at or above 7 months.
SELLER’S MARKET: Demands exceeds supply, home prices increase, homes sell quicker, fewer homes are for sale, and good homes can result in “bidding wars.” Seller’s markets typically see supply of homes for sale at or below 5 months.
HOW WE CAN HELP YOU…
The Goldman Ruge Luxury Group provides luxury property owners, buyers, and sellers in Arizona with the highest level of service and support when dealing with one of the largest personal financial decisions our clients will make in Arizona. Our clients depend on us as their trusted advisors for all aspects associated with their luxury properties both including and beyond the home buying and selling processes by helping them protect and maximizing the asset value of their luxury properties. We primarily focus on luxury property sales in the Paradise Valley, Arcadia, Scottsdale, and Phoenix areas.
LET US HELP YOU…
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