The real estate market in North Central and around Phoenix is on fire.
That is according to Trevor Halpern, J.D., the founder of Halpern Residential at North&Co. and the number one independent agent at Phoenix-based North&Co. Halpern recently identified the five hottest neighborhoods in Phoenix and the Paradise Valley area based on the appreciation of sold price per square foot, as well as the turnover rate for the number of homes in those areas. He also said the Phoenix real estate market is one of the hottest in the country, with less than 4,000 current available homes on the market, as of press time, down from 23,000 two years ago.
North Central was ranked the second hottest neighborhood in the area. The number one area was Arcadia-Biltmore, number three was downtown and historic Phoenix, the fourth spot went to the Kierland/Paradise Valley Mall area and the 32nd Street Corridor was ranked fifth hottest.
In North Central, the average price per square foot of homes sold in March of last year was $251.23. The average price per square foot of homes sold in March of this year in North Central was $292.82. Halpern said with a smaller supply of homes and more homes selling in the area, properties are being assumed or purchased faster than ever before. The demand for spacious homes is higher for many reasons, including residents working from home during this COVID-19 pandemic, merging families seeking in-law suites or casitas, as well as low-interest rates.
Halpern recommends people who want to buy a home expect to pay more than the asking price. He also urges buyers to take action right away when they see a house they like and to be aware of other offers and when offers are due. Halpern added the more cash buyers have, the better. He urges buyers to get pre-approved for a mortgage before making an offer on a home.
Halpern said in a buyer’s market, those who want to purchase a home could haggle over closing costs, repairs and other items. But the power has shifted in favor of sellers in today’s market so many buyers are offering concessions as part of their bids.
To learn more, visit www.halpernresidential.com.