Wondering about selling your home in Scottsdale or Phoenix? If so, you need to read this article to determine the difference between these two real estates and how it makes a difference when you will sell your house in these locations. So, read more to get an idea. Selling Your Home in Scottsdale vs. Phoenix:
Wondering about selling your home in Scottsdale or Phoenix? If so, you need to read this article to determine the difference between these two real estates and how it makes a difference when you will sell your house in these locations. So, read more to get an idea.
Selling Your Home in Scottsdale vs. Phoenix: What’s the Difference?
Median Property Price
When searching the property prices, you can clearly notice the difference in the real estate market of Scottsdale and Phoenix. You may already know that Phoenix’s market is affordable for buyers because of less expensive properties. However, still, the home value in Phoenix has seen a surge of 30.3% over the last year. Hence, the median home value of Phoenix is $360,103.
On the other hand, when it comes to Scottsdale, the market has always remained too expensive than Phoenix. People living in this city get many amenities and features that might be hard to find in Phoenix. In addition to high property prices, the house value in Scottsdale has gone up to 30.0% over the last year. Hence, the median home value in Scottsdale is $701,602.
These stats show you that selling your house in Scottsdale or Phoenix can offer you great money. A property in Scottsdale can give you good returns than the one in Phoenix. But if we look at the highest profitable market, of course, you will get a bit more from your investment in Phoenix than Scottsdale because of the rise in prices by 30.3%.
Attractive for Investors
Selling your home in Phoenix or Scottsdale is easier, as it is attractive for investors who want to buy a property and then put it on rent. Additionally, your house should be in an ideal location, condition, and accessible for renters, which will help buyers to consider your house best for renting purposes.
You also need to know that the average rent of a one-bedroom in Scottsdale, AZ, is $1,797. Plus, this is a 24% increase in the renting prices compared to the past year. In comparison, a person can rent a one-bedroom house in Phoenix for $1,545. Note that the rental market had seen a rise of around 17.03% compared to the last year.
According to these stats, you can understand that finding investors in Scottsdale is much easier than in Phoenix. This is because of the high chances of renting a house for an excellent price. But this doesn’t mean that investors are skeptical about investing in Phoenix’s market. It’s just that you can benefit more if you have properties in Scottsdale, Arizona. This way, it’s safe to say that Scottsdale wins in engaging a large group of investors.
Sellers or Buyers Market?
As a seller, you want to know whether Phoenix and Scottsdale are seller or buyer’s markets. Well, if we talk about Scottsdale, it is purely a seller’s market. This means that there are a significant number of buyers who are looking for homes than the properties on the market. Besides that, on average, properties in this location stay around 42 days on the market. In this case, you will be able to get the price tag you have thought about your house. Also, you might not even have to do a lot of negotiations with the prospective buyer.
On the other hand, Phoenix is also a seller’s market. It is important to note that due to tight inventory, we are seeing high price appreciation. You also need to know that homes in Phoenix stay for only 22 days on the market. Unlike Scottsdale, Phoenix can become the buyer’s market if the supply rises to more than five months of inventory. Due to this, there will be more listings and fewer investors to purchase them. This will give the upper hand to the buyers to make negotiations. Of course, the chances are less, but you never know. In other words, selling a house in Scottsdale may take a longer time, but the market will continue to be on your side.
In a nutshell, selling a house in Scottsdale or Phoenix is easier now than ever because of a highly demanding market. Also, both markets have their own perks and drawbacks that you need to consider before selling your house. Keep in mind that for now, both markets are giving you the edge to sell your house for good prices and conditions. If you want to learn more about selling houses in Phoenix and Scottsdale, you can check I Need House Info for more details.