North Scottsdale Real Estate: What to Expect in 2020
Two words come to mind when we analyze today’s North Scottsdale real estate market: healthy and energetic.
Home sales in 2019 started with a slow 1st quarter followed by an average 2nd quarter, with sales really heating up in the 3rd and 4th quarters. We saw a very active market for homes priced $2 million and under – with those priced between $1 million and $2 million selling briskly and homes priced under $1 million moving downright vigorously.
Now that we find ourselves in 2020 (happy New Year!), we are expecting to see the same uptick in momentum for at least the first half of the year. We predict that homes will be on the market for less time and motivated buyers will seek out the more in-demand listings such as homes that are new builds or newly renovated.
However, today’s buyer is still very price-sensitive, so we’ve observed overpriced listings languishing on the market while their appropriately priced counterparts sell quickly.
Last year, we found that nearly 50% of the buyers in our area are relocating from California. We are expecting a strong ratio like that to continue, if not increase, in 2020.
We are keeping close tabs on how the upcoming presidential election may impact the housing market. We found that many prospective buyers and sellers “hit the pause button” near the end of the year during 2016’s election cycle, waiting to see what the political climate may mean for the economy, the markets, and their wealth portfolio which caused an overall slowdown in activity.
Our advice for 2020? If you’re considering buying or selling, just keep moving forward while the market is moving forward. As of now, it’s an excellent, vibrant, healthy market.
If you’re in the market to sell and you’re considering making any renovations or improvements, consult with us first. We know exactly what buyers want and will guide you to invest wisely.
If you’re in the market to buy, your timing is excellent. With unexpected low interest rates, 2020 is your year!
Contact us today at Lucky@RussLyon.com or 602.320.8415.