Selling your home in Arizona is an exciting journey filled with opportunities. In this article, we’ll discuss the current and future state of Arizona’s real estate market, mainly focusing on Coral Gables Estates, a luxurious community in north central Phoenix, to help you understand and navigate the market well before listing your home.

Coral Gables is ideal for the diverse and dynamic Grand Canyon State housing market with its stunning homes and panoramic views of the surrounding mountains.

So, whether you’re a seasoned homeowner or embarking on your first selling venture, let’s explore everything you need to know about selling a house in Arizona.

Current State of the Coral Gables Estates Housing Market

According to realtor.com, homes for sale in Coral Gables Estates ranged from $995,000 to $2 million as of April 2024, while the average monthly rental fee was $2,256.

Arizona’s real estate market experiences changes that influence home sellers differently. Recent data from Rocket Homes shows that as of April 2024, Coral Gables Estates transitioned from being a seller’s market in March to a neutral housing market.

In this context, homes are priced reasonably and typically spend an average amount of time on the market. This shift creates an environment where both buyers and sellers can find advantages, as the market is balanced to accommodate the interests of both parties.

For sellers, the transition from a seller’s market to a neutral means they may not be able to command as high prices as before, but they can still expect reasonable offers for their properties.

Again, homes stay a little longer on the market, making the competition less intense than in the seller’s market and allowing sellers to negotiate the price more favorably.

Key Factors Driving the Market in 2024

Arizona, home to Coral Gables Estates, remains a top choice for many homebuyers because of job opportunities, a relatively affordable cost of living compared to other coastal areas, and sunny weather throughout the year. As more people flock to the state, the demand for housing continues to rise.

An important factor observed in Arizona is its robust economy, which currently faces high inflation challenges, including housing prices.

Furthermore, the unemployment rate in 17 states has reached historic lows, indicating a tight labor market and one of the places people are migrating to is Arizona.

Today, Arizona ranks the 9th fastest population growth rate in the United States. This trend continues to shape its real estate market in 2024.

While many states experienced population declines due to COVID-19 impacts, low birth rates, and migration to neighboring states, Arizona stands out alongside Florida and Texas with the most rapid population increases.

The surge in population has heightened the issue of low housing inventory, which stems from years of underbuilding. As a result, the demand for homes in Arizona remains high, creating favorable conditions for sellers.

Mortgage rates are another significant factor driving Arizona’s market. Over the last few years, interest rates have stayed historically low, influencing affordability and buyer behavior.

Furthermore, a potential decrease in mortgage rates in 2024 may cause prospective buyers to return to the market, thus increasing demand.

The increase in demand may have a big impact due to the shortage of housing units available in Arizona. Economists predict this shortage will likely cause home prices to continue rising gradually throughout the Arizona housing market in 2024, and Coral Gables is not an exemption.

Notable Challenges and Opportunities

The Arizona housing market has seen consistently low inventory in recent years, favoring sellers because of increased demand.

In Coral Gables Estates, in particular, there’s a significant imbalance between the supply of houses for sale and the demand from buyers, which consistently drives home prices upward.

The years of unbuilding pose challenges and are another significant factor contributing to Arizona’s low housing inventory.

Recent research from the Weldon Cooper Center for Public Service at the University of Virginia reveals that Arizona’s population is projected to grow by 26.1% from 2020 to 2040, equating to an increase of nearly 1.9 million people.

Despite this population surge, the number of available homes on the market remains limited.

Emerging Trends in Property Technology

Proptech, or property technology, is one of the most significant changes in the real estate field today. Technology for properties encompasses cloud computing, the Internet of Things (IoT), artificial intelligence, and mobile solutions. These provide homeowners with more efficient and state-of-the-art solutions for their everyday living.

While single-family homes continue to dominate the Arizona housing market, there’s a notable trend towards energy-efficient properties equipped with modern amenities. These proptech solutions may include innovative security systems, solar panels for electrical sources, intelligent lighting systems, or proptech solutions that help control the temperature of smart homes.

Homebuyer Profiles: Who’s Buying in Coral Gables Estates?

Coral Gables Estates, Arizona, attracts a diverse range of homebuyers who are attracted to its luxurious lifestyle and scenic beauty.

From young families seeking a peaceful yet vibrant neighborhood to retirees looking for a serene retreat, Coral Gables Estates appeals to a wide demographic.

Additionally, professionals working nearby Phoenix or wanting a place south of Greenway Parkway and east of 19th Avenue are drawn to Coral Gables Estates for its convenient location and upscale amenities.

Demographic Shifts and Their Effects

Arizona’s growing population, with many new people moving in, has made the housing situation even more difficult. In 2022, over 74,000 people from California moved to Arizona, according to the U.S. Census.

The trend of people moving to Arizona from other states, mainly for better job opportunities and cheaper living costs, is tightening Arizona’s housing market and affecting housing prices.

Investment Potential in Coral Gables Estates

Arizona’s thriving tourism industry and growing population create a promising home-selling and rental market for potential investors.

To navigate any housing market effectively, it is crucial to conduct thorough research into popular investment areas, such as Coral Gables, and understand Arizona’s landlord-tenant laws.

Historically, Arizona’s real estate market has been robust, especially in cities like Phoenix, where Coral Gables Estates is, and Tucson, which has led in transaction volume and values.

However, recent data from Forbes highlights a shift. The median sales price dropped to $350,390 in May 2023, marking a 3.2% decrease from the previous year. This decline reflects a recalibration within the market, influenced by a combination of economic factors and considerations regarding housing supply.

Areas with High ROI Opportunities

Finding a place with a high return on investment (ROI) when selling a property is crucial for several reasons, one of which is to maximize profits. Below are the places where those learning how to sell a house by owner in Arizona should check out.

1. Phoenix

Arizona’s most populous city presents diverse real estate investment opportunities. One of its neighborhoods is Coral Gables Estates, a sought-after place ideal for those planning to leverage the market by selling homes in a quiet and secure place.

Another neighborhood to look for is Downtown Phoenix. This urban center combines residential, commercial, and cultural elements, attracting investors’ attention.

Phoenix has a population of about 4.7 million, 1.4% more than in 2022. Phoenix attracts homebuyers because it has many attractions, eateries, art places, and parks. Phoenix is a solid and strategic choice if you’re considering where to invest in Arizona.

Even though the housing market has been up and down lately, Phoenix is still a great place for people to live.

2. Tucson

With its vibrant desert landscape and captivating culture, Tucson is a hidden gem for real estate investors. Even though Tucson’s real estate market fluctuates, it is a great place to invest in real estate.

The city is also expected to grow more, and more houses are expected to be put up for sale in 2024, around 7.6% more than last year. The value of homes will likely keep increasing over the next year.

Homes in Tucson are also becoming more valuable over time, and the prices are also decreasing, which means there are good chances for investors to make money in real estate.

3. Scottsdale

Scottsdale’s property market is doing well. Prices are high, meaning you can expect a high investment return if you learn and understand how to sell a house in Arizona.
Whether you fix up an old house to sell it or build something new, you can expect to make a good profit in Scottsdale.

The end of Q2 2023 witnessed a surge in real estate transactions in Scottsdale, with 537 homes either sold or pending. This is a significant 15.7% increase from the first quarter, meaning the real estate market is doing well and is suitable for profitable investments.

4. Tempe

If you’re considering investing in another Arizona city, consider Tempe. In August 2023, the cost of houses in Tempe dropped by 4.3% compared to the previous year.

At the start of Q2 of 2024, the average sold price for a single-family home in Tempe was $484,930, a 4.9% increase over the past years. This makes Tempe an excellent place to invest because you might get a high return on investment.

Another exciting thing to consider is how fewer houses were sold in Q1 of 2023. In that time, 98 homes were sold, less than the 138 houses sold the same time the year before.

When fewer houses are sold, it might mean more people want to rent instead of buying because the housing market is slowing down, which can be suitable for investors who want to make money from renting out properties.

5. Mesa

Mesa is among the best cities to consider when investing in real estate in Arizona.

The city is near the thriving Greater Phoenix, providing residents easy access to the amenities while enjoying Mesa’s distinct, family-friendly atmosphere. This boasts a vibrant real estate market with several key trends, making it a prime destination for experienced and new investors.

At the start of Q2 2024, the average price in Mesa stood at $440,289, marking a 3.8% increase from previous years. Furthermore, last year, 30% of people wanting to buy houses in Mesa said they wanted to move out of the city. But most, 70%, wanted to stay in the state’s metropolitan area.

Therefore, there is a strong demand locally, which is good news for investors, as they can focus on neighborhoods in Mesa that people like.

Furthermore, Mesa is currently a seller housing market. Prices are up, and houses are selling quickly, so sellers are in a good position.

Risks and Considerations for Investors

Selling a home in Arizona, especially in Coral Gables, is worth the risk, and sellers will expect a return on investment. But remember that before taking the first step, you must thoroughly understand how to sell a house in Arizona to navigate the market easily.

Fluctuating mortgage interest rates significantly impact affordability. As a seller, it will be beneficial to be updated on current rates.

Sellers should also create strategic pricing. Analyze current, comparable sales to set an accurate asking price that attracts buyers without undervaluing your home.

Of course, aside from the price, ensure that the home you are selling is in good condition. Remember that first impressions count and this includes homes! Maintain your landscaping, address necessary repairs, declutter, and depersonalize to showcase your home’s best features to buyers.

Be familiar with the steps involved in closing the sale, from offers and inspections to the final transfer of ownership.

Future Outlook of the Coral Gables Estates Housing Market

As of January 31, 2024, Phoenix, where Coral Gables Estates is located in Arizona, is projected to experience a 0.1% increase in housing prices by February 29, 2024.

The forecast anticipates a more significant rise of 1.2% by April 30, 2024, and a substantial surge of 6.3% by January 31, 2025, suggesting a strong and optimistic outlook for the Phoenix housing market.

Final Thoughts

Selling a house in Coral Gables Estates, Arizona, offers challenges and opportunities. While the market of Arizona has shifted from a seller’s market to a more balanced one at the start of Q2 2024, sellers can still expect reasonable offers.

To leverage the market well, it is important to study and explore the areas with high ROI opportunities, including Phoenix, Tucson, Scottsdale, Tempe, and Mesa. Understanding market trends, strategic pricing, and maintaining homes in good condition is also vital for successful sales.

Lastly, despite fluctuations, the future outlook for the Coral Gables Estates housing market remains optimistic, with projected price increases indicating a promising market ahead for sellers.

If you have further questions about selling homes in Arizona, please do not hesitate to contact us. We will be glad to assist you in every step of the process. For any news and latest updates, we encourage you to follow us on our social media platforms to keep updated:

Frequently Asked Questions

What are the most common mistakes to avoid when selling a house in Arizona?

One of the most common mistakes sellers make that you should avoid is not cleaning and fixing the home before putting it on the market.

First impressions are important to buyers. Before putting your home on the market, do a deep cleaning and decluttering, enhance curb appeal, and repair damages.

Another mistake you should avoid is pricing the home too high. You must price the home right at the market at the very beginning. Find a real estate agent to understand how to price the property correctly.

How long does it typically take to sell a house in Arizona?

In 2024, the median time a home was on the market in Arizona was 51 days. However, from when a house is put up for sale until it’s sold, the usual time frame for selling a home in Arizona is around 84 days.

That’s about 49 days to get an offer, plus another 35 days to finish everything and close the sale.

Can I sell my house without a real estate agent in Arizona?

Yes, home sellers can sell their homes in Arizona without a Realtor. You can put your house on websites where people buy houses directly from owners.

Also, some companies charge a small fee to list your house on the MLS, an extensive database of homes for sale. However, realtors have access to a broader network of buyers, which can help sellers sell their homes faster.

What should I disclose to potential buyers about my property?

It is crucial to disclose any property hazards and damages or defects that can make it inhabitable, including leaky roofs, foundation cracks, water damage, plumbing defects, and electrical defects. Likewise, it is also important to disclose any repairs made to the property.

Another essential thing to tell buyers is if there’s a homeowners’ association. Associations usually have membership, which requires paying a monthly fee and following specific rules.

How can I handle multiple offers on my house?

Sellers can pick the best offer and tell all potential buyers that other offers are available. They can counter one offer and put other offers aside while awaiting the decision on the counteroffer, or they can reply to one offer and say no to the others.

Remember that even though your real estate agent can offer ideas and advice, the seller decides how to handle offers.

Ultimate Guide to Selling Your House in Arizona