In 2020, many industries throughout the country saw a dip in transactions following the pandemic’s start, but one industry, in particular, surprised us all — the real estate market.
According to AZ Central, metro Phoenix’s housing market started strong in 2020, with experts predicting it would take a near catastrophe to slow it down. Sure enough, catastrophe struck, but the market only slowed for a short while before bouncing back almost entirely by summertime. Specifically, our very own community of Estrella experienced the highest sales year in its history.
Now, due to a high buyer demand driven by pandemic trends and exceptionally low mortgage rates, the Phoenix housing market continues to boom. In fact, it was just ranked as number one in the nation for growth in home values by AZ Big Media.
According to Zillow’s latest market report, Phoenix records the highest annual growth in home values (17.1%) among the country’s largest metropolitan cities. In January, the monthly appreciation of home values matched recent record highs, while annual growth has been higher than any time since 2006, before the Great Recession.
But it doesn’t stop there! Economists predict that home values will continue to increase 10.1% over the next 12 months.
Since the start of the year, sales have been moving briskly, with homes remaining on the market for just 18 days before the seller has accepted an offer –– this is 28 days quicker than in both 2020 and 2019.
Existing home sales are expected to reach 7 million in 2021, which is up by 24.7% more than last year, and currently, the 30-year fixed mortgage rate is hovering around an all-time low of 2.75%, which is actually a 50 year low.
It’s no secret that the master-planned community of Estrella offers amenities fit for every lifestyle and every stage of life, but what if you could experience the panoramic beauty of Goodyear from a new perspective? The market isn’t just hot; it’s a seller’s market, which means, with home values continuing to rise, it may be a great time to consider selling your current home.
Interested in smart home technology? Gourmet kitchen? Indoor/outdoor living? If you’ve had your eye on one of the community’s fabulous new home builds, now is your chance to upgrade. Maybe you’re retiring and looking to downsize? Well, you don’t need to go far. Our 55+ community, CantaMia, makes Estrella the ideal location to call home.
As home values continue to increase, it may be worth your while to take a day to explore the beautiful new home designs Estrella has to offer. Same amazing community, potentially lower mortgage rates, new front door views.
To see a list of all current home plans from new home builders in Estrella, please visit our website.