Experts Believe That the Arizona Housing Market Could Be Heading for Collapse

Sat Jun 6, 2020 - 4:33am GMT+0000

Sales of existing homes have plunged a whopping 17.8% in April, and may, with the real estate industry reeling from the downturn brought on by the coronavirus pandemic.

Phoenix, United States – June 6, 2020 /MarketersMedia/

Arizona, USA – The National Association of Realtors had stated just last month that the decline in the overall economy had pushed down sales of homes across the US, including Arizona. The current rate of 4.33 million units year, is the lowest it has been since September 2011. All signs are pointing to there being a potential collapse, especially in states like Arizona, where there are more sellers than buyers. Making it primarily a buyer’s market.

Experts closely monitoring the market have stated that May has experienced the largest single-month decline of slightly over 22%. To put things into context, it is as bad as things were for Arizona’s property market in 2010. The receding number of buyers has meant that prices of homes sold have declined dramatically, putting average prices at around $286,000 annually.

Sales across the country are at an all-time low across with the West seeing the sharpest drop of 25%, followed by South’s 17.9%, the Northeast by 16.9% and the Midwest by 12%. What’s worse is the fact that with each passing month as the country is under lockdown, the market continues to decline, which will consequently lead to a collapse.

Over 36 million Americans and counting have already filed for unemployment benefits since the start of the pandemic. It is worse than the 2009 recession, which was mainly triggered by the crisis created by subprime mortgages. A Gallup Poll shows that only 50% percent of all Americans believe that this is a good time to buy a home, which is a record low, and a 10% decrease from the same time last year. However, those looking for a quick injection of cash by selling off their homes can do so by contacting local buyers like AZ Home Offer.

Selling Despite COVID-19

Businesses like AZ Home Offer continue to buy homes from homeowners despite the current economic climate. The company has a history of purchasing all types of homes from across the state. People wishing to sell their homes can visit the official website, enter their property’s address, phone number, and email to get an offer.

The company claims to make a “fair” offer, and when contacted, the company’s representative said that the COVID-19 pandemic had not affected their operations as they were still buying property in the state.

AZ Home Offer’s representative when contacted said“We make cash offers to potential sellers. Our offers are fair, and payment is prompt, which is perfect for anyone who wants to sell their home for a quick injection of cash.”

AZ Home Offer is a BBB accredited company that buys homes fast and makes fair offers with no hidden costs. The company buys homes as-is which means sellers don’t need to undertake any additional repairs before selling.

Contact Info:
Name: Israel Ramirez
Email: Send Email
Organization: AZ Home Offer
Address: 20050 N Cave Creek Rd, Phoenix, AZ 85024
Phone: (602) 900-9327
Website: https://www.webuyhousesinarizona.com

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Source: MarketersMedia

Release ID: 88959182