It’s hard to think about selling a home while you are in the middle of searching for a home. Most often, you plan on living in your new home for quite some time. But actually, most people will buy and sell their home within five to seven years. So if you are looking for a home in Phoenix, you need to carefully consider the homes resale potential before you even make an offer.
Many owners may purchase up to 7 homes in their lifetime. Typically, a buyer finds a house that meets their current needs – enough bedrooms and baths, in the right school district, easy commuting potential, close to shopping, etc. But, long term our needs tend to change. Many owners use their first home as a leverage to buying their next home. Usually, the next home is a step up, either in size or location.
When your goal is to eventually move in to another home, you should consider a home purchase carefully – you want to meet two goals a home that offers you the greatest potential to build equity; and a home that has the best ability for resale.
There are a number of factors that contribute to a homes resale value. One of the first considerations is the location. While many areas of the Phoenix metropolitan area have been active in terms of real estate purchase, as the market slows there are definite areas that continue to grow in popularity. Examine neighborhoods carefully to see how active the current real estate is and also what plans are made for the community in the future.
Also, consider buying trends. Are most of the buyers for real estate young buyers, families, or retirees There are districts of Phoenix that are better suited to certain lifestyles. For instance, the downtown core of Phoenix is ideal for young professionals looking for easy access to work – while other neighborhoods are better for family communities with excellent school systems.
Last, consider what changes (if any) you feel are necessary to make to a property. Many buyers look at homes that are “fixer uppers” as a way to make substantial equity. While it’s true that some changes can make a big difference to a homes value, make sure that you aren’t considering changes that are outside of your scope, either in abilities or in budget.
The Phoenix market is in the perfect position for careful examination – it’s slowed down enough that you can really take your time and think about the future potential for a property, rather than feeling pressured to buy.
You can find the perfect home in Phoenix — it just takes a little time to search and patience to find the gem among the rough stones.