Lake Havasu real estate is very much in a hot “seller’s market.” That’s a good thing if you want to sell your home. A seller’s market happens when more people want to buy homes than there are sellers willing to put their properties on the market. It’s basic supply vs. demand—very low supply and very high demand.
What a seller’s market means when you sell your home
If you want to sell your home now, here is what you can expect:
Statistics tell the story of the hot Lake Havasu Real Estate Market
Prices are definitely rising for homes in the Lake Havasu City area. The Lake Havasu Association of Realtors® latest figures show that 205 properties changed hands in May of 2021 versus only 133 in May of last year. The number of properties listed for sale fell dramatically from 714 in May 2020 to 472 in May 2021. The average median sale for a home in the area rose to a record-setting amount. Last May the average single family home sold for $377,158. This year that number hit $485,712.
Driving demand and prices
Experts point to pent-up demand as a major market driver. People trapped by COVID restrictions are attracted to the healthy, sunny environment, natural beauty, and vibrant outdoor and cultural energy of Lake Havasu. The price increases started in June 2020 and haven’t let up since. It isn’t just Lake Havasu’s reputation for livability behind the trend. Scarce and expensive building supplies like lumber, are putting further upward pressure on home prices. Still-low interest rates with inflation on the horizon are pushing buyers to make deals now.
Tips for when you want to sell your home
If you want to sell your home in Lake Havasu City or the surrounding area, here are some tips for getting the most out of the seller’s market we are in:
Thinking beyond price
Yes, you will get the highest price offers when you sell your home in a seller’s market, but don’t let price be your only consideration. Examine the deals your real estate agent brings you and consider factors such as:
When you have gone through the details, you can accept the best offer, counter with a change in terms or price, or ask all buyers to submit their “best and highest” offer. In a seller’s market, you are in the best possible position.