How does gentrification affect selling a house in Phoenix?
Posted in Phoenix Real Estate Market on March 15, 2023
The term gentrification has become a bit of a buzzword over the years, and it holds different connotations for separate groups of people. On one hand, gentrification can revitalize a community. New businesses open, apartment buildings are renovated or rebuilt, and in turn, these developments attract fresh faces and families. On the other hand, while this can breathe new life into an area, that influx of interest creates an inflation of real estate value. This inflation in turn causes property taxes to rise, which for homeowners leads to increased monthly mortgage premiums. Many who live in areas undergoing gentrification tend to sell their homes, either to avoid increased monthly payments or to profit from increased home value.
What is gentrification?
Is Phoenix gentrified?Phoenix is no stranger to the effects of gentrification. According to Realtor.com, Phoenix is among the top 10 fastest-gentrifying cities in America. In 20 years, 14.2% of the city of Phoenix has gone through phases of gentrification. In the Garfield area alone, home value increased by around 190% in the same 20-year period. Homes that were valued at or under $80k are now worth over $200k.
What should I do about gentrification in my neighborhood?Maybe you don’t like the increased traffic or the constant construction. Maybe you don’t like paying more on your mortgage every month due to an increase in property taxes for a house that hasn’t changed much thanks to the increased real estate value in the neighborhood. Thankfully, there’s a silver lining: These soaring real estate prices mean your house’s value has just gone up. That means while your bills just got more expensive, it could also be a good time to sell your home in Phoenix for cash.
Take advantage of the market.So, you’ve decided you do want to sell your house that’s in a gentrified area. Your home value has increased, so it makes sense that you’d want to decrease spending and try to increase profit during the selling process. You know that with a traditional listing, you’ll be paying fees, closing costs, and commissions before you even get any return on your house. Not to mention, the time and effort it takes to find a buyer also requires additional expenses. You have to prepare your house, list it, showcase it, manage the closing, and do all of this while potentially paying a higher monthly mortgage until the property is sold. Or you could simply sell your house fast and get cash for it.
We are America’s #1 cash home buyers.Believe it or not, we have a 96.1% customer satisfaction rate. This is because we, as cash home buyers, have perfected the process and made it easy for sellers. We come to your house for a free, no-obligation consultation, sometimes the same day you contact us. Once we look at the property, we can make a fair, all-cash offer on your house. You don’t need to worry about any repairs, and you don’t even need to clean. We can happily give you an offer on your house “as is.” If you do decide to accept the offer, we will handle the closing as well. We take care of all typical closing costs, and you don’t have to worry about paying agent fees or hidden charges. We work with you to schedule a closing date. Pretty soon you won’t have to worry about any increased payments and can look forward to finding your next home.
Gentrification affects home sellers in different ways.There are many reasons why you could be selling a house in Phoenix. Oftentimes the higher cost of living that comes with gentrification leads many homeowners to experience financial difficulties. Maybe you’re getting behind on repairs or want to avoid the time and money it takes to do a traditional listing. Or maybe you just want to move out of the neighborhood, and you are looking to downsize.
Why We Buy Ugly Houses®?Even with over 1,100 franchises, each location is locally owned and operated. Because we’re locals, we know the Phoenix real estate market better than most. That means we can give you a fair offer on your house. Even better, we can close quickly, often in as little as three weeks. If you need to take longer, that works too. Here at We Buy Ugly Houses®, we have over 25 years of experience as one of America’s trusted home buyers, helping over 140,000 homeowners get quick cash for their homes. With no closing costs, agent commissions, or hidden fees, you get to keep all the money you make.
Contact us today to book a free consultation to sell your house in Phoenix for cash!
*Updated March 2023. Originally posted May 2017.