Should you wait to sell until the election?

Sellers in the real estate market are constantly evaluating various factors that could potentially impact the profitability of their sale. With the upcoming presidential election just around the corner, many sellers find themselves contemplating whether they should wait until after the election to list their property. While this decision ultimately depends on individual circumstances, it is crucial to analyze the pros and cons before making a final choice.One of the main reasons sellers consider waiting is the uncertainty surrounding the election. Political changes can significantly affect the economy, and consequently, the real estate market. By waiting until after the election, sellers hope for stability and a more predictable market. However, it is important to note that the real estate market has historically shown resilience and adaptability, even during times of political uncertainty.Another factor to consider is the potential impact of the election on buyer sentiment. Buyers may exhibit caution and hesitate to make significant financial decisions during election periods. This hesitation could lead to a decrease in demand, resulting in a longer time on the market for sellers. However, it is crucial to remember that there will always be buyers in the market, regardless of the political climate. The key is to price the property appropriately and ensure it stands out among the competition.It is also worth noting that interest rates, which play a significant role in the affordability of real estate, can be influenced by the outcome of the election. Changes in interest rates can impact a buyer's purchasing power and subsequently affect the demand for properties. Waiting until after the election could provide sellers with a clearer picture of the interest rate landscape and help them make informed decisions regarding pricing and negotiation.While sellers are weighing the potential benefits of waiting, it is essential to consider the current state of the real estate market. Despite the ongoing pandemic, the housing market has remained remarkably robust. The low inventory levels and high demand have created a competitive environment for sellers. Therefore, waiting until after the election could mean missing out on the current favorable conditions.Moreover, real estate news and experts suggest that the real estate market is expected to continue its positive momentum well into 2021. By listing now, sellers can take advantage of the current market conditions and potentially secure a favorable sale price. Timing the market perfectly is challenging, and it is essential to evaluate individual circumstances and goals before making a decision.In conclusion, the decision to wait until after the presidential election to sell a property is a complex one, and sellers should carefully weigh the pros and cons. While waiting may provide a sense of stability and predictability, the current real estate market conditions and the long-term positive outlook should also be taken into consideration. It is crucial to consult with a real estate agent who possesses in-depth market knowledge and can provide personalized guidance based on individual circumstances. Ultimately, sellers should make a decision that aligns with their goals and objectives, rather than solely relying on external factors like the election.

Phoenix's cost of living exceeds national average, but not by much

The cost of living in Phoenix is higher than the national average, though not by much and by less than some other Valley cities. The big picture: The cost of goods and services in Phoenix is just under 2 points higher than the national average, according to the Council for Community and Economic Research's cost-of-living index, which is designed to measure "regional differences," Axios' Alex Fitzpatrick and Kavya Beheraj report. Of the 269 urban areas in the index, Phoenix was the 81st most expensive. Lake Havasu City was the most expensive of the seven Arizona cities in the index, at 23 points above the national average, while Bullhead City was the least, at 6.5 points below. Surprise, Gilbert, Prescott and Flagstaff also rated as more expensive than Phoenix. How it works: An index value of 100 represents the national average cost of living across 269 cities. If a city has a value over 100, its cost of living is higher than average; under 100 is lower than average. The composite index is based on prices for groceries, health care, housing, transportation, utilities and miscellaneous goods and services. Zoom in: Unsurprisingly, the category in which Phoenix had the highest costs was housing, at 12 points above the national average. That gave Phoenix the 56th highest housing costs of the cities in the index. A lack of supply has helped drive up housing prices in the Valley, where sky-high growth rates have historically been fueled, at least partly, by low housing costs. Groceries were nearly 5 points above average, and transportation was roughly 4 points higher. Yes, but: Phoenix had below-average costs for health care and utilities. Between the lines: While the most expensive cities tended to be on the coasts, Phoenix was part of a trend that saw above-average costs across the Mountain West.     Source: Jeremy Duda | Axios

Luxury apartment complexes planned for Avondale

The southwest corner of Van Buren Street and Fairway Drive in Avondale. Photo: Jeremy Duda/Axios   The corner of Van Buren Street and Fairway Drive in Avondale is going to get a lot busier soon. Driving the news: Nothing is happening at the intersection yet, but developers have submitted plans for a pair of luxury apartment complexes. Fairway Residences will have 286 units on a vacant, 14-acre lot on the southwest corner of the intersection. Cerro Vista, which will be just east of the intersection on the north side of Van Buren, will include another 249 units. The northern side of the Cerro Vista project will border the Fairway Commerce Center, a planned logistics center on Fairway and Corporate Drive that's nearing completion. Other nearby multifamily housing projects are well underway. Two projects, with a combined 681 apartment units, are under construction on the north side of Van Buren, just west at 119th Avenue. Details: Fairway Residences will consist of multiple two- and three-story buildings with a maximum of 24 units apiece. It will include amenities such as a rideshare pickup and drop-off lane, a greenbelt feature, a clubhouse, pool and spa and a pet amenity space. Cerro Vista will have five buildings of two or three stories with "luxurious urban loft apartments."   The design of the complex is intended to encourage residents to walk in open spaces and "foster connections and relationships among neighbors, while respecting privacy." What's next: Both projects' plans are approved by the city, but engineering permits have yet to be issued and no construction has begun. You tell us: Have you wondered what's being built in your neighborhood? Or wondered about a vacant lot near you? Email us the location and we'll check it out for a future feature!