We are currently in one of the strongest buyer’s markets ever. What does this mean exactly? A buyer’s market is when supply is high while demand is not keeping pace with the inventory. On top of this, sales price is decreasing. What does this mean for you?
As a seller, your home needs to be priced very aggressively. That is, the bottom 15% in pricing and the top 15% in condition. Homes that are priced incorrectly are staying on the market for hundreds of days and many are going into foreclosure and short sales. These overpriced homes saturate the market and are partly to blame for the high level of inventory. Inexperienced Realtors are telling their clients what they want to hear, not the truth. DON’T LET THIS HAPPEN TO YOU! Now more than ever you need a professional to represent you. At My Arizona Home Team we do the extensive research necessary to price your home correctly, stage it properly, and tell you the truth even when it’s something you may not want to hear. We all want our homes to be worth what we think they should be, but in this market the buyers are determining the actual price.
The second problem that needs to be addressed for sellers is staging and lack of proper upgrades. Proper staging is crucial to presenting your home at its best. Potential buyers for your home want the home turnkey, not something they are going to have to fix up and change. There are over 55,000 homes on the market and if yours doesn’t stand out, potential buyers will just move on. A few simple upgrades could have a dramatic affect on your bottom line.
If you are considering purchasing a home, this is a great time to buy. Homes that seemed unaffordable one year ago may very well be in your price range now. It is important to be represented by a professional, full time Realtor.
In this market, the falling prices may also fool some buyers into thinking that they are getting a good deal. The reality is that these homes were extremely overpriced to begin with. DON’T PAY TOO MUCH FOR YOUR HOME. Please remember that My Arizona Home Team’s services are free to buyers.
Please feel free to comment, or ask us any other questions.