Many homeowners wonder if they missed the boat when it comes to selling their home. Sellers wonder if they waited too long to get their home on the market.
The answer is: the ship is leaving the dock. There is still time to get onboard!
In all seriousness, the market is in a shift. The shift began a couple months ago and we expected to have higher inventory, for it to take a little longer to sell a home, and for buyers to feel like they have choices once again. And that market is here.
In the height of the frenzy, we had less than 5,000 homes on the market, to serve the entire Phoenix Metro area. Keep in mind we should have 20,000-25,000 homes on the market to have a balanced market.
We currently have over 13,500 homes listed for sale and the inventory continues to rapidly increase. Again, we knew the inventory would rise. What we are surprised by is the speed at which it is rising. If the inventory growth continues at this pace, we could reach a balanced market by August. Queen Creek had 211 homes for sale in the month of May. In June, that number jumped to 387.
A few things to know about rising inventory if you are a seller:
1. Now is the time to get on the boat;
2. We are still in a seller’s market, just not a forgiving one;
3. When you price right and prepare the home correctly, you will do well on the market.
Our current market is not forgiving if the seller over-prices the home or under-prepares it for showings. These are the homes that we see sitting on the market and taking price reductions. In any market, you want to price your home correctly and have it show the best it possibly can. This is what allows you to fetch the very best price for the home.
If you price your home correctly and get the home in the best condition possible, which also means clean, then yes, your home will sell. If you miss any of these steps, you may sit on the market.
While a higher inventory is a refreshing change for buyers, allowing them to have more homes to choose from and take more than a minute to decide which home they want to offer on, it is met with higher interest rates.
For those experiencing a life change, a move is happening no matter what. These buyers will still be looking for the best house, at the right price, that is move in ready. Which takes us back to having a home priced correctly and showing the best it possibly can.
There is opportunity out there for buyers, especially on the homes that are nice homes but they are overpriced and didn’t take the extra steps to prepare for the showings. These homes have taken price reductions and the seller is usually eager to get it sold. Buyers have more say in the final price they offer as well as other terms of the sale.
Queen Creek has grown into a wonderful place to call home with opportunities for buying and selling even, in this market shift.
Melanie Nemetz, the owner and founder of The Melanie Nemetz Team with Keller Williams Integrity First can be reached at 480- 221-3034, melanie@fosteringre.com or fosteringre.com.