Generally speaking, Inventory is still increasing all over the valley and buyer demand is lower than normal. In most years the demand in March is far too strong for active listings to increase but not this year. Usually once the spring buying fever eases, usually sometime in June, active listings start piling up again and continue increasing until the end of November. The fact that we have still not reached a high point in active listings shows us that 2014 is already proving to be a weak year for sellers.
We still are seeing lower buyer demand in Fountain Hills than previous years and more inventory but in my opinion not good inventory. Many seller’s still think that you can put any price on a home and it will sell. That might have been the case for the last two years but not anymore. I notice homes staying on the market longer and definitely more price reductions. Don’t get me wrong, you can still sell your home quickly but it has to be priced right and in showing condition. I just saw today on the hot sheet, a home that closed $21,000 over list price and was bought with cash. I showed this home, It was stunning, had fabulous views of the fountain from the back yard, was nicely updated and only on the market for 4 days. My client loved this home, unfortunately her husband was out of the country at the time and she would not make a decision without him, so our search continues …
*source: The Cromford Report*
I want to help you make informed real estate choices! Get your FREE real-time market report that will help you get answers to those pressing questions that you have.
1. What is the average number of days on market?
2. Are home values increasing?
3. How do actual selling prices compare to listing prices in my area?
4. What homes have actually sold in my neighborhood?