While it is arguable as to whether the Maricopa real estate market has entered into a buyer’s market, it seems the equilibrium has changed from six months ago, when the market was decidedly one in favor of sellers.
This year, interest rates have doubled, which has affected the number of potential buyers. With fewer buyers looking, the market has become quite competitive.
In order to successfully navigate this market as a seller, there are a few things you have to keep in mind:
Patience and Pricing
Houses are still selling but not at the speed they were earlier this year. The days of selling a home within a week of listing are behind us. Most are sitting for at least 30 days, which can turn into 60 or 90 days if your house isn’t properly priced. Currently, houses are selling for 94 percent of the original asking price and 98-99 percent of the final ask, which means that most sellers are having to make a price reduction or two. This all means that if your house is priced right, it’s going to sell for close to what you are asking for — and a lot quicker.
New home builders are offering incentives including paying closing costs and offering to buy down interest rates. These are concessions you can also offer that will make your house more attractive. Be sure to communicate your willingness to deal in the MLS listing details. That will lead to more visits and in this market, that’s once again an important part of the process. The more traffic you can drive to your home, the more likely it is to sell.
Your house must be tip-top. Everything that you can do to make your house more attractive, both inside and out, needs to be done.
Consider a deep cleaning of your house. You may not notice that pet odor from your dog or cat, but a potential buyer will.
In this market, buyers are getting pickier and if they see a problem with your house, they won’t bring it to your attention, but instead will move on to the next one.
Work on curb appeal. And if your finishes are out of date, like for example the paint schemes, countertops, or even carpeting, it would be a good idea to refresh them.
For sellers who list with me, I offer a program where I will loan up to $10,000 to improve these items, which is repaid at the closing.
This sponsored content was first published in the November edition of InMaricopa magazine.