Experts have advice for homesellers

Local real estate experts provide tips to Maricopans considering selling their homes, addressing the biggest challenges for sellers in today’s Maricopa real estate market.

Jim Carlisto (72Sold, Hague Partners): Bad information! So much can change with the real estate market in just a few months. We know the market peaked around March 30. That doesn’t mean you can’t still get a great price for your home, but the market is becoming more balanced, meaning neither seller nor buyer has an advantage. Maricopa is fairing much better statistically than other cities when it comes to a “seller-favored” market. Some people we meet with say “I don’t have to repair anything in my home or make it look in tip-top shape, for it will sell right away no matter what.” The reality is, you always want your home to look – and smell – good regardless of how hot or cold the real estate market is.

Dayv Morgan (HomeSmart Premier): A sharp increase in prices has resulted in homes going under contract for amounts that are higher than what they appraise for. The gap between offer price and appraisal price is often greater than the buyer has the ability to pay, meaning the seller has to choose between reducing the price and putting the house back on the market and hoping the appraisal comes in higher next time.

Justin Greer (Ensign Properties): One of the biggest challenges is finding the appropriate listing price for the market. Because there is low inventory, the demand for houses for sale is high. This gives sellers an advantage and significant leverage. However, balance is key. If a home is underpriced, a seller could lose out on potential income. If a seller overprices their home, they may not receive the quality of offers they were expecting, and the listing may sit on the market longer. Sellers also benefit when they are educated on the process to close a home. When topics such as the appraisal and inspection are understood, it helps to avoid frustration during escrow.

Brian Petersheim (HomeSmart Success): A huge challenge for sellers is choosing the best of multiple offers, some of which may be very similar. I found using a spreadsheet to plot and present all offers and to track my communications with the buyer’s agent are important to my seller. When it comes time to finalize the offer the seller is executing, it is imperative to reach out to the buyer’s agent and confirm the purchaser doesn’t have any other offers outstanding. (Buyers should only be making one offer at a time unless they intend to buy more than one home.) It makes everybody look bad when you call a buyer’s agent to tell them they were the winning bid, to find out they got another offer accepted.

Dawn Dutra (D. Dutra Realty): Making the initial decision to sell is the biggest challenge for sellers. Choosing to sell a home is a monumental decision. Despite having more leverage and control than in the past, sellers need to consider if the timing is right for their family, if finances justify a move, if they are ready to show their house and, most importantly, if they are ready to relocate. Because the current market is moving quickly, once that first decision is made, sellers need to be prepared. Creating plans before marketing the home is critical to a smooth transition for the sale and relocation. Creating old-fashioned lists of the positives and negatives is one way to organize thoughts and plans in the decision-making process.