Yesterday’s Arizona Republic newspaper reported that valley home prices dropped 5% in 2014 (last 3 months). While this is great news for valley home buyers, it’s real news to home sellers. It seems as though the market went from a seller’s market to a buyer’s market overnight and it kind of did. Median home prices in the valley fell from $205,000 in December 2013 to $196,500 in January 2014.
That’s not all. Mike Orr, director of the Center for Real Estate Theory and Practice at the W.P. Carey School of Business, reports, “home sales activity was a startling 26% below February 2013 … the weakest market in 4 years.” The good news is that the market is up 64% since the 2011 recession.
The valley market is no longer faced with a lack of inventory; the number of homes on the market since this time last year has risen 58%. What does this mean if you want to sell? I think it means that your house needs to be competitive:
– Get that pre-inspection done and show your home “inspection certified.”
– Take extra effort to prepare your house – paint baseboards, trim trees, de-clutter.
– Offer to pay for a Home Warranty for the prospective buyer.
– Make sure your home is easy to show with as few restrictions as possible.
– Consider small home improvement projects.
– Know your bottom line on pricing and be realistic and flexible.
So, if you are thinking about purchasing a home, this is good news for you! Give me a call and let’s go shopping. If you want to sell, I will help you do this as well – 602-486-3587.
(data source – AZ Republic, 4-3-14)