Why Isn’t My Home Selling in Glendale, Peoria, Surprise, Anthem, Goodyear, Avondale, Litchfield Park

February 6th, 2014

Why Isn’t My Home Selling?

If you are asking why isn’t my home selling and your home is still sitting on the market for significantly longer than average, the market has spoken. And it’s saying: the price is too high vis-a-vis the current condition of the market and the property.  Period!

There are only three variables in this equation – which is helpful, because it means there are really only three ways to fix this situation:

-change the condition of your property

-wait until your market conditions change to support a higher price

-change the list price.

That’s it. That’s all there really is. For most sellers the simplest, most sensible of these three variables is to modify is the list price. This is especially so in cases where the home is in good basic condition, is well-staged, and other homes nearby are flying off the market.  The fact that you don’t want to hear that your home is overpriced doesn’t mean it’s not the truth.

These are some of the most common mistakes sellers make when setting a price:

Price based on need
What you want to make from selling your home means absolutely nothing to buyers or the marketplace. So setting a price based on what you want so you can retire, move up, start a business, etc. will almost certainly fail.

Price based on ego         
Your neighbor sold for $250,000 last year so you want $295,000 because you “know” your house is better. Regardless that the market dropped five percent since your neighbor sold. Nearly every owner thinks their house is the best on the block, or at least better than any of the ones that have recently sold or are on the market. Unfortunately for sellers, your opinion doesn’t carry any weight with buyers. Only their opinion matters.

Price based on greed
Even if it’s been shown that your house will likely sell for around $250,000, you insist on listing it for $295,000 because “you never know, someone could come along who just has to have it. Besides, if we don’t get any bites we can always lower the price later.” The problem is it won’t take long for buyers to realize your price is unrealistic and think you are, too, and won’t want to deal with you unless the house is “a steal.” The listing languishes, so you drop the price, but not enough, it sits even longer and pretty soon you have a listing that’s been on the market so long buyers decide there is something wrong and steer clear.

The solution is to get the price right. This is done by using what is called a Competitive Market Analysis (CMA). A CMA breaks down the sales price of homes that are similar to yours in location, size, age and condition.

Your agent will also consider the listing prices of homes on the market, but these are used more to identify the competition. Even with a strong agent and CMA, your price may not be on target. That’s because the market is always changing and your agent should be updating your CMA whenever anything comparable to your property sells.

Not every reason your home isn’t selling will be the price, although they will be related to it. Here we have that value vs. price issue. If buyers perceive imperfections in your listing, they will want a discount, so if they’re not buying, your price is not discounted enough for buyers to believe the value to them at least equals that of your price.

Here are some of the most common reasons buyers are turned off by a particular house, so make sure these are addressed before lopping thousands of dollars off the asking price:

Put on a good show
This is the second biggest reason a home isn’t selling. Buyers often talk of “connecting” to a house. This is not likely to happen if your house is not company-coming-over clean and ready to show like a model. This goes for the outside as well. If you don’t want to put the effort into doing this, then you’d better adjust your price to compensate because buyers will only consider your house because it’s a good deal, not because it “speaks to them.”

Can’t buy what they can’t see                           
If you make it difficult for people to see your property, then chances of a sale at the price you want drops considerably. Selling can be a nuisance, but it’s a necessary one. If you don’t allow a lockbox or require appointment-only showings, you are the culprit to the house not selling.

Out of your hands
It’s not always the seller’s fault that a house isn’t selling. Sometimes the market changes and buyers disappear. Maybe a new home development has opened nearby and they are “stealing” the customers. Any of these can affect whether your house sells, which means you need to consider the reasons and make the necessary adjustments.

If you are considering Selling your home,it is very important to price your home right. I am a Phoenix Metropolitan Area Specialist, focusing on residential homes in all areas of the Valley. Call for a no obligation consultation. You will be provided with all the information necessary to make an educated decision in these changing cycles of the real estate market.

Call today at 602-317-2960 or Visit us at www.InzalacoTeamAZ.com

“Connecting Families with Communities”

 

 

17679 W Arcadia Drive Surprise AZ 85374-Furnished home in AZ Traditions

January 29th, 2014

Gorgeous furnished 2 Bed, plus Den, & 2 bath home with many architectural details throughout. Home features vaulted ceilings, hardwood floors, ceiling fans and tiled fireplace. Chef’s kitchen boasts granite countertops, white cabinets and appliances with breakfast bar.  Designer tile kitchen floor. Formal dining area. Master suite retreat is spacious and bright with easy access to the master bathroom. Ample storage cabinets in garage. The covered patio and desert landscaping complete this lovely backyard. This well loved and immaculate home will not last! Don’t miss your opportunity to own this turn key home.

Click here to view property grid. Click here to view property grid.

Luxury Homes – Acquire More for Your Money

July 9th, 2012

Luxury Homes – Acquire More for Your Money

Expect to have one heck of a housewarming party! With home prices down 10 to 20 percent in most major cities a million dollars can acquire much more than just a few years ago. The medium home price currently across the United States is approximately $170,000. Think bigger and see what you can afford for seven figures.  Homes priced now at $500,000 where once the seven figure home before the drop and now considered one of the best Phoenix area luxury real estate deals going on.

According to Zillow, the Phoenix market hit a bottom during the third quarter of 2011, and is expected to have some of the strongest price growth in the country through March 2013. However, homes in the Phoenix area priced above $1 million are struggling more than lower price points, due to buyer difficulty in obtaining financing. In some of the Phoenix city areas, $1 million homes are selling much faster this year than in 2011, due to low inventory.  LUXURY HOME SEARCH

Still it looks optimistic, citing low inventories, low interest rates and increased activity. Some brokers in Phoenix believe the area is in a seller’s market for the first time in four years. Activity has been buoyed by investors, while most buyers are looking to time the market before jumping in on any price point.

Doreen Inzalaco, Inzalaco Team, 480-420-9151, www.inzalacoteamaz.com

Luxury Homes – Acquire More for Your Money

Should You Wait To Sell Your Home?

July 3rd, 2012

Should You Wait To Sell Your Home?

 

There have been several reports showing that the housing market is beginning to recover. With the market showing signs of life, the question now becomes should you wait to sell because prices may be about to increase. This has caused fear among some homeowners who are considering whether or not to sell their house in the next several months.

 

The data shows that sales are increasing. There is no consensus on home prices yet. At the National Association of Real Estate Editors conference in Denver at the end of June, Lawrence Yun, chief economist of the National Association of Realtors (NAR) said:

 

“This time next year, there could be a 10% price appreciation. I would not be surprised to see that.”

 

During the same week, Morgan Stanley came out with a housing report that stated where they believed housing values were headed over the next eighteen months:

 

“We estimate a drop of 5-10% more.”

 

So which direction are prices headed?

 

If we look at the Home Expectation Survey, which asks a distinguished panel of over 100 economists, investment strategists, and housing market experts to give their 5-year expectations for future home prices in the United States, we see the average cumulative appreciation expected by the end of next year (2013) is only .9%.

 

Should you sell now or wait? Does it make sense to delay your move for 18 months in order to get less than a 1% increase in your selling price? Only you can answer that question.

 

Here is the sentiment echoed by a couple of other real estate agents.

 

1) Inventory is thin. There isn’t a lot out there

 

2) Multiple bids on desirable properties, stuff is getting run up, sometimes up 20%

 

3) Homes are appraising higher

 

4) The REO properties out there are utter crap. The bank owners are doing nothing to update or care for the properties. Further, they are doing nothing to negotiate on price, nor provide any incentive or protection to buyers.

 

5) New construction is BOOMING in part due to weak inventory and the crappiness of REO properties.

 

6) Definite easing in getting mortgages. Pendulum has swung to, “ideal.” If you have an old blemish or two you can still get a mortgage.

 

7) If you were looking for a deal, most likely the boat already left the dock.

 

8) It is ‘crazy busy’ buyer’s looking for a home.

 

Doreen Inzalaco, Inzalaco Team, 480-420-9151, www.inzalacoteamaz.com

 

Should You Wait To Sell Your Home?

Is It A Good Time To Sell Your Home? – Hot Market For The Equity Home Sellers

July 3rd, 2012

Is It A Good Time To Sell Your Home? – Hot Market For The Equity Home Sellers

The Equity Seller is reappearing and is highly valued. We Realtors know this and our buyers know it too. And when marketing an equity seller, we need to emphasize the advantages of an Elite Property. Why can I say this with confidence? Experience!

You might ask what is an “Elite Property“?  It’s an equity sale, and as a real estate agent I market it completely different than you’ll see with a distressed property.  As a team (equity seller and real estate agent), WE are offering an A+ experience— and not everyone can afford it. We’re offering clear title, reasonable repairs, expedient occupancy and a 30-day escrow. You might even throw in the refrigerator for free. This is a luxury for home buyers now. The listing itself will point this out…”looking for a luxury home buying experience”?

We behave as if we’re offering something unusual, unique and valuable— because we are. We will approach the sale as if every buyer wants to work with us. They do! In return for the pleasant experience we provide, the buyers will need to put more earnest money down. We are not interested in buyers who cannot afford this Elite Property. Not every buyer can pay for an Elite Experience….but those who can, will appreciate the difference, and will be in their new home long before the bargain-shoppers waiting for the short sale.

Put quite simply, this is the best market since 2005 for homeowners with equity to sell.  In subdivisions like Marley Park in Surprise and Westwing in Peoria, the equity sellers are receiving multiple offers. You heard right, this is a seller’s market! The lower the expected market time, the hotter the market. At about 1.34 months of inventory in Areas like Phoenix, Peoria, Surprise, Glendale, and Scottsdale, homes that are priced right–at or near their fair market values, are flying off the shelves like popcorn at a movie theater.

The Equity Seller shouldn’t get ahead of themselves however. While the market has the look and feel of a seller’s market with multiple offers and selling prices near their asking prices, homes must be priced accurately to sell. As mentioned in earlier posts, the market is seeing slight appreciation in Areas like Phoenix, Peoria, Surprise, Glendale, and Scottsdale. That is, homes that are priced appropriately and receive multiple offers are selling for a few thousand dollars more than prior closed sales. The trouble is many homeowners overvalue their own home and list it at an unrealistic, overpriced level.

It’s human nature. Unfortunately, homes that are overpriced tend to sit on the market a little longer and give the impression of having potential problems even in sought after subdivisions, such as Marley Park in Surprise or Westwing in Peoria, and others throughout the Phoenix Valley. These homes successfully close after reducing the asking price to a fair market level. Many sellers simply try out an initial, overzealous price and reduce after a certain time. This is not a wise approach. When a home first hits the market, they garner the most attention and showings. After reducing the price, there is not as much activity compared to the first couple of weeks of the original list date, and they likely missed out on eager buyers that were well aware of the comparable value of the properties in the neighborhood. It’s much smarter to hit the market with a realistically priced home to take advantage of the most activity, and to do this by receiving a comprehensive market analysis of your home, by an experienced Realtor.

Doreen Inzalaco, Inzalaco Team, 480-420-9151, www.inzalacoteamaz.com

Is It A Good Time To Sell Your Home? – Hot Market For The Equity Home Sellers

Selling Your Own Home vs Real Estate Agent

July 3rd, 2012

Selling Your Own Home vs Real Estate Agent

The distressed home has been prominent these past 5 years with bank owned homes and short sales in Areas like Phoenix, Peoria, Surprise, Glendale, Scottsdale. New Subdivisions like Marley Park in Surprise and Westwing in Peoria were severely upside down in value.  Home prices have slowly increased in value in some Phoenix, Peoria, Surprise, Glendale, Scottsdale Areas. In February 2012 the traditional sellers (Equity Listings) reached 49% of the homes listed on the MLS. Bank owned homes on the MLS were down from 58% in February 2011 to 23% in February 2012.

Homeowners trying the For Sale by Owner method

Dave Ramsey says to the For Sale by Owner: “If you go with a high-octane real estate agent, you’ll have the advantage of being exposed to their entire pool of buyers. More importantly, you’ll be in the MLS, or Multiple Listing Service, database. There, you’ll immediately have thousands of potential buyers. So, who do you think will have the best chance of selling your house? Market exposure is everything in the real estate game!”

For Sale By Owner (FSBO) Statistics

FSBOs accounted for 10% of home sales in 2011. The typical FSBO home sold for $150,000 compared to $215,000 for agent-assisted home sales.

FSBO Methods Used to Market Home:

Yard sign . .  . . . .44%             Listing on Internet . . . .33%         Friends/neighbors. . . . . . . . . . . 27%

Open house . . . .19%             Newspaper ad . . . . . … 17%         For-sale-by-owner Web site. . . .12%

Most Difficult Tasks for FSBO Sellers:

  1. Getting the right price
  2. Understanding and performing paperwork
  3. Having enough time to devote to all aspects of the sale
  4. Preparing/fixing up home for sale
  5. Selling within the planned length of time

The Economy

As in past downturns, renewed job growth and stronger consumer confidence are needed to spark the housing recovery. However, conditions in few states showed signs of improvement and confidence has remained relatively low. In addition, the persistent decline in home prices, the ongoing foreclosure crisis, the large shares of underwater homeowners, and tight lending standards are all holding back homebuyer demand nationwide. But, experts have touted that across the valley, from Areas like Phoenix, Peoria, Surprise, Glendale Scottsdale, we are set to have the quickest resurgence from any other real estate market nationwide. With a current 1.34 month housing inventory on the MLS it has created a buyer’s frenzy and an advantage for seller’s that have been waiting to sell their home. Sale prices are up 20% from this time last year. To receive the highest exposure possible during this market upturn, home sellers are relying on the value and expertise of professional real estate agents to bring them the highest and best offers on the sale of their homes.

Doreen Inzalaco, Inzalaco Team, 480-420-9151, www.inzalacoteamaz.com

Selling Your Own Home vs Real Estate Agent

New Website

March 28th, 2012

In order to provide our clients, and the public, the best from us—we (the Inzalaco Team) have reconfigured our website, and we are really excited about the changes made.  The new website provides an online/offline chat feature.  We will be adding some wonderful information as part of a luxury resource guide, and also providing some of the short sale expertise to help you better understand the short sale process.  Also, you will get to see some of our website direct blogging (just like this)…

We look forward to working with you!