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

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

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