Phoenix AZ December 31, 2013 – Home Seller Shock! Phoenix home inventory levels have risen over the last few months and we are now in a balanced real estate market. There are three different markets: Seller’s Market 0-3 Month Supply Of Homes, Balanced Market 4-6 Months Supply Of Homes and Buyer’s Market 6+ Months Supply Of Homes. With our current inventory levels at 5.18 months we are in a Balanced Real Estate Market.
Home sellers may be shocked to learn that they are no longer in control when it comes to putting there home on the market. For the first time since February of 2011, the Months Of Inventory Level was over 4 months. We increased our Months Inventory to 5.18 months in November, up from 4.08 months the prior month. This will be important to monitor, as more months of inventory is an indicator that there are more homes competing for buyers and more homes staying on the market. Just a few short months ago a home seller could put their home and the market without any improvements and regardless of condition, within a few weeks get an offer or even a multiple offers on their home. The home seller could even sell their home as is with no repairs, choose the close of escrow date and not pay for a buyer’s home warranty. Now that we are in a balanced market, the opposite is true.
If a seller wants to get their home sold int he first quarter of 2014, then they had better listen to an experienced listing agent’s advise! A custom home selling strategy needs to be in place with a few key strategies including:
- A Pricing Strategy that adjusts with the current market conditions.
- A Condition Strategy that makes sure your home can compete against other homes for sale and avoid costly repairs.
- A Marketing Strategy that will ensure that every possible buyer knows about your home.
- A Negotiation Strategy based on current market conditions that will virtually guarantee you that you are not leaving any money on the table.
- A “Plan B” Strategy incase your home is not sold within your time frame.
January is usually a heavy listing month meaning that now that the holidays are over, more and more home sellers will be wanting to put their home on the market. With the current inventory levels at 5.18 months, a heavy influx of home sellers in January could mean that we will be in a Buyer’s Market with 6+ months supply of homes for sale.
Your Agent Matters! Donald Keys has been a licensed REALTOR since 2006 and will take the time to listen to your needs and create a custom home selling and moving strategy. To discuss the sell of your home call Donald Keys at (602) 750-1744