Distressed properties have been the primary market these past 5 years with bank owned homes and short sales in areas like Phoenix, Peoria, Surprise, Glendale, Scottsdale. New Subdivisions like Sonoran Mountain Ranch and Westwing Mountain in Peoria were severely upside down. 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. It’s a great time for some home sellers that have been waiting out the downturn for prices to head back up with a little equity once again. We have especially seen the prices rising in especially popular neighborhoods like Sonoran Mountain Ranch and Westwing Mountain. So, the question for you: Selling Your Own Home vs Using a Real Estate Agent?
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!”
You can visit the Inzalaco Team at www.InzalacoTeamAZ.com for some details on the market exposure we provide for you. Especially serving as Your Neighborhood Real Estate Team for Sonoran Mountain Ranch and Westwing Mountain.
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. Additionally, it takes on average an extra 38 days for the FSBO home to sell. There is also a factor of liability that a homeowner assumes when trying to sale their own home, especially if they are unaware of certain disclosures and specifics involved for a real estate transaction.
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
As in past downturns, the criteria needed for a housing recovery were job growth and stronger consumer confidence. 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 areas like Phoenix, Peoria, Surprise, Glendale, Scottsdale are set to have the quickest resurgence from any other real estate market nationwide. With a current 1.34 month housing inventory it has created a feeding frenzy for buyer’s. This is a great advantage to seller’s that have been waiting to sell their home. Sale prices are up 20-35% from this time last year. This especially true in the increase in value that we are seeing in Sonoran Mountain Ranch and Westwing Mountain. 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 and providing their home with maximum exposure to interested buyers. So, the question when Selling Your Own Home vs Using a Real Estate Agent is relatively simple. A Real Estate Agent can sell your home faster and for a higher value than you will be able to by yourself.
Doreen Inzalaco, Inzalaco Team, 480-420-9151, www.InzalacoTeamAZ.com