My former neighbor, who purchased his home in 2016, kept hinting that he was preparing to sell his home. He had done some major improvements to the inside, and a little on the outside. He was an experienced homeowner and usually made money in his real estate buying and selling.
He kept asking me what the best time of year to sell would be, in our 55+ neighborhood. My advice to him was that the best sale time for his home would be right after the Christmas Holiday, when the snowbirds were here in Arizona in full force. Lots of them would be wanting to purchase homes for their next year visit, before they went back “up north” for the summer.
So we put his home on the market right after New Year’s and right away had multiple offers. He sold for cash, $10,000 over asking price. His buyer closed within the month of January. He also received, from this buyer, a handsome price for his furnishings. So, all he had to move fit in his little compact car. He was happy. He actually sold for about twice what he had paid.
Well, last week, he contacted me to see if the prices were dropping in our neighborhood. Interesting that he would contact me then, but I guess he may be thinking about finding another place here for his winter visits.
I had to tell him that one home, within a block of the one he sold, had been on the market and was pending. It was priced another 40% above what he got for his! Granted, it was a little larger square footage. By the time I got back with him, this one had closed for full price, all cash! It sold for the highest price ever in our neighborhood! We’re breaking records, and we wonder if it ’s a good time to sell!!???
As a side note, neither of these buyers were snowbirds, but year-round residents of Arizona. One was scaling down, the other moving sideways in to a retirement community.
So, no, prices are not coming down. At least not in our 55+ neighborhood. If you are thinking about selling, now is the time. Demand is still high, supply is low. Cash buyers are plentiful.
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