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Hot Market for Equity Home Sellers in Phoenix, Peoria, Surprise, Glendale, and Scottsdale

By
Real Estate Agent with Keller Williams Realty Professional Partners

 

Hot Market for Equity Home Sellers in Phoenix, Peoria, Surprise, Glendale, and Scottsdale

 

The Equity Home Seller is reappearing and brings a great deal more value to the table than what we’ve seen the last few years from distressed properties. Realtors know this and our buyers know it too. When marketing an equity home sale, 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 that offers more value to a buyer that is anxious to find their dream home. 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!  It may rest out of the price point to many though. We are not interested in buyers who cannot afford your 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, or those fixing the multitude of repairs and issues on a lender-owned property.

 

Put quite simply, this is the best market since 2005 for homeowners with equity to sell. In areas like Phoenix, Peoria, Surprise, Glendale, and Scottsdale, homes 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 their self 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. The market is seeing a great deal of appreciation in Phoenix, Peoria, Surprise, Glendale, and Scottsdale where the value is up 20-35% in some areas and price ranges from where it was just a year ago. That is, homes that are priced appropriately and receive multiple offers are selling for a several 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 market like Phoenix, Peoria, Surprise, Glendale, and Scottsdale. These homes successfully close after reducing the asking price to a fair market level or sometimes even lower than what would have been the initial fair market value. 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 by then they have 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

 

Hot Market for Equity Home Sellers in Phoenix, Peoria, Surprise, Glendale, and Scottsdale

 

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