Metro Phoenix Real Estate City Wide Market Report October 201
The Phoenix Metro Real Estate Market has 'cooled' off just a bit. Find your city in the chart below and compare the Sold Sept 2014 column to the Sold Last Year column and you'll see the current real estate 'temperature' in your area. You'll see that there isn't a significant difference between last year September sales and this years September sales. The numbers tell the real story.
What is different in the Phoenix Metro Real Estate Market? The Days on Market column shows a different story from city to city. Last September homes were flying off the market as quickly as we could get them listed, many with multiple offers. This year most homes are staying on the market longer with buyers having a larger pool of inventory to chose from. There were 19,682 Active Listings in September 2014 which is up 600 Active Listings from just last month.
Digging deeper I discovered that there are 4,900 MORE
Active Listings this year than last September 2013
What does this mean for Phoenix Metro Home Buyers? It means demand is down and home buyers are sitting on the fence longer than they did last year at this time to purchase a home. With more listings to chose from they don't feel the urgency to make an offer as quickly in most cases, and that may be a good thing. It's good to be able to 'sleep on it' and not have to make a quick decision when it comes to, most likely, the biggest financial decision they'll make in their lifetime.
What does this mean for Phoenix Metro Home Sellers? It means that it's extremely important to make sure your home is 'parade ready' before it goes on the market, that your agent has a professional photos for online marketing (which is where well over 90% of buyers begin their home search) and that your home is priced according to the market stats in your neighborhood. Be prepared to be patient. And it's possible you many need to adjust your listing price at some point if there has been no offers on the table. Also, remember that generally the Phoenix Metro real estate market picks up speed from mid-October on due to our fabulous weather and our winter visitors.
See YOUR CITY Real Estate Stats Below!
If you would like to discuss buying or selling your home give me, Anna 'Banana' Kruchten a call today. My Business Philosophy is about creating trusting relationships, taking excellent care of my clients and offering current, relevant and expert real estate advice. I take pride in going above and beyond for my clients.
Metro Phoenix Real Estate City Wide Market Report October 201
Orginally published at Phoenix Property Shoppe
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