Just in time for New Years, the National Association of Realtors (NAR) released its latest resale home figures for the month of November.
This is a national figure and really is not localized for the Phoenix area at all but, since it is positive, I thought I'd pass it along.
NAR reported today that resale home figures for the month of November, ROSE 0.4% nationally. Not really a great figure but at least it was positive.
Another encouraging sales figure is that new home sales (again nationally) were LESS than new home permits. This means that the resale home competition from new builds is decreasing. Good news for existing home sellers.
Happy New year to you all.
Richard
Monday, December 31, 2007
Friday, December 28, 2007
Phoenix Market Update
Well, the authoritative word is out. By that I mean that R.L. Brown, a very well known Phoenix area real estate analyst, has give homeowners wanting to sell their home his advice.
Brown says that the most important part of selling a home in Phoenix currently is to PRICE IT AT THE MARKET.
This may not sound like new news but its application goes like this. You cannot market you home at the same listing price of similar homes in your neighborhood that have been on the market for 90-300+ days.
If you look earlier in this Blog you will find the best strategy for selling a home in a declining market (which is what we have for the most part here in Phoenix).
You need to price it below the other similar homes to attract the buyers who are out there looking. It is a tough situation to confront but you need to ask yourself if you really want to sell your home. Testing the market these days is a complete waste of time for you and your Realtor. If you don't want to look at the sale of your home in these terms, you are better off waiting till next year.
Not really good news here at the close of 2007 but I think you will find it accurate.
Richard
Brown says that the most important part of selling a home in Phoenix currently is to PRICE IT AT THE MARKET.
This may not sound like new news but its application goes like this. You cannot market you home at the same listing price of similar homes in your neighborhood that have been on the market for 90-300+ days.
If you look earlier in this Blog you will find the best strategy for selling a home in a declining market (which is what we have for the most part here in Phoenix).
You need to price it below the other similar homes to attract the buyers who are out there looking. It is a tough situation to confront but you need to ask yourself if you really want to sell your home. Testing the market these days is a complete waste of time for you and your Realtor. If you don't want to look at the sale of your home in these terms, you are better off waiting till next year.
Not really good news here at the close of 2007 but I think you will find it accurate.
Richard
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