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Market Condition

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What does the typical seller accept for price on their home?

 

A client of mine, recently  asked me a great question; they asked me “How much a seller is willing to sell their home for, less than asking price?” To start the answer… there is no typical seller….

Every person selling their home has a different reason for selling; every person selling their home is in a different financial position.

The more important question is to ask What are the market and the market conditions telling you about where homes are selling?

· you need to consider the purchase price of the home you’re looking at

· the neighborhood the home is in

· as well as the sellers and what did they purchase the home for and was it financed

These items together will give a little better idea of where to start with your offer; and what the seller is likely to accept.

 

I still wish I had a crystal ball….

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Market Update – May

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If you read the real estate news in your newspaper, any day now you will be reading that the real estate market has turned!   UP for a change. 

The right numbers are positive and the right numbers are negative….what I mean is the Sales prices are up.

 Really good news is that the percent of sales to list price is  98.3%.    The “make a low ball offer” period is over.  The lender owned homes are selling with multiple offers, almost to the point of bidding wars.   The number of “conventional seller owned” homes are up.

The right negative numbers are for inventory. The number of lender owned and distressed properties is way down.   Our inventory is very low, actually 47% lower than it was first quarter last year! With a total number close to 13,000.  April’s closings were 8400 The month supply is rated at about 1.5 months !    There are 20,500 sales shown as pending and Active with Contingencies. 

The Active Adult 55+ market presently has 2131 homes for sale with 898 sold in April, another 920 pending  and a current supply of 2.3 months.

These numbers are being repeated in select cities across the country, not just the Phoenix Valley of the Sun. 

To make things even better in the real estate world, the interest rates for the conventional 30 year mortgage  are hovering around the 4% level.

 

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The Phoenix area 55+ Community Housing Report

Happy Senior Couple Outside Cooking on A Summer Barbecue

Real estate sales in Phoenix and the 55+ Active Adult Community sales see-saw into

a  seller’s market at last.

A lot is being said by the Realtors and is about to be said by the media regarding the surge in home sales and lack of inventory in Phoenix, creating a seller’s market and an increase in home prices.  

The 55+ Active Adult market is not far behind.   Because of the more conservative  nature of the buyers the availability of distressed properties is lower.   The recent numbers are showing that today’s 55+ market has 2 ½ months supply of homes vs. just less than 2 months for the all over valley market.

Total Active listings of 55+ Active Adult homes on the market = 2,648
Total Listings closed in March of Active Adult homes =  1,056
Leaving a 2 ½ month supply of homes for sale.

Right now on the 10th of April there are 917 homes in the Active Adult Communities scheduled to close in April, so we may presume we will close again in the 1,000+ range.

The distressed property numbers show 75 active listings that are bank owned and 71 that are short sales.   That is 5.4% of the total number of active listings, as compared to  Phoenix home listings which show distressed properties as 17% of the total active listings. This is in alignment with the more conservative investing nature of the 55+ buyers.

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Phoenix Real Estate Market Report – What’s happening now!

The Phoenix housing market is changing once again.  Last month there were 8,867 homes that sold in our MLS.  There are just shy of 14,000 properties on the market a this very moment.  Divide the sold’s into the current listings and you can see we have less than a 2 month supply of homes available.  A normal market is considered 5-7 months supply.

If you have trouble viewing this video, please click here…. Phoenix Real Estate Market Report 

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Arizona Regional MLS 2011 Stats

Best friendsIt is a pleasure to be able to share some positive real estate statistics as we begin 2012. Although our main interest area, Active Adults, is not featured in the statistics gathering, it is closely related.  The indications are that selling your home in 2012 will be faster and ever so slightly more profitable.  That is encouraging as many of our clients have delayed their retirement move to Arizona based on the lagging prices and sales all over the country.  We should be seeing sold signs planted with the spring flowers!

Click here to read the Arizona Regional MLS report