What Sellers need to know when they are ready to Sell.
I am sure there are many sellers who are relieved that markets have returned to a sense of normalcy. The real question is what is normal? Markets shift from day to day and year to year, and there is no guide book that defines a “normal” market. This is particularly true in a market like The White Mountains of Arizona. Markets in this area are driven by many factors such as the economy, stock prices, and interest rates.
The White Mountain market is unique in that it is comprised by a combination of local buyers and summer getaway buyers. In recent years there has been a shift in the demographic make-up of those visitors. Many factors have contributed to this but the fact is that traditional groups who have owned or were buyers for second homes are no longer in the marketplace. Attracting new generations of buyers is the challenge for the future.
Sellers need to understand that as markets shift and the demographics of society change, adjustment is necessary. Sellers must be objective about their properties and have their local agent help them evaluate the home based on today’s buyer needs and wants. Pricing is critical, particularly if the home is older as many of today's buyers have shown a distinct preference for newer homes or homes that have been updated with contemporary finishes. They may consider an older home in need of updating but th price must allow for upgrades to be completed after closing.
Appropriate pricing is the single biggest factor when a home is for sale. Price it right and it will sell. Over-price it and it will linger on the market. There is a lot of information available for buyers to study before they start looking at homes. They know the market almost as well as your agent does, or at least think they do. Prices have recovered a good deal since the downturn and while buyer traffic has improved, they lean toward the conservative purchase that they deem affordable. Buyers incomes have also improved but they are not back where they were pre-boom days. They tend to be very price conscious and know before they start to look what their limitations are.
A recent development is a marked lack of inventory. Many people who might have wanted to move in to a new home have opted instead to remodel and stay put. Perhaps because they have refinanced at one of the low rates or simply because moving would require too much effort or cost them too much to do. That would seem to indicate a supply and demand issue, but the fact is without those move up, move down buyers, the number of buyers in the market, the poll of potential buyers is smaller also.
If you have been thinking you might want to sell, call me. I would be happy to help you evaluate your home for resale and develop a plan of action to get your home sold. Call to schedule your appointment today.
Sandra Paulow, Associate Broker, GRI, REALTOR®
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Sandra Paulow, Associate Broker, GRI, SFR, REALTOR®
Aspen Properties, Inc.