“My house is for sale but I am getting no offers or lower offers than I expected, WHAT IS HAPPENING I AM FREAKING OUT!”
As a real estate professional, it’s my job to give you the information you need about what’s directly impacting home sales in the market I serve. Because the market is changing rapidly, there are several pieces of information that are important to know and track if you are selling a property.
Today I want to share housing inventory information. The graph below shows a very important shift that boils down to supply versus demand – as you know low supply as it compares to demand will make homes sell for more.
As you can see the supply of available homes for sale has now SURPASSED what it has been in the last two years – very soon if this trend continues (and it will with another interest rate increase anticipated) we will see a buyer’s market in Maricopa County for most price ranges.
Bottomline – Buyers shopping now have multiple homes to choose from instead of just one.
What does this mean for home sales
• Sales prices are *starting* to drop – from May you can see the decline starting and how it’s quickly moving downward
• Homes are staying on market longer – buyers have choices and don’t feel rushed and their affordability isn’t great due to higher rates which also causes sluggish action
• Bidding wars are becoming infrequent
What Should You Do
For starters, DO NOT PANIC. Strategy is key here and that’s what my job is (if I’m your Realtor). Take a look at my Seller’s 8 Commandments for a very real (and somewhat cheeky) compilation of things sellers need to do and think about in this market. Read them here.
A shifting market isn’t to be feared, it simply requires a different strategy and mindset. I am excited to lead my team and clients through this – netting my sellers the very most as we enter into a time of lower overall values.
Selling your home soon? Let’s start the conversation about what it’s gonna take to be successful.