As the temperatures down in Southern Arizona start to heat up, so does the real estate market up here in Northern Arizona. Home sales are on the rise, but how long can you really expect to see your home on the market? With the right marketing program, which includes extensive Internet marketing, since 90 percent of buyers are searching online first, the average number of days on the Prescott market has become shorter over past few years. This, of course, is great news for sellers.
The other chart here reflects just how much sellers originally asked for their property, versus how much the sellers ultimately close on a transaction in the Prescott area market. This is shown at a percentage, so if the percentage number shows 96 percent, that means the seller closed at a price four percent lower than what was originally asked for the property. It seems the sellers are getting their listing price, or pretty close to it, and this is not expected to change through the 2015 year. Interest rates remain attractive and potential homebuyers are discovering that stronger offers are necessary as inventory levels of well-priced homes continue to be somewhat of a problem.
There is good news that the real estate market is definitely stabilizing, both locally and nationally. So, whether you are selling or buying, you need to carefully evaluate all of the data surrounding the value of any property so you can either price or bid accordingly. Check out Realty Executives of Northern Arizona’s current listing online or get market charts for Sedona, Prescott and the Phoenix areas. It contains all the tools and information you’ll need to make a wise decision. Find it all at www.realtyexecutivesaz.com. QCBN
By Don Bonnell