March 2014 Video Newsletter and Arizona Real Estate Market Update
In this newsletter:
As always we’re going to be recapping the statistical information from the previous month which was February. It’s very interesting what happened in February we saw an uptake in the market activity. There’s been a lot more movement over the past month than previous months. That is shown in the numbers if you look at the sold volume. It’s been slowly going down over the past six months is now flattened and is almost going back up. Another thing to look at is the absorption rate. The absorbtion rate climbed again. As the rate grows so does the number of listings, they go hand-in-hand. It’s important to know that as the inventory increases it takes a lot more to market a home to get it sold. Also the days on market increases because there are more homes on the market and less leave the market than are sold.
So let’s put this all together of what it means to buyers and sellers. First, on the selling side it looks like being aggressive with your pricing making sure that your home shows the absolute best possible. Before we were able to put a sign in the yard put it on the multiple listing service and get an offer now that’s not exactly the case. We are having to do some creative marketing, get really good pictures, and actively prospect for buyers for those listings. Overpricing a home in today’s market can almost guarantee that you won’t sell your home.
On the buying side it’s important to realize that you have options but waiting too long could cost you thousands. Let me explain what I mean by that. With just .25% of an increase in your interest rate that could completely price you out of getting the home that you want. Also with more homes getting put on the market the good news is that you’ll be able to have more homes to sift through and have a better chance of getting the home that you want. But by waiting someone else can be buying your dream home right now. As always we advise our clients to get the numbers and get the proper information. For a buyer this looks like getting prequalified and knowing the payment that you qualified for with the interest rate that is currently available to you.
Again, let us be a part of your decision-making process. Let us get all the information that you need in order for you to make an educated decision. Don’t go at this blindly. Also, be very careful with what you read on the Internet and listen to at the workplace. There’s a lot of hearsay in the market right now and a lot of it isn’t true, prices have not fallen yet they just aren’t increasing anymore like they were at one point. Please let us know if there is anything that we can specifically do for you and your friends or coworkers and your neighbors.
A huge thanks to all the people who were willing to stamp their name to ours last month. We had a record number of referrals in February!!!
Have a great March and we will see you in April.