Wednesday, 7th of December 2011 at 11:07:17 AMAccording to a recent National Association of Realtors® study, buyers are getting 95% of their asking price. This is old news in the Phoenix Real Estate market as we’re typically a 95% market. Now the caveat of this report is the listing is new and priced well. So you should have a plan with your agent that says if certain milestones are not achieved in a timely manner, a price reduction should occur. For example, if in the first 2 weeks of the listing you don’t have 10 showings, drop the price. If after 10 showings you don’t have an offer, drop the price, etc. You should always make this plan in advance so that you don’t lose marketing time. We call this chasing the market. As a listing gets older it looses visibility with potential buyers and you have to make more dramatic moves to get their attention again. You don’t want to be in this position, especially since parts of the Phoenix market are now in a Seller’s Market. By being in a Seller’s Market, there are less than 3 months of inventory and most homes are selling quickly. If you home is listed for a longer time in a Seller’s Market, buyers start thinking about what is wrong with your listing. My advise is to be prepared so you achieve your goal of getting your Phoenix home sold!
