By Chad Arend, The Arend Team
Virtually every day, I get asked the same question: “How’s the real estate marketing going?” I enjoy the question and expect it as some aspect of real estate effects people on an everyday basis. So, it’s always good and easy conversation with people around me. That being said, I thought I’d write up a quick article this month about what life actually looks like with the current market trends. This will hopefully give you real insight of what to expect if you are considering buying or selling in the next 90 days before summer hits.
Let’s start with quick data: Current inventory is down 42% compared to last March. Current pending properties is up 17.9% and sales are up 14.2%. That means there are less properties coming to the market, and more buyers on the hunt for them. From a Seller perspective, this is obviously great news. I recently put a home on the market the first Thursday of March, had eight showings on Friday and another six before noon on Saturday. We received three offers by Saturday afternoon, and accepted a full price cash offer late Saturday. This was in a hot area and priced at $525,000 which is a solid price point currently. I recommended that the sellers make plans to virtually be out of the house for the first weekend on the market, as showings were expected to be high based the preliminary marketing response. So far, in that case specifically, the sellers are obviously very pleased with the happenings.
During the same time, I’ve been working with buyers looking for a new home in the North Phoenix area. We have toured approximately 12 homes over the past two weeks. We started by seeing four each the first and second days. They liked one that had just came on market and submitted an offer – unfortunately it wasn’t accepted. Over the last 10 days we submitted three more offers and finally got a great house accepted for them. In converse to the Seller story above, they were growing frustrated with having to compete with multiple offers on every home they liked. Fortunately, we were able to get a good offer accepted without having to increase over the asking price on a home they love!
If you are considering buying or selling soon, remember to pay attention to the details currently. We have had great success marketing homes at a high level and getting great attention. Not only are we seeing great activity, but we’re vetting the buyers to make sure we get the most motivated buyer for that specific property and not just someone blasting out offers and is settling for this one. This will lead to a higher probability of closing and an easier escrow for all involved. If you are considering buying, make sure you are well qualified prior to searching, know of the general specifics of the home you are looking for and be ready to move quickly. You may only get hours to decide on your next move, but keep in mind you have a built-in due diligence period to have all your questions answered with minimal risk.
As always, don’t hesitate to reach out to me and ask, “How’s the real estate marketing going?”
The Arend Team strives to be on the forefront of the local real estate market and provide the best service and response time to long-time clients and new customers alike. We keep on the forefront of technology, yet also keep tried and true methods. Our industry skills include aggressive negotiation tactics, local knowledge, always update-to-date contract knowledge, premier marketing tools and a strong support staff. We always assure every client involved in the real estate transaction is “kept-in-the-know” on each aspect of the buying or selling process. Our goal is to make sure we maintain a true “clients first” attitude towards all aspects of our business.