Quick Market Stats July 31st 2020
- It’s a seller’s market! Active homes on the market are down 43.2% from this time last year
- The market is VERY active! Number of homes under contract are up 19.4% from this time last year-
- Prices are going up! Average sales price is up 5.8% from this time last year.
- Demand for homes is high! Demand has recovered from April/May
- There are more buyers in our market than homes available!
- Homes are selling for top dollar at asking price or sometimes over asking price
- It’s challenging for new home builders to keep up with current demand
- The Phoenix market is one of the hottest markets in the country!
- Thinking of selling or want a free price analysis for your house? Call me at 623-297-9767
How buyers are making their offer stand out
1. Including a personal letter and picture in with their offer – As sellers are receiving multiple offers, buyers are writing personal letters to include with their offer. The letter could state why this is the perfect home for the person or family moving in. It might also include a family picture.
2. Shorter or longer closing time – Sometimes it is a benefit for the seller to have a shorter closing time so they can get on with their next home. Normal closing times right now are around 30 days. Consider offering a 2 or 3 week closing date to entice the seller to accept your offer.
3. Shorter inspection periods – The normal inspection period built-in to the contract is 10 days. Consider offering a 5 day inspection period instead. This is still plenty of time to get the home professionally inspected and ask for any repairs.
4. Include a pre-approval letter – ALWAYS include a “PQF” in with your offer, or a pre-qualification form. This will ensure the seller that you are fully approved for your loan and have the financing in place to close the deal.
5. Ask what is important to the seller – Often there are more things important to the seller besides just the offer price. As your agent I will call to ask the seller’s agent what is important to the seller. It might be a shorter closing time, or it might be a longer closing time. Every seller’s situation is different, and the offer can reflect what is most important to the seller.
Although it is competitive, I am still helping buyers navigate towards an accepted offer. Call or text me at 623-297-9767 & we can talk about your needs in a home!
Thank you for reading!
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Libertas Real Estate