Metro Phoenix has about a 14 month supply of homes for sale. That means that at the rate homes are selling now, it would take 14 months to sell all the homes that are currently for sale… if no new homes hit the market.
Obviously, many of the homes for sale now are not going to sell at all. How many aren’t going to sell?
You can look at it different ways.
This Sunday morning there are 46,909 single family detached homes for sale in the Arizona Regional Multiple Listing Service (MLS). In the last 30 days, 3,349 single family detached homes in the MLS sold.
So roughly, the odds of selling your single family detached home in metro Phoenix in the next month are 7%.
There is a 93% chance you will NOT sell your home in the next 30 days.
What a home seller can do
You can’t affect the economy or the Arizona real estate market.
You can control the price of your home, the condition of your home and the Realtor you choose to do the marketing of your home.
Homes are indeed selling. Home sellers now, however, have an unprecedented amount of competition from other home sellers.
With the right price, condition and marketing, you can get your home to be part of the 7% of homes that will sell in the next month.
Just remember that you determine your home’s price but not its value. You, I or an appraiser don’t determine your home’s value. The market determines it’s value. I know this is obvious but what a buyer is willing to pay you for your home is what your home is worth – not what you, I or an appraiser think it’s worth. We just estimate your home’s value. The market determines its actual market value.
If the market won’t give you the price you want or need, then you may be better off not selling your home. Many of today’s home sellers will eventually decide, of course, not to sell their homes because the market will not pay them what they want or need. You have to decide what is in your best interests.
My goal as a Realtor is to help sellers and buyers make the best decisions they possibly can. That starts with this blog and Home Sale News, my weekly e-newsletters of official home sale prices in Maricopa county zip codes.
Call me to find out how I help you sell your home. John at 480-600-0947.