Historically low interest rates and limited inventory, not to mention a global pandemic, have made 2020 an especially unique time to buy or sell a home in the Valley of the Sun.
“It is a seller’s market right now,” said Juan Pesqueira, a REALTOR® with Attorney Realty in Scottsdale, Arizona. “Move-in ready homes in the Phoenix, Scottsdale and most if not all of Maricopa County are selling quickly and for top dollar.” According to Realtor Magazine homes are going into contract at record times. With fall approaching now is the time to get your home ready for a faster home sale.
Even in a seller’s market, however, there are still things homeowners should do to ensure they get the most money back on their investment by prepping their home today to sell in the upcoming fall (Autumn) season.
Pesqueira offers some easy, inexpensive, and quick steps homeowners can take to be sure their property sells quickly and for as much as possible. Some quick and inexpensive do lists include “De-clutter, thoroughly clean, touch up paint, make any necessary repairs, and add curb appeal, make it pop!
Pesqueira added that REALTORS® are good at helping their sellers see their home from a buyer’s perspective and will often offer tips on preparing their home. Great REALTORS® will put a plan in place, communicate, and execute to perfection. Sellers should also listen to the expert advice REALTORS offer on listing price.
“It’s probably the most important detail,” said Pesqueira who is also a real estate appraiser. “Under-price and leave money on the table. Over-price and the home will sit on the market, eventually selling for less than it should have. REALTORS® study the Phoenix market and use comps to help sellers set a price that will make them the most money.” As a Realtor I want what you want. My goal is always to set a record or hold the highest priced sale in an area, subdivision, or for property type. In order to achieve that a seller’s best course moving forward is to price within the margin of error. It does not hurt to price above market value. But any price needs to have some truth. A high comp, market value sales show home selling in record time, pending are higher than the sales comp, etc. Pricing a property is an art form. Some agents price at or below market to get a bidding war going. Others such as I like to price higher than market value when it’s a seller’s market. If it’s a buyer’s market, then pricing within market value is the best practice to achieve your goal of selling for top dollar.
While it is a seller’s market in Scottsdale, Phoenix and throughout Maricopa County, it’s also a great time to buy with interest rates being so low, said Pesqueira. A competitive market may make it harder to find a new home once a homeowner sells their current home, but there are some ways to come out on top and land the home of your dreams.
“Having a strong down payment along with a solid preapproval from a local lender puts a buyer in a strong position to get the home they desire,” said Pesqueira. “Being a cash buyer puts you at the front of the line but don’t expect much discount if you are going after a hot property in a hot location.”
Again, He reminds homeowners and buyers that it’s important to follow the advice of a REALTOR® since a professional can help a buyer understand the market and the value of specific homes, as well as educate them on the different aspects of a strong offer.
Homeowners on the fence about selling may be tempted by the current seller’s market, but the decision to sell is a personal one, said Pesqueira, and shouldn’t be made just because of the current climate.
“Over the long haul, real estate is a very good investment,” he said. “No one should ‘panic sell’ just because right now is a good time to sell. There will be seller’s markets again in the future. It’s true that we need more listings for our buyers, but I would not want a seller to feel pressured into selling a home they love.” At the end of the day every homeowners goal or at least mine is to pay your home off.
If staying in your home is the best decision, homeowners may want to look at refinancing since interest rates remain low. You should also consider pulling money out to make those major repairs you have put off. I recommend reaching out to their current mortgage lender or bank and doing a bit of research on other reputable lenders to see who is offering the best rate and lowest closing costs.
No matter what you decide, buy, or sell, as a REALTOR® Pesqueira is here. Maybe you have a question or two he can be reached at firstname.lastname@example.org or by phone 480.458.8007 – cell or 480.767.6900 office. Visit our website for everything else…