Selling a house involves a lot of variables that you need to juggle. But which variables do you need to attend to most in order to get the price you want within your desired time frame? Honestly, these variables that you need to consider vary drastically depending on which housing market your property is located in. Since we are focusing on Phoenix and the surrounding metropolitan area, let’s take a look at some principles that will help you sell your house in a timely manner for the price that you want!
The first thing to check for is to determine whether or not you are in a seller’s housing market or a buyer’s housing market. A seller’s market occurs when there is a limited supply of homes for sale while there also a ton of buyers competing to buy those homes. In essence, this describes the housing market when there is more demand for houses than there is an available supply. This type of market causes the houses to cost more and can mean more profits if you are a seller during these times. A buyer’s market occurs when the exact opposite trend occurs. It is characterized when there are too many houses for sale and not enough buyers in a particular area. A buyer’s market allows for buyers to make offers on houses that may be drastically undervalued. If you are a seller you are going to want to avoid selling properties during these times.
Well, how do you figure out if you are in a buyer’s or seller’s market?
The easiest way to determine which phenomenon is taking place is by paying close attention to the trends that are occurring in your housing market. The first trend to consider is how quickly houses are selling in your market in the first place. Luckily, this number is pretty consistent throughout the country. According to most studies, it takes a house an average of roughly 60-70 days after being listed to sell.
It should also be noted that the season that a house is being sold in can also drastically change the time it takes for it to be bought. Traditionally, as the temperature rises so do the prices of the houses that are being sold. Therefore, it is usually a great idea to start hunting for houses in the fall (rather than the spring or summer) if you are a buyer because house prices are usually dropping. However, in Phoenix, this common housing trend is reversed! The reason for this is quite obvious if you have lived in the city for awhile. As a result of the fact that so many Phoenix residents head out of town to avoid our extremely intense summers, many houses often go up for sale much cheaper than they would normally be priced. This, in turn, causes a buyer’s market. So if you want the most bang for your buck, you might want to avoid selling your house during the hot months here in Phoenix.
There are also several minor things to keep in mind that can give you an edge in selling your house quickly. Making sure your house is show and move-in ready often greatly decreases the time it takes for a house to sell no matter where you are in the country. Also, using an experienced real estate agent can help quite a bit, not only because they can list your house on the MLS but because they deeply know the ins and outs of the housing market. If you make sure that you consider all of the variables mentioned above closely, you should have no problem selling your house in a timely fashion!
Hopefully, this information here helps you understand how long it can take to sell a house for the price you want in Phoenix. If you have any more questions or feel like you need some help during this process feel free to call my office and ask for Jeff Barchi. It would be our pleasure to help you maximize your profits in the shortest amount of time!