Ability Realty

Average sales price and median sales price stayed the same for June and July, but look at the total units sold and active listings, that’s a big change!  Days on market is again approaching the 50 day mark set in May.  I fully expect it to hit above 50 in August.

What does all this mean to the Seller?  Price it right if you need to sell soon as I still see prices coming down some.  Total Sales volume for June was $417,120,079 while July was $335,850,770.  As the number of homes sold decreases what do you expect to happen when you try to sell at above market price?

What does this mean to the buyer?  A better selection of homes and better pricing when you buy, but don’t expect every seller to discount their price.  If the seller priced it to sell, expect a counter-offer back to the list price or very close to it.  Don’t put every seller in the same box.  Some sellers will price properly and expect to get asking or close to it.  Ask your agent to have a copy of the subdivisions comparables available when you put your offer together.

 Interest rates are still close to 6 1/2% which is still a great rate.  What makes it really hard is now you may be looking at $225,000 plus for better subdivisions and better performing neighborhood schools.  Schools are a subject of their own.  Make sure you do a good search for Performing and better schools.  The Arizona Department of Education has a wealth of information on the schools and standardized testing.  They can be found at http://www.ade.az.gov/  Each school has a “report card” that is excellent in helping you decide which schools you would like your children to attend.

If I can help you or you have any questions, please email or contact me directly 296-7143.