It seems like it was just a few short months ago we could not keep a listing on the market. The house went active on the MLS, received multiple offers, and then it was gone. It felt like it was all in a matter of days, maybe even hours. I had buyers say forget it I cannot keep up with this competition, and they stopped looking. Now, it feels like houses are sitting for weeks with no movement. Uh, oh … time to panic; time to make a drastic price reduction? Before you make big decisions, know this, this cycle is normal. Phew!
Over the past month showings have slowed down and this has caused sellers to feel like their house is doomed to stay on the market forever. The truth is that this down turn is very common this time of year. School starts the end of July, beginning of August, here in Ahwatukee so many home buyers have settled in prior to that day. School starts, vacations are over, and we get busy. According to Michael Orr, director of the Center for Real Estate Theory and Practice at Arizona State University, this happens in late summer. His expert opinion is that come October we will see the pick up again, with people wanting to be in houses before the holiday season. Then again the beginning of the year, we will see our typical spring rush develop.
So what does that mean for the home seller and buyer? For the seller, don’t panic. If you have priced your house well and your house is in good condition, the buyers will come soon, hang in there. If you are a buyer, this is a good opportunity to take advantage of less competition, having some time to negotiate the deal and beat the potential demand that will hit in the next few weeks.
I know all the uncertainty is frustrating. The best thing to do is stay in communication with your agent. He or she can help you understand the market trends, for sellers share ideas that will make your house more appealing than the comps and for all parties, keep you informed on pricing. The market is poised to be busy soon and you want to be ready for it.
• Christie Ellis, owner of United Brokers Group, is a real estate broker specializing in the Ahwatukee area. She is the author of “Real Estate Agent CEMETERY: How to Survive the Fears, Challenges, and Mistakes That Can Kill Your Real Estate Career.” Reach her at (480) 201-3575 or www.StopTheCarThisIsIt.com.