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 480-596-3851.
{ 3 comments… read them below or add one }
Doug 09.10.07 at 7:59 am
Great Article. I like how you broke down what you can and cannot control.
Paul Cooper 09.10.07 at 2:21 pm
Very well said!
RE Investor 09.12.07 at 2:11 pm
Hi John, can you help me with something? According to the census numbers, Arizona and especially Maricopa County is gaining people by the truckload. I am curious, where are all these people living? Is everyone renting homes now, and not buying or are there just sooo many investment properties that are being rented now that it is sucking up the population moving here? Or were the census numbers based on illegals, and now they are going home? Or is the economy floundering moving a lot of these people out? I am a landlord, and don’t have any vacancies but also just can’t imagine that everyone moving here is renting. I just cannot figure out how, on average about 7000 people move here, but only 3000 homes sell in a month? Are these people all living with parents?
Just curious and would love some insight from someone on the frint lines….