Arizona homes for sale

Price to sell in a softening market January 14, 2002 Last year, listings sold so quickly in most areas that an expired listing was virtually unheard of. This year is a different story. Listings are generally taking longer to sell. Some listings actually expire, which can leave the sellers in limbo. An expired listing is one that doesn't sell during the listing period. Listing periods vary, but they are often for 90 days. A dilemma for a seller whose listing expires unsold is what to do next. Sellers who don't have an urgent need to sell may wonder if they should give up and try again later. This approach is risky. The real estate market is softening. It will soften in some areas more than others. Evidence indicates that in the current market, the softening isn't hitting all price ranges equally. There is more softness in the higher price ranges than there is at the entry level. In general, when consumer confidence wanes and unemployment rises, the real estate market suffers a downturn. Whether or not this involves a decline in prices depends on the severity of local economic conditions. Sellers who live in an area that is being severely impacted by the current recession could find home prices lower in a year than they are today. In a declining market, you're better off selling sooner rather than later. There are steps you can take to enhance your chances of selling during the second 90 days on the market. The first step is to find out why your home hasn't sold. In most cases, the answer is that the listing was over-priced for the market. SELLER TIP: The economic principals of supply and demand apply to the home sale market. When there are more buyers than sellers, there aren't enough houses to satisfy the demand. Pricing in this case is less crucial because there are often multiple bidders competing against one another for the opportunity to buy your home. But, when the supply and demand balance changes, as it has this year, and there are more sellers than buyers, you need to undercut your competition price-wise if you want to sell. You need to be brutally honest about home prices in order to sell in a softening market. Otherwise, you end up chasing the market as it moves downward. This is exactly what happened to a woman who owned a home in the Montclair section of Oakland, Calif. She listed her home for sale earlier this year. She refused offer after offer because she thought the prices were too low. Her listing expired unsold. The homeowner then found another agent who was able to speak candidly to her about current market conditions. She listed with this agent, this time at a realistic price, and her home sold. But, she ended up selling for less than the lowest of the offers that she had rejected when her home was listed with the first agent. This is not a market in which you can hold out for a sky-high price. Buyers know value and they won't over-pay in a soft market. In fact, they expect a discount off the premium prices hit a year ago. If you're not willing to be reasonable, you probably can't sell in today's market. The real estate agent is usually not the cause of an expired listing. But, if you and your agent have had a miserable working relationship for the last 90 days, change agents. THE CLOSING: The best listings, at the best prices, are selling. So, in addition to a realistic list price, make sure your home shows beautifully. Dian Hy mer is author of "Starting Out, The Complete Home Buyer's Guide," Chronicle Books. Copyright 2001 Dian Hy mer Distributed by In man News Features   More - Real Estate Columns   FREE reports on homes sold in your zip code Arizona Homes - All available zip code reports Chandler Homes Gilbert Homes Glendale AZ Homes Goodyear Homes Mesa Homes Phoenix Homes Scottsdale Homes Sun City AZ Homes Tempe Homes   FREE custom-made reports on homes for sale Metro Phoenix Southeast Valley. Homes for sale in Ahwatukee, Chandler, Gilbert, Mesa, Queen Creek and Tempe. Phoenix. Homes for sale in Anthem and Phoenix. Southwest Valley. Homes for sale in Avondale, Buckeye, Goodyear and Litchfield Park. Northeast Valley. Homes for sale in Carefree, Cave Creek, Fountain Hills, Paradise Valley, Rio Verde and Scottsdale. Northwest Valley. Homes for sale in Glendale AZ, Peoria AZ, Sun City AZ, Sun City Grand, Sun City West, Surprise and Youngtown. Wickenburg homes for sale. Metro Tucson Tucson area. Homes for sale in Marana, Oro Valley and Tucson. Green Valley area. Homes for sale in Green Valley and Sahaurita. Other Great Arizona Towns • Casa Grande homes for sale • Flagstaff homes for sale • Lake Havasu City homes for sale • Payson homes for sale • Prescott homes for sale • Showlow homes for sale • Yuma homes for sale