Yesterday Michael Orr came out with a report stating that sales are sluggish in Maricopa County. Obviously, he is looking at the county as a whole and throwing in Maryvale homes with Paradise Valley homes, etc.
What we are seeing on the west side is a great void in the days on the market. The majority of homes here are selling in less than 30 days. When priced properly, typically homes are selling within 2 weeks. When priced improperly, the homes will sit on the market for months and months.
Our last 2 listings were priced properly and went under contract in less than 7 days. On the other end of the spectrum, we have owners that refuse to react to market data and have priced their homes too high for the market. These homes have been on the market for more than 3 months.
So, seller beware. If you want your home to sell quickly, price it right. If you have not had any showings in a week or you have having a multitude of showings and no offers, the buyers are giving you a message and they are speaking loudly. Be prepared to keep your home for many months.
The first 2 weeks on the market are critical in the west valley market. Price it right from the start. Don't "overshoot" the correct pricing in the hopes of snagging a sucker.
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