Rethink “Nothing Happens in Arizona in the Summer”

Bulldog-SleepingWall Street Journal- 7-31-13  “Fed Leaves Bond Buys in Place”;  This is great news for Buyers and Sellers alike, as the Fed has given no substantive change in its stance on how long the purchases will continue.  They did describe the economic growth the past 7 months as “modest”.  Bernanke had indicated the Fed plan to pull back on the Bond Buying program later in the year but only if the economy picks up a faster growth pace. This status quo position will help keep loan rates from significant increases, which Wall Street echoed as a sign of a  slight tilt toward easier money; all good news in the foreseeable future for Arizona real estate.

This past January through July,  71 Terravita homes have sold with 7 homes either under contract with contingencies or sale pending;  a predictable near future total of 80 home sales.  Median comparable Days on Market dropped from 61 days during the height of the season to 49 days in the past 3 months.  Although the median list price has decreased in the last three months, the median sale price has increased.    And the sale price has continued to be 97% of the listed price at time of contract.  With only 12 homes currently on the market, rethink the phrase that “nothing happens in Arizona in the summer”.  If you are thinking of selling, would you prefer very little competition or an abundance of competition?  I think the answer is clear.  Fewer homes to choose from increase the sale opportunity for each seller.  “But there aren’t very many buyers in town”, I often hear as a seller concern.  Remember two things.  Buyers out looking at homes in the heat of the summer are obviously serious buyers, and it only takes one to buy your home.

Keep an eye on the numbers over the next few months as we continue to try to get to over 100 sold homes in 2013, an even more important indicator that we are inching our way to a more balanced market.

Monthly we provide you the big picture of everything that is happening in our community within the past 30 days. I continue to offer to do a more microscopic picture of how your specific home fits into the current marketplace. We all secretly are curious about our home value, as it helps us make so many home decisions from refinance to home improvements and whether or not it makes sense to do either. I send these quarterly reports via email. Just a quick email to me or a simple phone call 602-850-4335, and I will do the rest as a courtesy to you, my fellow neighbors.

Look forward to seeing you around the community.