Chandler AZ, June 9, 2011 – With housing prices as low as they have been in the past 10 years, many Chandler homeowners are asking me if now is a good time to sell their homes. A lot of their indecision seems to be based on this question: will home prices rise, or will the market continue to decline? Said in another way – have we reached the bottom of the market? I am writing today – not to make my prediction about the bottom of the market, but to layout some things to consider when looking at selling your home.
First of all real estate is local. So much of how a house sells does boil down to location aspects such as your ZIP code (85226 versus 85286), location (Intel versus Chandler Regional Hospital), and the nuances of your local market (Whole Foods versus Sprouts). Location will have a lot to do with your ability to sell because home buyers want convenience. Next, living on a well groomed street or a more modern neighborhood will play a role if it is conveniently located.
With location as a key factor, next to consider is how well does your home present itself from the curb? Does your home have curb appeal? What this means is that if you went out to the street and looked at your home – would it be attractive enough to interest you. Now, you may have a predetermined bias because it is your home and you want to sell it. But for now, put down your filters and honestly look at your home. When is the last time it was painted, do you have weeds growing through the rocks, are there flowers growing, and are the trashcans visible are all questions you can honestly answer and address as you consider/prepare to sell your home.
It is most likely that your home has lost value – that is if your home is located just about anywhere in the Phoenix market. The odds are that at this time in the real estate cycle (June 2011), your home has lost most of the value, and equity, that it’s going to lose. For exact numbers, you can’t go by market averages you have to go by what homes are actually selling for in your area. This is where real estate agents come in.
The best thing to do is to determine the value of your home as it stands now. An experienced real estate agent can help you with this. For example, carefully hiring an experienced locally based realtor will help bring out the best in selling your Chandler home.
It is important to price your home right. Lenders offering VA loans, FHA loans, and Conventional loans all have the same rules – they only give loans up to and equal to the home’s market value – not the sales price.
Get your home on the market by early spring. That is when buyers start to come out of the woodwork and plan for a summer move so they won’t have to pull their kids out of school in the middle of a term. Starting early and getting your house ready to go on the market is always a good idea – the time to sell is still over 4 months.