Home Sales Values...Is Your Home Priced Right for This Market?

I recently read several news articles about home sales prices falling. Are they actually falling, probably not, people are just starting to realize that the inflated market we saw in 2005 is no longer here. It’s like a see-saw; rates go down, lending gets creative, prices go up. Lending starts to get tougher and rates may be rising a little, prices decrease to adjust

the balance.

Your average home in Scottsdale has decreased approximately 4.26% making the median price range around $613,000. On the other hand the luxury market (homes over $2 million) has remained very stable. Why is this? People in the luxury market are not looking for an investment any longer as much as they are looking for a home to live in.

One of the biggest problems today in setting a selling price is the fact that so many homes have been remodeled and updated with the thoughts that it was going to give the seller a lot of equity. Unfortunately, this is not always the case. Home values are not just dependent on the beautification/desirableness of the interior/exterior of the home. There are a lot of little factors that weigh into setting the price of a home. The Comparative Market Analysis (CMA) breaks down these factors…it looks that the selling prices of the homes in the area, square footage, and amenities. These factors need to be considered greatly if you’re going to set a price on your home that will give it the best opportunity to sell quickly. Facts speak louder than your love of your home.

The buyer is looking for the best possible price for the amenities they are looking for, they too study a CMA. It’s a very competitive market out there right now. There are approximately 53,800 homes for sale in the Metro Phoenix area with the average market time being approximately 125 days. Setting a reasonable price for your home will sell it! Give us a call or e-mail us if you’d like a CMA of your home.


It’s HOT...

Wouldn’t it be nice to have some rain!

I just did a little research on Rain Dances. There must be a correlation between our monsoon rains and the rain dances of the Hopi and Zuni Indians. They usually do their Dances in August when we are at some of our hottest points and that’s usually when we have some of our worst rains of the monsoon season. Both men and women partake in these dances to show the importance of our getting the rain.

For more information visit www.indians.org or visit the Heard museum featuring Native Culture.

      Tim & Aurien Preiss, CRS, CRI                 Office: 480-483-3333
      RE/MAX Excalibur                             Toll Free: 1-800-535-6619
      15160 N. Hayden Rd. #100                         Tim: 480-229-1122
      Scottsdale, AZ 85260                              Aurien: 480-229-2006