active listings for October, 2011 vs October 2010
Yes, December is a slow month in real estate, but nevertheless, Phoenix is woefully lacking in inventory for our winter home buying season. The current inventory of Phoenix single family homes for sale is at 6010 vs. 10773 in October, 2010. That’s a 44% drop year over year! That theme is occurring in just about all of our major markets in the Phoenix area. If you are in the market for a home, you’ll find you are now in a seller’s market, at least for the well priced homes for sale.
How should buyers act in a seller’s market?
Fast.
First, know what you want. You won’t have time to mull over a well-priced listing. We’re working with our active clients to nail down a market area and wish list. Sometimes that takes some time to look around receive some listings and mull over your wants. Once we know what you REALLY want, we monitor listings every day to find the right homes for our clients.
Second, have your financing ready. If you find something you want, you don’t want to lose it waiting for a lender to give you a prequalification letter.
Third – have patience! We certainly understand waiting for the perfect (or close to perfect) home. Many of our clients are doing just that. But just make sure you are waiting for a possibility that will actually happen. With these low inventory levels, prices won’t be weak (Phoenix home sellers are getting 99% of list price), so waiting to get a 3000 square foot home at 1500 square foot prices is probably unreasonable.