Whoever would have thought that in the middle of a pandemic you would be reading an article about homes selling in one day, but that seems to be the phrase I am saying all the time right now — who would have thought.
I’m not going to go into all the reasons why our housing market is booming (please feel free to contact me if you would like a full breakdown and reports on our current housing market conditions), but in a nutshell Phoenix is the top performing housing market and it’s as simple as supply and demand.
Currently we have such an imbalance between supply and demand. The Cromford Index shows demand at 102.3 and supply at only 44.1. Even in July 2019, the demand was 104.5 and supply at 62.3, giving us a higher imbalance today amid everything that is going on than we had in 2019.
Is This the Best Time to Sell Your Home?
No one knows what the next few months or next year is going to bring, especially with all the uncertainty right now, so I can’t say yes this is definitely the best time to sell your home, but it sure doesn’t get much better than this. In a normal market, we would expect things to slow during the summer and coming up to an election, but right now the buyers are still out in full force trying to find a house even in the 115 degree-summer heat. Buyers are not only finding it hard due to all the multiple offers, but they are finding it hard to even look at a home before it is under contract.
Selling Homes in One Day
Well, we could not have picked a better time for this real estate phenomenon to be happening. With COVID-19, the thought of having your home on the market for weeks or months and having agents and buyers coming through constantly is enough to put anyone off selling their home right now. That may be the norm for selling a house, but it’s certainly not the norm today. I put a home on the market in Las Sendas last Saturday, got multiple offers and had it sold for above asking price in one day. Houses are selling within the first 24 to 48 hours of being on the market or even BEFORE they hit the market, especially in the under $400k price range, but we are seeing it in the mid-price range as well, just not as often. If they don’t sell in the first day or weekend, chances are they will sell in the first couple of weeks as long as they are priced right and marketed for today’s environment.
Of course, this is what we are seeing today — houses selling in one day with multiple offers — but I can’t guarantee your home will sell in one day. While you can list your home and sell it with any Realtor, to sell for TOP PRICE in today’s highly competitive market, you need to have a top-notch marketing strategy, especially online, before it even goes on the market.
Stay Safe Move
Protecting my clients has always been a top priority, but now it means something completely different than it has in the past. Due to COVID-19 and the current environment, having a Safe and Compliant Plan in place along with an exclusive marketing plan to sell your home in one day or as quickly as possible is the best way to help protect you and your family.
My Stay Safe Move isn’t just for the beginning while the house is being shown, it stays in place throughout the entire closing process, including inspections, appraisals, walk throughs and more, helping to keep your family safe, which is my No. 1 priority when selling your home.
Please contact me for more information on my Stay Safe Move and Exclusive Marketing Plan for today’s environment.
No Contact Home Buying/Selling
With all the social media and technology we have today, I have been doing no in-person and contact-free home buying and selling with some of my clients, which is especially helpful if you are in the higher risk category or selling your home while in a different location, state or country.
Showings and the entire process can be done virtually via Zoom, FaceTime and other apps, and DocuSign for electronic signatures on documents and contracts. The entire buying/selling process can be done virtually with no in-person contact.
Multiple Offers
In such a competitive market, buyers are pulling out all the stops and getting more creative on writing offers to try and entice the seller to accept their offer over all the others. While this sounds like music to the ears of any seller, it’s not that simple, and having the ability to understand exactly what the terms are and the impact it will have on being able to close or close on time is going to be the key to a successful closing. Having an experienced local Realtor on your team will be your best assist in selling your home in today’s ever changing and challenging market.
If you are thinking of selling your home and would like more information on my Exclusive Marketing Plan, the Stay Safe Move, or how to buy/sell contact free, please don’t hesitate to contact me.
Lorraine is a Multi-Million Dollar producing agent, has been a full-time Realtor for over 12 years, is an Associate Broker of KOR Properties, a Certified Negotiation Specialist, and is on the Professional Standards Board. You can reach Lorraine at (602) 571-6799.