Monday, September 17, 2007

Fletcher Heights Area – A visual approach to market analysis

I'm using the approximately 5,200 homes in and around Fletcher Heights as an example for our larger market as a whole. (next time I'll review a larger slice of the Phoenix market). Take a look at the following graphs, and it's pretty obvious why homes aren't selling as quickly as people would like.

In the second graph (cumulative view), the area between the two lines represents inventory, and you can see the area is expanding..


Disclaimer – all information was obtained from the Arizona Regional MLS, and is deemed accurate but not guaranteed.

What does all this mean? If you're selling your home, or thinking about selling, you have A LOT of competition. It's time to be perfect, and it's time to be very NOT greedy (almost generous) on your price. You have to present the absolute best value available. If you do this, your home will sell. If you're not willing to do this, it's probably better to wait it out, since you'll just end up adding to the unsold inventory out there.

Looking at a bigger picture, if everyone lowers their price, then we haven't gotten anywhere. So while price may be the answer for any individual seller, it's not the answer for the market. Patience and soul searching about why you're selling are good advice, too.

- Chris Butterworth

[tags] Fletcher Heights, market analysis, MLS, inventory [/tags]