HEY REALTOR, Why Haven't You SOLD my Home Yet?

- By Michelle Shelton

Most people are aware that the real estate market was out of control last summer. There was a crazed look in the eye of sellers as they held off for THE moment to list. Buyers sported a deer in the headlights look as the prices climbed to staggering proportions.
Even if you had stellar credit, a large earnest deposit, a savvy agent and lots of luck, your offer still might not get to the top of the pile. Sellers were wondering if they should just hold out a bit longer to list until they found their next home and buyers were in a frenzy to find a home….sometimes just any home and typically at a much higher price!
How things change. The real estate market always goes through cycles. A cycle takes time to come full circle and make the transition. The summer of 2006 looks very different than the summer of 2005. Some sellers held out too long to list and now they don’t have the power to demand a much higher price. Today’s buyer is thinking, “I not list my home until I find the home I want to buy.” This means there is a contingency. Not a smart idea for you sellers out there.
Average days on the market are creeping up. Prices are falling to a reasonable range and no longer are appraisals difficult to get value.
Right now we are in the middle of the cycle better known as a transitional market. A transitional market is one that takes us from sellers market to a buyers market and visa versa. We are gradually transitioning from homes selling in minutes for more than appraised value, to homes selling in 60 plus days for less than appraised value.

You might be wondering how to gauge the difference between a buyers market and a sellers market. A sellers market is when your home should sell within a six month period. A buyers market is when your home takes longer than six months to sell. Keep in mind, it is very important to have the home priced correctly in the first place or you could still be in the market months from now. Ultimately, buyers drive the prices. As long as they were willing to over pay, homes were selling. Once they decided they had had enough, sales slowed. Now the buyers are back at it only it is a much slower pace and with a lot more choices.
Last summer there were 9,000 listings in the entire Valley and today there are more than 47,000 listings available to potential buyers. Clients looking to sell are starting to grasp the value in a great real estate agent. A great agent will have a high sense of urgency, great communication and phenomenal marketing skills that will expose your home to the masses. Insist your agent discuss the various avenues in which they will market your home to buyers. Don’t fall for an agent that only offers the four “P’s” as their marketing plan.
PUT it on the MLS
PRINT a flyer
PLACE a sign in the yard
PRAY it sells
You might want to consider researching and interviewing various agents in your area. Ask them how many homes they sold last year and insist on knowing exactly how they plan to market your home. Once you are convinced they know what they are doing, listen to them. The only home that sells in today’s market is one that gets seen and is priced correctly. Michelle Shelton is a REALTOR for Keller Williams Realty Southeast Valley and Owner of AZ Masterminds. Michelle heads the Horse Property Division of AZ Masterminds. Search the MLS for horse property: www.askmichelleshelton.com email: michelleshelton@yahoo.com Cell: 480-577