Gregory Krome, B.S.’s Blog

I am going start off buy saying this is not a good time to sell….unless you are willing to accept how the real estate market has changed AND you are willing to meet the current market conditions. To help meet the current market conditions, follow some of the key points below and you should be able to sell.

As of this blog there are over 55,000 properties listed for sale in Maricopa County, Arizona which is almost double that of record levels 4-5 years ago. This means a lot of homes to compete against! And some cities are heavier on inventory than others. For example, the City of Surprise usually has double the inventory of homes for sale than Peoria or Glendale yet it is only half the size. Residents of Surprise can expect an even more challenging sell.

If you must sell right now, here are some tips to help:

1. To get buyers to your house, you must have a competitive price. Know what other homes in close proximity are selling for and price yours better than recent comparative sales. Also know what new homebuilders are offering as incentives/sale prices. You must “get ahead” of the comps. Most sellers make the mistake of “following” the comps with price changes meaning they set their price at what recent comps are which does not get you ahead of dropping prices. As an example I know a seller who priced a house around $320K at a time when they should have priced it $299K. The house did not get enough interest and prices dropped so then they priced it at $299K at a time when they should have priced at $279K. To make a long story short, they are now priced at $265K and still have not sold. 
2. Ads get people to the house. On-line ads are most succesful if done right (over 80% of buyers are on-line first). Realtor.com type websites are most productive and your agent should be using them!
3. Availabilty of house. I always get the most showings on vacant houses or owners that say leave a message and show. The less restrictions on showings the more showings their will be. When sellers require an appt., or a certain time for showings, need to put the dog out, etc. it makes it harder for buyers to see it and they will just go to the next house.
4. Presentation is also key. It is an instant turn off for buyers if the yard is not kept, the house is dirty, cluttered, disorganized, etc. Buyers figure if a seller is that bad with the house when they are TRYING to keep it clean for showings, how was it mantained the rest of the time the owner lived there.

I sell multiple properties per month so I know your home will sell if you follow these tips!!! 

Good Luck and feel free to call me or e-mail me with questions.

Right now and in the upcoming year is a great time to buy here in the Phoenix area of Arizona. With the #1 Economy and job creation in the U.S. in recent years, and the Superbowl right around the corner (in the new stadium) things are poised to continue making this a great city. In downtown they are building the new Light Rail tansit. Over 10,000 people per month are moving here.

The investor frenzy is completely gone and buyers are able to really get some good deals. I have been able to negotiate recent buys on properties that are at 2003-2004 price levels…before the market went up.

The keys to getting your lowest offer accepted:

1. Have your financing completely in order at time of offer. If it is cash, show proof of funds. If it is a new loan get approved and provide approval letter from bank/underwriter. It is so common that buyers do not have this in order. Make sure you have it in order it will save you $$$.
2. Consider distressed properties. Look at short sales, and bank owned properties. These can be bought for 75-80% of current market value.
3. Use a full time Realtor! A full time Realtor who knows the area will know where and what are the best buys. Will know about bank/short sale properites, etc. I usually have investors I contact when these type of properties become available to see if they are ready to purchase another investment.
4. Be patient! Don’t let your emoition get the best of you. You may still need to make multiple offers and or counter offers to get the best buy. Good buys go to those with patience.  

Thanks for reading and good luck. You can always call or e-mail me direct with questions.

Welcome to Gregory Krome, B.S.’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Surprise.