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Both McKylie :(
mckylie -
Hard to say for sure, not knowing anything about the home.
Your price reduction was about 5%. There are some parts of the Phoenix metro area where prices did fall that much from March - now. It's possible you may just be barely keeping up with declining prices. It's *very* dependent on where your home is located.
If there are a lot of bank owned homes in your immediate area, that can be a real drag on prices. And some spots of Phoenix have a ton of REO (bank owned) homes. Not only do they tend to pull down prices, but many lenders are aggerssively pricing thier REO properties -- often they get multiple offers very quickly. This means the REOs are commanding a LOT of buyer attention, which pulls their eyes off your property.
What part of the Phoenix area are you in?
Phoenix guy - we are in north central Phoenix. The 85032 zip code.
I didn't realize that things would drop so fast! I honestly thought since we had such a great April and beginning of May = dropping $20K would yield 1-2 showings a week. Bummer!
I'm going to try and put mine up next spring. Yards look better in spring, people are out and about more, too. It's going to be interesting to see how I do. We are in the Fiesta Mall area, south of Southern, and homes are rarely put up for sale in this neighborhood. When they do go up, they usually sell within 3 or 4 months, based on past observations.
Worst that can happen is I don't get the offer I want and I just stay in the home and continue to make improvements. The house has been totally replumbed, new HVAC, new appliances, pool has been resurfaced, patio has been resurfaced, yard is completely landscaped with auto sprinkler system.
So, we're going to give it a shot and wait as long as we need to to get the offer we want.
McKylie, when did you put your house on the market? In April? Maybe I might try end of March so I get all out of April that I can! And yes, I saw the price for my house on Zillow drop just in the last two weeks! But I really think things are going to start evening out, maybe by year's end. We just got to ride it out, I guess. Waiting just gives me more improvements to make and we gain more equity!
Kozanne - we actually have been on the Market since the end of September. But we started off WAY to high. Next to no showings the first 3 months - wasted our time. So, make sure you don't make that mistake! We dropped the beginning of January and were finally getting showings. It wasn't until we dropped to $370 though that we were getting consitant mulitple showings per week.
My suggestion to you is to put your house on the market earlier because Psring was definately our busiest time. Maybe the end of Feb or beginning of March?
We are staying on the Market until the end of July and then going to route that you mentioned - staying and just working on improvements and staying for the long haul until it's time to retire and downsize (many many years from now)!
Good luck to you when you go on the market! :)
Lender rating
Don't drop the price any more until you learn about and consider using allowable seller concessions to attract qualified buyers. Contact me if you would like to discuss.
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Question for Phoenix Az Realtors
mckylie
Contributions: 5020
Zillow All-Star
Since September 2009
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At the end of March we dropped to $370K. We were getting great traffic - multiple showings a week - one week we even had 5 showings. We also had some real interest but seemed to always be #2. So, I figured we were getting close to the right price. The middle of May we dropped to $350K figuring this would open us up to those looking up to $350K - plus our showings were slwoing down to about 1 a week at that point. And now we are lucky if we even get 1 showing a week. So, my questions are - is it slower now than it was in Spring in general? Or have prices greatly dropped more than that in that short of time?
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