adamsblog

This real estate market sure is a roller coaster, especially here in Arizona! Sellers can’t sell, buyers aren’t buying and foreclosures are way up. This strange anomolly has effected everyone either directly or through someone you know. All the agents and sellers were basking in the unheard of hot sales pace of the past few years and now it’s the complete opposite.

There was a shortage of homes on the market, now there’s a huge surplus of inventory and there’s no sign of builders slowing down much. I just wonder sometimes how long it will take for people who don’t have to sell to realize they’re hurting the market by keeping their  homes on the market for $50k more than they’d sell for. These “market testers” are accomplishing nothing except prompting more people to say, “well Bob has his house priced at $300,000 so that’s what we want.” again adding another unneeded overpriced home to our bloated supply.

This needs to be realized by folks who just want to put their home on the market “just to see”. It’s is hurting their chances of sell and bringing prices down even more. If you can hold onto your home and don’t need to sell, this is not the time to see what you can get for it. There are people in real trouble right now and the huge number of over priced homes on the market are hurting them even more.

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