By Mike Bodeen · 21 April 2014
Ask Broker Mike…
Is There a Best Time to Sell a Home in Phoenix?
One of the most asked questions I get in the Phoenix/Scottsdale area is, “When’s the best time to sell my home?
In general, if it’s a Seller’s market where inventory is low and buyers are plentiful – all months are good, but there are some months, that if you have a choice, it would be best to stay away from – the holidays for sure. Reasons being is that there are fewer buyers, and practically, it’s a stress that few homeowners want to endure. Plus, the best time of year, when most buyers are looking commences in February and by that time you will have accumulated added “days on the market” which will work against you.
Statistically, most “closings” occur in Spring, specifically, March and April. Therefore, most homes go “under contract” in February and March. Most buyers tend to look in the spring following the holiday season. So sellers, ideally, you will want to have your house on the market by February 1st – in Arizona that is.
Having said all that, having your house on the market during the holidays is not the end of the world, especially if you live in an “over 55” community like Sun City West for example. In that case being on the market during our winter months is a benefit as that has the most buyers for that particular market. Scottsdale also has plentiful buyers for second homes in the winter months.
And this next year, Arizona will have an immense amount of out of town visitors coming to the valley for the Super Bowl and Pro Bowl, not to mention all the other great winter attractions we have while the rest of the country is still digging out.
Ask Broker Mike…(incomplete)
I need to sell my home before I buy my next one. I’ve been told it’s very difficult to do so. Why is that?
It’s more tricky than difficult. Timing is everything. First you need to find your next home. Then you need to make an offer “contingent” on the successful close of escrow of your former home. You should also add a post occupancy agreement for at least one day and preferably two.
The tricky part occurs because you have a “contingency.” Not all sellers want to work with a buyer on this. But compared to the last couple years, it’s more likely that a seller will work with your contingency as we’re in a seller’s market. In a buyer’s market, sellers are more apt to cooperate, but not so in the previous seller’s market we were in.