We recently interviewed John Gorden with Realty Executives, Northern Arizona to get his perspective on where the market is headed this summer. Here are excerpts from that interview:
1. Is the summer time usually a good time to sell a house?
In the Prescott Arizona area our weather is much different than Phoenix and Tucson. Prescott is a mile high city and we enjoy the outdoors in the summer with temps in the 80’s. So, much of our market is second home and retiree buyers from Phoenix and Tucson who want to enjoy the outdoors all year long.
2. Is this summer living up to expectations in your area? Why/why not?
Sure, although we are a retirement and second home market our resale home pricing has stabilized with a 12-15% annual increase in sale price. Our new home developments have really enjoyed a great market share and those prices are like watching a ticker tape daily on the increase. We find when folks are ready for retirement they don’t want fixer uppers or other peoples’ problems.
3. How will 2014 be different from last year, in terms of home sales volume/activity, in your opinion?
We think that resale home sales will be a little lighter than last year but new home sales will be much greater. We have a lot of spec’s that are just pushing dirt and are getting bought up. Our new home development areas with models are getting very backlogged with new builds and in some cases they are pushing 10-12 months for completion now.
4. What advice do you have for sellers that can help them list/sell a home faster and more successfully during the summer?
Get the homes cleaned up and uncluttered and “Think of selling your home as a business” but most important have it priced to sell within a realistic time period. Listen to your agent when they show you comp’s.
5. What is one change that you believe needs to be made to the CA real estate industry in 2014?
As an Arizona Realtor we love seeing those California folks coming in with a little money and then finding out that Arizona taxes and other expenses are so much lower. If there are any changes in the CA real estate market, plus keep those taxes on the rise.
6. What is unique about the market in your area?
As I mentioned in the previous question our market is retirement based. So, with the sun shining 300+ days a year and our average temperatures in the 70’s allowing full use of our golf courses, lakes, riding trails, great restaurants and lots of activity that is tourist based folks moving here find many things to do.
John Gorden, Residential/Commercial Realtor
REALTY EXECUTIVES NORTHERN ARIZONA