Local advice for sellers

Just to give any potential seller an update on this local market, please consider what I have to say.

Sales in this market are still good, the pace picked up again last month but it still lags compared to last year at this time. Plus there are many more listings for single family homes on the current market than before.

Last year, and parts of the year before, this market was besieged with investor buyers who were putting alot of pressure on the market. Residential buyers were having a hard time finding a residence to purchase because there were hardly any listings to choose from. As a result, prices began to rise and have continued to do so. But now buying at current prices doesn't make sense for the investor, so the pressure that they put on the market is gone. It's good news for those residential buyers who plan to upgrade to a bigger home or for the buyer who is relocating to the Kingman area.

Residential buyers are still active in the market today, but have many choices now and are taking their time in making a final decision to purchase. One way to lure those buyers is to place your home on the market for less than the average listing price. Face it, folks still like to make a deal and now have negotiating power that they didn't have last year.

I know your home is better than the home your neighbor sold 6 months ago and feel that you should get more in price than they did, but if you choose this path you will see your home sit on the market for alot longer than you might imagine. Ask your REALTOR for the average price of sold homes that compare to yours from at least six months ago. You may be surprised to see that it's not much less than the average prices today, but it is low enough to make sure your home gets many more looks from buyers in the market right now.

Bottom line is that you probably will have to make some concessions in the current market, and price is the easiest and least painful one to make. If you bought your home in 2004 or before you likely have had the value of your home increase 50% at todays average selling price. Don't be affraid to cut into that percentage a little to sell your home.