Sedona and the Verde Valley area are experiencing some really hot temperatures right now! But you know what else is hot? The Market, the real estate market. What is happening in our real estate market and what is driving the market?
How do we determine what type of market we are in? We must talk about absorption rate. Absorption rate is basically how quickly are properties are being absorbed or sold. Lower numbers mean we are in a sellers market. Midrange numbers means we are in a neutral market and high numbers mean we are in a buyers market. We are in a Sellers market! going to see lower numbers on the absorption rate so pulling the numbers for the Sedona and Verde Valley area anything from $300,000 or less on the price range we are looking at a one to one and a half months supply of inventory or absorption. Wow! That is a very small inventory!! Anything over the $300,000 range to the $600,000 range so we are looking at between a 2-4 month absorption. An that is still a smaller number which means that even in the higher price points we are in a seller’s market.
So what does that mean if your buyer and what does that mean if you're a seller?
If you're a buyer in a seller's market, you need to be prepared to put your best offer first. If you find a home that you like you need to be prepared to act quickly so you need to be pre-qualified and ready to go right away. Finally, you need to be prepared for the possibility that there could be multiple offers on home.
What does a seller’s market mean for a seller? It means you might be able to ask top market value for your home. But your home needs to be in tip-top shape….all of those little maintenance items on the honey do list should be done. Be prepared to get an offer on your property quickly!
Are you interested in buying or selling in this hot market? We can help! Contact Beth & James Adams, The Adams Team @ 928-362-0568 or firstname.lastname@example.org