So, your house isn’t selling. Don’t panic. Get smart and add value!

The bright side to the Phoenix metro housing market is that there are still 150,000 people legally moving to the valley every year. This number has not changed regardless of the market. Because of this, it is basic economics: supply and demand. The issue we face is there is still the same demand for housing, but there is an oversupply.

We can quantify the oversupply and say that the supply will burn off and be in need of more housing by X date, but the variable that is impossible to calculate is the amount of supply unexpected foreclosure activity will add as well as the amount of investor property that will need to be accounted for.

If we didn’t have the possibility of a large number of foreclosures and investor property coming back into the marketplace, we could clearly indicate when the supply would catch up with the demand.

The issue in other parts of the country is the demand. When the demand dips, and you have an oversupply, then you have a serious problem.

There is no foreseeable reason why Arizona would ever have that issue so long as our lawmakers keep a fairly business-friendly attitude. Because of this, our “slow-down” is a waiting game.

If you absolutely have to sell now, be realistic about your price. Contact me and I will help you find out what price it will take to sell your home fast. If priced right, homes right now will take about 45-60 days to sell.

If you’re not needing to sell right now, do some slight improvements. Don’t stress or get medicated. This is the time to be proactive. I’m not suggesting you need to be ecstatic about the current market but be realistic. It will come back, and when it does have your properties in perfect, ready-to-move-in shape so you’re ready to get the best possible price.

Technorati tags: Phoenix area real estate market, Phoenix area real estate, phoenix area housing market, phoenix supply and demand