When you first start the process of selling your home, you’re going to need a crash course in your local real estate market. This will help with setting or maybe even raising your expectations. Here are some of the numbers you’ll want to know.

Inventory levels – You will want to know about inventory levels, this helps determine if the conditions are considered a seller’s market or a buyer’s market. As you can see from the Market Report at the bottom of this page there are currently 632 active homes for sale. Inventory levels have increased over the past several months, but there is still a lack of inventory in the Prescott area.

Avg days on market – For the Prescott area homes sit on the market on average 64 days. Homes in your area may sell a bit faster or slower.

Avg sale price/ft – What are the comparable sales in your neighborhood. This is key! When trying to determine what a home will sell for, take a look specifically at price/ft in your neighborhood, not what homes your size sold for on the other end of town. The average sales price in Prescott right now is $419,780, while the average price per foot is $200. In Prescott it is important to realize the price/foot will vary considerably neighborhood to neighborhood. Obviously, every home will have attributes that make it unique: the views, a gourmet chef’s kitchen, the pristine condition, or the custom landscaping with wandering walkways and waterfall. These features all add value as well and are taken into account when determining what price your home may sell for.

After sitting down with a local real estate professional and looking at all the numbers in your neighborhood and factoring in all the features of your home, your real estate agent will be able to give you an idea of what price, and how long it may take for your home to sell. One thing to remember in real estate, it only takes 1 . . . 1 person to love your home, and hopefully they come on the first day with a full price cash offer!

 

Joe Karcie - RE/MAX Mountain Properties

731 W Gurley Street

Prescott, AZ 86305

(928) 776-7701

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