With 60% more homes on the market, sellers must rethink price, timing, and incentives to attract today’s buyers who have more options than ever.

 

If you’ve been feeling a bit anxious about selling your home, you’re not alone. With inventory at an all-time high in Flagstaff’s housing market, things are not just competitive; it’s going to be a bit tough. If you’re thinking about selling this year, you can sell your home within a reasonable timeline, but you’ll need to adjust your expectations.  Let’s talk about what’s happening in the market right now.

Is the market shifting? You might have noticed things aren’t moving as quickly as they did a couple of years ago. That’s because we have 60% more inventory on the market compared to last year. With so many homes available, the buyer pool is a bit diluted. This can make it feel like buyers are more hesitant.

For buyers, it means more options. But many buyers are also wondering: Why are there so many homes for sale? Is something wrong? Is it interest rates?

Interest rates are currently in a normal range. They're similar to what we've seen in other healthy market periods. The 2% or 3% rates we became accustomed to during the pandemic weren't sustainable in the long term.

Why is inventory so high now? It’s because many homeowners who had been clinging to those low interest rates finally reached a point where they had to make a move.

Life changes, whether it's needing more space, downsizing, relocating, or avoiding stairs, eventually push people to list their homes, regardless of what the market is doing. Some neighborhoods are still experiencing strong activity, with multiple offers being received. But overall, we're seeing more negotiation in today's market than we were a year or two ago.

Why are home values shooting up? I also want to touch on something important for sellers: the COVID pricing bump. After the pandemic began, we all watched home values shoot up. It felt like everyone was gaining equity overnight.

However, those gains weren’t real unless you sold during that peak. You only realize that equity when you cash out. If you didn’t sell during the height of the market, then technically, you didn’t “make” that money.

Prices are not crashing, but they’ve softened a bit. So if you’re thinking of selling now, try not to hang too tightly to the peak pricing from a couple of years ago.

You’ve still likely done very well on your investment.

"Lowering your price doesn’t mean you’re desperate. It means you’re serious."

Is it okay to adjust the price of my home? In today’s market, being flexible and realistic about pricing is key. Don’t be afraid to lower your price to meet the market. And please don’t worry that it makes you look desperate because it doesn’t.

In fact, many sellers right now are adjusting their prices in small, strategic ways. It’s not a sign of panic; it’s a sign that you’re serious about selling. After all, if your home is on the market, it’s because you want to move on, right?

So let that price adjustment serve your goals. If it helps bring in an offer or move the deal forward, it’s worth it.

I'm a homeowner too. I've had those same thoughts: Should I've sold when things were at their peak? Did I miss out? But no one can predict the perfect time to sell. What matters is making the right move for your life, not just your investment.

If you’re thinking about selling your home, contact me at (928) 606-6749 or email me at kelly.broaddus@exprealty.com. I'm here to guide you through making the right decisions based on the market and your unique situation.