Flowers blossom in the spring and, according to a recent study, so do real estate sales.
“The second quarter is our busiest time. March shows the biggest reduction in price because people know that we’re heading into the second quarter of the market and they need to become more realistic,” said Sammy Glassman a realtor at HomeSmart Elite Group.
Within the real estate spectrum, spring is a time to test the market with pricing. However, if an asset has not sold by the beginning of April, it may be time to look at a reduction.
“We tell people that you want to sell before we hit 100 degrees, because that is when people go home or leave for the summer,” Glassman said.
A recent study by Zillow illustrates that homes listed between March and April sell 15 percent faster than any other time of year. Moreover, homes listed on real estate websites, such as Zillow, sell for 2.3 percent of their estimated price during this time. Although Arizona residents and college students may leave the scolding desert terrain during these months, many people come into town looking for summer jobs.
“This year, in particular, there are a lot of doctors coming in during the month of April and they want to close in May,” said Glassman.
The influx of doctors is due to their annual “Match Day.” This marks the period of time where doctors and hospitals match up for residencies.
“Match Day happens around the same time every year. We get doctors that come here to work at Banner University Medical Center, St. Joes, County Hospital, Honor Health and the Mayo Clinic, just to name a few,” Glassman said.
As for the reason behind the expedited selling rate, Glassman says everything is in regard to testing the market.
“Spring is a great time to test out how the market is acting. However, if the house or apartment is not in escrow by March, it is typically a price problem,” Glassman said.
Regarding testing the market, Glassman has a few tips for those who are looking to sell their house without a relator.
“Photos can make or break the listing,” Glassman said. “I would suggest hiring a photographer to take pictures of the property because personal photos are not professional.”
As for the detailed work and contract signings, Glassman suggests looking at everything very closely. The agent who is representing the buyer is not there for the seller, and final proceedings may not go as easily as planned.
“When you look at a contract there is a lot of I’s to dot, so it’s best to have a relator with you to ensure that you are protected,” Glassman said.
