Bob Dylan, one of my all-time favorite musicians, was right. “The times they are a-changin’.”
An email exchange I had with a client last week highlighted just how much the Phoenix housing market is changing right now, too. The emails went something like this.
CLIENT: Hello Josh. How are you? We saw a property online yesterday that interested us (even though it doesn’t have photographs yet). It is MLS *******. Are you available to show us this property?
ME: Hello. I’m looking at the listing you asked about. The notes in the Multiple Listing System (MLS) say, “MULTIPLE OFFERS RECEIVED!! SELLER REQUESTS NO MORE SHOWINGS!!!!!!” I’m sorry for all of the exclamation points, but I wanted to copy the notes exactly as they were in the MLS. Unfortunately, this means I won’t be able to show the home to you as you requested. I know this is not what you were expecting, so if you have any questions, please feel free to call or email me back.
CLIENT: Josh, I am surprised. We just got the email alert about this home yesterday and today you tell me it’s already under contract? I hope we both are talking about the same property!
ME: I was talking about MLS ******* on Dromedary Drive. That is the property you were talking about too, correct?
CLIENT: Yes, that is the one I was referring to.
The “email alert” our client was referring to during our exchange is a feature we added to his online home search. Each day, several times per day, it automatically searches the MLS for any homes that meet his criteria. If it finds even one home that meets the criteria he and his wife are looking for, it sends an email to him and his wife telling them so.
The email alert helps ensure that our clients are among the firsts to know about any new listings in the Phoenix area. But these days, just knowing about the listings isn’t enough. The well-priced homes where these particular clients want to live are selling so quickly that they’re often gone after just 10 days on the market or less.
80 single family homes have gone into Pending – as in, Pending Sale – status over the last month in the City of Tempe. They ranged in price from $85,000 to $700,000, with an average list price of $208,851. 31 (almost 39%) of those 80 pending home sales went into Pending status in 10 days or less.
As intimidating as this may sound, there is a silver lining to it all. Actually, there are two.
1. Since last week, we’ve already helped our clients in the story above find and negotiate a contract on a home they liked even more than the home on Dromedary Drive.
2. The contract price on the new house is $9,900 below its list price!
Image Credit: iotdfi on stock.xchng.