Is Prescott’s Housing Market Shifting Again?

By Travis Bard

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Are you confused by the talk of buyer’s and seller’s markets? The market is more nuanced than that. I’ve been in the real estate industry for a long time, and here’s what I see:

Right now, we are in a balanced market. This means that sometimes it favors sellers; other times, it leans towards buyers. The market is pretty fickle these days, and success in your transaction depends on the specific property. So, it’s inaccurate to say the entire market is one way or another.

Let me put it this way: If you’re selling, ask yourself whether your home is ready to sell. I’m talking about nailing the home preparation stage when selling.

You want your home to look great from the outside and should be properly maintained on the inside. Curb appeal and location matter since it can impact how quickly it sells. If your house is ready, you are in a seller’s market. In a strong market, homes can sell in 30 days or less, provided they are priced right.

On the flip side, if your home needs work or is overpriced, that’s where we start to see a buyer’s market forming. Buyers are waiting for the right opportunity, a “blood in the water,” so to speak. They want to see prices come down and hope someone gets desperate to sell.

It’s all about positioning and presenting your home correctly. We’re in a balanced market where buyers are actively looking, and there’s good traffic. Connecting with an experienced agent becomes crucial at this point. You want someone who can assess your property’s condition, determine a competitive price range, and enhance its appeal to buyers overall.

Interest rates should also be considered. While we anticipate they might drop, those changes may have already been factored into the market. For the next couple of months, interest rates might go down a little, but nothing that will dramatically shift the buyer’s advantage.

I would love to discuss this further, so if you have questions or want to talk about your specific situation, please reach out at (928) 710-7007 or travis@legacyren.com. We’re here to help.