Every home owner wants to know how much their property is worth. Prices have long since stabilized for the most part here in Arizona and the dramatic shifts in upward and downward pricing have largely ceased. Bidding wars are few and far between and are only reserved for those most sought after locations around the Valley where properties rarely come available. But what can a home owner expect to get from their Gilbert, Arizona home?
The Sold to List ratio is a comparison between the price of what a seller listed their home for sale versus the price in which the home was eventually sold. In May, home sellers in Gilbert, Arizona saw a minuscule decrease in this ratio. According to the numbers, home owners are getting around 97.4% of their asking price when selling their home which is 0.1% lower than the previous month of April. Traditionally, prices and values steadily increase during the busy Summer moving season here in Arizona.
The Sold to List price average is around the same percentage it was a year ago, if not slightly higher, which still shows a strong and stable real estate market here in Gilbert, Arizona. This is a good reminder to sellers that although you can list a home for sale at whatever price you feel is fair, the free-market will dictate what the home is worth. Ultimately, a home is only worth what someone is willing to pay for it. There are certainly homes that get offers at the full listing price but on average most home owners are only getting close to the 97.4% ratio shown in this latest graph.
Conversely, this is also a good reminder to buyers that sellers are getting the majority of their asking price so low-ball offers are not only being roundly rejected but are completely unrealistic in today's stable market. The Gilbert housing market has been steady all year so a dramatic shift up or down in the Sold to List ratio would be a surprise as we get further entrenched in the busy Summer market.
If you need more information on homes for sale in Arizona or to find out what your current home is worth contact us Today!