Scottsdale Real Estate Market Speed

Scottsdale real estate is moving fast. Really fast. To the point where buyers are getting a little frustrated.

I’m finding the days on the market for homes that are in the 300’s and 400’s is really low right now.

My listing in Gainey Ranch went under contract in 8 days.

Below is a chart that shows the trend for days on the market broken into price quartiles. As you can see all of the market sectors are declining in average days on the market.

How Does This Impact Home Buyers in Scottsdale?

When days on the market goes down. As a potential home buyer your awareness needs to go up.

1. Get ready to buy before you even start looking. 

Get pre-qualified. Get documentation ready. Have your down payment ready.

You don’t want to be in this market, find a dream home and then say we love it we’d like to put in an offer and realize it’s going to take you weeks to get a pre-qualification from a bank.

Even cash buyers should have as much liquid and provable cash ready.

2. Go in with a decent offer early.

The time for lowballing is gone. There are many multiple offer situations in the market. You want to be taken seriously early on, even if you do leave some room to negotiate in the first offer.

3. Be On Top of the MLS

In real estate. What’s new is what’s hot. The good stuff gets noticed. You need to be in the MLS every day. Preferably your agent is doing it for you. But time is of the essence.

I heard of one short sale recently that was listed on a Friday and had over 40 showings by Sunday.

4. Don’t Panic

It’s not bubble V2. There’s lovely homes at fair prices to buy. Just understand the pace of the market has moved from over 200 average days on the market to pushing under 100 days. With interest rates so low still it’s still a great time to buy.