REMAX Signature<\/strong> in Phoenix, said the data reflects a correction rather than a collapse.<\/p>\n\u201cMany sellers initially priced based on peak comparables or headlines rather than current absorption rates,\u201d she said. \u201cTiming has also become a critical factor. Many listings came on in January when optimism was high and interest rates were at some of the lowest levels we\u2019ve seen in the past few years.<\/p>\n
\u201cAs rates have risen, buyer purchasing power has tightened. For sellers who are motivated to move, pricing has to adjust with those shifts in real time.\u201d<\/p>\n
Arizona\u2019s median home price sits at $499,950 with 27,141 active homes on the market.<\/p>\n
Importance of absorption rates<\/h2>\n
Florida\u2019s 77-day median days on market has sparked questions about when sellers finally accept the need for reductions.<\/p>\n
Cape Coral stands on the extreme end 119 days with price cuts accelerating 1% weekly.<\/p>\n
Askowitz said agents should focus on absorption rates rather than arbitrary timelines.<\/p>\n
\u201cIt isn\u2019t days on market that matters so much as it is absorption rate, the ratio of inventory to sales,\u201d he said. \u201cThis is specific to type of property, price range and specific geographic area. Meaning, if you have four homes on the market in Coral Gables under $800,000 and there are nine homes in that price range sold in six months, you have 2.7 months of inventory.<\/p>\n
\u201cBut for the 70 homes in Coral Gables over $5 million, 31 sold in the last 6 months \u2014 meaning you have 13.5 months of inventory. The higher priced the property, the fewer buyers there are and the longer it takes to sell. This translates to a much more critical pricing strategy for those who \u2018need\u2019 to sell.\u2019\u201d<\/p>\n
Wands downplayed the seven-day gap between Florida and the national average.<\/p>\n
\u201cA seven-day difference, in my purview, isn\u2019t particularly significant,\u201d he said. \u201cI\u2019d even say it\u2019s well within a normal range. What\u2019s fundamentally changed is the pace of the market, not the health of it. Buyers are taking more time. They\u2019re more analytical and that naturally extends to days on market. <\/p>\n
\u201cIn most cases, if a property isn\u2019t generating meaningful activity within the first 45 to 60 days, that\u2019s when you start having a serious pricing conversation.\u201d<\/p>\n
In the Phoenix metro, only 2.4% of listings have raised prices while nearly half have taken cuts. Walker said the first two weeks determine a listing\u2019s fate.<\/p>\n
\u201cIn today\u2019s market, the first two weeks are critical because that\u2019s when a listing receives the highest level of attention from active buyers,\u201d she said. \u201cIf a home isn\u2019t generating strong showings or offers during that window, it\u2019s typically a sign the price isn\u2019t aligned with current buyer expectations.<\/p>\n
\u201cThe conversation has shifted from \u2018wait and see\u2019 to \u2018respond and stay ahead of the market.\u2019 Strong listing agents aren\u2019t relying on arbitrary timelines like 30 days. They\u2019re monitoring conditions weekly and making proactive adjustments to protect momentum.\u201d<\/p>\n
Seller realism remains key<\/h2>\n
Pithers said the gap between seller expectations and market reality stems largely from less than optimal service from listing agents. <\/p>\n
\u201cIf an agent is not a heavy listing agent or doesn\u2019t do a very high volume of business, they may also be confused as to where the market\u2019s going,\u201d she said. \u201cThey may be as a less experienced agent \u2014 more willing to go with a seller price.<\/p>\n
\u201cThe biggest thing we\u2019re seeing is sellers not being realistic about where the market is today and the inability of listing agents to be strong enough to convince them.\u201d<\/p>\n
Askowitz stressed the importance of understanding each seller\u2019s specific situation.<\/p>\n
\u201cConversations are had with sellers at listing appointments to show that they want to be positioned correctly up front, so when buyers compare the property to the competition, they are the best buy, rather than making the others look better,\u201d he said. \u201cExpectations are also set for how long it will take to sell. Two months on the market is still much faster than the 6 months it has taken in years past.<\/p>\n
\u201cIs there an urgency to sell or can the seller wait for some of the inventory to be absorbed? It is important to know whether another property was sold and their property was rejected, or nothing else sold.\u201d<\/p>\n
With nearly half of all listings cutting prices across two Sunbelt giants, sellers are facing a hard truth in many instances; price aggressively upfront or chase the market down later.<\/p>","protected":false},"excerpt":{"rendered":"
More than 52,000 homes in Florida and Arizona have slashed asking prices as the once-red-hot Sunbelt market faces its most significant correction since the post-2008 recovery. Roughly 45% of all listings in Arizona and 44% in Florida now carry price reductions \u2014 far exceeding the 34.4% national average, according to HousingWire Data. Arizona leads nationally…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/mk.gen.tr\/en\/wp-json\/wp\/v2\/posts\/48473"}],"collection":[{"href":"https:\/\/mk.gen.tr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mk.gen.tr\/en\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mk.gen.tr\/en\/wp-json\/wp\/v2\/comments?post=48473"}],"version-history":[{"count":0,"href":"https:\/\/mk.gen.tr\/en\/wp-json\/wp\/v2\/posts\/48473\/revisions"}],"wp:attachment":[{"href":"https:\/\/mk.gen.tr\/en\/wp-json\/wp\/v2\/media?parent=48473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mk.gen.tr\/en\/wp-json\/wp\/v2\/categories?post=48473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mk.gen.tr\/en\/wp-json\/wp\/v2\/tags?post=48473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}