One of the biggest advantages for homeowners in Arizona is that they can sell their property, i.e., a home without the need of a lawyer. Some other states require that buyers and sellers meet up to negotiate to close the deal. In Arizona, a home can easily close escrow, and both parties don’t even have to meet.
After the title company has finished with the title search, loan documents have been signed and the funds secured in escrow, the escrow and title companies will record the sale with the county after which funds are disbursed.
While it is relatively simple to sell a home in Arizona, there are a couple of different ways to do it. You can do it yourself, or you can hire a real estate selling agent. In this article, we’ll go over the perks of each approach and the costs associated with them.
Table of Contents:
A. Best Time to Sell a House in Arizona
Figures from the past five years (as of August 2020) indicate that the best months to sell your home are March, April, May, and June. The worst months to sell are December and January; the smallest number of homes are sold in these two months. In fact, sales start to decline in September. So, if you’re looking for a quick sell, you’ll want to put your home on the market in March, and it should sell within the next few peak months.
While Arizona’s heat is known to reach triple digits, the question you’re probably asking is, why are people shopping for homes at this time of the year? The primary reason why families are shopping for homes at this time is that their children are out of school, so it is easier to relocate.
Furthermore, there is more than enough daylight for families to examine a home. On the seller’s end, some argue that their homes look best during spring due to all the green on their property.
However, there are other advantages to selling during this “high season.” For one there are more people selling, which means that there are more homes for sale. Having more homes for sale means that it is easier to compare yours to others. There are also more buyers searching for a home, which means you stand to get multiple offers. If you’re fortunate, you could spark off a bidding war and end up with more money.
The drawback of this “high season” is that buyers have a lot more choices, and they can be pickier. So, your home will have to be priced competitively to get enough attention.
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B. How to Sell your House by Owner in Arizona?
Selling your home without a real estate agent is referred to as For Sale By Owner abbreviated as FSBO. However, it is the best option for a market savvy home seller who knows what they are doing.
The big advantage of selling a house for Sale by Owner is the ability to save on realty commission. On average, the commission can range from 2.39-5.76%. However, you should be willing to undertake a lot of paperwork and study the local market.
Other advantages of FSBO are:
1. Being able to control how the home is sold, price it the way you want, get involved in the negotiation process, and set up a showing schedule that suits you.
2. No need to pay a listing commission, consequently saving an average of 2.59% in Arizona.
It is important to be aware of the inherent risks associated with FSBO. Market research into FSBO shows that homeowners will, on average, sell their homes for around 6% lower than an agent or realtor. Furthermore, FSBO may take longer to sell, especially for a newbie seller with little to no experience.
Alternatively, you can contact companies that buy houses. These companies will make you an offer right off the bat, and if you agree, your house is sold within a week. It is quick and easy for any homeowner in a hurry to sell.
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C. Finding a Good Real Estate Selling Agent in Arizona
Now, if you’ve decided that you don’t have the time or the experience to take the FSBO route, hiring a real estate selling agent saves you from all that effort. You will want to start with finding a real estate agent that’s licensed by the state of Arizona Department of Real Estate.
Most licensed real estate agents are realtors, too. (This means they are members of the National Association of Realtors.) The job of a realtor is to treat both parties involved in the transaction honestly, and to follow the Realtor Code of Ethics.
You will always want to find a real estate agent that’s knowledgeable and trustworthy. Ideally, the real estate agent will know about your specific property. You can ask friends and family members for references. However, you can also Google local real estate agents, then call them to find out if they have experience with your area, type of home/property, etc.
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D. The Costs Associated with Selling a House in Arizona?
It mainly depends on how much your home is worth. In 2019 the average value of a home in Arizona was $262,572, so the average homeowner could expect to pay around $35,447.
However, your out-of-pocket total is going to vary depending on your specific situation. For instance, you can expect to pay around 10% or even more of the final price of your home, if you decide to go ahead with a standard listing, with a full-service realtor.
As a homeowner that takes the FSBO route, you need to be aware of a couple of fees involved with the process:
1) Escrow fees – This is the fee associated with the escrow transaction. The cost varies by company, but it could be around $500.
2) Transferring of tax or the recording fee – These are fees and tax imposed by Arizona state and the government. Generally, it’s going to cost you around $50.
3) Title insurance – The seller generally needs to pay for the buyer’s title insurance premium. The typical rates are $3 – $7 per $1000 of the appraised value.
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Conclusion: Selling a house in Arizona is easier when compared to other states. However, a little knowledge of the home selling process and experience can go a long way. We hope that our mini-guide puts you on the right path to a profitable sale.