Pending pace can help buyers decide when to stop watching and act
If you keep waiting for perfect certainty before making an offer, you may be waiting past the right home. In Tempe, AZ, a typical home that moved into pending status did so in 32 days last month, so buyers need a decision standard before they start touring.
Recent pending activity in Tempe, AZ totaled 79 homes, with a typical asking price of $485,000 and a typical path to pending of 32 days. Pending homes still in the pipeline at month end were priced at a typical $515,000, with 73 listings waiting to close. That tells me the market still responds when a listing is priced and positioned well. For a buyer, the risk is not that every home will disappear instantly. The risk is that your best-fit option may move while you are still trying to define what good enough looks like. Write down your nonnegotiables before you tour. Decide your offer ceiling before you fall in love with the property. In Tempe, AZ, I would also measure each home's days on market against the 32-day pending pace before deciding how much room you really have.
About Jeff Setlow
Jeff Setlow is a licensed Real Estate Professional affiliated with Exp Realty, specializing in the Tempe market. With a focus on strategic marketing and deep local knowledge, Jeff Setlow provides clients with expert guidance in navigating complex real estate transactions. View full profile →
