Prescott Home Inventory Rises as Market Shifts Toward Buyers

“So far, the prices have remained static,” said Prescott realtor Josh Fitch. “It’s gone up and down a little each month, but it’s staying about the same. However, if the number of houses keeps going up, the prices will go down.”

Fitch said the trend also holds true for manufactured homes, which have increased in availability across the region. “It means that buyers have more to choose from and are more likely to get the home they want.”

While a larger inventory benefits buyers, it may lengthen the time it takes for homes to sell, particularly if they are priced too high. Fitch said sellers can typically gauge pricing by the amount of buyer interest and feedback. “If a house is priced correctly, it will get more people in the door and sell more quickly,” he said.

Fitch cautioned sellers against making costly upgrades that may not yield a return on investment. “Homes in certain locations will only sell for a certain amount,” he said, noting that a $15,000 flooring upgrade doesn’t necessarily mean a seller can raise the home’s price by that amount.

Tariffs could affect pricing for new construction, he added, potentially adding $10,000 to the cost of homes not yet built. Existing home prices may also rise in response to broader pricing shifts.

Interest rates are also an important element to consider. Rates have hovered around 6.5% and buyers seeking financing must prequalify before making an offer.

Fitch, who averages about 50 home sales per year, works with the Hyland Group, which includes 12 agents and sells roughly 350 homes annually. “The market got better each year until COVID hit. Then the houses were selling within 14 days,” he said. “Now, there’s more balance, but it’s always changing.”

Despite the challenges, Fitch says he enjoys helping people find their home. “The most emotionally rewarding sales involve the least wealth. It’s helping younger couples or seniors with limited budgets – they are super happy.” QCBN

For more information, call 928-848-1128.

By Stan Bindell, QCBN

Photo by Stan Bindell: Local realtor Josh Fitch, who works exclusively with buyers, advises home sellers to avoid costly upgrades in hopes of securing a higher price.