North Scottsdale Homes for Sale-All Price Points are Not Created Equal
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Ladies and Gentlemen, all price points are not created equal.
You mean that, everything doesn’t go up the same in North Scottsdale Real Estate?
That’s right. You know we’ve talked to you guys a lot about supply and demand. Painfully a lot, but it is so important that is the main focus of what our market is doing right now, North Scottsdale Homes for Sale.
Your telling me that supply affects demand, and demand affects supply…
It’s an ancient rule of thumb that stays true.
So, we want to talk to you and break down the different price points and what’s happening in each one, and how they are not all created equal in North Scottsdale Real Estate.
Can we start out, by explaining if you were a seller, what price range would you like you to be in for North Scottsdale Homes for Sale.
If I was a seller, I’d like to be in (price range) $400,000 plus.
Because it’s PAINFULLY a sellers market right now. Four hundred thousand and less, it’s very aggressive and competitive out there.
So, what your saying is…I had a short sale I listed recently and I got six offers the first day…four people that didn’t even see the house…
Sight unseen! This is happening, ok? This is happening, $400,000 and less.
What if my house is worth $250,000, and I priced it at $450,000, what happens?
Well, it’s still going to sell for around $250,000 because it’s going to end up selling for market value.
Wow, but I want the higher price, won’t people over pay?
Not that much, haha.
I don’t see that homes are selling for over asking price right now in most cases, especially in that price point.
Well, what we’re saying is properties still have to appraise, and it’s all within reason and we wanted to give you a gross example because you said everything’s selling.
Right, right, thank you for clarifying that.
Let’s talk about how between $400,000 and $800,000 price point. Right now that’s what we consider a normal market. Don’t get me wrong, there’s still supply and demand, there’s still less supply and a lot of demand, and it’s still aggressively in…
But wait, let’s explain what a normal market is in Phoenix Scottsdale Homes for Sale. In a normal market you list your house, and it’s a gorgeous house and it sells the first week. That is a normal market for Phoenix Scottsdale Real Estate. As long as it’s priced right, and it’s in good shape. It’s staged well, doesn’t smell…I mean some of those things (like the steps), it’s got curb appeal, good access. It will sell in the first week.
You know, average days on the market 60-90, not an oversupply, and with our normal market comes 5% appreciation.
Absolutely, and no reason to complain about that.
Ok, so tell them about the upper end here.
The upper end is a little different. In our normal inventory of upper end homes in North Scottsdale Real Estate, we generally have about 20% of the inventory that’s on the market for more than a year with people that are just unrealistically priced way out of the market. They own their house outright, they owned it all cash. But they list it…
They’re listing it just to list it, basically.
But now we’re starting to see homes…in the last 30 days I’ve seen 3 homes in markets where I’m selling homes. One was down in PV Homes for Sale, one was up in Pinnacle Peak Vistas Homes for Sale up in North Scottsdale Homes for Sale and another one just north up in the Troon Homes for Sale area. But, where homes are coming out at a little over $1M and selling the first week with multiple offers.
Why is that, do you think?
I think there is just a lack of good homes that are priced well. So, price is so important, people just will not over pay no matter what, still. But when you do come out and price it well…it’s funny how people just want to price their house higher, thinking they’ll get a higher value and that’s just not true. Pricing is so important.
So, we’re seeing demand across the board increase, and we’re seeing supply across the board decrease, it’s still a buyers market over $800,000. But everything else, man, if you want to buy a house you better be ready for a fight.
You better be on it, and we’re there to help you. We’re here to work for you, and if your serious we’ll do the leg work and secure the property that you want at the right price.
North Scottsdale Homes for Sale – All Price Points are Not Created Equal