David Speirs, Home Buyer in Phoenix, AZ

This property has dropped $25K but still appears expensive compared to surrounding homes ?

Asked by David Speirs, Phoenix, AZ Fri Jan 18, 2013

This question was asked from http://www.trulia.com/property/3097565400-32013-N-19th-Ln-Ph…

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Answers

10
Home sales are at strong levels and is expected to double every year for the next five years. Overall the US housing recovery still shows evidence of pushing ahead as indicated by 2013 forecasts. If you really like the house submitt an offer contingent to appraisal. Meaning you will get for the appraisal price.

Best of Luck,

Maria Cipollone

Century 21 tenace
2 votes Thank Flag Link Tue Jan 29, 2013
Good morning David,

When realtors look at comparable home prices, we always review what has sold in the nearby area with similar features and criteria of the subject home. I took a quick look at this subdivision and there haven't been any recent closings in the last six months, so I expanded my search until I could locate sold properties with the same features, fits and finishes of this home. You can view the sold comps here (copy and paste into your browser):
http://reports.cloudcma.com/6aec10c05ed95c5d3814ed1df2c7dfa6.pdf

All of these homes have 1 fewer bedroom and 1,000 square feet less than the subject property at 32013 N 19th. There were no sold comparables with 7 bedrooms and there is value in that. As far as the pricing is concerned, this homes seems to be on target. There might be other homes that are currently active on the MLS for sale but again, what has actually sold will be the real basis of determining a home's value in today's market. I hope this information has helped.

Should you need any further assistance or have any questions about specific properties, please feel free to contact me anytime.

Best regards,
--
Neema Enriquez
Realtor
Website: http://www.realliving.com/Neema-Enriquez-real-estate-agent
Facebook: https://www.facebook.com/NeemaEnriquezRealtor
Twitter: @PHXRealEstate4U
Mobile: 202-491-3541
1 vote Thank Flag Link Fri Jan 18, 2013
Do what everyone else is doing - ignore it, and go after a reasonably-priced house that you can actually close on.
0 votes Thank Flag Link Tue Jan 29, 2013
Hi David,

Sonoran Foothills is one of the communities I actively track in North Phoenix. The median sales price over the past 3 months was around $109/sqft. This house is listed at $112.49/sqft, which is close to the median.

Another consideration is that the community has a mix of houses in the $200k price range and in the $400k+ price range. I mix them together in my tracking because that is h how my investment models work.

I just went back and took a quick look on the data in my system and if I consider only the $350k+ homes in the community, the median sales price goes up to $125k which is higher than the asking price for this home.

The most expensive home sold within the past 3 months was sold for $585k ($125.43/sqft).

Based on this quick and dirty analysis, the house does not seem grossly overpriced, considering its size, condition and location.

Having said that, looking at how much the current owner paid for the house and the time it has been on the market, I do feel there might be some room for negotiation.

I hope this helps.

Jose Dias, REALTOR | (623) 418-5700 | Jose@MyFirstHouseAZ.com | http://www.MyFirstHouseAZ.com

PS: You can check other houses in the 85085 and other areas at my website: http://www.myfirsthouseaz.com/index.php?filter=all&CheckedZips[…
0 votes Thank Flag Link Fri Jan 18, 2013
David,
I checked out your question on the MLS and actually it's priced alittle high but that's normal. You can always come down on your price but you can never go up, I think is the theory here. There is another large home listed in the same subdivision however, it has 6112 sq.ft and is listed as a short sale at $81.81 per sq. ft. cost. Listing price is $500,000. The MLS # is 4710002 or 31730 N. 15th Glen. Realtor.com will give you all the info. If you and yours are interested in such a buy I'd be happy to show this home to you and put in a backup offer for you. Since it is a short sale there is already one offer that has been presented to the bank already. Sometimes people get tired of waiting and walk away and that's when your offer would become the active offer. Let me know if I can help.
Carol Duffy
Homesmart
480-797-7732
0 votes Thank Flag Link Fri Jan 18, 2013
Thank you Carol we are coming out to AZ in March to look for a home and just doing some homework first
Regards
david
Flag Fri Jan 18, 2013
Hi Dave
could be an REO ( fannie mae and freddie mac have certain pricing policies and guidelines they stick to) or homeowner that feels like that is what the home is worth.
Its tough to say with out the address. One thing I can tell you is that list price is sort of an irrelevant number. Focus on comps and neighborhood trends.
hope that helps.
Regards
0 votes Thank Flag Link Fri Jan 18, 2013
Hi David,

A seller can ask whatever price they wish for their home. Nothing prevents you and your agent from submitting an offer for what YOU think the property is worth. Keep in mind that this is not a year ago, two years ago or five years ago. One of my buyers just made a $140,000 offer on a $120,000 listing - that is the kind of market we are in.
0 votes Thank Flag Link Fri Jan 18, 2013
If you think it is high now just wait a couple months when it is expected we will see another upward surge in home prices. Some say we can expect to see trends similar to last spring when much of the Valley experienced a 15%+ rise in values.
0 votes Thank Flag Link Fri Jan 18, 2013
Thank you for requesting more information on this home. I have included a link below with homes in the subdivision for you to review. Have you toured the home yet to the ammenities that it offers? It is really a gem! The seller would be willing to consider any offers. Prices are rising quickly here in the Phoenix Metro area and specifically in the Sonoran Foothills subdvision.

http://www.flexmls.com/cgi-bin/mainmenu.cgi?cmd=url+other/ru…

If you are interested in touring the home, I would be happy to schedule a showing on this home and a tour of other homes in the subdivision so that you make some comparisons.
0 votes Thank Flag Link Fri Jan 18, 2013
When I take a look at recently sold homes in the area for the past 6 months, they have been selling for around $100 to $150 per sq ft, this one is currently listed at $112 per sq ft so it is priced well for the market, now that remains are the condition of the property and title to add or subtract value. Since this is a large home it seems high.
0 votes Thank Flag Link Fri Jan 18, 2013
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