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Old 04-22-2019, 07:11 AM
 
Location: Wisconsin
4 posts, read 1,434 times
Reputation: 10

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Hello. I've been carefully watching the North Phoenix market specifically Norterra, Stetson Valley, Westwing Mountain and Sonoran Foothills for months. We sold our home (we are from out of state) and now ready to purchase. Well as luck has it we bid on a home and lost after offering over asking with no contingency because it became a Redfin Hot Home. Next house, it is now a hot home with an "offer review date" set for 2 weeks for now so I'd assume it will be another bidding war. Both homes are in Stetson Valley and Westwing area. What happened in the last week and why did the market suddenly go mad? Did I miss something? I'm getting worried I may keep getting bid out. Today at least half a dozen homes in the area are hot homes.

Last edited by Frozen23; 04-22-2019 at 07:19 AM.. Reason: Spelling
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Old 04-22-2019, 08:53 AM
 
6,744 posts, read 12,529,352 times
Reputation: 7252
That just means it’s getting a lot of views and doesn’t necessarily mean that there will be multiple offers or an offer at all.
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Old 04-22-2019, 12:40 PM
 
Location: Phoenix, AZ area
3,245 posts, read 3,185,251 times
Reputation: 3954
Redfin marks things as hot to let you know they are getting a lot of activity. Houses are moving fast in those areas, most areas of the valley are having that "problem". This house went into contract in under 2 weeks, I could link a couple dozen just like it because most of them do. If you find a home that is lingering on the market it is most likely because they went into contract and couldn't close, not because there is a problem with the house.

https://www.redfin.com/AZ/Phoenix/23.../home/28113963
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Old 04-22-2019, 04:34 PM
 
Location: Wisconsin
4 posts, read 1,434 times
Reputation: 10
AZ Manager that is exactly the type of property I'm searching for. Lessons learned is that I will move fast now!
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Old 04-22-2019, 05:49 PM
 
Location: northwest valley, az
2,362 posts, read 1,260,307 times
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we have lived in that area for 20 months now, and, went through the same thing, losing several houses because we didnt act fast enough...houses in this area are going fast, with no end in sight, even though they are building thousands of new ones in this same area..
good advice from AZ manager; if you see something you really like, dont wait too long..
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Old 04-22-2019, 08:33 PM
 
6,744 posts, read 12,529,352 times
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Quote:
Originally Posted by AZ Manager View Post
Redfin marks things as hot to let you know they are getting a lot of activity. Houses are moving fast in those areas, most areas of the valley are having that "problem". This house went into contract in under 2 weeks, I could link a couple dozen just like it because most of them do. If you find a home that is lingering on the market it is most likely because they went into contract and couldn't close, not because there is a problem with the house.

https://www.redfin.com/AZ/Phoenix/23.../home/28113963
Even though it needs a lot of updating, $182/ft seems like a bargain when compared to the central areas.
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Old 04-22-2019, 11:56 PM
 
Location: Phoenix, AZ area
3,245 posts, read 3,185,251 times
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Quote:
Originally Posted by DetroitN8V View Post
Even though it needs a lot of updating, $182/ft seems like a bargain when compared to the central areas.
15 year old home with higher end finishes needs a lot of updating? You may think it looks bad but it doesn't NEED updating. I'd have to gut the kitchen and the flooring but that's personal because of the colors, I HATE browns and golds, not that it is outdated.

The point was more to show the OP that things in the area fly off market fast. This just happened to be the first house I clicked on.
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Old 04-23-2019, 12:12 AM
 
6,744 posts, read 12,529,352 times
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Quote:
Originally Posted by AZ Manager View Post
15 year old home with higher end finishes needs a lot of updating? You may think it looks bad but it doesn't NEED updating. I'd have to gut the kitchen and the flooring but that's personal because of the colors, I HATE browns and golds, not that it is outdated.

The point was more to show the OP that things in the area fly off market fast. This just happened to be the first house I clicked on.
Well sure, nothing NEEDS updating, but most buyers would likely see that as a cosmetic fixer. You don’t think a home needs a refresher after 15 years? I think it’s pretty outdated and gaudy. Today’s styles are brighter, cleaner and simpler. That mountain range granite backsplash is classic though!
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Old 04-23-2019, 02:24 AM
 
Location: Phoenix, AZ area
3,245 posts, read 3,185,251 times
Reputation: 3954
Quote:
Originally Posted by DetroitN8V View Post
Well sure, nothing NEEDS updating, but most buyers would likely see that as a cosmetic fixer. You don’t think a home needs a refresher after 15 years? I think it’s pretty outdated and gaudy. Today’s styles are brighter, cleaner and simpler. That mountain range granite backsplash is classic though!
God I'd hope not considering most floor tiles and hardwood are rated for lifetime use, same for granite countertops and cabinets. Man if you did a refresher every 15 years on that stuff for a 2k sq ft home you are looking at something like $30k+ every time you do it if you can piece it out yourself. I just had a company in here to price out my kitchen cabinets and they gave me a $12k quote, cabinet install only. We're also looking at doing flooring, about 1600 sq ft of tile, and we're getting $10k-$12k quotes. I couldn't imagine spending that kind of money on that stuff every 15 years. Maybe I'm just a cheap ass (I am).

That flooring choice and granite splash are... interesting. I did say I'd gut it but that's a personal thing, our homes have always been more grey and black than brown and gold (it's even in style now go figure). It isn't run down or anything that demands a refresh, certainly isn't in need of updates though, that's more of an HGTV thing than anything. Most people don't ever renovate, I've got a 35 year old rental with an original kitchen except the granite I put in when I bought it in 2009. All it really needed was new hinges on the doors and new drawer slides and it was good to go. Oh it also needed new carpet to replace the run down old carpet with holes and burns in it.
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Old 04-23-2019, 03:35 AM
 
7 posts, read 3,784 times
Reputation: 16
Quote:
Originally Posted by Frozen23 View Post
Hello. I've been carefully watching the North Phoenix market specifically Norterra, Stetson Valley, Westwing Mountain and Sonoran Foothills for months. We sold our home (we are from out of state) and now ready to purchase. Well as luck has it we bid on a home and lost after offering over asking with no contingency because it became a Redfin Hot Home. Next house, it is now a hot home with an "offer review date" set for 2 weeks for now so I'd assume it will be another bidding war. Both homes are in Stetson Valley and Westwing area. What happened in the last week and why did the market suddenly go mad? Did I miss something? I'm getting worried I may keep getting bid out. Today at least half a dozen homes in the area are hot homes.
Hello Frozen23. I love this area, lived in this area for over 15 years and seen it grow and get better over time. We have a beautiful mountain side house that we are considering selling, with a private mountain view and pool, due to some potential changes to employment.

PM me if you'd like to chat to see if our house might be a fit for your needs.
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