Real Estate Q? (Scottsdale: houses, buyers, school district)

[DrEdM23]

Ive been on and off this forum for years, and I know Real Estate is always a topic of interests. I recently placed my place up on MLS, about 2 weeks ago and have had one open house. I call my agent and she says the market is dead and nobody is calling. Is this true?, even on this page there is a thread saying market is heating up. Everybody says the price is appropiate and poss even low for the area. I have an agent that "specializes" in the Area and now want to do another open house. I feel open houses are old school and nobody really buys from them. If you want to know the particulars of the house zip 85253 in PV, the "3 C school district", on an acre, fully remodeled and less than 900k. not panicking but what to know some advice.

[DetroitN8V]

Are you right on Scottsdale Road? That's an immediate turn off for many. It's going to sell a lot slower and likely for much less than $300/ft. If it's the house I'm thinking of, that back yard is intimidating being unfinished too. Gorgeous kitchen though. You really need a niche buyer that doesn't mind the traffic noise and can see the potential in that yard.

[sargeant79]

Very generally speaking, the market appears to be doing fairly well for houses in the $200-$300K price range. There are a lot of buyers, particularly first timers, who are entering the market and this is a price point that is accessible for a good many people. But when you get up into the $500K+ range where your house is priced, there is a smaller pool of potential buyers to begin with. The real high end stuff like that typically moves slower than the rest of the market simply because there aren't as many people out there who can afford a house in that price range.

And I'm basing these comments solely off of conversations with my real estate agent, so take it with a grain of salt.

[DrEdM23]

DetroitN8V: Yeah thats me, the noise isnt bad but I know it is a negative, I actually like being close to scottsdale rd, I can walk to pei wei and the shopping center. Yeah the backyard is huge and I am hoping that people see the potential. What do you think of spending 5-8+ K and doing the backyard

[vince3vince]

Originally Posted by DetroitN8V

Are you right on Scottsdale Road? That's an immediate turn off for many. It's going to sell a lot slower and likely for much less than $300/ft. If it's the house I'm thinking of, that back yard is intimidating being unfinished too. Gorgeous kitchen though. You really need a niche buyer that doesn't mind the traffic noise and can see the potential in that yard.

Are you referring to the house Sunnyvale house? Even though it renovated, it looks dated and not very luxurious. 5 miles away, larger, newer, more luxurious homes are the same price. That's what's going to be drive potential people away. The land is prime, yes, but for that kind of money, why would walk away from a home in Madrid, for example, about 5 miles away...

[DetroitN8V]

Originally Posted by DrEdM23

DetroitN8V: Yeah thats me, the noise isnt bad but I know it is a negative, I actually like being close to scottsdale rd, I can walk to pei wei and the shopping center. Yeah the backyard is huge and I am hoping that people see the potential. What do you think of spending 5-8+ K and doing the backyard

I'm certainly no expert, but I would think that some greenery would help. Even if just a small rectangle of turf. Personally, I would love a yard that size to do what I wanted with. Good luck! Someone will fall in love with that kitchen.

[urbex]

Originally Posted by DrEdM23

What do you think of spending 5-8+ K and doing the backyard

Less than 1% of the asking price of the house? I couldn't write a check fast enough if it meant helping to sell the house, lol.

While this is also a WAG...I'd wager that the typical buyer in that market also isn't going to be looking for a fixer-upper property (in the sense that something needs finishing, not implying that there is structural repairs needed, or a gutting of the house kind of thing).

[DetroitN8V]

Originally Posted by vince3vince

Are you referring to the house Sunnyvale house? Even though it renovated, it looks dated and not very luxurious. 5 miles away, larger, newer, more luxurious homes are the same price. That's what's going to be drive potential people away. The land is prime, yes, but for that kind of money, why would walk away from a home in Madrid, for example, about 5 miles away...

Lot size and location would do it for me. I know you love Madrid but those lots are pretty small for the size of the homes. While only 5 miles or so, the PV location is definetly an advantage.

[DrEdM23]

thanks for the info guys, turf or grass? there is a area in the back that was grass but to went to seed so and did a little work myself. I kinda like the idea of turf area