SELLER WANTS FULL ASKING PRICE OR MORE FOR THE HOME NO UPGRADES
The Phoenix Real Estate market continues to be a hot market. It is predicted that Phoenix is the #1 real estate market in the country. We are experiencing a shortage of inventory. This means low supply and high demand means homes prices continue to increase. Will the fast paced increase keep up with appraisal values? It will be a fun time this year in Phoenix real estate.
I am starting to crank up the marketing machine to attract more buyers and sellers. Currently, I am working with a couple buyers. I have been viewing homes that are on the market. It seems some of the sellers are seeking full market value without any upgrades to the home. Here is what I am noticing in the homes
- Kitchens and bathrooms have not been upgraded
- Blank landscaping located in the backyard
- Popcorn ceilings still on the ceiling
- Carpet and old tile on the floor
- Exterior could use a coat of paint to spruce it up for curb appeal
- Same old lighting fixtures from twenty years ago
Are you seeing the same thing in your market? However, buyers are buying the homes with no upgrades at full market price. Who does that? I know it is totally up to the buyer. However, I always inform my buyer of current market value with upgrades that have taken place in the recent vicinity so that they can make an informed decision to put an offer on the home.
Overall, stores like Home Depot have been extremely busy these last couple of years as more and more home owners are putting money into the home. Also, real estate investors have come back to do the quick Phoenix Fix and Flips here. Here we go, again. It will be an interesting ride this year. Hold on and enjoy the ride.