SELLER WANTS FULL ASKING PRICE OR MORE FOR THE HOME NO UPGRADES

By
Real Estate Agent with Real Estate and Beyond, LLC SA535849000

SELLER WANTS FULL ASKING PRICE OR MORE FOR THE HOME NO UPGRADES

 

PHOENIX REAL ESTATEThe 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.

 

 

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Rainmaker
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Gloria Valvasori, ASA
Better Homes and Gardens Real Estate Signature Service - Streetsville, ON
Quality Service, Exceptional Results, Since 1987

That is not unusual in my area Harry, its all about supply and demand and right nor we are expeirencing a shortage of inventory which is leading to multiple offers in most situations, and people paying $100,000-$300,000 over asking price... Its really quite bizare..

Jan 07, 2017 09:22 AM #1
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Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Gloria Valvasori here we go again. Thanks for the update in your area

Jan 07, 2017 09:24 AM #2
Rainmaker
1,055,544
Kat Palmiotti
Grand Lux Realty, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

The more buyers who pay full price with no upgrades, the more houses will be priced at that level with no upgrades.

In my area, for the most part, we're not seeing people paying over list price w/no upgrades.

Jan 07, 2017 09:27 AM #3
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Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
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Kat Palmiotti thanks for the update in your area

Jan 07, 2017 09:29 AM #4
Rainmaker
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Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Harry F. D'Elia - I usually see a little spill over into Sedona and the Verde Valley when it is a hot market in Phoenix.  In my area, buyers are not paying full price for homes that are not upgraded to the current market standards. If the house is priced right, the buyers do take that into consideration. 

Jan 07, 2017 10:50 AM #5
Rainer
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Karen Hellier
Freelance Writer - Big Canoe, GA
Freelance Writer for Professionals, North Georgia

With a shortage of homes for sale in your area, I guess when the buers find a house they love, they don't want to chance losing it even if it means paying full price with no upgrades.

Jan 07, 2017 02:04 PM #6
Rainmaker
1,390,967
Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

That's not happening in our market Harry, homes are in great condition if they are selling at top dollar.

Jan 07, 2017 05:52 PM #7
Rainmaker
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James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Good morning Harry.  With few exceptions the market continues to be going strong in our area also.  2017 a banner year.

Jan 08, 2017 03:24 AM #8
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Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
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Sheri Sperry - MCNE® good to hear

Jan 08, 2017 04:56 AM #9
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Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
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Karen Hellier bingo you guessed it right--up to the buyer

Jan 08, 2017 04:56 AM #10
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Harry F. D'Elia
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Sybil Campbell fun to be in your market with all the history

Jan 08, 2017 04:57 AM #11
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Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
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James Dray fantastic

Jan 08, 2017 04:57 AM #12
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Wanting and getting may not be the same. There will never be a shortage of unrealistic clients.

Jan 09, 2017 06:28 PM #13
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Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
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Roy Kelley well said my friend

Jan 09, 2017 06:36 PM #14
Rainmaker
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Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Harry

That's not likely to happen . . . .

Good luck and success.

Lou Ludwig

Jan 09, 2017 06:51 PM #15
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Sellers in my area are expected to upgrade or to price it so the buyers can. As inventory shrinks that can change.

Jan 09, 2017 06:53 PM #16
Rainmaker
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Sally K. & David L. Hanson
Keller Williams 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce - Short Sale

We have been to listing appointments like that....and despite comparisons to laminant and hardwood, formica and quarta.....updated and upgraded and not...the Sellers who have sat on the market forever...and will continue to...believe in fairy tale prices.

Jan 10, 2017 03:15 AM #17
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Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
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Lou Ludwig in a market in short supply yes it happens

Jan 10, 2017 04:45 AM #18
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Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
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Debbie Reynolds happens here in Phoenix with low inventory

Jan 10, 2017 04:46 AM #19
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Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
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Sally K. & David L. Hanson homes are flying off the shelf in Phoenix

Jan 10, 2017 04:47 AM #20
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