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Scottsdale AZ Luxury Home Market – October 2022

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– Scottsdale Luxury Home Market Performance for October 2022 –

While September was semi-lackluster month for luxury home sales in Scottsdale, we did see some rebounding occur in October in most price points.

This report dives into home sales where the listing prices were $1 million and above. It covers the last twelve months of data and is broken into four price bands to show additional detail.

– October 2022 –

Scottsdale Homes Priced Between $1,000,000 – $1,499,999

Scottsdale Homes for Sale between $1 and $1.5 million October 2022

– Active Scottsdale Homes on the Market: The number of homes for sale in this price point remained level between September and October.
– UCB Scottsdale Home Sales: We saw the number of UCBs fall again. They were down 18.5% when compared to the end of September.
– Pending Scottsdale Home Sales: After a nice bump in pending contracts in September, they were back down again in October.
– Scottsdale Homes Sold: On a positive note, sales activity was up for the second month in a row.
– Sales Price to Listed Price: 95.4%- On average, buyers saw a discount of 4.6% off of list price.

Scottsdale Homes Priced Between $1,500,000 – $1,999,999

Scottsdale Homes for Sale between $1.5 and $2 million October 2022

– Active Scottsdale Homes on the Market: After several months with inventory on the climb, saw it drop slightly in October.
– UCB Scottsdale Home Sales: UCBs came in at the same level as last month.
– Pending Scottsdale Home Sales: We saw the number of pending sales head back over 30 in October. It came in just under the twelve month average.
– Scottsdale Homes Sold: The number of homes sold dropped to under 30 in October. This is the lowest we have seen sales in the past year.
– Sales Price to Listed Price: 95.2% – On average, buyers saw a discount of 4.8% off of list price.

Scottsdale Homes Priced Between $2,000,000 – $2,999,999

Scottsdale Homes for Sale between $2 and $3 million October 2022

– Active Scottsdale Homes on the Market: Inventory continued its rise in October. The month closed out with 144 homes for sale. This is quite a jump from March when there were only 49 homes for sale.
– UCB Scottsdale Home Sales: UCBs were up slightly after declining in September.
– Pending Scottsdale Home Sales: The number of pending sales fell to the lowest level we have seen in the past year.
– Scottsdale Homes Sold: Home sales ended the month at 20. This is also the lowest we have seen in this price point in the past 12 months.
– Sales Price to Listed Price: 94.6% – On average, buyers saw a discount of 5.4% off of list price.

Scottsdale Homes Priced $3,000,000+

Scottsdale Homes for Sale over $3 million October 2022

– Active Scottsdale Homes on the Market: Inventory jumped 13.4% between September and October. This price point is now approaching 200 homes for sale.
– UCB Scottsdale Home Sales: The number of UCB contracts fell to 13 at the end of the month. This is the second lowest we have seen them in the past year.
– Pending Scottsdale Home Sales: Pending sales moved back up and closed out at 30.
– Scottsdale Homes Sold: The number of homes sold almost doubled between September and October.
– Sales Price to Listed Price: 94.6% – On average, buyers saw a discount of 5.4% off of list price.

If you would like additional detail on home sales activity, please visit our Scottsdale Luxury Home Market Reports page and click on the downloadable “Scottsdale Market Trends” report.

Search Scottsdale Luxury Homes for Sale

Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 11/1/2022 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This blog represents the opinion of the author. No warranties expressed or implied.
Copyright ©2022 Heather Tawes Nelson | Joyce Tawes

Phoenix and Scottsdale AZ Luxury Condo Sales – October 2022

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Luxury Condo Sales in Scottsdale and Phoenix – October 2022

Sales activity during the month of October for the Scottsdale and Phoenix luxury condo market was pretty similar to what we saw in September. There was moderate contract and sales activity, but we did see the pending inventory rise again as many of these homes are in communities under development.  

This report examines the luxury condo market in Scottsdale and Phoenix. All of these homes had list prices of one million dollars or more. 

ACTIVE LISTINGS AT THE END OF OCTOBER

The number of luxury condos for sale moved up slightly to 56, mostly due to new listings in Scottsdale. The vast majority of these homes (51) were located in Scottsdale, with only five homes being located in Phoenix. 

Inventory remained pretty much level in September. At the end of the month, there were 53 luxury condos on the market. Of these, 46 of them were in Scottsdale and the remaining 7 were in Phoenix. 

The most expensive condo for sale remains a condo under development in the new community, Ascent at the Phoenician. It comes with three bedrooms and three and one-half bathrooms and has 3,985 square feet.  The list price for this home was $4,450,000.

Optima Camelview is where the least expensive condo for sale was located. It had two bedrooms, two bathrooms and 1,528 square feet. It was on the market for $1,049,000. 

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

There were five condos in UCB status at the end of October and the majority of them were located in Scottsdale. 

UCB Condos in Scottsdale

  • Optima Camelview – Two bedrooms and bathrooms, 1,777 square feet. Asking price was $1,150,000.
  • Portico Condominiums – This is a new development in North Scottsdale.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,425,600.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,669,000.
  • Optima Kierland – Two bedrooms, two and one-half bathrooms, 1,838 square feet. Asking price was $2,100,000.

UCB Condo in Phoenix

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Pending contracts continued to climb in October. There were 51 pending sales at the end of the month.

Note: Pending contracts are high because almost all of these communities are under development.

Scottsdale Pending Luxury Condos

  • Optima Kierland
    • Two bedrooms and bathrooms, 1,686 square feet. Asking price was $1,399,000.
    • Three bedrooms, three and one-half bathrooms, 2,451 square feet. Asking price was $3,500,000.
  • Portico Scottsdale Condominiums – This is a new development in North Scottsdale.
    • Three bedrooms, two and one-half bathrooms, 2,090 square feet. Asking price was $1,056,000.
    • Three bedrooms, two and one-half bathrooms, 2,090 square feet. Asking price was $1,188,000.
    • Three bedrooms, two and one-half bathrooms, 2,090 square feet. Asking price was $1,188,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,458,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,652,400.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,695,600.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,728,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,738,800.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,814,400.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,814,400.
  • The Reserve – This community is under construction.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,004,500.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,011,500.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,012,450.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,026,500.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,063,000.
    • Two bedrooms, two and one-half bathrooms, 2,020 square feet. Asking price was $1,075,000.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,159,000.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,271,450.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,279,900.
  • Ascent at the Phoenician – This is another fantastic development underway.
    • One bedroom, one and one-half bathrooms, 1,698 square feet. Asking price was $1,475,000.
    • Two bedrooms, two and one-half bathrooms, 1,847 square feet. Asking price was $1,600,000.
    • Two bedrooms, two and one-half bathrooms, 2,374 square feet. Asking price was $2,050,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,285,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,395,000.
    • Three bedrooms, three and one-half bathrooms, 3,867 square feet. Asking price was $3,975,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,100,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,750,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,895,000.
    • Three bedrooms, three and one-half bathrooms, 3,945 square feet. Asking price was $4,950,000.
  • ICON at Silverleaf – Currently under construction.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $1,995,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,150,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,500,000.
    • Three bedrooms, three and one-half bathrooms, 3,170 square feet.  Asking price was $2,500,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,625,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,700,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,750,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,800,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,900,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,900,000.
    • Three bedrooms and bathrooms, 3,157 square feet. Asking price was $2,995,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,175,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,200,000.
    • Three bedrooms, four bathrooms 3,157 square feet. Asking price was $3,350,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $6,900,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,700,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,718,000.
    • Four bedrooms, four and one-half bathrooms, 5,534 square feet. Asking price was $8,000,000
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $8,350,000. 

Phoenix Pending Luxury Condos

  • Portland on the Park – Three bedrooms and bathrooms, 1,906 square feet. Asking price was $1,150,000.
  • One Lexington – Two bedrooms, two and one-half bathrooms, 2,288 square feet. Asking price was $1,295,000.

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

October posted five luxury condo sales, which is also where sales came in in September. 

Scottsdale Luxury Condo Sales

  • Optima Camelview
    • Two bedrooms and bathrooms, 1,448 square feet. Asking price was $1,065,000 and it sold for $1,025,000.
    • Three bedrooms, three and one-half bathrooms, 2,320 square feet. Asking price was $2,500,000 and it sold for $2,300,000.
  • ICON at Silverleaf  – Three bedrooms, three and one-half bathrooms, 3,170 square feet. Asking price was $2,100,000 and it sold for $2,000,0
  • Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms, 1,659 square feet. Asking price was $1,325,000 and it sold for $1,250,000.
  •  

Phoenix Luxury Condo Sale

  • Esplanade Place – Two bedrooms and bathrooms, 2,417 square feet. Asking price was $1,175,000 and it sold for $1,075,000.

Learn More About Phoenix and Scottsdale Luxury Condos

Search Phoenix and Scottsdale Luxury Condos for Sale

Disclaimer: Days on market figures are cumulative days on market. Information herein deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 11/1/2022 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. Information deemed reliable, but not guaranteed.  There may be new condo inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright ©2022 Heather Tawes Nelson | Joyce Tawes

2022 Holiday Events in Scottsdale

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– 2022 Holiday Celebrations in Scottsdale –

The holiday season is back and Scottsdale and the surrounding areas love to celebrate!

Here is a list of some of the holiday events going on in and around Scottsdale this year.

  • The Polar Express- Now through December 30th – This popular event is back again for people of all ages. Board the Polar Express train in Williams, Arizona and then take a magical ride to the North Pole.
  • World of Illumination – Now through January 1st –  The World of Illumination is so popular, there are now three locations in the Valley. They have North Phoenix, Tempe and Glendale locations. Stay in the comfort of your car and be dazzled by over 2 million lights synchronized to music at this drive-through light extravaganza. You pay by the carload and be sure to buy tickets online to save some money. Snacks and refreshments for sale.
  • The North Pole Experience in Flagstaff – Now through December 24th – This is an unforgettable experience. Come visit Santa’s workshop and help make some toys. Hungry or looking for a treat? Then head over to Mrs. Claus’ bakery. From there, you can see Santa’s sleigh, write a letter to Santa and so much more!
  • Christmas at the Fairmont Scottsdale Princess – November 18th –  January 2nd – The Princess has one of the best holiday experiences around and each year, they keep improving and expanding it.  The event is spread over 65 acres and features 6.5 million lights! Go ice skating, take a ride on the Ferris wheel, make some smores, visit Santa and other favorite winter characters, or have a hot cocoa or an adult beverage. There is so much to do – be sure to take a look! Plus, there are other special options and experiences if you are staying at the hotel. Be sure to buy your tickets in advance!
  • Desert Ridge Holiday Events – November 20th – December 31st – Desert Ridge once again has lots of options for the holidays. Snow in the desert? Why not? There will be nightly snowfall. Also, be sure to be there on November 22nd for the grand kickoff party and tree lighting.
  • Phoenix Zoo’s Zoolights – November 23rd – January 15th – Zoolights is one of the Phoenix Zoo’s most popular events. Millions of lights and displays bring the zoo to life in a different way. This year they have new light displays and a global light and music show. Enjoy!
  • Holiday Lights at the McCormick-Stillman Railroad Park – November 25th – December 30th – As I have said before, this annual event is a favorite for folks all over the Valley and one of our personal favorites.  Get your tickets and come ride on the train through magical light displays all over the park. Ride on the carousel or grab a bite to eat. There are two timed sessions to make sure everyone can enjoy the experience without overcrowding.
  • Scottsdale’s Scottsdazzle– November 26th – December 31st – Scottsdazzle is back and even better for 2022! It kicks off with a tree lighting ceremony and from there, you have family events, 21+ events, classes, entertainment and so much more! Here is a calendar of everything going on. 

  • The Santa Social at Scottsdale Quarter – November 26th – This is a fun family day at Scottsdale Quarter. In addition to kids’ activities like face painting, Santa and entertainment there are also puppy adoptions and more. End the day with a special holiday movie screening. Scottsdale Quarter is also offering other holiday events – See the calendar.
  • The Tipsy Grinch Lounge at the Hyatt Regency Scottsdale – Select dates starting December 3rd – This is a new entrant to the Scottsdale holiday scene. This 21+ pop-up event will feature fun decor and specialty cocktails and bites.
  • Las Noches de las Luminarias at the Desert Botanical Garden – Weekends December 9th –  December 31st – Enchanting luminaria lanterns will come alive each evening as you stroll through the Desert Botanical Garden. There will be live music, performances and more. This year is extra special because you can enjoy large-scale sculptures by Rotraut as they are lit up by the luminaria candles.
  • The Nutcracker with the Phoenix Ballet – December 10th – 24th – This holiday tradition lives on. Catch the classic ballet The Nutcracker and become immersed in the land of fantasy.
  • Phoestivus – December 14th and 15th – Seinfeld fans will love this play on the spelling of the infamous Festivus. 200 vendors will be selling their wares at this downtown Phoenix holiday market. There will be lots of vendors to visit, food, beverages, entertainment and more.
  • Chanukah in Carefree– December 18th – 25th – Carefree will have a menorah lighting every night of Chanukah. Each night will feature a different community group and theme. Christmas will be celebrated on December 3rd with a tree lighting, live music and carolers.

As always, this is just a partial list, so feel free to add any other events in the comment section.

Disclaimer: Information deemed reliable, but not guaranteed. Events subject to change. Some events are free, while others have an admission fee or items for purchase. Please plan ahead as many of these events sell out.

Quick Video Update of the Scottsdale Real Estate Market – October 2022

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– October 2022 Scottsdale Housing Market Video –

Here is a one-minute video overview of the Scottsdale, Arizona real estate market that covers the month of October.

October 2022 – Video


Scottsdale Active Listings

Scottsdale homes for sale October 2022

We have seen the number of homes for sale go up month-over-month for the past several months, but things seem to be slowing down. Inventory was only up 4% at the end of October over September.

However, when you compare inventory to where we were at the same time last year, it is up by 97%. But keep in mind, Scottsdale was in desperate need of inventory a year ago.

Median List Price for Scottsdale Homes

Scottsdale homes median list price October 2022

This next section covers the median list price. The median price is where 50% of the homes are priced higher and 50% of the homes are priced lower.

The median list price for October came in at $1.25 million. This is pretty much where it was at this time last year and during last month, just slightly higher.

Days on Market

Scottsdale homes days on market October 2022

Days on Market, or DOM, is a way to quickly see how a real estate market is performing. It measures how many days it takes for homes to sell. A low number means a faster market and conversely, a high number means things are taking longer to sell.

Scottsdale’s Days on Market was 60. This is up 62% when compared to October last year.

Median Sales Price for Scottsdale Homes

Scottsdale homes median sales price October 2022

Now we turn to the median sales price of homes in Scottsdale in October.

It came at $999K, which means half of the homes sold for a higher amount and the other half sold for a lower amount. It was higher than October 2021’s $900K and last month’s $950K.

Number of Homes Sold

Scottsdale home sales October 2021 vs October 2022

This first image compares home sales in Scottsdale on an annual basis. Sales were down 36% when compared to October 2021. This makes sense as we have seen the market slow a bit from the frenzied days at the beginning of the year.

Scottsdale home sales September versus October 2022

This next image compares the current month with last month. Sales were down 5% when compared to September 2022.

We hope that you found this video and commentary helpful as you gather more information to make smart informed real estate decisions.

For more Scottsdale real estate information or if you have any questions about the local area, feel free to contact Joyce at (480) 209-7843 or Joyce@LiveBetterinScottsdale.com.

Click to watch other videos on our Live Better in Scottsdale YouTube Channel.

Interested in other stats for our market? Visit our Real Estate Market Update page.

Disclaimer: Data deemed to be accurate, but is not guaranteed.

3 Trends That Are Good News for Today’s Homebuyers

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3 Trends That Are Good News for Today’s Homebuyers | MyKCM

While higher mortgage rates are creating affordability challenges for homebuyers this year, there is some good news for those people still looking to buy a home.

As the market has cooled this year, some of the intensity buyers faced during the peak frenzy of the pandemic has cooled too. Here are just a few trends that may benefit you when you go to buy a home today.

1. More Homes To Choose from

During the pandemic, the housing supply hit a record low at the same time buyer demand skyrocketed. This combination made it difficult to find a home because there just weren’t enough homes to meet buyer demand. According to Calculated Risk, the supply of homes for sale increased by 39.5% for the week ending October 28 compared to the same week last year.

Even though it’s still a sellers’ market and supply is still lower than more normal levels, you have many more homes to choose from in your home search. That makes finding your dream home a bit less difficult.

2. Bidding Wars Have Eased

One of the top stories in real estate over the past two years was the intensity and frequency of bidding wars. But today, things are different. With more options, you’ll likely see less competition from other buyers looking for homes. According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined. This September, the average was 2.5 offers per sale. In contrast, last September, the average was 3.7 offers per sale.

If you tried to buy a house over the past two years, you probably experienced the bidding war frenzy firsthand and may have been outbid on several homes along the way. Now you have a chance to jump back into the market and enjoy searching for a home with less competition.

3. More Negotiation Power

And when you have less competition, you also have more negotiating power as a buyer. Over the last two years, more buyers were willing to skip important steps in the homebuying process, like the appraisal or inspection, to try to win a bidding war. But the latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving those contingencies is going down.

As a buyer, this is good news. The appraisal and the inspection give you important information about the value and condition of the home you’re buying. And if something turns up in the inspection, you have more power today to renegotiate with the seller.

A survey from realtor.com confirms more sellers are accepting offers that include contingencies today. According to that report, 95% of sellers said buyers requested a home inspection, and 67% negotiated with buyers on repairs as a result of the inspection findings.

Bottom Line

While buyers still face challenges today, they’re not necessarily the same ones you may have been up against just a year or so ago. If you were outbid or had trouble finding a home in the past, now may be the moment you’ve been waiting for. Let’s connect to start the homebuying process today.

Scottsdale AZ Single Family Home Sales – October 2022

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– October 2022 Scottsdale Homes for Sale and Home Sales –

October was a lackluster month for home sales activity in Scottsdale. Sales were down slightly and contract activity fell to the lowest levels we have seen in the past month While some of this is due to current market conditions, October is also a seasonally slower time of year.

SCOTTSDALE HOME SALES ACTIVITY – OCTOBER 2022

– Single-family homes for sale – Orange Line – The number of homes on the market at the end of the month.
– Under contract, but accepting backup offers (UCB) – Gray Line – The number of homes in UCB status at the end of the month.*
– Pending home sales – Yellow Line -The number of pending sales.*
– Home Sales – Blue Line – The number of homes that sold.


We look at the following four sales metrics on a monthly basis:

OCTOBER 2022 RESULTS

Scottsdale home sales October 2022
  • Scottsdale Homes for Sale: The number of homes for sale was up at the end of October. The additional inventory is good for buyers.
  • UCB (Under contract, accepting backup offers): The number of homes in UCB status was down to 128 at the end of the month. This is the lowest we have seen in the past year.
  • Pending Homes Sales in Scottsdale: Pending sales also fell to the lowest level we have seen in the past 12 months.
  • Scottsdale Home Sales: Home sales remained under the 300 mark for the second month in a row.

The next section includes two more sales metrics we track:

Scottsdale real estate market October 2022

Percent Change Month Over Month – Here, we are tracking the performance of the current month to the month prior. For example, the number of homes sold in October was down 4% compared to the number of homes sold in September.

Sales Price to List Price – This is a quick and easy metric used for sales prices. Here, we compare the average price homes sold for compared to the average asking price for homes. In October, sales price to list price came in at 95.3% So, on average, buyers saw a discount of 4.7% off of asking price.

*Figures for active homes for sale, UCB sales and pending sales are based on the numbers at the end of the month.

Curious about your buying power? Click on the link to learn more.

Search Scottsdale AZ Homes for Sale

Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 11/1/2022. Information deemed reliable, but not guaranteed. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2022 Heather Tawes Nelson | Joyce Tawes

7 Tips to Maximize Your Home’s Sale Price

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7 Tips to Maximize Your Home’s Sale Price

Over the past few years, a real estate buying frenzy led to home prices being bid up to eye-popping amounts. However, as mortgage rates have risen, buyer demand has cooled. 1 Consequently, home sellers who enter the market today may need to reset their expectations.

The reality is, it’s no longer enough to stick a “for sale” sign in the yard and wait for buyers to bang down the door. If you want to net the most money possible for your property in today’s market, you’ll need an effective game plan and a skilled team of professionals to implement it.

Fortunately, we’ve developed a listing strategy that combines our proven approach to preparation, pricing, and promotion—all designed to help you get top dollar for your home. But you will play an important role in the selling process, as well.

Here are some crucial steps you can take to set yourself up for success as a home seller in this market:

1. Make Strategic Repairs and Improvements

When you sell something, it’s important to consider what your customer wants to buy. And according to the National Association of Realtors, only 6% of today’s buyers report that they are looking for a DIY fixer-upper.2 The vast majority want a move-in-ready home, which means that any outstanding repairs or dated features can be a major turn-off.

Before your home goes on the market, we’ll conduct a thorough walk-through to identify any problems that could prevent it from selling. In some cases, we may recommend a professional pre-listing inspection. Finding and addressing issues like leaks, rot, and foundation problems up front can pay off in the final sale price. Plus, it prevents sales from falling through because of a red flag on the home inspection, a scenario no seller wants to face.

Beyond repairs, we’ll also help you identify the simple upgrades that offer the highest return on your investment. For example, new paint can give your home a fresh look at a reasonable cost. However, it’s important to choose the right colors. One study found that painting your bathroom light blue could lead to a 1.6% increase in the offer price!3 Similarly, minor landscaping improvements can pay off in a major way. A healthy lawn offers an estimated 256% return on investment.4

 

2. Declutter and Depersonalize

When buyers look at a home for sale, they’re trying to envision themselves living there. That’s hard to do if it’s chock-full of the current owner’s family photos, children’s artwork, and souvenir collections. Plus, cluttered homes look smaller, and older items can make them feel dated.

Decluttering before you put your home up for sale will help you in the long run—after all, you’ll need to move all your things to your new home eventually. Now is the time to shred, digitize, or organize old documents, donate old clothes, or move bulky furniture into storage. At a minimum, you’ll want to pack away excess items neatly before potential buyers view the home. Remove personal photos and other trinkets to create a blank slate that viewers can imagine decorating with their own prized possessions.

If you feel overwhelmed by this process, we’d be happy to make recommendations or refer you to a local service provider who can help.

 

3. Stage Your Home for Success

Just as you take care to dress professionally for a job interview, you should always ensure your home looks its best for potential buyers. Home shoppers today are used to scrolling through Instagram and Pinterest, and they want to see the same wow factor when touring a home.

The process of making your home look its best and appeal to potential buyers is called staging, and it can be a game changer. According to the International Association of Home Staging Professionals, an average-priced home that has been staged sells 5 to 11 times faster than its unstaged counterpart. Even better, the majority of staged homes sell for 4% to 20% over list price!5

Some sellers hire a professional stager, who may bring in furniture and decor to increase the home’s appeal. Others choose to stage their homes themselves. We can help advise you on which route to choose and how much to invest in the process.

It’s also important to consider what buyers in your neighborhood are likely to be looking for in a home. We can help guide your staging choices with our local market insights. For example, in neighborhoods where a large share of residents work from home, it may be effective to stage one room as an office space so that potential buyers can envision their day-to-day routine.

 

4. Prep for Each Showing

Most of us don’t live picture-perfect lives, and our homes reflect that (sometimes messy) reality. But when your home is on the market, it’s important to ensure that it is always ready for viewers, even on short notice. A missed showing is a missed opportunity to sell your home!

Before your home hits the market, it may be worth hiring professional cleaners to get in all the nooks and crannies. After, try your best to keep things spick-and-span. Just a few minutes a day wiping down counters, sweeping the floors, and vacuuming can make a big difference.

It’s also worth noting that most buyers will open cabinets, drawers, and closets—so try to make sure everything is as neat and as organized as possible. Keep toiletries and small appliances off countertops, and secure valuables, medicines and sensitive documents in a safe or off-site.

Want help finding a cleaning service to make your home shine for buyers? Reach out for a referral!

 

5. Price Your Home Correctly From the Start

In the past few years, you may have seen homes in your neighborhood sell for shocking amounts and wondered if you could get a similar price for your property. The temptation to list your home on the high side can be strong, but it’s best to be realistic from the start. Even in a hot market, some homes will sit for months. And the longer a property is listed, the more buyers worry that something is wrong with it.6

Of course, you also don’t want to set your price too low and lose out on potential profit. That’s why it’s essential to work with real estate agents (like us!) who know the ins and outs of our local market and what buyers are willing to pay today. In a quickly-evolving market, comparable sales from a few months ago can lag behind the current market reality.

Fortunately, if you’ve owned your home for several years, chances are good that it’s worth much more today than you paid for it. That means you stand to walk away with a handsome profit. In fact, recent reports show that homeowner equity is at an all-time high.7

  

6. Avoid Acting on Emotion

The past few years of over-asking-price offers with few contingencies have set certain expectations for many sellers. It’s only natural to feel hurt or even offended if an offer comes in lower than what you think your home is worth.

However, it is important to keep in mind that those market conditions were unprecedented, and we are now returning to a more typical market. Home sellers who act rationally, rather than emotionally, are going to get the best results.

Remember: You can always counter a low offer. The same goes for repair requests and contingencies—everything is negotiable. However, it’s important to accept that the market is adjusting and flexibility is key. Keep your expectations reasonable, and remain open-minded. And you can rest assured knowing that we’ll be by your side every step of the way to help you navigate the process and negotiate a great deal.

 

7. Work With a Local Market Expert

The economics impacting mortgage rates may be national, but real estate markets are hyperlocal. That is why working with a professional agent who understands your neighborhood’s dynamics is essential. Through our experience, we’ve gathered insights that can help us position your home for success in this market. Plus, we have the resources to connect with qualified buyers searching for a home like yours.

Working with a knowledgeable agent is also the secret to getting as much money as possible for your home. We have access to extensive data on recent sales in your neighborhood, which we will use to price and promote your property. That’s one reason why homes sold by agents draw much higher prices than those sold by their owners alone. While for-sale-by-owner (FSBO) homes went for a median price of $260,000 in 2020, the median for homes sold by agents was $318,000.8 That’s a difference of $58,000—and money you don’t want to leave on the table.

 

YOUR AGENT AND ADVOCATE

Selling a home in a fast-changing market can be stressful. You’re likely to hear conflicting advice and opinions from people in your life, and decisions like what color to paint your front door or how much to list your home for can be overwhelming.

That’s where we come in. The market may be adjusting, but it’s still highly advantageous for sellers—and we’re here to help you make the most of it. We’re listing experts in our area, and we know what steps you need to take for a smooth, profitable transaction.

If you’re considering buying or selling a home, we invite you to reach out to schedule a free consultation. We’re happy to talk through your specific situation and goals and help you identify your next steps.

 

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

 

Sources:

  1. Yahoo! Finance –

https://finance.yahoo.com/news/bidding-war-rate-drops-lowest-120000537.html

  1. National Association of Realtors –

https://cdn.nar.realtor/sites/default/files/documents/2022-home-buyers-and-sellers-generational-trends-03-23-2022.pdf

  1. Zillow –

https://www.zillowgroup.com/news/paint-colors-that-could-lead-to-higher-offers/

  1. Angi –

https://www.angi.com/articles/smart-landscaping-tips-can-increase-home-value.htm

  1. International Association of Home Staging Professionals –

https://pages.iahsp.com/home-staging-statistics/

  1. Washington Post –

https://www.washingtonpost.com/business/2019/07/22/just-because-its-sellers-market-doesnt-mean-you-should-overprice-your-home/

  1. Realtor.com –
    https://www.realtor.com/research/changes-in-value-of-household-real-estate-q2-2022/

8. National Association of Realtors – https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers#purchased

 

Things to Do in Scottsdale – November 2022

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– Scottsdale Events – November 2022 –

I am sure you are appreciating the cooler weather these days. And with the cooler weather, comes lots of fun and exciting events. Here is a list of some things going on in and around Scottdale this month.

  • Carefree Art & Wine Festival – November 4th-6th – We look forward to this event every year. The Carefree Art & Wine Festival will feature 165 talented artists representing many types of mediums as well as live music, optional wine tasting, and more.
  • Canal Convergence – November 4th – 13th – This is the 10th anniversary of Canal Convergence and it is “Celebrating 10 Years of Water + Art + Light.” The Scottsdale Waterfront will come alive with fantastic light-based large public art installations. There are several events planned, but some include live music and dance performances, Canal Convergence tours, workshops and more.
  • The Polo Party – November 5th – The Polo Party is coming back for its 11th event. And, as in previous years, they have expanded the offerings experiences. There will be exciting polo match play, parties, luxury cars, live performances and more. Come dressed in your polo best!
  • PGA’s Schwab Cup – November 9th – 13th – The Schwab Cup is back at the Phoenix Country Club this month.  The Tour Champions pro-am event is always popular and this year they are launching new spectator enhancements to make it even better.
  • AZ Barrels, Bottles & Brews – November 12th – Over 25 Arizona companies that create craft beers, wine and spirits will be showcasing their hard work and favorite products. Tickets include drink samples and food trucks will be onsite with for-purchase food and it will take place at Salt River Fields.
  • Phoenix Home & Garden Home Tour – November 12th – This annual self-guided in-person tour is back. It will feature some of the most spectacular homes and estates in the Valley.
  • Pet-A-Palooza – November 12th – 13th – Love dogs? Love dogs and have a dog or two or more? This is the event for you! This “Day of the Dog” pet-friendly, Pet-A-Palooza weekend in Old Town will have over 60 vendors and special events like the “Running of the Bulls” (bulldogs, that is,) corgi and chihuahua races, a puppy stampede and more!
  • Dance Theater of Harlem – November 18th – Head on over to ASU Gammage Theater for a night of stunning contemporary ballet and dance.
  • American Cup Championship Arabian Horse Show – November 18th – 20th – WestWorld will be hosting this exciting and premium event this month. Youth and amateur riders will showcase their talents and possibly qualify for other shows. There will also be a vendor area to shop.
  • Arizona Boardwalk’s Family Fun Harvest Festival – November 19th – Spend the afternoon at the Arizona Boardwalk enjoying live music, games, kids’ activities, shopping and more at this free event.
  • Phoenix Zoo’s ZooLights – November 23rd – January 15th – ZooLights will be back and better than ever this year!  There will be new light and lantern displays, an around-the-world music and light show, Santa visits and so much more! and so much more. Plus, this year, you can experience Dinosaurs in the Desert while you are there as well!

As always, this is a partial list. Please feel free to add any others in the comment section!

Disclaimer: Information deemed reliable, but not guaranteed. Events subject to cancellation or changes.

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