Ramblings and rants on real estate in Phoenix Arizona from an English ex-pat who has found his home in the desert amidst saguaro's, sunshine and the occasional scorpion.
Wednesday, March 14, 2012
Just cant see the wood for the trees
You walk into the house, the floors are sparkling clean, each piece of furniture is meticulously polished, the hardware around the house is glimmering. There is not a single item or nic knack that is out of place! every light in the place is turned on and is shining on YOU! is this pre-heaven? Nope this is a model home. New home buyers cheer in elation at your good fortune! Now look over to the left shoulder at your distant home buying cousin, yes the "used home buyer". This little chap is not so fortunate and relies upon the current market inventory and the ability of those representing this inventory to present their wears in a favourable fashion or in some cases NOT!!!
The first room on the top has duel sleeping/clothing storage capability for modern living. Underneath your imagination is the only obstacle to the number of fridge magnets and reminder notes one could store in this ensemble.
Get on with it Spalding! Whats your point?
Well my point is this:
In the current market there is a very low number of used homes for sale. As a buyer I encourage you to try your best to look past certain cosmetic deficiencies. I have recently had buyers who have been worried about (to name a few), dirty baths, paint color, carpet stains. I had one person at an open house ask me whether the previous owner had a dog, I felt worried for a second that there was urine or damage somewhere around the house, I couldn't smell anything that would suggest any dog issues. I told her that I wasn't sure and asked her why she was concerned (which she really was for some reason) and she told me she had found a small dog bowl in the back yard by the pool equipment!
The properties in mint condition are selling fast but if you have the vision to see past the minor issues you still can have your dream home at an incredible price. And its the buyers who are willing a little in the way of updates on top of cosmetic fixes that are currently getting the real "steal" at the bottom of the market.
The market is definitely active in early 2012 with an overall price increase across the valley of 2%. We are still at historic lows and with interest rates better than ever, now is still a prime time to buy your new home.
Feel free to contact me with any questions or real estate needs.