Did you read our real estate market update for downtown and greater Phoenix AZ? If you live in Willo or Coronado historic district, as well as other places in downtown Phoenix, there is good news for people thinking about selling their home. At long last home prices are on the rise and it looks like value increases should continue into the spring time. You may be wonder what has changed.
Those of you who know us know we spend a lot of time analyzing the real estate market. That is the lucky thing about working as a team. Brother Ron does most of the nuts and bolts transactional real estate while I get to research, study the market, and create and implement marketing plans for the homes we list and sell. What a life!!
GOOD NEWS FOR HOMEOWNERS IN HISTORIC DISTRICTS LIKE WILLO AND CORONADO.
The good news for those who own homes in historic districts like Willo and Coronado is appraisals seem to be coming in higher than anticipated. We’ve seen this on the last couple downtown Phoenix home sales we’ve been involved in and other agents are reporting the same news. In addition, the number of homes on the market is quite low at this time, especially those pesky bank owned ones that kill neighborhood home values.
We anticipate values to take a little upward bounce from now until mid-December and continue to rise in February, March, April and May… our most vibrant home sales months. We are not talking huge increases mind you, yet a 2-3% increase can mean a home is worth several thousand more than a few months ago.
WHAT ARE HOME BUYERS LOOKING FOR WHEN BUYING A HOME IN DOWNTOWN PHOENIX’S HISTORIC DISTRICTS?
We’ve mostly been seeing two types of home buyers, investors and people wanting a lot of bang for the buck. To those thinking about selling their home we have some thoughts and insights. These are not simple musings, they are observations from being with dozens of home buyers.
The Investor Home Buyer:
Investors are most motivated by price points. Either they are planning on keeping the home as a rental property or fixing it up for a flip. It the home is going to be a rental, the numbers have to work to make the investment profitable. The same is true for a flip.
The Traditional Home Buyer:
- The home buyers, whether buying historic homes or not, are a bit afraid of making a mistake these days.
- They are not confident of future home values and they want a price cushion should values drop again.
- Most do not want to sink much money into upgrades and remodels as this could put them upside down.
- Many want a well maintained, already updated and spotless home that is move-in ready.
- If the home needs repairs, downtown Phoenix home buyers want the cost of repairs and remodels taken off the sales price.
THE BOTTOM LINE TO PEOPLE SELLING HOME IN WILLO, CORONADO AND OTHER PHOENIX AZ HISTORIC DISTRICTS
- Home owners who have already updated their homes and kept them well maintained have the best shot as selling for higher values.
- Since the number of homes available is down, home sellers are in a better position than in recent years.
- Low cost maintenance such as carpet cleaning, minor painting jobs, landscape cleanup, and a deep cleaning can help make the home more attractive.
- Major upgrades such as copper plumbing, updated electrical and such will add value and attractiveness to the home. However, don’t expect to get dollar for dollar value when you sell the place.
- Hire a great real estate agent who loves, understands and knows how to market and sell historic homes. We would love to be interviewed for the job.
All for now. If you have questions, need help or just want to talk about historic homes in Willo, Coronado and other districts in Phoenix, AZ… we are here for you.
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The Urban Team at Realty Executives