photo credit: quinn.anya
Just in. The title of the Newsweek article is : Want to Sell Your Home, Lower Your Price
And it gives Scottsdale some press that may not be the best, but to me, it’s a sign that Scottsdale is now on its way to recovery too. Prices will need to drop quite a bit more to catch up to the rest of the Phoenix metropolitan area, but it’s good to be out of limbo.
Topping the list:
BusinessWeek.com teamed up with Trulia.com to rank the nation’s largest cities with the most discounted homes. Topping the list was affluent Scottsdale, Ariz., where 37% of listings have had at least one reduction and the average discount is 12.9% off the original asking price.
And then:
Of course, a reduced price isn’t always a bargain. The owner might not have dropped the price enough or might be lowering it because of some other reason (maybe the house is just plain ugly).
It’s worth reading the whole article. Falling prices are scary, or they are an opportunity. It just depends whether you selling, or buying. And something tells me, that buyers are going to be spending just a little bit more time figuring out where they’d like to live in Scottsdale.
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Dru, to further illustrate your point, here are the stats from my neighborhood, Rio Verde Foothills, far NE Scottsdale. We had record breaking sales in April – the most in one month – ever! Including 2005! Of course, 98% were distressed homes and bargain basement prices. Multiple bids are common, and some homes are selling for higher than asking. In fact, the average sold price is only 1% lower than the average list price. Sellers have to compete in today’s market, or pull it off and be prepared to wait. And wait.
Claudia Jordan’s last blog post..Real Estate Sales Break Records in Rio Verde Foothills – April 2009