by Paul Slaybaugh | May 2, 2010 | This & That
Ever throw rocks at the ice cream man when you were a kid?
I did.
I have absolutely no idea why either. Were we bored? Most likely. Did we suspect him of secretly poisoning the chocolate milkshakes? Absolutely. Of course, we also had it on good authority that the house at the end of the street was haunted, and that the Fairfields were running some form of illicit enterprise or another from their darkened living room. The exact nature of what transpired behind those drawn curtains was a source of great debate, but the more outrageous the speculation, the more weight it held. Bullies like Mike Fairfield, with their predatory eyes and facial spasms, didn’t just create themselves. Our block was rife with the ready intrigue and danger demanded by the collective imagination of ten year old boys.
So it was one day that we decided it would be a good idea to hide behind the wall of the Carlson’s house and heave handfuls of gravel at the little white truck that played the Siren song of a modern day pied piper as it slowly made its way down North 80th Place. What made this the day for the insurrection that had been welling ever since our parents started fretting about the dangers of tampered Halloween candy (and effectively spawning yet another ghost for us to chase)? I honestly can’t say, other than we thought it would be funny.
And it was funny. RAT-A-TAT-TAT!!!
The sounds of impact. Music to a young boy’s ears.
We laughed about it for 3 days straight. Then we laughed about it some more. Oh, if we could only have seen the ice cream man’s face when that granite avalanche came crashing down on his truck!
Eventually, we stopped laughing. The ice cream man didn’t come back the next week. Or the week after that. In fact,the ice cream man never came back. Flash forward a quarter of a century. My parents still live in that house on North 80th Place. As McCormick Ranch has always been a haven for families, there is no shortage of kids in the neighborhood. A new generation of receptive customers. And still … no ice cream man.
I can’t help but wonder if my friends and I didn’t mess things up years ago for these kids today. Is it possible that the ice cream man is simply fading into the sepia tones of yesteryear through no fault of our own? Sure. But is it also possible that the ice cream man is visiting other neighborhoods at this very instant – auspiciously avoiding the forever blacklisted site of the fated ambush? Yes.
The temptation to yield to instant gratification is very real for us all. Our actions far outlast the immediate consequences, however. Those who would operate in the margins of ethical behavior to expedite the task at hand fail to account for the lasting repercussions that such short-sided tactics promise. Ever slander a competitor? Exploit confidential or inappropriately obtained information for leverage? How about trying to separate a colleague from a few dollars worth of commission or an established client? It’s self-defeating. Regardless of the immediate outcome, debasing oneself in such a manner is guaranteed to set off a chain of events that may not be fully realized for years to come. Reputations and livelihoods are at stake, and not just our own. Often, our actions prove detrimental to those we will never even meet.
So when you reach one of those forks in the road, take a moment to think, lest you forfeit your spoon.
And don’t throw rocks at the ice cream man.
by Paul Slaybaugh | May 1, 2010 | Home Buying, Neighborhoods, Scottsdale Neighborhoods, Scottsdale Real Estate
Preston Hills is a two phase custom home subdivision of North Scottsdale renowned for its beautiful architecture, large homes and generous lots at a more palatable price point than many neighboring subdivisions of similar caliber. Located along the Shea corridor near 104th St, the neighborhood is convenient to everything that Scottsdale has to offer.
Preston Hills Unit 1
- Home to 75 improved lots with properties built between 1985 and 1996, the average house size is just shy of 3300 livable square feet.
- The standard lot size is approximately 1/2 acre (22,000 sq ft).
- A whopping 74 of the 75 homes have private swimming pools.
- Composed of 73 single level homes and only two two-story houses, residents of Preston Hills are afforded ample privacy to enjoy their spacious backyards without prying neighborhood eyes looking down from on high.
Preston Hills Unit 2
- Home to 32 improved lots with properties built between 1985 and 1996, the average house size is nearly 3500 livable square feet.
- The standard lot size is approximately 1/2 acre.
- 30 of the 32 homes have private swimming pools.
- Composed of 29 single level homes to only 3 two-story homes.
Preston Hills (General)
Both phases of Preston Hills feature natural washes and views of the McDowell Mountains. Within the boundaries of the award-winning Scottsdale Unified School District, the schools include Anasazi Elementary, Mountainside Middle School and Desert Mountain High School. The lack of an active homeowner’s association (HOA) has not diminished the luxury home feel of the development in the least. On the contrary, the very lack of a governing body and exorbitant dues has contributed to its accessibility and comparatively affordable pricing structure. While nearby developments price many in need of a large custom home on a sizable lot out of the Scottsdale market entirely, Preston Hills offers all of this with homes currently for sale in the mid to upper $700,00s (as of March 2009).
If you have looked at some of the buzzword communities like Ancala, McDowell Mountain Ranch and DC Ranch, but can’t stomach the million dollar price tags for similar quality homes, you might want to give Preston Hills a perusal.
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Ready to start your Preston Hills Home Search?
View all Homes for Sale in Preston Hills
by Paul Slaybaugh | Apr 29, 2010 | Home Selling, Scottsdale Real Estate
Never confuse activity with production.
As powerful a five word mantra that a salesperson will ever encounter. When it comes to managing one’s business, the seductive powers of activity are often enough to lead a good REALTOR astray. While the carefully laid out marketing campaign gets left at home, the erstwhile agent steps out with every new expenditure and panacea that gives him a “come hither” glance.
Ignoring another haggard, old saying, “Never sell a salesman,” we are an easy mark. Highly susceptible to the allure of the next great promotional campaign or sales technique that is going to set us apart from the competition, we are prone to affairs of the wallet that stand to disrupt the matrimonial bliss of a productive agent and his lovely business plan.
A forgiving bride, we crawl back to her after every unsuccessful tryst. Whether just looking to spice up a meat and potatoes strategy or a full-fledged case of advertising lust that leads to the delusion that this could be “the next one,” our fundamental methodology will greet us with open arms when we come slink home with tails between legs and hundreds out of pocket. Jesse James and Tiger Woods could learn a thing or two from a salesman.
What does this confessional mean to you as a consumer? In short, everything.
The longer you hang around this industry, the better equipped you are to separate the effective marketing wheat from the gimmicky chafe. Rather than bouncing from product to product in search of an oil strike, we learn to distinguish what works and can be effectively rolled into an existing marketing campaign, and what is an overpriced tramp that has been around more blocks than Heidi Fleiss at Lego Land.
Here at the Scottsdale Property Shop, we won’t gamble with your money. What, you didn’t realize that it was your coin at stake? Now we cut to the quick of it. As all costs of doing business are factored into the fee your chosen professional, in any endeavor, charges, it is an often overlooked component of the value added to the service. We trot out the advertising we will employ to get your home sold, but seldom do homeowners question what is effective and what is superfluous. The more the better, right?
Not necessarily.
As the new world order has proven over and over again, print media has been relegated, by and large, to the realm of the ineffective. Certain exceptions apply, and certain properties must be marketed via publication, but for the most part, newspaper and magazine advertising has become a sinkhole for marketing dollars. Recognizing this, most sharp agents have directed those dollars to more productive venues: websites, blogs, social media, etc.
Some, however, continue to throw big money at both defunct media and unproven new products solely to demonstrate to clients that they are spending money.
See, I’m doing my job! Just look at this splashy front page ad in the Sunday paper! I also just signed up for a program guaranteed to produce more hits on my website (from non-buyers) to increase your home’s exposure!
Super duper.
All of this activity and all of these expenditures are factored not only into the fees you are charged, but come at great opportunity cost. There are only so many dollars in every advertising budget. Those dollars should be spent in a manner that is most likely to produce a buyer for your home. Only experience gained through ample trial and error will procure a buyer in the most direct and inexpensive manner possible. The result? You are not charged exorbinant fees, and your home actually sells.
While it’s true that even the longest tenured agent will look for a little extra-curricular excitement now and again, it shouldn’t be a drunken weekend spree that leaves him devoid of his marketing budget and equilibrium. Those slots and roulette wheels will eat up your sale in no time. New tools are brought into the fold, but only as adjuncts to the old standbys, not at their expense.
Traditional networking and sales techniques married to a strong web presence. And her sister.
Consider it Real Estate Big Love.
by Paul Slaybaugh | Apr 22, 2010 | Home Buying, Scottsdale Real Estate
GENTLEMEN, START YOUR ENGINES!
Are they good and fired up?
Great, now turn them off.
As one knocks around the internet here in late April of 2010, he or she cannot go two clicks without encountering manic encouragement to purchase a home “BEFORE IT’S TOO LATE,” or proclamations that “TIME IS RUNNING OUT” to take advantage of the first-time and move-up homebuyer tax credit; each froth-inducing pitch more fevered than the last. The only thing missing are the decrees that “THIS OFFER EXPIRES AS SOON AS YOU LEAVE THE PREMISES,” and inquisitions as to “WHAT DO I HAVE TO DO TO GET YOU INTO A HOUSE TODAY?” P.T. Barnum had nothing on a gaggle of motivated Real Estate agents.
Here’s the thing, though, I am not a big fan of leveraging fear as a sales tool. With just over a week left in the Federal Clearing House Tax Sweepstakes, I am pulling the plug on my own hyperbole. If you are a first-time homebuyer and have not found a suitable home after months of feckless searching, it’s time to call off the dogs.
“IT DOESN’T HAVE TO BE PERFECT, JUST BUY SOMETHING!!!”
“HAVEN‘T BOUGHT A HOUSE YET???
WHAT ARE YOU WAITING FOR???”
“DON’T GET LEFT ON THE SIDELINES! THERE’S STILL TIME!”
Lest your home buying ship wash up on the nearest reef, these bleating calls to action should go unheeded. The wall to wall promotion does have one thing right, though: the time is now. Just not in the way they would have you believe. Now is the time to regroup and ensure you do not make a poor purchasing decision. The tax credit has been a nice perk to those fortunate enough to find the right home over the past year, but don’t sabotage a 250k purchase because Uncle Sam is holding an 8k caliber gun to your head.
If you are just starting the hunt now, you’ll do yourself a huge disservice by attempting to shoehorn yourselves into an ill-fitting home due to the time constraint. If you are nearing your wits end after an unsuccessful months-long odyssey, you are equally likely to do the same when facing down the looming deadline. I am issuing a cease and desist order to those who have confused the priorities of their fledgling home purchases.
Let it go, folks. Let it go.
We can start again when your only underlying concern is securing the best possible deal on your ideal new home. With the throng of desperate lemmings running blindly for the cliff, you might just find yourself as king of the buyer’s mountain come May 1st. With a potential reduction in the number of suitors left after the great tax credit hari-kari, you could unwittingly stumble upon higher negotiating ground via your abstinence from the purchasing frenzy. While that 8k incentive will drive some to overbid on properties in the coming days, the smart buyer might seek to carve a larger swath out of a seller’s backside in the fertile post-April 30th hunting grounds.
“IF YOU DON’T LIKE THIS HOUSE, SEND IT BACK FOR A NO-HASSLE MONEY BACK GUARANTEE!" <or not>
The folly in the air is palpable at present. That little governmental spiff will come and go, and you won’t even remember towards what end the money went. You’ll be stuck with the house, however. Make sure it is the one you want. And for God’s sakes, man, don’t make the same mistake that we all made back in the heyday of 2005-2006 by assuming you will be able to offload the house in a couple of years if it doesn’t prove suitable for your needs.
Surely we haven’t forgotten this lesson while it is still being taught in excruciating detail?
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Search Scottsdale Homes For Sale At A Leisurely Pace
by Paul Slaybaugh | Mar 11, 2010 | Scottsdale Neighborhoods, Scottsdale Real Estate
Doing your Scottsdale home shopping from afar?
Already own a home in Scottsdale, but need a copy of your floor plan for remodeling purposes?
One advantage to working with a partner who was selling Scottsdale Real Estate prior the Gadsden Purchase (mild exaggeration) is a file cabinet full of old, forgotten floor plans. Trawling the catacombs for more of the oldies but goodies that are not readily attainable elsewhere, today’s booty is buried within Scottsdale’s second significant master planned community. Following in the groundbreaking footsteps of McCormick Ranch, Scottsdale Ranch incorporated the lake and walking path system that earned its predecessor such rave reviews.
Intertwined with the parks and shopping, Scottsdale Ranch offers a wide variety of housing that can accommodate most every need. From modest condos to lakeside patio homes and monster single family residences, this primarily mid 1980s – early 1990s built community should be on nearly every prospective home buyer’s short list. Just East of McCormick Ranch, the close in location is near most everything, and boasts larger lot sizes than some of the newer communities further North. While its sister community earns most of the name brand recognition, many people are lured to Scottsdale Ranch for the slightly newer architecture (cathedral ceilings and 3 car garages, anyone?) to go along with comparable amenities, excelling schools, etc.
By no means complete, please click on a highlighted subdivision name from the list below to view floor plans. If you don’t see the community you desire highlighted at present, no fear, this is an ongoing endeavor. We are just scratching the surface. Check back in to see if our progress has reached the apple of your buying eye.
Just don’t give me any sass for my snail’s pace, you bunch of ingrates. This is a major undertaking. 😉
Ready to claim your own Scottsdale Ranch home? Scroll to the bottom of the page for the latest Scottsdale Ranch Real Estate listings!
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Scottsdale Ranch Single Family Homes
Andalusia
Catalina
Ensenada Del Oro
Heritage Court
Heritage Place
Heritage Terrace II
Haciendas Del Lag0
Hillcrest
Mirador | The Concordia | The Elegante | The Finesa | The Seville | The Solara | The Tradicion
Mountain View Place
Mountain View Village
Ridgeview Estates
Sierra Linda
St. Tropez
The Estates at Scottsdale Ranch
Tierra Vista
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Scottsdale Ranch Patio Homes
Casa De Cielo
Heritage Village IV
Mission Monterey
Mission Santa Fe
Mountainview Lake Estates | The Antigua | Casa Del Lago | The Bahia Mar
Suntree East
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Scottsdale Ranch Condos
Scottsdale Bay Club
Scottsdale Bay Club Phase II
The Fountains
The Racquet Club
The Venetian
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Waterfront Communities (mixed classifications)
Bayview Estates
Charter Point
Lake Serena Estates
Lakeview Estates
Las Brisas
Monterey Point
The Island at Scottsdale Ranch
The Landings at Scottsdale Ranch
The Waterfront at Scottsdale Ranch
Scottsdale Ranch Unit 8
The Latest Scottsdale Ranch Homes For Sale
Ready to start your Scottsdale Ranch home search?
View all Homes for Sale in Scottsdale Ranch
New Scottsdale Ranch Listings
No one knows Scottsdale Real Estate like Ray & Paul.
by Paul Slaybaugh | Mar 11, 2010 | Scottsdale, Scottsdale Neighborhoods, Scottsdale Real Estate
Just North of the Shea corridor, the guard-gated community of Scottsdale Mountain is one of the city’s Easternmost sentinels. Nestled in the foothills of the McDowell Mountains, this planned community was originally developed in the 1990s. With close proximity to the renowned Mayo Clinic and bordering Fountain Hills, Scottsdale Mountain manages to balance a more secluded locale with convenient access to all of North Scottsdale’s abundant amenities.
Comprised of primarily single-family homes, both mass production level builders and custom home sites are evident within its gates. Boasting scenic desert arroyos and mountain views to the North, those high up the hill with Southern facing back yards are treated to city light views at night. Ideal for both primary residency and lock and leave second home ownership, this terrific community is a must see for all lovers of peaceful desert living without the all the “who do I call if my house is on fire?” and “sorry I’m late, there was a bobcat in my driveway” remote locational concerns.
While floor plans for the custom properties are not readily available for distribution, please select plans below for the subdivision/builder of your choice for perusal. I’m partial to the Montereys and Edmunds, though I do have a soft spot for the Golden Heritages that sit on the natural washes and stare up at the majestic McDowells. I’m into that sort of thing.
Ready to find a Scottsdale Mountain home of your own? Scroll to the bottom of the page to view the live stream of the latest listings to hit the market!
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Horizons at Scottsdale Mountain | Maracay Homes |Plans 901-903 | Plans 904-950
Renaissance at Scottsdale Mountain | Ryland Homes | Mozart, Bach & Beethoven Plans | Picasso, Da Vinci & Rembrandt Plans
Saddleback at Scottsdale Mountain | Saddleback | The Latilla | The Mirador | The Portales
Scottsdale Mountain Estates | Geoffrey Edmunds
Scottsdale Mountain Parcels 11A & 11B | Monterey
The Terraces at Scottsdale Mountain | Geoffrey Edmunds | Ocotillo | Saguaro | Cassia
Westwind Estates | Golden Heritage
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Latest Scottsdale Mountain Homes For Sale
Ready to start your Scottsdale Mountain home search? We’re your guys.
Nobody knows Scottsdale Real Estate like Ray & Paul
(480) 220-2337 | paul@rayandpaul.com
by Paul Slaybaugh | Mar 8, 2010 | Home Buying, Scottsdale Real Estate
In many respects, the heralded Real Estate bargains to be had in Scottsdale and the greater Phoenix area should come with the disclosures required of weight-loss product testimonials.
“Joe Homebuyer’s results not typical.”
“Always consult a physician before launching an intensive home search program.”
“Stretch thoroughly and lift with your legs before attempting bank-owned property heist.”
For the purposes of this piece, we are going to focus on the first caveat. Every Valley resident has at least passing knowledge of some fortunate homebuyer who leveraged the current market to score a honey of a bank-owned deal. As big a nobody-turned-celebrity as the 170 pound guy in a Nutrisystem commercial holding up a pair of orca sized slacks as evidence of his former girth, Bob from accounting is the new gold standard for idolatry after securing the housing buy that set the office abuzz. Before following in Bob’s considerable footsteps, however, there are a few things you need to keep in mind. His results may not only prove atypical, but in extreme cases, constitute patently misleading advertising.
The hidden “gotcha” to many bank owned purchases right now are property taxes. While the institution that owns the property should pay off any back taxes as a condition of conveying clear title to the purchaser, many buyers fail to properly account for the bill they will be saddled with for the next couple of years (at a minimum). Unlike other parts of the country, where taxes are based solely upon purchase price, Maricopa County taxes are based upon the assessed value of the property. Many falsely assume that the home they are buying for $350,000 will reflect a tax basis commensurate with that value. As our budget revolves around 2 year property evaluation schedules, odds are very good that your current tax basis will reflect a value closer to the $1.1 million that the home sold for back in 2006.
*Click here for information about Maricopa County property taxes
*Maricopa County residents are entitled to appeal all new evaluations from the county assessor (typically go out in early Februaruy), but must do so within 60 days of the date they were mailed. Click to begin the Maricopa County property tax appeal process online.
Another thing to bear in mind is that while the assessed value of the property is likely to decline rather dramatically over the next several evaluation cycles, expect tax rates to rise in contrast. You should see an overall reduction to your bill in the future, but our strapped municipalities aren’t going to let go of all that revenue without a fight. Already firmly entrenched in the red, it is an almost foregone conclusion that the tax rates will be fully maxed out to legally allowable levels to offset as much of the lost potential revenue as possible. Your friendly, cash-strapped local government at work.
Another hidden sniper to these bank-owned bargains are Homeowner Association expenses. While monthly fees are typically disclosed upfront (or easily determined through a few well placed phone calls), former million dollar neighborhoods are fodder for massive asset preservation and capital improvement fees/impounds. You might well afford the $120 monthly fee, but the bulbous community enhancement fee that is due at the time of purchase could blow an unsuspecting buyer’s budget right out of the water. Given the many amenities that some such high end subdivisions boast, it would also be wise to expect and budget for future special assessments involving their maintenance.
There really are some amazing deals floating around the market right now, just make sure you can afford them. We are looking for a home you can maintain and afford, not a fad purchase that will lead to a lifetime of yo-yo budgeting.
You don’t want to end up back in the fat pants.
by Paul Slaybaugh | Jan 10, 2010 | Home Buying
It’s true. In Arizona, you will rarely get the keys to your new home at the closing table. Despite the fact that you wired in the balance of your down payment funds or marched a cashier’s check into the title company on what you thought was the penultimate day, the home is not yet yours. You see, unlike other parts of the country where all parties congregate around the closing table to officially finalize the escrow process, there are still a few remnants of hanging fire that must be doused before your new home is officially, well, your new home.
If you relocated from back East, you may be surprised to find the title officer and your agent (hopefully he/she is in attendance) as your only companions at signing. Buyers and sellers typically have separate signing appointments, so if your loan documents arrived at the title company three full days prior to the scheduled closing date, as stipulated in the boiler plate of the standard Arizona Association of Realtors contract, you might actually execute your portion of the documents before the seller does. Until both parties sign their respective closing docs, the property cannot be transferred. Even if the seller has signed off prior to your appointment, however, there are a few additional factors that preclude you from taking immediate possession of the property.
The closing appointment at which the buyer signs the loan documents is not technically the “closing” because of a few missing components. Most important among them are the funds from the lender. While you may have already brought in the balance of the funds required of you (down payment and closing costs), most lenders do not release their funds until they receive and review the loan documents that you sign at your closing appointment. Some lenders will “table fund,” meaning they will release the wire to the title company without review of the documents, but that is atypical. Needless to say, until the money from your lender hits the title company’s coffers, the moving truck you have scheduled is going to have to keep circling the block. From the time of your signing, it will usually take 24-48 hours for the lender to fund the loan. This, of course, assumes that there are no problems or discrepancies found in their review of the signed documents.
Okay, so you signed your documents, wired in your down payment and just learned that the lender has funded your loan on the scheduled day of closing. Woohoo! The house is finally yours! Now where’s that key? Not so fast. Even though it is tantamount to a rubber stamp, the title company still has to submit the deed to the county for recording. This is an automated process these days and is done en masse, but the home is not yours until we receive confirmation that the deed has been recorded. It is then, several days after you signed the paperwork and deposited your money that your Realtor shows up with your keys and a thousand watt smile.
The thing to keep in mind when considering the logistics involved in closing is that you will have nothing to do on the actual close of escrow date. The signing of documents and deposit of monies, if handled correctly, will be done in advance. Keep this in mind when discussing closing dates with your agent as part of the initial negotiation, as miscommunication (we agents sometimes forget that people don’t understand all of the minutia involved in the sale of property) might lead you to take the wrong day off work or schedule the movers incorrectly. Plan on being physically available two to three days prior to the agreed upon closing date (as it is stated in the contract) to do your part. Some people schedule the movers for the closing date, but this is a mistake. Because the home is not yours until it records, and there is no way to know whether it will record at 9 in the morning or 5 at night, you will save yourself a lot of potential misery by scheduling the truck a day or two later. With the recent delays that have been caused in many transactions by various, and dare I say, draconian changes within the lending industry, a little buffer is advisable.
Now that you have a handle on the closing process, we’ll backtrack a bit in the next installment of the Scottsdale Property Shop home buying series as we take a closer look at the inspection process in, “They Have to Fix That, Right?”
by Paul Slaybaugh | Nov 8, 2009 | Featured Properties, Scottsdale Real Estate
Update: This Home Has Sold! We Can Sell Yours, Too!
Just listed in the prime lake section of McCormick Ranch, this four bedroom Dix home boasts hardwood floors, new berber carpeting, new bathroom vanities with granite tops, wood-burning fireplace in family room, split master floor plan, heated pool & spa w/waterfall and drop dead gorgeous front and rear landscaping. Situated on an interior lot in the Cochise / Cocopah / Chaparral school districts, you are a quick stroll from the walking paths, lakes, golf, restaurants and parks that make McCormick Ranch THE premier in-town planned community in Scottsdale.
Priced for today’s market by sellers who actually plan to sell, not practice. That’s right, real people own this home and will respond in a timely and human fashion! People who have meticulously maintained and improved this quality home over the years and can actually provide disclosures and entertain reasonable repairs! I know, it’s crazy! They do exist! Check the comparables, even the dog-eared bank properties think we are underpriced.
Get the best of both worlds: The quality of a privately owned home for the price of a foreclosure!
8907 N. 80th Way
Scottsdale, AZ 85258
MLS# 4286279
2139 Square Feet
4 Bed / 2 Bath / 2 Car Garage
Pool & Spa
$469,900
____________________________________
Ray & Paul Slaybaugh
Realty Executives
(480) 948-9450
paul@scottsdalepropertyshop.com
by Paul Slaybaugh | Sep 9, 2009 | Home Selling, Scottsdale Real Estate
You’ve been punched. You’ve been cajoled. You’ve been dismissed out of hand as a serious contender. Your corner wants to throw in the towel, but it’s time to look deep inside yourself for that fighting spirit. This is your Rocky moment, and I’m your Mick.
Tempting as it may be to utter “No mas,” in the face of a younger, stronger foe, you as a home seller have your own strengths. Yes, the bank properties have been hammering your rib cage and battering you with low blow after low blow for the last eleven rounds. Every time you regain your composure, another steel-fisted uppercut in the form of a new REO listing shatters the ineffective “pride of ownership” cup upon which you have been so dependant. The referee and the fight doctor are scrutinizing that nasty gash above your eye to determine if you are still able to intelligently defend yourself.
You’re seeing triple, you say? Buck up, Rock, and hit the guy in the middle.
Now that the free-fall in property values has seemingly arrested (much like the hearts of many homeowners this year) across several segments of the local Scottsdale Real Estate market, would-be sellers can take a deep breath and catch their second wind. Even if they are still leery of making the price jump from distressed properties to resale properties, buyers are back in the market. Several straight months of increasing home sales, decreasing inventory and even modest median price increases (really?) indicate this. That’s the good news. The bad news is that most of these buyers are still purchasing the goods on the ground floor (sporting goods, evening wear and foreclosed Real Estate) while the typical mom & pop seller continue to be priced on level four.
Before resale homes start selling at a higher rate, their prices still need to drift a little further South. This is not news. You’ve been pummeled with this unwelcome assertion for the past year. My intent is not to rabbit punch you with the obvious on this day. I’m offering a momentary reprieve from the infernal pessimism (which I have admittedly dispensed with impunity). No more defeatism from your corner, it’s time to talk strategy.
Yes, the bank-owned property on the far side of the ring is a fearsome opponent, but skill and guile can slay the relentless beast. You’ve been getting drubbed over the course of this bout because you are not offering your bigger foe any angles. You’re simply turtling up with that ridiculous price of yours and accepting a merciless beating. To change the tide in this lopsided affair, yes, you do need to get a bit more competitive with your price. Until you get inside the freakish reach advantage of the banks, you’re rope-a-dope tactics will just get you roped and doped.
This is not to imply that you need to match the price of the distressed properties, you simply need to vie for the same buyers. If the banks are on the ground floor, you need to get down to level two. If you can at least mitigate a portion of the huge price disadvantage you face, you have a puncher’s chance to sell your home. Here’s why:
- The bank property across the street will convey to the buyer in “as is” condition. You have maintained your home over the years and will make any necessary repairs, within reason, to appease a buyer.
- The bank property across the street will come with a grand total of zero disclosures. You will provide a potential buyer with a Seller Property Disclosure Statement, Insurance Loss History Report and any other appropriate documentation to give a certain level of comfort to the new owner.
- The bank property across the street may not be able to be financed by a buyer due to its condition. Because you have listened to your Realtor and whipped your home into tip-top shape, you will face no such problem. Right?
- The bank property across the street may require a buyer to order utilities turned on in their name (and pay any applicable deposits for said service) in order to inspect the working components of the home.
- The bank property across the street may ultimately attract multiple offers at its supremely low price. This can benefit you in several ways. For starters, the ultimate sales price is often driven higher than the list price in such scenarios, thus making your case for higher neighborhood values. Secondly, there will be despondent losing bidders for that property that will look, perhaps to you, for alternatives. Lastly, some buyers will become disenfranchised with bank properties after having gone through this multiple offer scenario several times. Eager for less competition and an honest negotiation, some just might set their sights on the slightly higher priced property that can be negotiated downwards instead of upwards.
So there you go, champ. You are far from a hapless tomato can against the oversized Palooka who has been doing the Ali Shuffle all over your face. He’s a one-trick pony. Take away the huge price haymaker and the kid is a regular Glass Joe. If you have the moxie and the wherewithal to get your price just a bit closer to the bank’s, you have the arsenal to pull off a stunning upset and walk out of the joint with the title. The title of “former homeowner,” that is.
Now put your mouthpiece back in, get off that damn stool and get in there and fight!
