Scottsdale is a city in Arizona known for its golf courses and spa resorts. The Old Town of Scottsdale is considered the finest urban center in Arizona. The northern side of the desert city offers the largest urban wilderness area, which features 60 miles of trails through scenic desert terrain.
If you plan to buy property in this area, you should know about the top trends in the Scottsdale real estate market.
1. Owners Get Multiple Offers
The Scottsdale housing market is competitive, with the competitive score standing at 59. This means that almost all listings receive a high number of offers. Hence, most listings in Scottsdale, AZ, are sold for the list price.
2. Quick Sales
Since house owners get multiple offers, listed properties don’t remain available for long. Most houses on the list go to pending in 31 days. An offer pending means the buyer has submitted an offer, and the seller has accepted it.
If you were interested in a property that has gone pending, there is no point in contacting the seller, as the property is no longer available. In such cases, you can’t even outbid the buyers by offering a larger amount.
Thus, it is important to be quick when it comes to negotiating with sellers, as they have other offers waiting, and do not need to wait for you to decide. If you take too much time, another buyer will make a better offer, and you will lose your shot.
3. Average Home Prices Are More Than $650,000
If you are looking to buy a house in Scottsdale, you have many price ranges to choose from. As per Scottsdale real estate market data, around 20.9% of homes listed for sale have a price tag of $681 001 to $1,022, 000 and 15.1% of houses have a price tag of $545,001 to $681,000. Around 18.6% of houses listed for sale have a price tag of $409,001 to $545,000.
If your budget is anywhere between $400,000 and $1,022,000, around 54.6% of houses listed for sale will be within your budget. If your budget is less than $70,000, you will have very few options.
4. More Single Family Homes
The Scottsdale housing market has more single-family homes for sale. Around 54.8% of properties listed for sale are single-family homes, and 11.9% are townhomes. If you are interested in buying apartments, you might have several good options as 26.8% of the houses listed are Apartments.
5. More Old Properties Up For Sale
63.8% of the Scottsdale housing market is believed to comprise houses built between 1970 and 1999. This means that most houses are more than 25 years old, and you may need to get a house inspected by a professional evaluator before making an offer.
There is a possibility the house may require significant repairs to make it livable. An evaluator will assess the entire property and give you a detailed report that will let you determine how much the house is worth, along with how much you will have to spend on repairs, if any.
It is safer to buy new properties as they are more likely to be in good condition, and often don’t require too many repairs. In any case, it is wiser to go with a local Scottsdale real estate agent, as they can help ensure you don’t miss any crucial steps before you invest your hard-earned money in a home.