Whisper Rock Real Estate Update – July 2019
WHISPER ROCK REAL ESTATE
Whisper Rock real estate in the first half of 2019 was mixed. The number of sales closed was up over the same period in 2018 from a total of five closings to seven. This being said, homes that closed took significantly longer to sell with the average number of days on the market increasing from 84 in 2018 to 314 in 2019. In actuality, that number does not accurately reflect the true number of days that homes took to sell in Whisper Rock, due to homes being removed and relisted multiple times over a period of years.
NORTH SCOTTSDALE REAL ESTATE UPDATE
Whisper Rock real estate can be compared to North Scottsdale (Zip codes 85255, 85262 and 85266) the median sales price for homes originally listed for sale at a price above $1 Million is up nearly nine percent over the same six month period in 2018. Price per square foot has also increased eight percent from last year to $376 per square foot. The average number of days on market has increased slightly to 185 from 177. In the first six months of this year, 360 homes closed in North Scottsdale, down only slightly from 375 last year.
TOP AGENT NETWORK
If you are considering selling your home, but are not sure if the time is right, we would like to suggest considering a pocket listing with us. What this means is we do not launch a full marketing campaign and list your home on the MLS, but we expose your home to agents who are showing homes in the area and market it using an exclusive network. As members of a select group of Scottsdale area agents who are members of the Top Agent Network, we have the ability to reach agents who are selling the most homes in this area. This online group exchange off-market listings and property information to promote our client’s homes when they are not listed on the MLS. You can view a short video on how this exclusive service works, or if you would like to know more, please give us a call.
When we list a home, determining the initial listing price is one of the most important components of our job. We have met with potential sellers who have a price in mind for their home that is unrealistic given the market. Unfortunately, there are many agents in Scottsdale that knowingly take a listing with the knowledge that eventually the homeowner will become frustrated and they will convince them to lower the price. One can easily peruse the MLS and find hundreds of these listings that fell victim to this price-cutting strategy.
Since our marketing investment in a property exceeds what most agents spend, we refuse to take on a home that is not priced close to the market value. The reality is we don’t set the price, a seller doesn’t set the price, the market determines the price of a home. Spending significant marketing dollars on a home that isn’t priced right doesn’t make sound business sense. When a homeowner wants us to list at a price that is unrealistic, we wish them luck, and appreciate their interest in considering working with us, but will pass on the listing. We then track those listings to help us ensure we continue to utilize the best data at our disposal when determining the list price.
A recent example was a home we were asked to sell in Troon. This home had a stunning view, and a great location but had extensive deferred maintenance. We often bring in an appraiser to help us determine the market value for a luxury home, and in working with our appraiser on this home we developed a listing strategy and price of $1,700,000. The homeowner was insistent that the home be listed for $2 Million. We declined to take the listing knowing this home would not sell near or at the price the seller wanted. Another agent brought the home to market at the $2 Million dollar price point, and it recently closed for $1,650,000. The owner could have saved themselves some frustration by being realistic about where their home should be priced to sell.
We have a variety of tools, techniques and technology available to determine where a home should be priced to sell in the market time that is reasonable for an area. If you are interested in the value of your home, please don’t hesitate to contact us.
One recent Whisper Rock sale tells the story of how overpricing a home when it comes to market can significantly impact the ability for that home to sell.
The home located at 7413 E. Lower Wash Pass has been on and off the market multiple times since February 2010. Prices for the home have ranged from a high of $2,500,000 to its most recent price of $1,595,000. The home closed on June 7th for $1,500,000 the lowest price on a home, not including Villas, in some time. Closing at $288 per square foot, this home sets a low watermark for Whisper Rock homes. While this home was not listed by us, we did show it to buyers on several occasions and based on the poor condition of the home, and somewhat unusual floor plan the market dictated the price. However, the significant overpricing of the property from the start kept the home in a perpetual state of sale for over nine years during which the owner had significant carrying costs, including nearly $50,000 in HOA fees.
WHISPER ROCK REAL ESTATE
As the only agents living inside the Whisper Rock gate, our interest in maintaining property values is more important to us than any other agent in Scottsdale. If you are considering selling your Whisper Rock home, we hope you will give us the opportunity to earn your business.
SCOTTSDALE LUXURY REPORT
In addition to the North Scottsdale Luxury Report you receive from us in the mail, we also publish a monthly report on the broader Scottsdale luxury market. Our most recent June report is available online.