Yesterday I posted a listing of what you can buy for $100,000. The main reason I chose this house is that it had a pool and it wasn’t a short sale.
As you can see through the conversation in the comments, this isn’t the only fish in the sea as it were though it was one of the few I found with a pool that didn’t need work. As it turns out, it’s a flip purchased by an investor and fixed up to put back on market.
And also as it turns out, it’s now under contract after 24 days on the market.
That’s more or less par for the course for the Phoenix market right now. The values are in the prices as they stand in most areas, not in the ability to drive the price down another 20 percent further. Because, most likely, it’s not going to happen.
This week I spoke to another couple about a $39,900 listing in Glendale. Eleven days on market, showing in the MLS as Active but with Multiple Offers Submitted. This house never got to Pending status. Instead it closed two days ago for $45,000 – 10 percent above list price (but around market value, it should be noted – it was listed under to create competitive bidding.)
We’re not in a period like 2005 where appraisals don’t matter and are routinely being waived to get a deal done. But we are most certainly in a place where trying to pick up homes for 75 cents on the dollar, in most of the Valley, isn’t going to fly.