6325 W. Big Oak

Preferred Client Update 7-30-15

Sold Price listed below images is the actual sales price:

• Actual Sold price is used by appraisers to determine value of properties.
• Actual Sold price is the gross price less closing costs paid by seller on behalf of buyer.
• The second number shown does not reflect seller concessions and is not the actual price.

When reviewing this data you will see a direct correlation with size of useable back yard, view lot, upgrades, and final sales price. Covered patios play a major role for home buyers in Arizona. The cost of adding a patio after a buyer moves in is cost prohibitive compared to purchasing a home with a covered patio already included. These facts must be considered for accurate valuation.

All sold properties similar in size to the subject property, except one had back yards that were approximately twice the size of the subject property. All sold properties included covered patios. The property with the smallest lot sold for $207,000.

We are at 42 days on the market with only 5 total showings to date. Our proven marketing systems are in place. With our marketing and proper pricing the physical showings would be 30 total showings to date. The lack of activity is an indication that the property price does not reflect the market. Buyers are finding more value in other homes. The market has rejected the price of the property. As discussed initially we know that in our current market, when our marketing is in place and the market agrees with the price we can expect 4-5 showings per week and an offer within 10 showings.

After extensive research we have identified the challenges. At the current price buyers do not see the value of the subject property with a smaller, less useable back yard, absence of a view lot, and no covered patio. I understand that you did not want or need a covered patio or additional back yard space, but the demographics of buyers in the current market are different.

We understand human nature and some property owners believe that by pricing the property above our recommendation they will be able to sell for more. We are on your side and would have preferred it sold for the price you provided. Based on the facts and supporting data the price now needs to be adjusted 5% to attract buyers.

The images below contain aerial views of the comparable properties. Please view all six images and take note of the back yard size. You will see that the lots with larger back yards sell for more money. Click on images below to view full size. Please review the data below and let me know your thoughts.

Subject 6325 W Big Oak St
ACTIVE 224,900 1520 sq ft
Non-View Lot
Smaller than average back yard
Due to Corner & Set-Back
No Covered Patio
Link to Subject Property website

27602-N-63rd-Dr 2. 134.67
SOLD 207,000 $212,000 1537 sq ft
View Lot, smaller backyard than subject
Less Useable than Subject due to set-back
Covered Patio

27713 N 64th Dr
SOLD 217,000       $220,000 1537 sq ft
View Lot, Much Larger back yard
More Useable back yard due to set-back
Covered Patio, Separate tub and shower

27626-N-63rd-Dr
SOLD 219,862     $227,280 1520 sq ft
View Lot, Much Larger back yard
More Useable back yard due to set-back
More Useable due to set-back
Covered Patio, Separate tub and shower

6514-W-Red-Fox
SOLD 222,000      $222,000 1537 sq ft
Granite tops and gas range, and upgrades
Non-View Lot, Much Larger back yard
More Useable due to set-back, grass
Covered Patio with pavers

27416 N 63rd Dr
SOLD 225,500       $230,000 1430 sq ft
Natural Stone Floor til, Sep. tub & shower
View Lot, Much Larger back yard
More Useable back yard due to set-back
Pool, Covered Patio,

Click here to view MLS listings with all property photos.

Demographics: North Phoenix area with the zip code 85083

Estimated population: 18,376
Number of households: 5,780
Average household size: 3.12
Median Age of resident: 34.9
Households with children: 47.6%

CLICK Image below to view demographics.