Comping a flip in 85015!
1601 W. Tuckey Lane, Phoenix 85015 is a recent flip that I will be inspecting tomorrow. This house is 100% rehabbed and is getting peak price at 500k. It was listed at 500k. The highest closest comp is 427k. But that home was not nearly as nice as Tuckey. Comping a house can be tricky because so many factors go into the figures. I like to stay within the subdivision is possible. In this case, it was not possible because there were too few comps.
To get an apples-to-apples comparison, I use # bedrooms, year built plus or minus 10 years and square feet plus or minus 20%. That’s how I found the high comp at 427k. So how can they get an extra 70k in this location? Because this market is so hot with the California exodus. Our California brothers and sisters are overpaying because to them, Phoenix homes are so inexpensive.
In this zipcode, there are only 27 homes available on the market. In the last 6 months there were 272 homes sold and if you divide by 6, the zip code sells 45 homes per month. As you can see, 27 is almost half of the last 6 months.
This Seller at 500k will pay $15,000 in Listing Commissions. If he knew me, I would have sold this home for a flat 5k and they would have saved $10,000. So if you need to sell a house and save money. Please see us at www.5kflatfeelisting.com.
Buyers get: Sellers get:
FREE Home Inspection 5k Flat Fee Listing
FREE Termite Inspection FREE Home Inspection
FREE Home Warranty FREE Termite Inspection
Best,
Geoff Nowlin, Phoenix Realtor
480-466-3737
nowlin.geoff@gmail.com
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