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Old 06-07-2021, 04:24 AM   #1 (permalink)
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For how much will this house sell and when?

My girlfriend kept asking to play games, but I kept fixing stuff and today I took her for a walk. She insisted on taking a break after barely 500 feet. I insisted on going an extra block, and I found this beauty!

According to Zillow, 22 single-family homes under $300,000 sold in my ZIP in the last 90 days. One looked like a fixer-upper. Somehow it was 1,850 square feet on a double lot for $75,000. If it weren't ground-level I would have thought that it was mobile.

One was 2-bedrooms, 1-bath, 750 square feet without a garage for $60,000, but they called it a "Handyman's special."

The one with the next-lowest price-per-square-foot was the smallest, 2-bedrooms, 1-bath, 725 square feet on 7,405 square feet for $70,000.

The fourth was the biggest and most expensive house on the list, 2,856 square feet on 1.78 acres for $295,000. Neither had much information so I don't know if they were fixer-uppers or what.

The fifth is weird, plain, and boring. It doesn't have a garage, but over half of these don't. The price is weird, but I cannot justify excluding it.

The one with the highest price-per-square-foot was 1,053 square feet for $225,000.

$213.68 per square foot!

That is the highest that I have seen in my area and I don't have any idea why. There was an emotionally-fueled bidding war?

Then a 1,400-square-foot house on over 11,000 square feet for $295,000.

The living room, kitchen, and dining room were all in one big space. Talk about open concept!

Firefighters hate it!

It seems high, but the low numbers seemed much more like outliers than the high ones.

On average, they had 2.9 bedrooms, 1.9 bathrooms, 1,464 square feet, and sold for $245,465--$168.68 per square foot.

I hadn't analyzed houses in my area for a while, but I wrote 10 months ago that the average price-per-square-foot was $125.

Home values are up 35% in a year?

The last time that I looked up the average home value it was $235,000, but Zillow says "$302,394--19.8% 1-year change."

They have a graph, which shows $307,000 in May 2021 and 254,000 last May--20.87%.

Well, it isn't terribly far from 19.8%...

It shows $235k for January 2019, so it is up 30.6% in 17 months.

Zillow guesses that Mom's house is worth $270,646, although I would need to at least patch holes, repaint, and replace all of the flooring with decent-looking laminate for people to offer us that.

If her home value keeps climbing she will soon own 90% of it!

So, the house...

It says site-built and new construction, but that sure looks like a mobile home!

It isn't on a platform, but a plain rectangle without a garage sure sounds like a mobile home!

So, the average home sale in our area sold for $168 per square feet. This is 1,276 square feet, so I would expect $215,236--and still consider it overpriced.

They posted it on 3/24 for $339,000!

That is $266 per square foot, while the highest was $213.68, and was nicer, so I would have difficulty believing it would sell for more than $272,655.68.

After two weeks they lowered it to a completely reasonable $300,000! Seventeen days later they dropped it to a bargain basement $275,000!

Oddly, they dropped it twice in 31 days, but nothing for 6 weeks.

I am guessing they have received offers around $250,000, but they refused.

Do you think they will eventually accept that? Do you think that they will need to settle for less?

How soon do you think it will sell? 541 N 5th Dr, Show Low, AZ 85901

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