Use recent closings to pick the right range to shop
The decision is whether you should widen your search or get more specific so you can win. In Scottsdale, AZ, I prefer getting specific, because recent closings clustered heavily under a few price ranges and that can help you search smarter.
Looking at the distribution of recent sales in Scottsdale, AZ over the past three months, the largest cluster was 639 closings under $800,000, followed by 193 closings between $800,000 and $1,000,000, and 132 closings between $1,000,000 and $1,200,000. That matters because the more you shop in the ranges with consistent closing activity, the easier it is to find true comparable sales and set a realistic offer range. Some metrics were not reported for this period. Pick a primary price band and a stretch band before you tour, using the recent clustering under $800,000 and in the $800,000 to $1,000,000 range as context for where activity has been concentrated. Ask for comps inside your exact price band before you write, because it is easier to negotiate when the comparable set is deep. Keep your offer disciplined by tying it to recent close-to-asking behavior, since buyers were paying about 96.69% of asking last month.
About Jeff Setlow
Jeff Setlow is a licensed Real Estate Professional affiliated with Exp Realty, specializing in the Scottsdale market. With a focus on strategic marketing and deep local knowledge, Jeff Setlow provides clients with expert guidance in navigating complex real estate transactions. View full profile →
