Periodically I like to share the information I get regarding our local market statistics to help our clients determine if right now is the right time for them to buy or sell Real Estate. I was lucky to get to sit in on a presentation by Michael Orr last week of the Cromford report. Click here for power point presentation
I found it quite insightful due to the fact that he verifies the information in our local MLS data is correct and bases his analysis on those statistics rather than basing his information on National data. He started off his presentation like so many of us do with the disclaimer/definition of a “good” market- because every market can be good, depending on who you are and your goals.
He was clear to say that the Real Estate agents that focus on the distressed market or local homebuilders today may not think it’s a “good” market right now- but if you are a BUYER looking to purchase by September of this year, this is a GREAT market right now…
Basically, it boils down to the simple law of Supply and Demand as the Cromford Index shows currently.
In Chandler for example, the demand being in the RED but the supply in the green shows currently Buyers have the upper hand. However, a truly balanced market would be at 100 for the Market index and we are not far off from it.
Michael predicted that by Spring of 2015, we most likely will see it gradually return to a Sellers market. Nothing crazy, just a slight push upwards, along the lines of inflation which traditionally before the market crashed in 06, 2-5% a year increase in value is all that a homeowner would expect from his home and be quite happy for it.
This time last year, the Market Index was at 151 for Metro Phoenix with a Supply of 63.1 and Demand at 95.3. Things have changed quickly in this past year as it was clearly a Sellers market back then. The prices were also lower too… So a seller today without a huge urgency to sell, very well may be better off today than where they would have fared just 1 year ago as well… seems in life and in real estate, there’s always 2 sides to every coin… If there were a Seller just getting out of the market entirely, we’d most likely recommend to wait until Springtime to sell HOWEVER if they were wanting to purchase, they may fair better selling with today’s prices and incentives that Buyers are receiving rather than waiting to both sell and buy in the Springtime because that way as Buyers, they too can take advantage of the DEALS happening out in our marketplace today.
Michael Orr also spoke to why he thinks that the demand has dropped (please watch the power point presentation, link at top of blog for further stats and details) but mostly because our younger generation (Millenials) are preferring to rent homes today instead of purchasing for many reasons and there’s so many people still renting as a result of losing a home to foreclosure/short sale that the RENTAL MARKET has only gotten more expensive in recent years making it a great time to be a LANDLORD. Because of this (along with the interest rates remaining super low), it’s CHEAPER TO OWN your home than rent today, not to mention the great tax benefits of owning vs renting a home.
Click link to City’s Park Planning website: http://www.chandleraz.gov/default.aspx?pageid=728
What’s truly impressive and one of the reasons why the City of Chandler is always winning awards is the PLANNING that has been done for the City’s future. PLEASE CLICK HERE for the complete article with Map but here’s an excert from “RECREATION AND OPEN SPACE TOWARD BUILD-OUT”
The City realizes that residents will continue to gauge their quality of life by the variety of leisure activities available. The Recreation and Open Space Element responds to the City’s growing demands for parks, recreation and open space as build-out approaches. The development and implementation of parks and recreation services are guided by input from Chandler citizens. As Chandler’s remaining vacant lands are converted to urban use, reservations for parks and open space are critical. Well-maintained parks contribute to community vitality through enhanced property values and attraction of desirable businesses and employers.
This Element combines two statutorily required Elements: Open Space and Recreation. It contains goals, objectives and strategies for the provision and management of open space, parks and recreation services. GOAL: PROVIDE QUALITY PARKS AND RECREATIONAL FACILITIES CONVENIENT TO ALL NEIGHBORHOODS THAT MEET THE NEEDS OF A DIVERSE POPULATION. Objective: Provide at least one ten-acre neighborhood park within each residential square mile, where possible. Objective: Provide a system of community parks with service radius of 2 miles or less that provide a diversified mix of amenities. Objective: Develop comprehensive recreational resources to meet regional park needs.
I personally LOVE living in the city of Chandler for everything this great city has to offer. PLEASE Click here for Video regarding the City of Chandler I shot this past year with the DCCP that talks about it’s rich history, current events and great employers!
Our newest listing is located directly across the street from this future park. Whoever ends up purchasing this gorgeous home will undoubtedly enjoy the NEW CITRUS VISTA park once it’s completed in about a year from now. Today and Tomorrow we will be holding this great new home open – if you know of someone who may be interested in this great home, please share this video with them and tell them to stop by at one of our open houses!
Here’s the listing with all of the photos and details, please call 480-243-4242 for any questions about it or any of our homes for sale:
(To download the complete power point from Go Clean Credit, please click photo above)
I recently came across this article which reminded me of a blog I wrote nearly 1 1/2 yrs ago (Click here to read) and I decided it’s time to revisit this topic since CREDIT SCORES and how they are CALCULATED are such a MYSTERY to most.
PLEASE BE SURE to click on the photo above as it’s only 1 slide of many that literally breaks down how our CREDIT SCORES are determined and gives great advice on what you can do yourself to improve your scores.
CREDIT SCORES are so important since everything we do in life seems to go back to your CREDIT WORTHINESS- from the rate you get on a car or mortgage loan to whether you get hired on by an employer or get approved for a lease to what you get quoted for your insurance rates and so much more!
It’s imperative we educate ourselves and our children because it really is a huge key component to getting the material things one wants in life!
A little over a year ago, I had the pleasure of having Dawn McCraw, owner of Go Clean Credit, speak at one of our Buyer Workshops and she shared with our group the above power point. I’d never had it broken down so simplistically before so please share this valuable information with anyone you care about.
In my blog I wrote, I have the link to where one can pull their 3 reports for FREE with no impact to their scores (FTC Website), so my advice to you is to first pull your reports and see if everything on there is correct- if not, file an online dispute to get whatever erroneous information off of your credit report which will undoubtedly improve your score. Second step, is to go through the Power Point above and compare your report to the breakdown of credit and create a plan to follow the advice to improve your score yourself!
You can always hire a firm like Dawns to help, but it’s really easy and I recommend only paying for credit repair services when you’ve already done these steps and can’t improve your score any further without professional help. I’ve seen Dawn’s work in action and last year she helped one of our clients purchase her first home by removing $20k of “bad” credit with the help of an attorney in her office, so her program does work but there is so much each of us can do ourselves without the help of a professional.
For my PAST SHORT SALE CLIENTS- this is so important to do because many lenders reported SHORT SALES by mistake as FORECLOSURES- so please get online and pull your reports to verify the information on there is correct and do the steps outlined above to get your scores as high as possible so if you want to buy a home again, you’ll be able to without a problem! (waiting periods are 2-3 yrs after the closing of a short sale for most low to no down payment mortgage loans)
Please feel free to call our office for any advice on this topic! 480-243-4242 We are always happy to help- any way we can!