A lot of people will wait to get a tax refund and then use that for a down payment on a new home… which is a great strategy and NOTHING wrong with that BUT if you’re not getting a refund, haven’t filed yet (like me), or just have other plans for that money- you can still buy a home without it because there are several down payment assistance programs out there, below are just a few of them provided by Lanie Martin of Guild Mortgage.
Six years ago I wrote a blog http://integrityallstars.com/are-you-currently-renting-now-really-is-the-time-to-buy-get-off-that-fence-before-you-miss-the-bus/ showing the tax savings of owning a home or basically the net effective payment after those savings are taken into consideration- What I mean by that is if you’re renting a home you may not realize that the equivalent rent vs mortgage payment can be substantial. Mind you I wrote this blog in 2010, when the market was in the barrels of the “downturn” and prices have come up quite a bit- but not the rates, in fact they are just about the same as they were back then… which is great news.
SLIDE ABOVE COMPLIMENTS OF THE CROMFORD REPORT- Explains why analysts do not feel the current market is like last time it crashed and burned and that it’s not a “bubble” waiting to burst.
Cromford report- FULL Market Summary for the Beginning of April
Starting with the basic ARMLS numbers for April 1, 2017 and comparing them with April 1, 2016 for all areas & types:
Active Listings (excluding UCB): 19,810 versus 22,493 last year - down 11.9% - but up 0.8% from 19,648 last month
Active Listings (including UCB): 24,794 versus 27,398 last year - down 9.5% - but up 2.2% compared with 24,269 last month
Pending Listings: 7,572 versus 7,522 last year - up 0.7% - and up 5.3% from 7,194 last month
Under Contract Listings (including Pending, CCBS & UCB): 12,556 versus 12,427 last year - up 1.0% - and up 6.3% from 11,815 last month
Monthly Sales: 9,259 versus 8,363 last year - up 10.7% - and up 41.8% from 6,530 last month
Monthly Average Sales Price per Sq. Ft.: $148.41 versus $140.88 last year - up 6.1% - and up 0.5% from $147.64 last month
Monthly Median Sales Price: $230,000 versus $217,000 last year - up 6.0% - and unchanged from $230,000 last month
Supply is significantly down from last year, especially in terms of active listings that are not in UCB or CCBS status. A drop of 12% is not to be sneezed at and makes life hard for most buyers.
The monthly sales rate is very strong, up almost 11% from last year, though this year over year growth is a little less than we saw last month. Surprisingly, we are not seeing the same growth in pending listings or in listings under contract. These are running close to last year's numbers.
Pricing continues to advance, though not at any alarming rate. In fact the median sales price is unchanged from last month. This just shows one of the disadvantages of medians - they tend to cluster at round numbers, like $230,000, and resist moving by small amounts. Our more reliable indicator, average $/SF indicates an appreciation rate of 6.1%, better than last month's 4.8%.
When we examine the monthly sales rate by price range, things get more interesting. Sales are way down under $175,000, dropping by 29%. Above $175,000, sales have grown 20%. The best performing price ranges are:
$500,000 to $600,000 - up 40%
$350,000 to $400,000 - up 39%
Over $3 million - up 38%
$1 million to $1.5 million - up 35%
$400,000 to $500,000 - up 29%
$800,000 to $1 million - up 29%
$1.5 million to $2 million - up 29%
We note signs of recovery in the higher end of the luxury market, at least in terms of sales volumes.
The weakest price range was $300,000 to $350,000 which only managed to grow 5%.
There is little sign of relief for the supply shortage and buyers must be grateful that prices are rising by only 6.1% per year. It could be a lot worse.
We recommend getting out there before rates/prices go any higher!!! Give our office a call today at 480-243-4242 to get started if you aren’t already out shopping.
Did you know that a BUYER does not pay us to help them find a new home? The Builder does- but it sure could cost you if you go into an office without representation. Watch this quick vid for more info why!
To avoid the lines tomorrow- please RSVP @ http://bellagohomes.com/grandopen/ and while you're out there you will see some amazing deals and beautiful homes!
And in the event you already have a home you'd need to sell first, check out our cool valuation tool, includes much more than just a Zestimate... And as always, feel free to call us for help if you're ready to Buy &/or Sell a home!
Of course before we share the video drawing of the winner of our raffle contest… We first, must share some Real Estate news… I saw a lot of hype this week about the FEDs raising rates by .25%…
SO, MORTGAGE rates actually dropped as most times in anticipation of these kinds of announcements the markets react ahead of time and I guess most simply said, the market wasn’t as Bullish as was anticipated- so the mortgage rates actually went down after the announcement and not up?!
So don’t let the fear of rising rates keep you out of the market, as what we are seeing are due to demand that home prices have only been on the rise. In the FHA price point of under $300k, it’s been quite competitive out there… Last week, one of my new listings in Gilbert priced in mid-200’s had 6 offers the first weekend for our Sellers to pick from- great for Sellers but for Buyers not so much… To Read more about how the “Supply Shortage Giving Buyers Headaches –West Valley and Southeast Valley In a Market Frenzy” <---Click Here
OF course if you are a Buyer, you can wait for the “Frenzy” to pass- but how much higher will the overall prices be when that happens??
OK so now on to the DRAWING for the YETI COOLER WINNER- we will be doing this again, so don’t be too bummed if we didn’t draw your name. Thank you to everyone who participated! Small disclosure, those were GREEN glasses Rebecca was wearing in the video… but with the GREEN SCREEN, they picked up whatever background there was so sorry in advance if you find that annoying lol…
DRUMROLL PLEASE…… and be sure to watch to the very end lol 🙂
It’s that time again- TRIVIA CONTEST TIME!!! And it’s also one of our favorite times of the YEAR- St. Patty’s day is upon us.
To enter to win:
Either ask to be added to our database if you aren’t already in it and receive our regular real estate market updates.
Answer the question in the video correctly. Email us at email@example.com if you aren’t already in our database (or just hit reply to the email if that’s how you are seeing this blog post).
That easy! 🙂
Drawing will be held/announced on St. Patty’s day- watch our next video to see if you win!
We will be running another YETI cooler contest very soon, but a FULL SIZE one in celebration of breaking ground and moving into our brand new office being built next door to the Alamo Movie Theatre in South Chandler/Ocotillo area- that one will have a couple more hoops to jump through, but it’s all in the name of fun.
Good LUCK! (& Don’t wear GREEN LOL)
We are so truly humbled and honored to have been awarded Top Customer Service and Most Sales in 2016 in all of Arizona- Without our clients, we’d be nothing- SO THANK YOU to everyone we’ve ever helped buy &/or sell a home and for your continued support, reviews, referrals- we have grateful hearts and look forward to continuing the tradition in 2017 and on!
We encourage anyone reading this to check out this documentary on Warren Buffett, he’s such an inspiration and one of the main reasons Berkshire Hathaway is more admired than even Disney… We used to own our own Real Estate company and couldn’t be happier to have moved it under the Berkshire Family Umbrella.
So as of Feb 1, 2017, our purchase contracts have changed the way we are doing business when selling a home here in Arizona. There are no longer "WARRANTABLE" items in the purchase contract where a seller is responsible for fixing items... really we are just getting with the program with how the rest of the country buys and sells homes, which means AS IS. There was so much confusion with respect to the grey area of what was considered warrantable, that we had to have an attorney write an article explaining it to the licensed professionals out there because the majority of them were getting it wrong. Basically said, the home had to be in Habitable condition unless an AS IS addendum was used so if there was something wrong with the plumbing, electrical, AC, etc... the Seller was on the hook to repair them regardless. This new change is fantastic however what we are seeing now is more buyers canceling or demanding a price reduction as a result of things they find wrong in a home after a contract has been entered into since the seller no longer is required to fix these items.
When we are helping our sellers, we recommend finding out ahead of time what issues there may be in their home so they can elect to sell their home AS IS and fully disclose ahead of time any deficiencies in their home OR make those repairs themselves as part of the pre-list process. This ensures they won't have ANY SURPRISES after they get their home SOLD, at least as far as their Buyer coming back either wanting to cancel or get a major price reduction as a result.
NOT all home inspectors are alike either!!! We have used also Rob Sell for years and when representing a Buyer, we really like how he takes the time to educate people on how the home they're planning to purchase operates and not only does a thorough inspection of the home but explains which items are of most importance. Most home inspectors won't take the additional hour or so Rob does walking people through the home and pointing things out.
Buyers don't like SURPRISES either when buying a home, so no matter whether it's before you sell or before you buy, we always want to see our clients get their home looked at by a licensed home inspector.
Please watch my quick 2 minute video, It’s pretty good if I do say so myself 🙂
Also, besides whether it’s a good market, something else I get asked often is price points in different parts of town so I wanted to share with you the following maps I uploaded from the Cromford Report to show you different price points & where you’ll find homes in the Valley of the Sun based on those. I only pulled single family DE-tached homes and gave no other search criteria….
Starting with homes under $100,000, as you can see our market has fully recovered officially and has for some time now as you’ll be hard pressed to find any home in the Valley for under $100,000. They are basically non existent these days…
On the other side of the equation- here’s the map where one would find Million Dollar plus homes for sale. Primarily you see those in the Paradise Valley area, Scottsdale and Central Phoenix however there are a handful in other parts of the valley as well…
And here goes the rest of the market- the following two maps are primarily FHA buyers, from $100,000-$300,000… Under the $200,000 range is a little harder to find in the Southeast Valley these days with pockets in Mesa along the 60 corridor for the most part or out in San Tan Valley/Queen Creek. Primarily you’ll find most of those in the West Valley but above $200,000 you should be able to find homes in most parts of the Valley…
And Lastly, the MOVE UP Buyers which mainly consist of Conventional Buyers and Jumbo Loan/Cash Buyers in what are considered a little more upper scale neighborhoods. From $300,000 to up to a Million Dollar homes, you should be able to find something in most parts of the Valley depending on where you prefer to live.
Whatever your price point, whatever area you are considering, our team not only is experienced but enjoys working with Buyers and Sellers both. Please don’t hesitate to call us for help! 480-243-4242
Right after the election results, our country went just a little nuts it seemed… regardless of which side you were on, it seemed the posts on Facebook especially were getting a little out of hand. One article I did find of interest, which I shared (click the Facebook symbol above to see the post from that day with the comments from lender friends of mine) had some interesting predictions how Trump becoming President will effect our Real Estate market and we are already seeing one of those coming true with rising mortgage loan interest rates. One comment to my post in particular made by Dillon Mcdonald of Alliance Home Loans I felt gave credence to some of the predictions. Dillon not only commented that day but followed up with me the following information as well that I thought was worthy of sharing:
We have lost over 200 basis points on the secondary market (Formally known as the MBS - mortgage backed securities) since November 1st. This translates to roughly .5% to .75% higher for 30 year fixed interest rates. Depending on the details of the loan we were quoting mid 3% range previously but rates now are in the low 4% range.
This same subject actually reminds me of a blog I wrote 6 years ago, somewhat on this same topic… http://integrityallstars.com/are-you-currently-renting-now-really-is-the-time-to-buy-get-off-that-fence-before-you-miss-the-bus/ (I also talk about there the tax benefits of owning vs renting besides the difference in payment when rates rise. Ironically, the rates are very similar today to what they were 6 years ago when I wrote that blog, but not the prices…)
What happens is, as the rates go up, the amount of home one can qualify to get a mortgage loan for will decrease. When you’re out house shopping, it can get pretty stressful when rates are on the rise, especially when locking them in only can happen once you’ve contracted for a home. We do recommend making your move as a result sooner than later for sure as what we are hearing, no one is expecting them to go down again anytime soon.
Please give us a call at 480-243-4242 if you or someone you know may be in need of help soon!
(Click image above or HERE for downloadable PDF)
Monthly Sales Up 7.7%
Listings Under Contract Up 5.6%
Unless you’re looking for a property in the lowest price ranges, there’s a decent amount of supply to choose from in the Phoenix Metropolitan Area. As prices rise, most buyers will ad-just what they buy in terms of size or location in accordance with their budget. Over time, we’ve seen the average size home purchased continue to rise, even when prices were at their highest. For example, in 2002 the average sized home purchased was 1,607sf. It rose to 1,632sf in 2006, then 1,715 in 2011 and 1,762sf so far in 2016. Of properties sold under $200K in 2006, the average size is currently 1,388sf. Between $200K-$300K, the average size is 1,829sf. $300K-$500K is 2,385sf. $500K-$1M is 3,189sf. $1M-$2M is 4,421sf and over $2M is 6,338sf.
The median sales price has risen a whopping $20,000 since January’s measure of $210,000, a 9.5% increase. This type of disparity can spur articles and discussion about real estate “bubbles” and rapid price appreciation. This looks very exciting for sellers until it’s compared to the price per square foot measure, which has only increased 1.5% from $138.73 to $140.84 during the same time frame. The difference in growth rates between the median sales price and the average sales price per square foot can be attributed to a shift in the composition of sales by price range. Due to the lack of supply of properties below $150,000, the Phoenix Metropolitan Area has seen a significant drop in percentage of sales in this price range. Simultaneously, there has been an increase in market share within the $200,000 - $300,000 price range where there is also more supply. The increase in supply over $200,000 keeps individual property appreciation per square foot more sustainable. However, because the under $150,000 market continues to lose market share as the over $200,000 market gains, the median sales price measure is pushed up higher than the rate of the average price per square foot. For the median measure to increase, sales over $230,000 would need to achieve 51% market share or more.
Commentary written by Tina Tamboer-Glatfelter, Senior Real Estate Analyst with The Cromford Report
©2016 Cromford Associates LLC and Tamboer Consulting LLC
Click image above or HERE for PDF version of the full article
Total Monthly Sales Up 3.4%
Monthly Median Sales Price Up 6.5% to $226,900
Welcome to June! The weather is heating up and Realtors are using oven mitts on lava-hot lockboxes and keys to show property. If you’re planning to continue your search into the summer, you may find some relief in the competition for that perfect property. While other potential buyers are distracted by graduations, vacations and weekend getaways, that leaves a slightly longer window of opportunity for snagging up those new properties that hit the market. Don’t expect current price trends to change anytime soon. There is still more demand than supply in many areas under $500,000 so expect sales prices to continue rising through the summer, especially for properties under $200,000.
This month we’ve introduced the Listing Success Rate into our graphic. This measure counts all of the listings that closed, canceled or expired over the last month and takes a percentage of those that closed. The current measure is 76.7%, which is very positive considering it was 66% at the end of 2014. The price ranges with the highest success rates are $100,000-$200,000 with 85% of listings successfully closing and only 15% cancelling or expiring followed by the $200,000-$300,000 price range with an 81% success rate. The higher price ranges over $500,000 are seeing lower success rates with those over $1M seeing more properties cancel or expire in a month than close. This is actually typical as many sellers in these price ranges choose to cancel their listings once temperatures reach over 100 degrees and relist when things cool off in October, causing a higher than normal cancellation rate for June.
Coming up next next Friday June 24, 2016, I’ve been honored by the Arizona School of Real Estate and Business by being asked to speak on a panel with other extremely top producing well known highly experienced agents on the topic “50 ways to Sell a Listing”. I feel very humbled. I can’t say it enough. With that said, I have had to reminisce about all the struggles and hard work it’s taken me to get to this point in my career.
I’ve been so very blessed to have had many fans and supporters, mentors, colleagues, clients and good friends cheer me on, but I have to admit- I didn’t get here without my share of failures…
One in particular; still, when I allow the “gremlins” to sneak in, makes me want to run crying to the safety under my bedcovers to hide my head and squeeze my eyes shut in hopes of making the memory of the horror of it all to also squeeze right out of my head…
I now know without a doubt it was that event that played a big part of who I am today professionally and had I not fought to overcome my “gremlins”, I never would have accepted the General Sales Manager position offered to me a few years later. It was the fear of failure, that I’d make a fool of myself again and be vulnerable to experience that same trauma again- I found just the thought of it unbearable. Being a GSM meant I’d have to get in front of 300+ people in the monthly company wide meetings and actually sound like a competent person let alone speak in front of many of the same sales people who witnessed my most professionally humiliating moment, knowing some would be hoping for a repeat. The little girl in my head kept screaming that it could happen again and then what… ? I almost didn’t take that job and had I not, I would never had learned so much of what I rely on today to succeed in this ever so competitive field I love so much- Real Estate.
Remembering back, I believe it was spring 2003, a little over 13 years ago. I was no rookie by definition with 10 years under my belt, but boy did I sure feel like one that fateful morning when I was about 7 months pregnant with my daughter Sarah. I remember the paisley dark blue and crème maternity dress from Motherhood Maternity I wore that day. I sat in a regular weekly sales meeting for the Builder I worked for at the time, then known as Trend homes (better known today after acquisitions and merger as CalAtlantic Homes), surrounded by the other 25+ competitive sales people I worked with. I had a pit in my stomach that grew louder and louder every time my sales manager at the time, Joel Huston, shook his damned foam cowboy hat full of names… Inevitably my name was in that pile… knowing at any moment it could be my turn- I could feel my heart racing- eeeek! “How did I mess up our assignment so badly?” I wondered and wondered while praying under my breath that it would NOT be me called next, but rather the person across from me…
We were having a dreaded Role playing exercise and our assignment was to explain the features and benefits and sharing our 2 minute elevator speech about our neighborhood we were assigned to sell homes in. However, I completely missed the mark and misunderstood what my manager wanted from us, which I figured out very quickly when I heard the ever so smooth Dave McNichol go as he was called on first… I could hear my heartbeat so loudly in my ears as I sat uncomfortably rocking side to side in my chair… luckily the next person called on wasn’t me either… “Oh Thank God” I kept thinking but the fear was relentless because I just knew- just knew I wasn’t going to get off scott-free… lost in my thoughts of what was I going to do if I was called on- and then, all of a sudden, it happened… just what I was so terrified of, “Rebecca, you’re next….” I’m sure I was sweating bullets, stuttering like a fool, it was so bad when I stood up to give my presentation that not only was I extremely uncomfortable- everyone else in the room had to of been too… Someone I didn’t know hardly at all at the time (ended up being a dear friend) came up to me afterwards and said he just kept thinking that I needed to say my stomach hurt and sat down to escape the self inflicted humiliation I put myself through. Ok, maybe he wasn’t that blunt but boy, did I get the point! Oh the horror! With every stutter I could feel my face get hotter and I wanted nothing more than to crawl under the conference table, get out of sight and in the fetal position to suck on my thumb until I soothed myself to sleep…..praying I’d wake from the nightmare. I think what made me even more flustered was that I knew that there were many in that room at the time that loved every minute of my embarrassment and when I saw the glances being exchanged between them, I only did worse. Shaken, I finally sat down after which, you could hear a pin drop. I can’t even remember the details as I think my flight or fight kicked in by then along with all the estrogen from being 7 months pregnant, so the details may have been partially blocked out to protect the innocent- but I’m pretty sure, that damned foam cowboy hat was retired that day after my epic failure that scarred me for quite sometime.
Seems that with success, many times comes critics, naysayers, people wishing for failure… at least that’s what the “gremlins” whisper in my head when I am thinking about this fateful public appearance. Actually I’ve been learning that it’s when we are our authentic selves and allow ourselves to be vulnerable, is when we grow and learn the most. It’s those moments that define us. We can choose to let them keep us frozen, bitter, in the blame mode OR we can choose to overcome our fears and face them! The first thing I did when I accepted that management position was start teaching contract law for New Homes @ASREB to force myself out of my comfort zone and start practicing more public speaking in order to improve. Today, I have appeared in many Real Estate themed videos and even was interviewed by Channel 3 live on the morning news just 6 months ago. I’ve come a long way since that 30 year old 7 month pregnant lady stuttered like a fool in front of her peers but I am so thankful for the experience and extremely grateful I still get to speak about my passion to anyone who will listen to me today.
I direct this blog to all homeowners (landlords/owner occupants alike) with a HUGE warning as we will be having RECORD temps this weekend and currently 1 of our beloved clients that just closed escrow on their home is being completely screwed over right now by Choice Home Warranty and I really think it’s an important trending topic to MAKE ALL OF YOU AWARE so this doesn’t happen to you too!
Lessons learned dealing with recent AC issues for both our client and ourselves:#1 NOT ALL Home Warranty Companies are alike, #2 just like your car, your AC needs regular maintenance not just to extend the life of the unit- but to ensure you have coverage on your AC in the event it fails under these harsh AZ temps and you need to call in a claim on your home warranty. #3 You get what you pay for #4 Don’t let your dog pee on your AC unit(s).
The story of Diane and Chad in Goodyear AZ… These wonderful clients of ours bought a home from a lady who was having some personal issues and when it came to the condition/maintenance/etc… there’s definitely a lot of work my clients knew they were in for after closing. HOWEVER, because they did a Home Inspection prior to closing (with a reputable inspector) and found issues with the AC that were fixed by the Seller/warranty company during the escrow period (& the same warranty policy transferred over to them which doesn’t expire until August), they didn’t think they’d be staring at a $3k bill today and most likely will have to sue Choice Home Warranty in small claims court if they do not step up to fix their AC like they should.
About a month ago, my husband & I experienced a disappointing situation ourselves with our own AC for our 3 year old Shea home. It prompted us to purchase a Platinum Warranty with Old Republic immediately on our own home with the Star coverage that allows us to have our units serviced for a reduced price annually. Basically our ACs were covered completely first 2 years we owned our new home by the manufacturer via our Builder’s warranty dept, but after year 2, only parts. Our coil went bad on one of the units- turns out our lab was peeing on it 🙁 and it cost us $2k for labor/Freon. What we found out in dealing with this is it’s a new trend by builders, manufacturers and warranty companies to deny any coverage IF you can’t prove you serviced your AC unit during the previous 12 months?!?! Most of us don’t think about our AC unit until it’s not working properly, so yet another lesson learned- give yourself an annual reminder in early Spring to get those AC’s serviced and ready to go for the long hot upcoming Summer. AGAIN NOT just to ensure coverage, but increase efficiency and the lifetime of the unit itself.
In case you’re curious… the following is a list of what “they” consider “servicing” but notice- everyone seems to be finding a way to exclude coverage for anything expensive like coils or compressors, so take care of those expensive units!
The scoundrels currently denying coverage for our clients are Choice Home Warranty, check out these horrible reviews- click on the image---> for link!!! Don’t USE THEM!!! And if you’re a Realtor- DON’T let your clients use them either!!!!!
(Click on photo above or here to download PDF document)
Listings Under Contract Up 6.5%
Monthly Median Sales Price Up 9.9%
May is often the last month of “buyer season” before the summer slowdown. In anticipation
of hotter temperatures, graduations and upcoming summer vacations, many home buyers
would prefer to get their contracts into escrow and closed before the end of June. As a result,
there are many areas of the valley where there are currently more properties in escrow than
active for sale. Not surprisingly, those areas are concentrated where the average sale price is
under $250,000 in parts of the Southeast Valley (such as North Tempe, West Mesa, North
Chandler and North Gilbert), South Phoenix, and most of the West Valley. This is temporary,
buyers can expect relief from competing offers in the summer months if they choose to brave
the higher temperatures.
Overall sales have been following 2015 pretty closely thus far. April was down less than 1%
from April last year, but year-to-date sales are up 2.5% as of week 19. The main difference is
in the activity by price range. Sales under $175,000 have been declining year-over-year for
the past 9 months with April 2016 down 18.4% from April 2015. This is not due to low demand,
but low supply of homes available for sale. April sales between $175,000 and
$600,000 are up 15% year-over-year and down 9.3% over $600,000. The big difference between
these price points is the level of supply. It’s chronically low in the bottom price ranges
and too high at the top, causing vastly different experiences for sellers. Properties selling under
$175,000 are experiencing annual appreciation around 10% since the beginning of
2016. Middle range properties are seeing around 3-5% annual appreciation, and the high end
properties over $500,000 are experiencing flat appreciation rates at best with some price
ranges at the very top seeing negative annual appreciation.
Commentary written by Tina Tamboer-Glatfelter, Senior Real Estate Analyst with The Cromford Report
©2016 Cromford Associates LLC and Tamboer Consulting LLC
Recently we reached out to our database asking for help to rename a video we posted both on Facebook and via email. Boy, did they rise to the occasion!?! THANK YOU to everyone who participated!
We had a ton of replies to go through and narrowed it down to the top few, of which we ended up combining into one name. We also plan to use the new tag line/title for other future marketing purposes as well, besides the renaming of the video above… so it was really important we didn’t make a rash decision.
JUST KNOW- We really did struggle because there were so many GREAT ideas given! (Just FYI- James does do a lot more than sleep most work days btw HAHA!)
One worth mentioning that caught our eyes (even though we didn’t end up going with it) was “Far Beyond Driven”. Simply put, it rang true! (Not to mention there’s a few scenes in the video of Rebecca actually driving, so nice play on words to the person who submitted that one!)
The winners were a combination of “#IWorkForYou”, “Sunrise to Sold”, and “Integrity, From Dawn to Dusk” creating the NEW TITLE of our last video: #IntegritySunrisetoSold
How we came up with the winner:
#1 “#IWorkForYou” The use of hashtags # is a great way to tag different posts online and keep a trending history of various related posts and to also help to catch the attention of all those Millennial Clients that will only search online for their next home or Agent.
#2 “Sunrise to Sold” Truth be told, Rebecca is much more of a morning girl than a night owl and it’s true that we never give up until our job for our client is done, period. Even after we’ve successfully helped a client close on either/or/both the sale/purchase of a home- we stay in touch and remain in service perpetually. We hope this part helps to convey that commitment to our clientele that we want to be a part of their lives indefinitely.
#3 “Integrity, From Dawn to Dusk” While similar to #2, it has a with a very important component- the word INTEGRITY. When Rebecca first opened Integrity All Star Realty back in late 2007, it was important then and remains an important part of our business today. We pride ourselves in following through and always keeping the clients interest as a priority. We do “Walk the Talk” and if ever fall short (as we are human), we will make sure to make it right- whatever the issue may be!
We know the value of treating people right and keeping our clients “for life”. We pride ourselves on the number of repeat clients we have and the tremendous reviews and referrals they are willing to post and share on our behalf. WE TRULY are GRATEFUL for each and every one of them. THANK YOU ALL SO MUCH that we are speaking about!!!
If you are a past client and haven’t had a chance to toot our horn yet, but would still like to, please visit: http://integrityallstars.com/about/review/
We will be reaching out to our winners and notable mention this week to award their prizes! Congrats!!
(Click on photo above or here to download PDF document)
Sales Up 7% Over 2015
Median Sales Price Up 6.4%
Active Listings Up 1%
For the first time since November 2014, supply is higher than it was the previous year. This is generally good news for buyers, as it means there are more listings competing for their attention. However, buyers looking for homes under $200,000 will find this is not true. The Phoenix Metropolitan area is still nearly 19% below normal in supply, with the lower price ranges in the shortest sup-ply. Sales under $200,000 have made up 45.5% of all sales in the last 12 months, so this is a significant market to be in short supply. Buyers looking over $300,000 are experiencing an 11% increase in supply valley wide. The increased competition is resulting in a 19% increase in weekly price reductions compared to this time last year, especially among listings over $500,000.
The good news for sellers is that contracts in escrow are up 5% and sales are also up 7% over last year. Demand has been rising over the past month and seasonally is close to its highest level for buyer activity. Sellers who wish to list their home at the “peak” of buyer activity should not wait too much longer. April and May are typically the highest months for buyer activity before slowing down in the summer months. This is especially true in the luxury market over $500,000. It’s not uncommon for buyer contract activity to drop anywhere from 25%-40% between May and August as seasonal buyers head towards cooler climates.
Commentary written by Tina Tamboer-Glatfelter, Senior Real Estate Analyst with The Cromford Report
©2016 Cromford Associates LLC and Tamboer Consulting LLC
Happy April Fool’s Day!,
First off: This morning I came across the following in case you need some help coming up with a good prank to play on someone today- I love the first one personally lol
Also, if you’re interested in the latest Real Estate Market update for the month of March, click here. We will send out the April one soon, most likely with the result of our contest to rename our latest video….
OK this is what I need your help with…
Please click this Facebook link to my page and watch the quick video we just had produced- I’m willing to pay someone $100 if we end up using their idea- what I NEED YOUR HELP with is Renaming this video with something catchier than “A Day in the Life” that we will use for future marketing purposes. In order to enter, we just need you to post your idea on the page for a new title name, but before you do, if you haven’t yet left a review on there in the past or written your experience about our services, I ask you kindly do so while you’re on the page since our client’s experiences are so importance to us!
In the spirit of FREE $$$ MONEY, I did also want to let you know that our company Berkshire Hathaway (owned by Warren Buffet) is hosting a sweepstakes between now and June 17th. They are giving away $50,000 at the end of the sweepstake and $2,500 once a week until that date.
Just last week we were lucky enough to help first time home Buyer Charlee Hansen finally get the long awaited keys to her new home- she was so excited, she couldn’t wait to have dinner there. It was super cute and we were so happy for her and her boyfriend!
With that said, when surfing the internet, I came across this great article of advice that one of our favorite title company reps had posted on Facebook and it brought Charlee along with all of our other clients immediately to mind.
PLEASE CLICK on their photo to read the ARTICLE:
19 Things a New Homeowner Should Do Immediately to Save Money
There are sooooo many wonderful tips that everyone should look into doing for their home.
We have also compiled a list of TRUSTED VENDORS AND CONTRACTORS we’d like to share with you as my husband and I just finished working on a fix and flip in Sun Lakes and just about everyone below helped us finish that full remodel. We also have a Concierge Dept we can turn to for referrals, so if you’re in need of a contractor that isn’t on the list below- let us know and we’ll get you some names to check out!
ROB SELL HOME INSPECTIONS- 602-908-7355
GRANITE- Marco M&N Granite fabricator- 602-510-0117
Arizona Tile “boneyard” in Tempe to buy actual slab(s)- 480-893-9393 1235 W Greentree Dr Tempe
FLOORING (TILE/CARPET/PAD)- Paul Martin- 480-458-1506 Tempe Dzign Cntr
MASTER SHOWER/KITCHEN BACKSPLASH TILE- Paul Martin- 480-458-1506 Tempe Dzign Cntr
PAINTER- Mike Jungblunth- 480-274-8538
CABINET PAINTER (ALSO DOES GENERAL CONTRACTOR WORK)- Arturo Plascencia of APC Painting 623-204-1592
LANDSCAPER- Benny Vasquez 480-200-6788
ROOFER- Safe Star Construction- Julio or Sergio 480-241-9396
DRYWALL COMPANY- Hayden Lane Drywall-480-699-4188
FRAMER- Chris Mikesell-480-241-3528
PLUMBER- Brian Paterson- Tesco Precision- 480-620-8503
APPLIANCES- Spencers by San Tan Mall- ask for Dwayne Dixon 480-366-3900/602-312-4207
ELECTRICIAN- Jason/Apple Electric- 480-452-5276
DECORATOR/FURNTIURE SALES- La Casona Furniture, next to Ikea in Tempe- ask for owner Jose Luis Elias 480-598-6411 1746 W Ruby dr #101 in Tempe
DON’T WANT TO DEAL WITH SUBCONTRACTORS YOURSELF THEN CONTACT Mike Clemmons with CJ Construction 602-326-8036, specializes in ADA/Vet rehab work or Travis Neff 602-670-5978 http://www.icnaz.com/ (experienced in fire/water damage/restoration)
Master Movers- Tim Smith- 602-525-7396
Selections Window Coverings- Kevin Oestmann- 480-782-9293
Diane's Estate Sales- 480-433-5576 Diane Yoder
Integrity Audio/Video Bob Peterson- 602-740-9706
In October of 2011, I wrote a blog about the ranking of the cities in the Metro Phoenix area based on their price per sqft and the percentage of change from the previous year’s amounts…. The column on the right is the last rankings I pulled just a couple of days ago.
Using Chandler as an example- it’s ranking #10 in the valley today with an average price of $138.75. That’s an increase of 3.8% on average from 2015, when the average for the city was $133.63. Compare that to 2011/2010’s numbers and I think anyone would be convinced that the worse is way behind us…. In 2011, Chandler ranked #13 at a mere $93.51 a sqft which was DOWN from 2010 by 9.3% when Chandler had been $103.09 a sqft.
Truth be told, April of 2011 was our true bottom of the financial crisis- at least here locally…. It’s great to see that in the last 5+ years, our local Chandler market has rebounded by 32%, so while last year we saw an increase of 3.8%, the average in the last 5 years has been closer to 6% appreciation a year. Those folks that bought in 2011 and still own today should be quite happy with themselves as they’ve done really well on their investments!
When we think back to a year ago, the market was tepid and not showing any of the positive signs that suddenly appeared in early February 2015. If you look at the daily market snapshot today you can see that almost all of the indicators are substantially more positive than they were a year ago, including:
- days of inventory down 20%
- annual sales rate up 10%
- days on market (sales) down 10%
- days on market (actives) down 7%
- listing success rate up 6%
- contract ratio up 29%
So we enter 2016 in much better shape than we entered 2015 (per the Cromford Report)
I personally feel a great momentum in our marketplace and expect 2016 to be a bustling year with lots of real estate changing hands… Don’t live in Chandler? How’d your city you live in rank? If you need help deciding whether now is a good time to jump into or out of this market, please feel free to contact our office for a no obligation consultation- 480-243-4242 as we are happy to help you with your real estate needs!
Greetings friends/fans/past clients of Integrity All Stars @ Berkshire Hathaway! It’s getting to be that time again for another Trivia Contest!!!
Since we do have folks outside of Metro Phx area in our database that we serve, PLEASE participate too, if you win, we will substitute one of the following prizes with a $25 VISA gift card….
1st Prize- Everyone local who reads this blog post can download a $5 coupon to Wild Vine Uncorked in South Chandler- so everyone is a winner!
2nd/3rd Prize- We have (2) sets of Harkin Movie Vouchers to give away for free popcorn and soda every time you go see a movie in 2016… I believe they will honor them for the remainder of 2015 as well so if you’re a movie buff, this one is for you…
4th & 5th prizes- We have (2) gift certificates for 30 minute chair massage, either at work or home, they come to you from Comforts of Home Mobile Massage
? #2: According to the video (click here) from when Rebecca Hidalgo Rains was interviewed last week by Scott Pasmore of Channel 3 news, what percentage of analysts expect the interest rates to rise in 2016?
We hope everyone has fun this Holiday season and is safe! Please think of our team if you need any thing Real Estate related or anyone you know!
We will follow up with the answers, winners and Market recap of 2015/projections for 2016 after Christmas next week. Our office will be closed 12/24 & 12/25 and also 12/31 and 1/1. We will be available if needed, just call or txt- just working remotely over the long holiday weekends…. Cheers to a fantastic 2016!!!
It’s that time of year again… Halloween! We’ve been having lots of fun with our fans having various Trivia contests throughout the year and have given away some great prizes like tickets to The Improv, Visa gift cards, Movie Tickets… well this time we wanted to support one of our favorite local establishments….
The Wild Vine Uncorked! Click for link to their website for more info about this great place ---->>>>
We have (3) $25 gift cards to give away today to the best 3 videos of people who respond to this email (or you can txt Rebecca at 602-463-2978 if easier from your phone) and submit your 10-15 second video of you or someone you know that’s willing to dance for their treat!
Click the photo below for 8 Super Weird things we hope you didn’t already know about Halloween….
We are looking for you guys to get in the spirit of Halloween and DANCE for your treat! In this case the treat is a $25 gift card to The Wild Vine Uncorked, who happens to be hosting a Halloween Costume Ball, in case you haven’t made plans yet for tomorrow night… Check out the link for more info on the event.
click photo for details--->>>
IF YOU’RE CAMERA SHY, (James Rains- who came up with this idea- definitely is), BUT still like a chance to win… the OTHER WAY to enter our contest is to click the photo with a summary of our local Real Estate Market Situation for October 2015, which links to a post on Facebook featuring our latest SNEAK PEAK listing – Just comment on the photo “#HalloweenContest “ today and I will enter your name and announce our winners next week when I send out a much more detailed Real Estate Market Summary for those of you that may be in the market today to either buy &/or sell a home!
And lastly, in case you or someone you know is still needing an idea for a Halloween 🙂 costume, we are always happy to help ------------->>>
Just give us a call at 480-243-4242 to get started today!
(Click on photo (or here) to open PDF doc)
The above stats are for the Southeast Valley to include Chandler, Gilbert, Mesa, Tempe, Ahwatukee, Sun Lakes and Queen Creek for the last 3 years. We had a STELLAR March through July this year, that is for sure! The average price per sqft is about $50 more than it was 3 years ago when Distressed properties were a huge impact in our market, they constituted more than half of the inventory back then.
Current Demand levels are considered normal however there are areas with less supply than others that keep the overall Market index higher than average, which typically favors Sellers. The last few weeks we have had some seasonal decline, but our market is still quite busy overall and the month of August isn’t quite over yet.
The following commentary is from Mike Orr of the Cromford report with specific stats you may find interesting regarding the month of August (click here to download the pdf document), especially if you’re currently in the position to BUY &/OR SELL a home right now.
As always, we are here and happy to help you figure out the best strategy for your family- give us a call at 480-243-4242 or send Rebecca an email at firstname.lastname@example.org if you’re thinking about Real Estate or know someone you care about is!
Maybe you’ll get some inspiration for your home now or ideas for your next home? When selling a home, everyone loves a nicely organized pantry (and closet), Enjoy!
Please check out the video and read the latest stats below- our biggest concern is the affordability for our entry level buyers or folks that have been renting… IF that is you or someone you know- PLEASE call us to help at 480-243-4242 or email Rebecca directly at Rebecca@IntegrityAllStars.com to get the home ownership process started right away, before rates increase any further!
The following is an excerpt from the “Recent News” published by Mike Orr of the Cromford Report:
Overall demand has returned to just above normal with little to no sign of further momentum beyond this point. Currently the supply situation is the most important thing to watch and this is what determines how much competition buyers will experience.
Basic stats for this past year for all areas & types:
- Active Listings (excluding UCB): 21,512 versus 26,205 last year - down 17.9% - and down 3.5% from 22,303 last month
- Under Contract Listings (including Pending & UCB): 12,276 versus 10,584 last year - up 15.8% - and up 2.4% from 11,988 last month
- Monthly Sales: 8,363 versus 7,572 last year - up 10.4% - and up 6.0% from 7,887 last month
- Monthly Average Sales Price per Sq. Ft.: $135.88 versus $130.27 last year - up 4.3% - and up 2.9% from $131.99 last month!
From a seller's perspective, there is a lot of encouragement in this batch of numbers, though buyers might be dismayed to see price per sq. ft. rise by almost 3% in a single month.
For the market as a whole we currently see 3.1 months of supply, which is significantly below normal, but not excessively so. However, when we look at the single-family market by price range we see certain price bands with much lower supply:
- $100K-$125K - 0.8 months (versus 1.8 on May 1, 2014)
- $125K-$150K - 0.9 months (versus 1.9)
- $150K-$175K - 1.1 months (versus 2.3)
- $175K-$200K - 1.3 months (versus 2.6)
A few years ago we had almost 7,000 active listings between $100K and $150K. Now we have just 909.
As we move upmarket from $250K, things become a little easier for buyers because supply is less scarce. Once we get above $400K there are more active listings than last year and most buyers are having a much easier time with less competition from other buyers. In other words, demand is good but supply is plentiful at these higher price points.
Although many are feeling more optimistic about the market, and justifiably so, the lack of supply of entry-level homes is a very troubling sign. This is good for current homeowners but bad for those currently renting and wanting to get started in home ownership. This could become even more of a problem if mortgage interest rates rise, adding to affordability problems for the first time home buyer.
This is a cool video of a drone taking off.
We have been given 2 pairs of Suns tickets by our great industry partners, Academy Mortgage and Lawyers title, which we will be raffling off tomorrow at our 2 open houses. In order to enter, all you have to do is stop by and see these great homes while we are open!
If in the meantime, you decide to buy one of them or tell a friend, we won’t mind at all!
click photo for link here--->>
and our other fantastic listing is located in Finley Farms in the center of Gilbert… we will hold that one open from 11-2
It is available today with a ZERO down program (in case any of you are currently renting and don’t have a down payment saved) called Home in 5… payment is comparable to what rent would be but owning allows you to write off the interest paid- did I mention it also has brand new carpet and appliances and paint too?
Keep your fingers crossed for us that we will have good weather – and if you can’t make either open house but would still like to enter to win, we are happy to arrange a private showing of either listing too- just give us a call at 480-243-4242!
(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!
WOW, I wasn’t kidding when I said “What a Ride!?!” I’ve had the luxury of working now full time for over 20 yrs in my chosen profession and I can honestly say that this last Real Estate "Roller Coaster Ride" lasted much longer than most of us ever had anticipated.
I do practice Real Estate all over the Valley, but with my office and home located in the City of Chandler, the following stats in this blog will be based on the City of Chandler. If you do not live in Chandler but instead in another Metro Phoenix city, please see the following list of 41 Cities to see where your city ranks with price per sqft. The market conditions that effected our homes’ values over the last 10 years took the same "ride" all over our Valley, however just at slightly different price points depending on the area itself. Currently, the City of Chandler is Ranked #10 for Annual Average $ per sqft in the Valley of the Sun at $125.48, an appreciation of 19.2% from last years average.
In order to better predict what’s ahead for 2014, studying the past to see the trend we are currently on is best unless you have a crystal ball… and if you do, can you please enlighten me on where to get one as sadly I don’t think I remembered to put that on my list to Santa this year??
In 1994, I'd bought my first home off of Ray & McClintock Rds in Chandler for $1 over the Auction list price of $88k ($54.83 $pft). Being just 1 year after I'd first earned my Real Estate license, with rates fluctuating between 6 3/4% to 7% (which was considered good at the time as historically we'd seen rates much higher) it was all I could qualify for. Being a foreclosure, it was a true fixer upper but a great starter home being a HUD home. Features included: being built in 1983, 2 story, corner cul-de-sac lot with West facing oversized backyard, 3 bedrooms, 2 bathrooms, 1605 sqft., 2 car garage with covered porch and patio. I'd sold it 6 years later in 2001 for 140k ($87.23 $psf). That’s an average of 10% appreciation per year which had far exceeded the “norm” at the time. (interesting side note, in February of both year 2001 and 2011, our average price per sqft was the same in Chandler @ $88.35 $psf).
Traditionally, 4-6% per year annual appreciation was a safe investment and one you could typically count on in a normal market when one owned Real Estate and was higher than one could yield with your local bank on interest. An average interest rate of around 7% was also average was what one could expect in the mid-nineties vs. today's still historic low rates which are at or below 5%
(If the image is hard for you to read above, please click on it to download the pdf)
Let’s now fast forward from 1994 to 2004, so we can focus on average annual appreciation in Chandler in just the last 10 yrs.
- Week 1 January 2004, average annual appreciation in Chandler was 3.5% & $103.61 was the $psf (vs. today’s $133.69 $psf)
- Week 30 July 2004, average annual appreciation in Chandler was 9.9% (say goodbye to single digit appreciation for a couple of years, keep all arms and legs inside at all times, this “ride” has started… )
- Week 52 December 2004, average annual appreciation in Chandler has now hit 25.6% (What the ????)
HOLD ON TIGHT- we are climbing to the top of our ride just a short year later… The average annual appreciation in Chandler peaked in 7/05 to a whopping 53.4%! By the end of 2005 (Week 52) December we rolled through Splash Mountain and cooled to a mere 39.2% average annual appreciation in Chandler. What was going on here? In just 6 short months, we dropped 14.2% Was this just a seasonal cool off? Or was it a sign that we may be heading for more than just "Splash Mountain" and instead a drop from The Matterhorn Mountain (wherein lies the Abominable Snow Man)? Obviously, we all know now it was sadly the latter of the two…
- Week 1 January 2006 average annual appreciation in Chandler was 37.2%.
- June 2006, we hit our peak price per sqft at $186.03.
- Week 52 December 2006 average annual appreciation in Chandler was –5.5%!?! (We dropped another 31.7% in value in just 1 year, on top of the 14.2% loss from the previous year???).
(Why this happened and who was to blame was the topic of many a blog already, my focus today is to get you to tomorrow’s likelihood for our local market so that you may make an educated decision of what’s best for you and your family in 2014.)
In 2007-2011 (AKA The Dark Years):
- Week 23 June 2007, we had a tiny positive appreciation recorded of just a paltry 1.2% and just leading to that in May 2007 an annual average appreciation of 0.03%.
- Mid 2010 we had 2 more recordings of positive appreciations being recorded of 0.02 & 0.01% right before the 2010 tax credit expired.
- Week 15 April 2009, we hit the bottom of our Real Estate Roller Coaster Ride at -29.5% annual average appreciation in the City of Chandler- that’s a change of 82.9% in just under 4 yrs; What goes up, must go down as the saying goes… Average $psf $103.39. (loss of $83 $psf from 2006's peak of $186)
- Week 52 December 2009, the pendulum swings a little in our favor and we end the year at a –10.6% annual average appreciation.
- In 2010 & 2011, we bounced around the bottom around –5% to –10% for the most part. (Average $88.48 $psf, back to same level of 2001,10 yrs prior, by Feb 2011)
- Market primarily made up of REO’s, Foreclosures, Lender Owned, Auctions, Trustee sales and Short Sales. Traditional sales were few and far between and building industry had almost completely stopped building with many going out of business completely.
FINALLY, Some much needed good news, in 2012:
- Week 3 January 2012, we were back into positive annual average appreciation at 1.3% (Happy Days are here Again!).
- Week 46 November 2012, Chandler average annual appreciation of 31.3% Many homes are no longer under water and less and less homes are being sold as Short sales and/or being lost to Trustee Sale.
- Week 52 December 2012, 25.6% was Chandler’s annual average appreciation.
- Week 51 December 2013, 10.1% is Chandler’s current annual average appreciation. Down 15.5% in 1 year. Are we experiencing a second bubble many people have asked?
Let’s take a closer look at this past year with weekly appreciation stats:
- Week 1 January 2013 23%
- Week 16 April 2013 27.5% - Maybe not a bubble??
- Week 21 May 2013 15.2% - 12% loss in just 5 months, ok maybe there is a bubble coming after all??
- Week 31 August 2013 21.4% - Rebounded a little, due to summer perhaps?
- Week 42 October 2013 18.9% - Most cash investors have by now left AZ & moved on to other pastures...
- Week 51 December 2013 10.1%
In October we had our Government Shut Down which had hurt consumer confidence, the Feds had also announced they were going to taper buying bonds which sent rates higher (which they are also doing again right now), & decreased affordability with higher prices have all led us to where we are today. Watch blog with Academy mortgage from October 2013 talking about this in more detail.
Finally, here we are with 2014 nearly upon us.
If pricing continues to remain flat, we would be at 0% (ZERO) appreciation before long, but the good news is that there’s 1.7% appreciation predicted for January 2014, meaning that within a month, we may be at an annual average appreciation of just under 12%. When the Cromford Market Index hits 100%, that would mean that Supply and Demand would be Equal. We’d have more of a Traditional market with an average supply of 4-5 months. It’d be a "Safe" market to invest in where you wouldn’t risk losing Equity, but the gains would be minimal, like in the beginning of 2004. Our current weekly trend is at 5.1% average appreciation which is quite healthy. We are coming off of a culmination of the last 12 months having a total of 19.2% annual average appreciation over where we were 1 year ago. This is actually a much more fun environment to live and work in because we most likely will not see any huge highs or lows if we continue on the current path we are on. Builders will continue to gain momentum as the resale inventory is still low, therefore keeping prices stable if not increasing ever so slightly.
(If the image is hard for you to read above, please click on it to download the pdf)
Today: Supply is at 73.1% and Demand is at 80.3% however our Market Index overall is still above 100%, coming in at 109.7%. Our current Annual Average Price is slightly higher than where we came in last month, at $272k per home in the City of Chandler. 1 yr ago we were at $263K, and 2 yrs ago we were at $215k. Our Market index respectively were 173.4% and 137.1%. As prices have raised, our Market Index has lowered, which is hand in hand with the Supply and Demand stats.
From my educated guess, I am liking where we are going. It appears our Roller Coaster ride has finally come to an end, for now anyhow. Real Estate is cyclical and one thing that is constant is change. 2014 should be a year where the waters seem to calm and good homes will sell within normal traditional time frames when they show nicely and priced appropriately. Expect interest rates to remain good in historic terms, at or around 5%. Our current annual appreciation of 5.1% is a good “safe” place to be. (Click here for Mike Orr’s commentary on the overall market for December) Whether you may be a Buyer or Seller (or both) in 2014, it should be a good time to make your next Real Estate move. We are here to help!
Information provided is a combination of Rebecca’s opinion based on the Real Estate stats provided by the Cromford report and Rebecca’s 20+ year experience working full time in our local Residential Real Estate Market. If you don’t live in Chandler, but would like to know the stats for your city, please feel free to contact Rebecca and she can provide it to you or a customized report for the Real Estate you own now or would like to own. Please feel free to contact Rebecca at 480-243-4242.
A little over a month ago, at the Chandler Block Party, we had kicked off our Holiday Client Appreciation Contest.
For the last week, Rebecca has gotten the pleasure of playing Santa and delivering the prizes to our Winners.
Brian & Vickie Corr- Grand Prize Winners Caribbean Cruise for 2
Eric Johnson- Second Place Winner $500
Drew Swankie, Janis Orona, & Joe Takacs- Third Place Winners, Kindle Fire HD Tablets
Thank you to everyone of our clients for contributing to our success in 2013. Without our loyal clients, we would never have reached our goals that we had this past year & we are truly appreciative of all of our clients we've had to date, not just those that won prizes in our contest!
Best wishes to you and your family in 2014 from Rebecca Hidalgo and Integrity All Star Realty!!!
The Cromford Index™ is a set of market indicators that we use to measure the balance of supply and demand which that indicates the balance of the residential resale market. Values below 100 indicate a market that favors buyers. Values above 100 indicate a market that favors sellers. A value of 100 is equally balanced.
Right now- we are at the same market index as we were in 2004, BEFORE the insanity started in our local marketplace 9 years ago, which caused the bottom out of our market just 2 years later in 2007. It’s almost as if years 2005-2012 never happened with regards to pricing, rates, demand, etc…. We are back to being in a Traditional Marketplace again, with Short Sales and Foreclosures combined only comprising less than 1/5 of the available homes on the market to choose from.
What we’ve noticed with these charts is that the peak of the recent investor craze (which caused multiple offer bidding wars this past year and caused many buyers to give up even trying to purchase) was in 2012 primarily as by early Spring of 2013, it’s gotten easier and easier for buyers looking to purchase a home as the demand has dropped.
With the balance of supply and demand changing, we’ve also seen fluctuations in the interest rates that buyers could get on their mortgage loans. When rates were at insane never before seen lows (in the 3’s), we saw that help drive demand back up, which also helped bring values back up… as that happened and demand increased, we also saw rates start to climb again.
In the last 6 months, we’ve seen demand decrease as the rates increased so much so that this past week, the Feds announced they will continue to purchase 85 Billion dollars worth of bonds on a monthly basis which caused our rates to decrease again.
We’ve also seen a easing in the mortgage guidelines allowing folks in the “penalty box” ( they had a short sale, foreclosure, or bankruptcy) to buy again within a year or less versus 3-7 years and Programs like the “Home in 5” granting 5% of FREE $ to assist with down payments to make it easier for more buyers to return to the market sooner than later.
What does that mean for Buyers and Sellers today?
For Buyers: Rates are still at historic lows, in the 4’s makes purchasing more affordable than renting. Better selection of homes as the demand has recently fallen. Easing of guidelines to make it attainable to purchase a home again for people who didn’t think they could yet.
For Sellers: Sellers need to be realistic when selling their homes. They cannot expect multiple offers without pricing right and ensuring the home shows really well. Staging always helps to sell a home faster for higher dollar amount.
Whether you’ve been considering purchasing &/or Selling and need help of qualified experienced Realtors who care about their clients, give us a call, we are always happy to help with no obligation. We have several tools like our App provided by Academy Mortgage to make the task easier for our clients. 480-243-4242
Weakening demand for Real Estate here locally may be a good or bad thing, depending on whether you are a buyer or a seller. Per the Cromford Report’s Market Summary for the beginning of June, it appears we are experiencing a natural cooling off of our marketplace as obstacles for buyers are starting to get harder to overcome. If you speak to some of our recent buyers, they would share some frustrations for sure on not being quick enough to get the house they’d hoped to get due to great competition for the “good” ones.
Per the Arizona Regional MLS, we had 9,183 sales in the Greater Phoenix this past May, which was the strongest month for sales since June 2011. 1,228 were short sales, 699 were REO sales plus an additional 192 were HUD sales (FHA REO’s) but 7,064 were normal (traditional) equity sales?!? That is the largest number of normal sales in a month since May 2006 at the height of the housing bubble!!! Leaving us with a paltry 1.7 month current supply of inventory.
Of those homes that are Active, we’re finding that a lot of them are undesirable or over-priced. Attractive homes at realistic prices are few and far between and usually last only a few days before they go under contract.
With the change of season from spring to summer this will probably change and we expect the number of active listings to start rising, peaking in late November. This is just a normal seasonal pattern.
We expect little to no increase in June and our short term outlook is for pricing to remain in a tight range around $120 per sq.ft. for the next couple of months.
We suspect that the combination of stiff competition, rising interest rates and rising prices are taking the wind out of some buyer's sails. If this trend develops further we may end up with demand well below average in order to match the supply which is already far below average.
The chart above has stats for the City of Chandler, if you live in a different City in the Phoenix Metro area and would like to see the statistics for your city, just call or email us and we’ll be happy to provide it to you. Knowing where the market has been critical to help advise our clients of how to proceed with their Real Estate needs, short of getting a crystal ball (I’ve been on the look out for one for many years now), relying on the stats from the Cromford report is one of our best tools available to us local Realtors. For a copy of the full Report from Cromford, please click here.
Not all cities in our area appreciated this past year at the same rate.
How much did your home’s value increase last year?
If you live in Chandler or Gilbert, on average we saw a 19% increase in value.
Outlying areas were closer to and some above 30%.
Active Adult and higher price per sqft cities (Paradise Valley, Scottsdale, etc…) saw the least amount of movement upwards but they were also the ones who’s value during our downturn did not dip nearly as far as the outlying areas.
If you’d like to keep tabs on what’s going on in your neighborhood, give me a call and I’ll happily set you up so you will automatically receive updates as homes get sold in your area &/or run a personalized report for you on what your home is really worth today.
Just call 480-243-4242 or click here to visit our home value calculator to look it up yourself.
Are you eating your veggies? Well downtown Chandler makes it easier to find fresh produce by having a Farmer's Market every Thursday from 3pm - 7pm. So, head over to downtown Chandler at Dr. AJ Chandler Park and stock your shelves!
WOW! BETTER THAN BRAND NEW- NOT A SHORT SALE OR FORECLOSURE! This is the one you have been looking for! This beautiful 4 bedroom home already has the backyard installed and window coverings and just built in 2010!!! Kitchen has black appliances, and open to dining room and living room! Living room has high vaulted ceilings with cut out perfect for your entertainment center! You will love this home! HURRY IT WONT LAST LONG! Located south of the 10 off 99th Ave, easy commute into downtown!
Comparable brand new homes built by same builder are closing for $5k more right now!!! Just call 480-243-4242 to get an appointment to view this great home in person.
Have you ever heard anything good about those credit repair companies that charge people monthly fees to “fix” their credit?
I had a great conversation with Dawn McCraw , owner of www.gocleancredit.com, and she educated me somewhat on what her firm does differently than the others. Basically they don’t charge a monthly fee because they have 2 in house attorneys that fight with creditors directly on behalf of their clients to permanently fix the credit problem and they charge a flat fee depending on the items that need to be negotiated to have removed.
With that said, what the companies do that charge a monthly fee are doing nothing more than what someone can do themselves- which is dispute with the 3 bureaus erroneous information. If you’ve had a Short Sale, its really important to do this afterwards to ensure that the banks reported accurately to the bureaus, as we’ve seen some of our past clients have to do some disputing in order to be able to buy a home again.
Regardless- knowing what’s on your report and checking on it at least once a year is VERY important since our Credit Report can impact so many aspects of our day to day lives.
CLICK HERE to get to the FTC website on the screen in my video.
You can get FREE (with no impact to your score) reports from ALL 3 BUREAUS 1 time a year & right online, by following the instructions, you can dispute ANYTHING you see that shouldn’t be on there. They have 30 days to follow up and remove any item in dispute if they cannot validate it with the creditor. So there is no need to pay anyone any money to do that for you when you can do it so easily yourself.
If you are still having issues or want to buy a home and know you need help- please don’t hesitate to call Rebecca directly for assistance- we are always happy to help however we can! 480-243-4242
East Valley MLS Inventory History, 2001-2012
If you’ve been looking for homes in the Maricopa County East Valley recently, you’ve experienced it. Multiple bidding wars are not fun when you are the Buyer but great for the Sellers out there- which mainly consist of the banks (either via REO or Short Sale).
What’s different from last time this happened (2005) is we do not have available the “liar loans” any longer that were blamed for the false increase in values and our appraisers and underwriters are very conservative today, so I do not believe we will see pricing sky rocketing anytime soon; but the prices for Real Estate definitely are not going down any longer either.
Between the Local Builders not building homes during 07-11 the way they had in years past and the pricing hitting bottom (with investors buying up everything), not to mention interest rates being so low (4% on average); we’ve hit a perfect storm in our local Real Estate market- which will pass! But for the time being, Buyers Beware- it’s going to take some patience to get the right home at the right price right now.
Please feel free to contact us if you are wondering what your home is worth today or if you are in the market to find a new home and need the right firm with experience to help navigate you through this current madness! 480-243-4242
Rebecca Hidalgo shares our latest tool with you to shop all New Home Builders at the same time online, view floorplans and incentives- SHOP HERE NOW if you are interested in checking out homes with Builder Warranties, NO BIDDING WARS, no waiting on Banks to find out if your offer was accepted, and what’s best is everything is brand new and most of the time can be customized to your taste. Our inventory in the Phoenix Metro Area is at a record low (just checked today, now only 15734 homes Active on the market, this time last year, 44000 were available to pick from?!?) and with record low rates, now is the time to buy!
Rebecca just helped Jimmy and Helen of Gilbert get the keys to their brand new house at Ashton Woods in Gilbert. After helping them with 2 Short Sales in the past, this was such a happy day for them to get the keys to their brand new home. Tomorrow, Rebecca gets the pleasure of helping another family get the keys to their brand new Pulte home in Mesa. For the buyer out there that has been beaten up in bidding wars and lost, the local builders are a wonderful alternative.
The Brand New Homes not only have Builder Warranties in place but are also built today with much more energy efficiency than we’ve seen in years past as well. Shea homes and many others are building their homes GREEN and offering Solar Panels, we’ve seen advertising recently on homes that are so energy efficient they are promoting next to nothing utility bills?!
This is definitely a great alternative to shopping for a home. Foreclosures and Short Sales may seem like a bargain, but after repairs and updating is done to those homes and taking into consideration the cost of utilities for a used home over a new home, they may not be the best bargain in town ANYMORE.
Please feel free to ask for help from Rebecca and her team to figure out which is the best option for you. 480-243-4242
Year-over-year Median List Price Appreciation: 15.38%
Year-over-year Median Age of Inventory: -27.47%
Year-over-year Inventory: -48.10%
Unemployment Rate (November): 7.7%
Search/Listing Ratio Rank: 7
Photo: Panoramic Images | Getty Images- CLICK PHOTO FOR LINK TO COMPLETE STORY
The other area on this list that’s not in Florida is the Phoenix-Mesa area in Arizona. It used to reside at the number four spot, but jumped ahead two notches between the third and fourth quarters of 2011. This area experienced more than its fair share of foreclosures, and one in every 317 homes still goes into foreclosure. However, the foreclosed homes on the market are being sold at bargain prices, which has caused a 27.47 percent decrease in the median age of inventory.
The city’s unemployment rate in November was 7.7 percent, better than the national average, which can only help boost the local economy. Real estate broker Christy Walker has an optimistic forecast. "The Phoenix market has experienced a positive change in the past year and is poised to continue rebounding throughout 2012," she says. "Employment is up, foreclosures have dropped significantly, investor sales are substantial and our inventory is hovering around a three-month supply with increasing demand."
If you ask any Buyer shopping for homes today, they will tell you it’s a dog eat dog world beating the pavements trying to find a “good” home at a “good” deal. We are seeing multiple offer bidding wars; offers being placed on homes “site unseen” to try to beat the masses.
There is a Supply shortage out there with only 16,592 homes showing active in our local ARMLS as of this morning, when a year ago the number was more than double that!?! We love our Investors who are coming from Canada, Hawaii, Australia and other parts of the world buying up everything they can at our rock bottom price HOWEVER it’s been very challenging for the local families trying to break back into the market again after a Short Sale or Foreclosure as a result since most investors are offering cash and quick closes.
OUR ADVICE?: Work with a knowledgeable Real Estate Company with experience and HAVE PATIENCE! Start searching for homes HERE and please let us know if you or someone you know needs help navigating through our ever changing Real Estate Market!
If you answered YES to those 3 questions, please help me by recommending me online for future prospective clients to see. I always send surveys after closings to our clients because I care about their experience and it's very important to me that we do a good enough job that someone would be willing to recommend us to people they know.... but they don't always come back in the snail mail.
On occasion, when someone is shopping around online for their next Realtor, I need to be able to share these recommendations and it would be so appreciated if you are willing to take a couple of minutes to express your experience with my services if I did a good job for you. Those that do will get a FREE pair of movie tickets to Harkins Theatres and if there isn't one near you, I can certainly find a Theatre that is! Please click the box below to give me a recommendation! You will need my Name: Rebecca Hidalgo and my email address: email@example.com. I really appreciate it!
Which city is most expensive? Least? Where does your city rank this year compared to last year?
<----- See chart provided by The Cromford Report for these interesting statistics.
There’s also a big difference in price per sqft changes depending on the price range. To read the latest market update from Cromford, click here. Seems the prices under $150k are on the uptick and we’ve noticed a lot of competition by investors for those homes, which have caused a moderate price increase just recently.
Typically we see a major slow down in activity during the holiday months, it will be interesting to see what these numbers look like in the spring time but it does seem the bottom has passed us here in Arizona. No one is predicting huge gains but in recent months, we have not seen any drops which is a great indicator we are finally on the road to recovery. Thus why we are seeing so much investor activity in our market these days.
If you have any questions or are interested in receiving help with either purchasing or selling a home, please feel free to give us a call at 480-243-4242.
We found it! The Estates @ Annecy is one of Khovnanian’s newest and most exciting neighborhood yet!
Rebecca toured this fabulous community with Romie Tealdo and she shared with us what makes this place special.
One of the most unique things we found about this gated community is it’s offering of air conditioned 1000 sqft RV garages that are detached from the main home. It’s not in the outskirts of town either, centrally located in North Mesa just a few minutes from the 202 Freeway. All of the homesites are oversized to accommodate this amenity; however there is so much more here that meets the eye. Click here for more Community Information.
Benefits to building new rather than fighting over the Foreclosure homes in today’s market are:
- Brand New Homes have energy efficient features not normally found in Foreclosures
- Build it the way YOU want it; no gutting or remodeling required
- Home Warranties and no mysteries about what the previous owner may have done to the home
- Peace of Mind; Easy process- no bidding wars to get into or lose out on
With homes starting in the mid-300’s and today’s rates being so low; one could have a “Custom home” for a production price, meaning it’s within reach to have the home of your dreams. Don’t settle for less! Click here for the current prices & floorplans.
Most people in this market, may have homes to sell and we are happy to consult with you to find out how to make the switch, just give us a call at 480-243-4242 for a FREE Market Analysis of your current home. We can help make this move a reality for you and your family.
Under TOOLS on our Sidebar ------>>>>> you can Click on our Short Sale or Stay Calculator which will help you figure out when your home will become an “Asset” again. It’s Free and Simple!
It will tell you instantly what it’s current value is and predicts under different appreciation rates how long before your home will be worth what is owed. It’s a great tool to help people make that very difficult decision- Do we STAY in our home or do we GO?
We are also here to help you make that decision; you can click here to get started with a personalized application and Rebecca and her team will get back to you with a personalized Report and FREE consultation.
We know how hard this decision is and are here for you and your loved ones. You can always call Rebecca directly at 602.463.2978 to ask her any questions related to Short Sales.
We are starting our list for folks who can take advantage of this new program, already have our first client who qualified for this program- he just did his 2nd short sale with us 1 year ago. His new mortgage payment will be $400 less a month than what he’s paying for rent. If you or someone you know lost their home to either Foreclosure or did a Short Sale and it’s been less than 3 years (FHA minimum waiting period if someone had “lates” on their mortgage); they should really consider doing this program while it’s still around… Time and Funds are limited.
Tara Bianco talks with Rebecca about refinancing options. If someone can either PURCHASE a home or qualify to refinance- they should- today’s rates are the lowest ever in history!
Part of her team at Amerifirst Financial is Jeff Underwood who speaks here about Upside Down Mortgages with Fannie Mae/Freddie Mac that can refinance at today’s low rates as well.
If you want to stay in your home and need help affording it, before you try for a loan modification- you should see if you can refinance today first. Loan modifications are bandaids to the real problem of being upside down, so please consider a Short Sale before you decide to ding your credit with a loan modification attempt, which most seem to fail.
*HUD Home* Featuring 4 bedrooms + Loft/ 2.5 Bath, Separate Living, Family, & Formal Dining Rooms with Master Bedroom Downstairs, 2'' Blinds, Vaulted Ceilings, 24'' Travertine & Laminate Wood Flooring, Accent Paint, Eat-In Kitchen with Bay Window, Island/Breakfast Bar, Granite Counters, Raised Panel Oak Cabinets, Stainless Steel Smooth-Top Range & Built-In Microwave, Additional Cabinets in Inside Laundry Room, Real Wood Burning Fireplace in Family Room, Separate Exit to Patio & Vaulted Ceilings in Owners' Suite, Covered Patio with Grassy Yard & Pool, Garage Shelving & Service Door
Like an appointment to see this before it’s gone? Call 480-243-4242!