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December 2016 – Phoenix Real Estate Market Statistics

Listings Under Contract Up 2.6%

Monthly Closed Sales Up 19%

For Buyers:

There’s both good and bad news for first-time home buyers this month. The good news is that there’s been a 22% increase in single family active listings asking between $175,000-$200,000 over the last 10 weeks, going from 1,065 to 1,295. Current inventory is 10% higher than where it was in week 49 of last year, adding some much needed choice to a high demand price range. The added supply is not universal across the valley; increases have been marked specifically in Buckeye, Surprise, Sun City, Peoria and Mesa.

The bad news for home buyers is that supply overall is down 3.7% while the level of competing buyers is remaining seasonally consistent. The Southeast Valley specifically has not seen the typical increase in supply that happens this time of year. This indicates that the area will kick off 2017 with low supply just before the expected increase in buyer activity come February. In this case, the cost of waiting to purchase will be a lack of choice and possibly having to compromise on the condition or location of the property they choose to buy.

For Sellers:

Bad news for buyers usually translates into good news for sellers, especially after positive news reports of Realtor.com ranking Phoenix as the #1 projected real estate market in the country for 2017. However, it’s still not a market to be overpriced regardless of the strong demand for homes. Some price ranges have more competing listings than others, especially in areas such as North Phoenix, Mesa, Gilbert and Peoria where there is competition from new home subdivisions. Permits for single family homes have been on the rise to accommodate the demand. This provides more choice for buyers in those areas, balances out the market and keeps annual appreciation in check. The areas projected to have the highest appreciation rates are those where there is a high level of fix and flip activity along with a more affordable price range under $175,000.

This is the data taken from the entire Metro Phoenix Area. Provided by David Patterson, Designated Broker at Quatnum of Arizona, REALTORS 623-476-5005

Buying New Construction Home is Finally an Option!!

Buying A New Build Home

In the years past it just did not make sense to purchase a new build home due to the additional costs associated. However, with resale home prices on the rise the market is finally getting to a point that buying a new construction is an option. Many of the new construction home builders, Pulte Homes, Toll Brothers Luxury Home Builders and Lennar Homes, have begun to offer incentives to help make the purchase even more affordable.

If you have been holding out wanting to buy a brand new home, make it your way, it may be the time for us to discuss your options. Or fill complete your contact information and one of our Professional Agents will contact you! Remember, the builder does not represent your interests when purchasing, don’t make a move without a trusted Real Estate Professional.

Don’t Let Assumptions about Homes for Sale in Anthem Rob You of the Perfect Home

Let’s Don’t Assumptions about Homes For Sale

Many buyers, when searching for real estate in Anthem, Arizona and the surrounding areas, assume that a house that’s been listed for sale and on the market longer than the average time has something wrong with it.

Though that could be true, but in many cases, the long days on the market have nothing to do with the house itself. Instead, it has everything to do with the price, the marketing, or the presentation. Remember the old adage, Price, Location and Condition.

Let’s start with the price. Often owners of homes that are over-priced are more than willing to consider considerably lower offers, but won’t let their agent change the offered price. So take a look, and if you like it, we can offer a price for the home that is closer to what market value is. You might get a pleasant surprise. When we work with our clients we will prepare a Market Analysis on the property of interest to help you better understand the value of the home, compared to others.

The next factor is marketing. Some agents enter only one fuzzy photo and only the barest descriptions in MLS, which causes the majority of buyers to skip right on by. The house could be suffering from nothing more than a lazy agent. When you main feature sound right, sometimes it is best for us to just get out there and look at the home.

And then there’s presentation. Some beautiful homes are occupied by people who either unreasonably restrict the times the house can be shown, or fail to keep it in showing condition. You just might find a bargain if you’re willing to view the house at the seller’s convenience – or overlook unmade beds and dirty dishes in the sink.

So take a chance on spending a little time to take a look at those Anthem and Scottsdale homes for sale that have been on the market twice as long as normal. You just might find the gem you’ve been searching for.

Call me any time – I’ll be glad to go exploring with you.

December 2016 – Phoenix Real Estate Market Statistics

For Buyers:

For Sellers:

Buying A New Build Home

Let’s Don’t Assumptions about Homes For Sale

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