Why it’s risky pricing your home high to “see what will happen”

soldEvery seller in the world would to get the most money for their property—especially when you consider that as much as $500,000 in profit can be earned tax-free. So why not just price your property to the sky? After all, you can just bring it down later, right?

Well, there are a few problems with that. If you price high and then slowly start bringing it down…and down…and down…buyers are going to notice. It makes that home start to seem like it’s in a bargain bin. You want your home to appear like a deal, not cheapened goods. When it sits on the market for an extended time because of overpricing, buyers are going to wonder why. Would you feel urgency as a buyer if you read that a property was listed 180 days ago? Probably not.

To set a realistic price, consider these tips:

  • Do your due diligence. What have houses like yours sold for when the deal was made in a reasonable time? And what were the original prices of those homes?
  • Have an honest discussion with your real estate agent. He or she knows the area, and wants to sell your home as quickly as possible for the most competitive price. What does he or she think is reasonable?
  • Be an assertive seller, but don’t overplay your hand. Remember, the little extra money you hold out for may not be worth the six months or year of mortgage payments you’re stuck paying in the meantime!

Call me at 480-570-0220, and we can discuss pricing strategies that work, that are proven and will get your property SOLD faster.

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The Ten Most Commonly Asked Questions in Home Buying

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  1. I’m Ready to Buy a Home. What’s the First Step?

While attending open houses is much more exciting than filling out paperwork, the first step a homebuyer should take is getting pre-approved for a loan. This helps you determine how much house you can afford and set a firm budget. To submit and offer to a Seller, you will need to be preapproved.

  1. How Does My Credit Score Impact My Home Loan?

When determining how much home you can afford and whether you are eligible for a home loan, a lender will look at your credit score Typically, you need a score of 580 or higher to qualify, but it is recommended to have a 620 or higher. The higher your credit score, the better lending terms you may be eligible for. There are ZERO down home buying programs with a 620 score and higher. I can help you, just ask!

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  1. How Many Homes Should I View?

There is no right or wrong number of homes you should view before making an offer. Some people find their dream home on day one while others house hunt for months. View as many as it takes to find the home that fits your needs.

  1. How Do I Search for a Home?

Start by viewing MLS listings on a real estate database, and ask me to set you up so you can search just like a Realtor on the mls. Narrow down the results by searching for homes within your price range and with the desired number of bedrooms and bathrooms. Your real estate agent can also research homes and make recommendations based on your criteria.

  1. How Safe is the Neighborhood?

No one wants to live in a dangerous area, but your real estate agent can’t help you with this question. Due to the Fair Housing Act, a real estate agent cannot answer questions regarding crime statistics. Before starting your house hunt, research crime data for the cities and neighborhoods you are considering. As your real estate agent, I can send you demographic and crime reports, just ask!

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  1. How Much Do Real Estate Agents Charge?

Typically, you aren’t paying a real estate agent to help you find your dream home. A home seller pays their real estate agent a percentage of the home sale price, and that agent pays the buyer’s real estate agent for bringing in the buyer.

  1. What Home Service Companies Are Available?

As Internet providers and home service companies vary by location, it is important to know what options are available and how to compare and save money on cable, satellite, or Internet services in your new area. Your real estate agent can also help you research your options.

  1. What Should My Down Payment Be?

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There are plenty of zero down programs or down payment assistance propgrams available. If you are looking to put money down, thats great….While it depends on the type of loan, most mortgage lenders require at least a 3-percent down payment, and FHA loans require a minimum of 3.5-percent down. The percentage you are required to put down will depend on your credit history, the type of property, and several other factors. In 2014, the average down payment was 14 percent.

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  1. How Long Does the Home-Buying Process Take?

The process varies significantly and depends on the state in which you are buying and the type of property you are purchasing. Once the seller has accepted your offer, it takes an average of 19-30 days to close. FHA and VA loans can take a few additional days, and short sales are notoriously slow, taking an average of 90 to 120 days to close.

  1. How Will My Home Purchase Affect My Taxes?

There are a number of tax benefits to buying a home, but filing your taxes can be a lengthy process if you aren’t used to itemizing. You can deduct your mortgage interest payments, as well as property taxes, points paid at closing, interest on home equity loans, lines of credit, and other items. A tax professional can help you decide what to itemize.

Buying a home for the first time can be overwhelming. Working with an experienced real estate agent can help you navigate the world of real estate and address your questions.

As soon as you consider making a purchase, reach out to me at 480-570-0220, I’m here to help navigate the process and make it as smooth as possible. I can even put you in contact with a loan professional who will spend about 10-15 minutes talking with you and get you all set! Looking forward to hearing from you!

 

Kelley Carter


 
Cellular: 480-570-0220

www.kelleysfinehomes.com

Creating real value in relationships, property and places

Click here to see what your home is worth now

5 Tips For Budgeting when considering a Remodel

E61D3A0D-51D7-4B13-8C0A-1D617EE1874EWe all like a change of scenery, especially when it comes to our homes. Whether it’s simply adding a different color to a room or taking on a major remodel, it’s refreshing to make a change, and sometimes it can add value to your home. Regardless of the size of the project, there’s a lot to think about before you begin.

One of the most important things to consider is your budget. Are you going to take on some of the job yourself to save some money? I wanted to share a few more valuable ideas and tips for budgeting for your project. Check them out below.

If you need help finding a contractor, I can recommend a few. Want to know if your remodeling plans will increase the value of your home? I’d be happy to help. Reply to this blog post or give me a call at 480-570-0220, to set up an appointment to discuss this or any other real estate questions.

Your Realtor, Kelley Carter

5 Tips:

Determine Where the Money Will Come from
​Will you use savings? Or will you take out a home equity loan? Once you determine your source of funding, determine how much you want to spend on the project – and stick to that limit.

Set Your Priorities
Before you pull out a calculator, clarify your reasons for renovating. Divide those reasons into “wants” and “needs.” For example, reconfiguring your bathroom so that your current questionable electrical and plumbing will pass an inspection is a “need.” His-and-her water closets, a whirlpool tub, and built-in towel heaters are “wants.” Setting priorities will help you make decisions as you move through the renovation process.

Step Away From The Computer
Visit showrooms, model homes, and design stores in addition to checking out pictures online. Before investing in materials and appliances, be sure to see and feel them, or samples of them, in person.

DIY Or Contractor?
The biggest question to answer when creating your budget is deciding whether to do the work yourself or to hire a contractor. Doing the work yourself is usually less expensive – unless, of course, something (costly) goes wrong. Using a contractor, however, can mean your project is completed to professional standards and usually in a shorter time frame. Be sure to calculate the value of your time (and your back and knees) and the inconvenience of having a bathroom or kitchen out of use during the project when deciding whether to opt for DIY or a pro.

Expect The Unexpected
Whether you plan to do the work yourself or hire a contractor, add on an extra 15 to 20 percent of your total budget for unforeseen expenses. Added costs inevitably arise, especially if you’re dealing with an older home.

If you have questions or are looking for a good contractor, I’m connected with some of the best professionals in the business

Home Prices Continue to Rise Around the Valley

January 20, 2018

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©2017 Cromford Associates LLC and Tamboer Consulting LLC

Mid Month Pricing Update and Forecast

Each month about this time we look back at the previous month, analyze how pricing has behaved and report on how well our forecasting techniques performed. We also give a forecast for how pricing will move over the next 30 days. For the monthly period ending January 15, we are currently recording a sales $/SF of $157.68 averaged for all areas and types across the ARMLS database. This is up 1.1% or $1.65 from the $156.03 we now measure for December 15. Our forecast range midpoint was $155.13, with a 90% confidence range of $152.03 to $158.23. The actual result was a lot stronger than the mid-point but still within the confidence range. It is very common for January’s reading to be lower than December’s, so the fact that it is not in 2018 is an indication of the current strength of most sellers’ negotiating position.

On January 15 the pending listings for all areas & types shows an average list $/SF of $161.40, up 1.2% from the reading for December 15. Among those pending listings we have 95.1% normal, 1.8% in REOs and 3.2% in short sales and pre-foreclosures. This mix is almost the same as last month. REO activity remains low at the moment compared to historic rates, though short sale activity remains slightly elevated as an after-effect of the housing crash.

Our mid-point forecast for the average monthly sales $/SF on February 15 is $159.14, which is 0.9% above the January 15 reading. We have a 90% confidence that it will fall within ± 2% of this mid point, i.e. in the range $155.95 to $162.31. We are therefore predicting a similar rise over the next 31 days to the one we just experienced between December and January. So far in 2018, with 14 days of new listings to go on, we have seen a 1.3% decline in new supply over the same period in 2017. Obviously this not going to re-balance the market in favor of buyers.

Top 4 REAL Reasons We Buy a Home

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We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful or compelling reasons.

No matter what shape or size your living space is, the concept and feeling of home can mean different things to different people. Whether it’s a certain scent or a favorite chair, the emotional reasons why we choose to buy our own homes are typically more important to us than the financial ones.

1. Owning your home offers stability to start and raise a family

From the best neighborhoods to the best school districts, even those without children at the time of purchase may have this in the back of their minds as a major reason for choosing the location of the home that they purchase.

2. There’s no place like home

Owning your own home offers you not only safety and security, but also a comfortable place that allows you to relax after a long day!

3. You have more space for you and your family

Whether your family is expanding, an older family member is moving in, or you need to have a large backyard for your pets, you can take this all into consideration when buying your dream home!

4. You have control over renovations, updates, and style

Looking to actually try one of those complicated wall treatments that you saw on Pinterest? Tired of paying an additional pet deposit for your apartment building? Or maybe you want to finally adopt that puppy or kitten you’ve seen online 100 times? Who’s to say that you can’t in your own home?

Bottom Line

Whether you are a first-time homebuyer or a move-up buyer who wants to start a new chapter in your life, now is a great time to reflect on the intangible factors that make a house a home. I can work with you in a comfortable manner. Together we can explore your options for your purchase. You don’t need a high credit score (580 and above work!), or a lot of money to put down. There are many programs which provide the down payment assistance you may be looking for. Reach out to me at 480-570-0220 or Kelley@Kelleysfinehomes.com to share a confidential conversation about your road to home-ownership. Click to visit my website

Written by Keeping Matters Current

Top Five Tips to add $10,000 to your Property Value, by Kelley Carter

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1) FRESH PAINT

Nothing says “Ready to Buy” like a home that has been newly painted! Smudges, scuffs, chips, dark or dated colors will set a negative tone for buyers. Neutral colors are good, but they come in a variety of warm and cool, tan and grey values so get some professional tips prior to painting. Cool grays add a nice modernizing touch while outdated indoor faux finishes scream 1990’s for today’s buyers. This is particularly important for the main floor and Master Bedroom/Bath.

2) INSTALL NEW CARPET

Paint and carpet is to a new house as tires are to a used car. Putting new tires on a car doesn’t make the car worth more than its market value. Same with paint and carpet in a house. Used car buyers expect tires on a used car to have reasonable tread left … unless it’s offered at a discount. Same with paint and carpet in a house. It’s maintenance.

3) DECLUTTER AND CLEAN

It’s only natural for homeowners to accumulate “stuff” when living in their home. Clearing out boxes, clothes, extra furniture, toys and personal items will visually enlarge areas to look attractive and spacious for potential buyers. It is common practice to declutter and removed extra items from your closets to give an expansive look. Once accomplished, doing the cleaning yourself or hiring professional house cleaners will be the finishing touch for successful showings and Open Houses.

4) STAGING YOUR HOME FOR MARKETING PHOTOS

Although a well-presented home is a MUST for actual showings, you need to stage prior to that for the photos that buyers will see first online. Light and open, crisp and fresh, these HDR photos will be the catalyst that brings buyers through your door. Need help? Hire Karol Eggbean, a professional Staging Consultant!

5) PLANT A GARDEN

Curb appeal is the first impression that potential buyers will see when they pull up to your home. Embrace your entryway by arranging potted or planted flowers, that will say “Welcome” by adding color, charm, and beauty to your home!

Prior to listing your home for sale, I provide many services to enhance the listing price of your property. Please reach out to me at 480-570-0220, for a complementary sellers consultation and to find out what your home is worth.

Kelley Carter, www.4saleArizona.com


 

10 Home Selling Tips that will bring you top dollar

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Selling Secret #10: 

Pricing it right
Find out what your home is worth, then shave 15 to 20 percent off the price. You’ll be stampeded by buyers with multiple bids — even in the worst markets — and they’ll bid up the price over what it’s worth. It takes real courage and most sellers just don’t want to risk it, but it’s the single best strategy to sell a home in today’s market.

Selling Secret #9: 

Half-empty closets

Storage is something every buyer is looking for and can never have enough of. Take half the stuff out of your closets then neatly organize what’s left in there. Buyers will snoop, so be sure to keep all your closets and cabinets clean and tidy.

Selling Secret #8: 

Light it up
Maximize the light in your home. After location, good light is the one thing that every buyer cites that they want in a home. Take down the drapes, clean the windows, change the lampshades, increase the wattage of your light bulbs and cut the bushes outside to let in sunshine. Do what you have to do make your house bright and cheery – it will make it more sell-able.

Selling Secret #7: 

Play the agent field
A secret sale killer is hiring the wrong broker. Make sure you have a broker who is totally informed. They must constantly monitor the multiple listing service (MLS), know what properties are going on the market and know the comps in your neighborhood. Find a broker who embraces technology – a tech-savvy one has many tools to get your house sold.

Selling Secret #6: 

Conceal the critters
You might think a cuddly dog would warm the hearts of potential buyers, but you’d be wrong. Not everybody is a dog- or cat-lover. Buyers don’t want to walk in your home and see a bowl full of dog food, smell the kitty litter box or have tufts of pet hair stuck to their clothes. It will give buyers the impression that your house is not clean. If you’re planning an open house, send the critters to a pet hotel for the day.

Selling Secret #5: 

Don’t over-upgrade
Quick fixes before selling always pay off. Mammoth makeovers, not so much. You probably won’t get your money back if you do a huge improvement project before you put your house on the market. Instead, do updates that will pay off and get you top dollar. Get a new fresh coat of paint on the walls. Clean the curtains or go buy some inexpensive new ones. Replace door handles, cabinet hardware, make sure closet doors are on track, fix leaky faucets and clean the grout.

Selling Secret #4: 

Take the home out of your house
One of the most important things to do when selling your house is to de-personalize it. The more personal stuff in your house, the less potential buyers can imagine themselves living there. Get rid of a third of your stuff – put it in storage. This includes family photos, memorabilia collections and personal keepsakes. Consider hiring a home stager to maximize the full potential of your home. Staging simply means arranging your furniture to best showcase the floor plan and maximize the use of space.

Selling Secret #3: 

The kitchen comes first

You’re not actually selling your house, you’re selling your kitchen – that’s how important it is. The benefits of remodeling your kitchen are endless, and the best part of it is that you’ll probably get 85% of your money back. It may be a few thousand dollars to replace counter-tops where a buyer may knock $10,000 off the asking price if your kitchen looks dated. The fastest, most inexpensive kitchen updates include painting and new cabinet hardware. Use a neutral-color paint so you can present buyers with a blank canvas where they can start envisioning their own style. If you have a little money to spend, buy one fancy stainless steel appliance. Why one? Because when people see one high-end appliance they think all the rest are expensive too and it updates the kitchen.

Selling Secret #2: Always be ready to show

Your house needs to be “show-ready” at all times – you never know when your buyer is going to walk through the door. You have to be available whenever they want to come see the place and it has to be in tip-top shape. Don’t leave dishes in the sink, keep the dishwasher cleaned out, the bathrooms sparkling and make sure there are no dust bunnies in the corners. It’s a little inconvenient, but it will get your house sold.

Selling Secret #1: 

The first impression is the only impression
No matter how good the interior of your home looks, buyers have already judged your home before they walk through the door. You never have a second chance to make a first impression. It’s important to make people feel warm, welcome and safe as they approach the house. Spruce up your home’s exterior with inexpensive shrubs and brightly colored flowers. You can typically get a 100-percent return on the money you put into your home’s curb appeal. Entryways are also important. You use it as a utility space for your coat and keys. But, when you’re selling, make it welcoming by putting in a small bench, a vase of fresh-cut flowers or even some cookies.

Looking for the ideal price ​or for more ideas before you list? Call or email a member of our Team. The Agency Group, at HomeSmart Elite is looking forward to working with you!

www.4saleArizona.com

480-570-0220


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5 Big Real Estate Trends to Watch for in 2017

A surprising twist toward the end of 2016 with the election of real estate magnate Donald Trump as president is likely to presage some dramatic changes in 2017 for the housing industry, which saw healthy increases in values this year, thanks to factors including low interest rates, lower gas prices, stronger wage growth and millennials getting off the fence and entering the market.

Still, as demonstrated by the Nov. 8 presidential election, anything can happen. Here are five things to watch for in real estate in 2017 — don’t get blindsided:

Attack of the drones

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Ready for takeoff. Drones will get more popular in the real estate world in 2017

Commercial use of unmanned aerial vehicles (UAVs), or drones, in 2017 has been cleared for takeoff by the Federal Aviation Administration, and the nascent use of drones by the real-estate industry is likely to expand dramatically next year, according to several analysts.

“Location, location, location has now become perspective, perspective, perspective,” said Steve McIrvin, chief executive of Autel Robotics USA, a Bothell, Wash.–based drone manufacturer. “If you have a property [to sell] with more than an acre of land or a unique perspective, it’s a good reason to bring in a drone.”

While the use of drones to create those flyovers of properties for real-estate agents began to rise this year, home buyers and sellers will be able to use them as well by next year, as operators will no longer need a commercial pilot’s license to fly, although some flights will need the FAA’s or local tower permission, along with a flight plan filed online.

Also see: What the drone industry means to home delivery

“I could teach you to operate [a drone] in 30 minutes,” said Tim Nguyen, a San Mateo, Calif.–based business-development manager for China’s DJI, the biggest maker of UAV’s, who said real-estate agents and buyers can use drones to do live postings to social media. “It’s a new way of interacting with clients and buyers from all around the world,” Nguyen said.

The newest drones have built-in redundancy: If an operator lets go of the controls, it simply hovers in place, Nguyen said. Even better straight-out-of-the-box prices for high-quality drones are expected to drop to as little as $500, he added, though drones with higher-end features, including gyro-stabilized platforms, which help steady the video images, will still run $1,000 to $1,200. The smaller gyro-stabilized drones, with the rotors shut off, can also be handheld and walked inside a home to provide steadier images during a video walk-through, he said.

While initially a tool of the selling side, the expansion of drone use in the commercial space means that they now be a tool for home buyers, as well. “Buyers in Seattle are skipping the home inspection because the market is so hot, but that doesn’t mean you can’t get a drone to take a quick look,” McIrvin said. He said he recommends that a buyer who skips the home inspection in a competitive buying situation use a drone to inspect a home’s roof, to ensure that a chimney doesn’t have cracks, or to circle the house if access isn’t available.

Women have only half the retirement savings of men, even though they control $5 trillion in investable assets. Can Wall Street get women to invest more?

Not ‘mixed-use’ but ‘surban’

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The way to San Jose. The Silicon Valley capital is one of several cities adopting a “surban” model

There’s been plenty written about the move from suburban-style sprawl — marked by McMansions and strip malls — to more dense communities of different housing arrangements, such as town houses, apartments and single-family homes, together in the same neighborhoods. In 2017, look for a new name for it: surban.

“Existing suburban neighborhoods are adding urban amenities so that there’s an environment where people can live, work and play right outside of the core part of the city,” said Peter Burley, a real-estate executive in Oak Park, Ill., an urbanized inner-ring Chicago suburb.

“These developments are more than simply mixed-use,” said Danielle Leach, a senior consultant at John Burns Real Estate Consulting in Chicago, who as a single mom lives in such a community in St. Charles, Ill., with two teen boys. “Surban living is becoming a new way of life for many: where the blend of urban and suburban living provides the best of both worlds,” she said. With surban living, it’s possible to walk to work, like in a city, as well as enjoying pedestrian access to groceries, entertainment and youth- and sport-friendly parks — plus reliably strong public schools.

John Burns Consulting expects nearly 80% of residential growth to occur in suburban communities over the next 10 years — up from 71% from 2010 to 2015 — compared to just 15% for “urban” areas through 2025.

Surban neighborhoods are designed to be inclusive, rather than exclusive, said Bill Endsley, of the International Real Estate Federation, a Washington, D.C.–based international real-estate consulting group, making them affordable to teachers, firefighters, police and janitors.

“The more we go down the road of exclusive development, the more problems we have,” including traffic congestion, air pollution and sprawl, Endsley said. He cited a rundown mall site in San Jose, Calif., which was turned into “Santana Row,” a booming destination in the high-priced Silicon Valley, that includes affordable housing.

Forget the starter home, millennials want the move-up property

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Hiding out in Mom’s basement has apparently worked — millennial buyers have more money to spend on down payments now.

More millennials — roughly, those born between the early 1980s and the late 1990s — are expected to buy a first home in 2017, according to the Washington, D.C.–based National Association of Realtors.

Many of those buyers have saved enough to go with something more than a condo unit or a starter home, said Jessica Lautz, managing director for research at NAR. And with the markets doing so well, and interest rates as low as they are, millennials who have paid down their student debt and built up their cash may be in a position to buy more house than real-estate agents might think, she said.

Indeed, the NAR noted that in 2016, 17% of buyers under 35 were able to save enough for a down payment for a home within a year, compared with 14% of all age groups. And though it was lower than all other age groups, 37% of buyers under 35 said they were able to save enough for a down payment within six months, compared with 46% of all other buyers, the NAR said.

To be sure, student debt still is seen as one of the top factors that will influence, in the coming year, whether the millennial generation will buy a home. The NAR noted that 44% of Generation Y buyers had a student-loan debt balance of at least $25,000. And perhaps also worrisome, the baby boom generation is also deep in debt, with the highest median debt balance of $29,100. And it isn’t just their own debt, according to the NAR. “This may be due to not only their personal educational loans but accumulating debt from their children’s education loans,” Lautz said.

How Trump’s shocking win could change real estate

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Donald Trump’s win stunned the financial world, the media and, perhaps, real-estate markets.

The conventional wisdom just a few weeks ago foresaw a solid electoral win for former Secretary of State Hillary Clinton and a smooth passing of the baton from the Obama administration, along with a gentle increase in interest rates in December by the Federal Reserve. No more.

Last week in Orlando, Fla., just before most voters went to the polls, Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, said only “election turmoil” could force the Fed to hold back on an interest-rate hike in December.

“You can never rule things out post-election,” Lockhart said. “We may end up with enough turmoil around the election to create a different set of conditions,” he said during a news conference at the National Association of Realtors annual convention.

Indeed, fears of recession could grow with a likelihood that Trump would cut government spending dramatically in his first year, and stock-market uncertainty increasing over just how his presidency will begin. As such, another year of low interest rates could be in the cards.

“I don’t believe that there will be any significant changes to interest rates, at least in the near term, since the underlying fundamentals that have led us into a low-interest-rate environment haven’t changed,” said Rick Sharga, executive vice president of Ten-X, formerly Auction.com, a real-estate auction site.

Sharga sees a Trump presidency being good for the housing and mortgage markets in the long term, he said. “He seems committed to bringing regulatory relief — and regulatory certainty — to the financial-services industry, which should make more credit more available to average home buyers who have been locked out of the market by today’s extraordinarily tight credit standards,” he said.

As a result, home buying should remain strong in 2017, which is good news for a market starved of inventory. “This is absolutely a seller’s market and has been for quite some time, and we do not feel Donald Trump’s win will negatively affect the market for those looking to sell,” said Nancy Dennis, a vice president at American Financing Corp., an Aurora, Colo.–based mortgage lender.

Down the road, interest rates could begin rising faster, especially if Trump’s economic-growth plans ignite inflation. “The accelerated economic growth and ensuing inflationary pressure could prompt a quicker pace of rate hikes that are potentially more aggressive than exhibited over the past year,” wrote John Chang, first vice president of research services at Marcus & Millichap MMI, -0.04%   , the largest U.S. real-estate brokerage firm, in a note to investors this week.

Start thinking about Generation Z

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These teens could be buying homes very soon. No really.

The millennial generation might grab all the headlines, but it won’t be long before Gen Z reaches the market. They’re teenagers now, but Generation Z is almost on the cusp of being able to buy homes, with the first Gen Z–ers reaching their 18th birthdays in 2017. Gen Z, according to the National Association of Realtors, is a lot different from the predecessor generation that came of age in the midst of recession, war, terrorism and a stock-market collapse, and was burned by the housing downturn and crushing student-loan burdens.

Gen Z will come of age with low interest rates, better job prospects and higher wages to help cushion the high costs of college education, said NAR research director Lautz.

“It might sound a little traditional, especially when compared to what we’ve seen with millennials, but this is a generation that values homeownership,” said Sherry Chris, chief executive of Parsippany–Troy Hills, N.J.–based Better Homes and Gardens Real Estate.

In fact, 97% of the Gen Z age group wants to own a home, she said. “I want a big house,” said Cayman, a 17-year-old interviewed by NAR. “I want a room for each of my kids, a master bedroom, a few guest rooms, a movie room. I want a lot of space.”

 

Looking for more info on your local market? Reach out to me at 480-570-0220 or by emailing me at Kelley@kelleysfinehomes.com and we can chat!

http://www.Kelleysfinehomes.com

Metro Phoenix Real Estate Market Update ~ July 1, 2016-October 1 2016

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Active Listings and Sales: Total active listings, (with no UCB/AWC) have gone down by 328 units over the last quarter. As of October 1st we sit at 20,234 actives all property types. Sales are at 7,140 for the last 30 days (October 1st), down by 1908 units since July 1st! We are currently sitting at a 2.8 months of supply, (based on Active listings with no UCB/AWC). Pending sales are down from the Quarter before as of October 1st, 6175 vs. one quarter ago at 6,903. Traditionally,  3-4 months of supply indicate a balanced market. September re-sales and new sales in Maricopa County were 8,798. In July they were 8,796. September of 2015 was 8,160 this is a 8% increase in year over year. September 2016 was the largest September unit sales month since 2006!

Absorption rate: Absorption rate is the percent of sales that are sold each month of the inventory. A higher percent means that inventory is moving at a faster rate, and thus is a Seller’s market. The total absorption rate is 29%. Certain areas of town have higher absorption rates, they are:

  • South East Valley 40%
  • Northwest Valley 41%
  • Southwest Valley  33%
  • Peoria and Glendale 41%
  • Ahwatukee 31%
  • Desert Ridge 32%
  • Apache Junction 32%

Median Price: The median price in Maricopa County for September 2016 was $242,925.  July 2016 it was $235,000.  In September of 2015 it was $222,812 for an 9.0% increase!!!! In September 2010 it was $129,760 and in September 2005 it was $252,000!

Real Estate is a great investment! Median Prices have risen by 105% since August 2011 which was the bottom of the Market!

Luxury: The Luxury Market of $1.0 Million and above continues to be the lowest absorption rate of any market segment.  There was a 6% absorption rate for the last month. There were 89 properties in all of the MLS were sold for more than $1.0 million.

MONTHS OF SUPPLY (with AWC/UCB listings) (Single Family Only)

  • South East Valley: 2.5
  • Northwest: 2.4
  • Paradise Valley: 12.8
  • Luxury ($1mil+): 17.0
  • Southwest: 3.0
  • Peoria/Glendale: 2.5
  • Camelback Corridor: 3.7
  • Cave Creek: 5.0
  • Ahwatukee: 3.3
  • Scottsdale: 5.6
  • Apache Junction: 2.9
  • Fountain Hills: 6.6
  • Buckeye: 3.3
  • Desert Ridge & Tatum Corridor: 3.1

Preparing your Home to look its Best

For the next several weeks I will post various articles on how to successfully bring your home to tip-top shape! Here is the first of the articles and I hope that you find them to be useful. If you have questions as always, please reach out to me at 480-570-0220 or by emailing me at Kelley@kelleysfinehomes.com

drywall-repair-patching-and-repairing-HT-BG-PA-patching-repair-hero

Repair Walls to Give Rooms a Fresh Face

Sooner or later you’ll repair walls that make rooms look worn out. Erasing dings, dents, and scuffs is an easy fix. We’ll show you how.

Repair walls filled with dents, dings, and scuffs, and you’ll make rooms look young and fresh and maintain the value of your home. Fortunately, repairing walls is a good weekend warrior project. Here’s how to fix your home’s face in a hurry.

Patch Drywall to Smooth Walls

A putty knife, spackle, or joint compound can repair wall damage that ages a room.

Dents and dings: A quart of spackle ($11) and a putty knife can fill dozens of small wall indentations. Spackle adheres to painted walls better than joint compound, though it takes a bit longer to dry. Cut wall repair time by thoroughly wiping away excess spackle.

Fist-sized holes: Joint compound is your best bet when covering the mesh or drywall patches that cover big holes. You’ll need at least two thin coats of compound and fine grit sandpaper to blend repairs into the rest of the wall.

Nail pops: Nail pops travel in packs: Rarely do you see just one. To repair walls pocked with pops, hammer the popped nail back into the wall or pull it out with a needle-nose pliers; refasten the drywall to the nearest stud with a couple of screws, then fill dents with two or three coats of joint compound. Sand until smooth and flush with the rest of the wall, then repaint.

Remove Marks for a Clean Start

Microfiber cloths are little miracles that erase the evidence of a childhood well spent, drawing on and caroming off walls. To get rid of scuff marks and fingerprints:

  • Spray an all-purpose cleaner onto the cloth (never directly onto walls to avoid drips) and swipe the scuff. (Test a hidden spot to make sure the cleaner doesn’t take off paint with the mark.)
  • Pour a little dish soap onto a damp cloth and wipe the mark.
  • Dip a sponge into an earth-friendly and slightly abrasive paste of dish soap, baking soda, and water, and gently scrub grime.
  • To repair walls decorated with crayon marks, dab toothpaste onto a towel or toothbrush and scrub marks.
  • Use a Mr. Clean Magic Eraser ($3), the best instant wall cleaner around. Wet and wring the eraser before attacking scuffs.

Touch Up What You Can’t Wipe Out

Prepare for inevitable touch-ups by keeping leftover paint or at least recording the paint number and/or formula (paint names change). Don’t have the original? Scrape off a little and ask your paint store to match it.

For touch-ups, use the same type of brush or roller the original painter used. Feather the paint from the outside borders in.

If touch-ups stand out, paint the entire wall, making sure to paint corner to corner and avoid splatters onto the ceiling and adjacent walls.

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