NEWS YOU CAN USE
Buyers continue to find themselves in a frenzy of competition for homes as March recorded the highest number of non-distressed sales through the MLS since September 2005. While supply has dropped a significant 12.7% overall compared to this time last year, it’s dropped a whopping 22% in the Southeast Valley and 27% in Pinal County! Despite the extreme lack of supply under $300K, 30% of closings in this price range are showing some form of seller-paid concession at close. Compare this to 27% in March of last year and it indicates that even as demand and prices are on the rise, a larger percentage of sellers are contributing financially to closing costs, home warranties and repairs in order to get top dollar for their home.For Sellers:
March 2017 recorded the highest Listing Success Rate for normal listings since July 2005 at 81.8%, which means more homes are coming off the market because they successfully sold and not because they cancelled or expired. In a balanced market, the Listing Success Rate ranges between 60-65% for this time of year. To compare, the lowest Listing Success Rate was recorded in December 2008 at 21% and the highest was in May 2005 at 87%.Normal listings between $100K and $200K currently have the highest success rate at 90%, followed closely by the $200K-$300K range at 87% and $300K-$500K at an impressive 79%. It’s a good time to be a seller!
Home Staging Basics for Clients
clutter. For example, adding new bedding and accessories as well as accent pillows and flowers can perk up rooms with color and excitement. Shelves can be styled with books and interesting objects; and artwork can be displayed throughout the house.
6 Ways to Spruce Up a Home With Staging
Studies have suggested that staged homes sell faster, and as such, more sellers may be willing to give it a try.
So what are some staging ideas for sprucing up a property? Thomas Rouse, a design producer at “Extreme Makeover: Home Edition,” offered the following tips in a recent article in The Wall Street Journal.
1. Paint: A fresh coat of paint in a neutral palette can be an inexpensive upgrade with big impact.
2. Have furniture but don’t clutter: Don’t leave rooms empty because potential buyers may struggle to visualize what all you can do with the space. Also, Rouse suggests avoiding furniture with patterns, which can be distracting.
3. TV artwork: Mount a flat-screen TV to a wall and have a slideshow playing on it with images of nature, Rouse suggests.
4. Fill the walls: Don’t leave walls bare, which can make a home feel cold, according to Rouse. Hang photography, framed artwork, and mirrors to spice up the walls.
5. Flower displays: Have fresh-cut flowers in simple glass vases displayed on the dining room table and in other places in the home to bring more life to a space, Rouse says.
6. Gender-neutral bedrooms: Keep bedroom colors neutral and have simple bedding — preferably in white — to make a room feel fresh, Rouse says.
Source: “Set the Stage for a Faster Home Sale,” The Wall Street Journal (May 26, 2012)
Rents continue to Rise
Phoenix rents increased by little more than half a percent in the past month, but rent prices have gone up more than 5 percent in the past year, according to Apartment List’s April 2017 Phoenix Rent Report.
In Phoenix, one-bedroom apartments have a median rent of $870, and two-bedrooms go for closer to $1,300, according to the report.
“Phoenix renters are relatively satisfied with the city overall,” says Andrew Woo, Director of Data Science at Apartment List. “Most renters gave average or above average scores across the board.”
Scottsdale rent continues to run the highest in Arizona — median rent for a one-bedroom apartment is $1,300 and $2,400 for two bedrooms.
Rents in Scottsdale have gone down 2.2 percent in the past year.
Glendale, however, shows the fastest-growing rents, with prices up 6 percent from a year ago and the highest year-over-year rent growth in the state. One bedroom there goes for a median of $910 in rent, while two-bedroom apartments run at $870.
Realtor.com Predicts Metro Phoenix to be #1
The top housing market in the U.S. in 2017 will be metro Phoenix, according to a new Realtor.co m forecast. The Valley’s steady growth in sales and price iincreases, tighter new home market and short supply of foreclosures make it one of the healthiest in the country. Plus a wise housing analyst who tracks home sales and trends every day said last year that 2017 would be the big year for the Phoenix-area housing market.
Realtor.com a national real estate website, is predicting Valley home prices to climb 5.9 percent, and sales to jump by 7.2 percent next year. That’s not the biggest projected price increase on its list of top 10 markets in 2017, but it’s the biggest sales increase. It makes sense since one of the Valley’s top selling points for buyers is more affordable home prices, particularly in the West.
There’s also good news for Phoenix’s southern neighbor Tucson. The real estate group ranks it as the ninth best housing market in 2017 with an expected 6.1 percent jump in prices and 5.5 percent gain in sales.
The rankings for Arizona housing markets comes with a bit of tempering. Interest rates are on the rise, and that always works against home sales. Realtor.com. reports that its forecast for sales in 2017 is lower for all areas as a result of higher rates. Nationally, it is predicting home sales will tick up 1.9 percent. That compares to a 3 percent forecasted increase for 2016. That local housing expert mentioned earlier, Tom Ruff of The Information Market, gave his gut check on the report. After metro Phoenix’s boom and bust, it’s even more important to focus on the facts and ignore the hype. When Realtor.com. was telling us metro Phoenix was leading the U.S. for home price increases in 2006, that wasn’t something to cheer. The area’s 50 percent price run up then was sparked by a speculator-led buying spree and bad loans that turned into foreclosures and the crash. Ruff said the Realtor.com. forecast isn’t much different from last year, though metro Phoenix didn’t top that one. And he said interest rates are rising because of anticipated wage and job growth. Realtor.com. is forecasting interest rates will climb to 4.5 percent next year. Many believe rates climbed from 3.5 percent to 4 percent during the past month was the result of election jitters. — Courtesy of AZCentral
Peoria has 2nd hottest housing sales in metro Phoenix
Peoria has 2nd hottest housing sales in metro Phoenix
A region in north Peoria has the second hottest housing market in the Valley, just behind and ahead of the Phoenix-metro area’s two most well-known luxury communities.
Home buyers in the 85383 ZIP code in north Peoria recorded a combined $766 million in total sales last year, according to Street Scout Home Values, an annual analysis of metro Phoenix’s housing market done with the Information Market.
In comparison, buyers in north Scottsdale spent $983 million in total sales value, while buyers in Paradise Valley spent $693 million.
Three other factors stand out in the north Peoria housing boom:
- Home sales increased by 22.1 percent in 2015 compared with sales in 2014.
- The median home price was $317,000, less than half of the median price in north Scottsdale at $675,000 and less than a third of the median price in Paradise Valley at nearly $1.28 million.
- The median price in north Peoria rose 2.4 percent from 2014 to 2015.
Although north Peoria led, home sales in three other West Valley ZIP codes cracked the Valley’s hottest 20 ZIP codes in total sales value.
- Buyers in the 85338 ZIP code in the Estrella area of Goodyear, where the median home price was $214,000, recorded a combined $359 million in sales value. That ranked 13th highest across metropolitan Phoenix.
- Buyers in 85308 in north Glendale, where the median price was $241,000, notched a total of $339 million in sales. That ranked 16th.
- Buyers in 85395 in the PebbleCreek area of Goodyear, where the median price was $307,000, reached a combined $311 million in sales. That was 20th.
In north Peoria, a driving force to the booming home market is high-end attractions, such as master-planned communities, mountain views and gated neighborhoods, at a variety of price points, said Mark Hammons, vice president and general manager of Vistancia, a master-planned development in the region.