Phoenix Homes Sales and Prices are Up

phoenix home sales info graphic

January 2016: Phoenix Home Sales Update

Buyers: Time to Start Looking

January is one of the top months for new listings to hit the market, making it a good time to start looking. Buyers gain a negotiating advantage when there are more listings in competition with each other. Typical inventory trends tell us that November through January are the peak months for buyers to have the maximum choice of properties before competing buyers begin dwindling the supply and their negotiating advantage. The market as a whole is still a seller’s market, meaning that supply is below normal for the level of demand out there. This shortage is mostly for properties below $200,000, expect more choice in the upper price ranges.

Sellers: Time to Prepare

Get ready for the beginning of the purchasing season! The first week of the year is typically the lowest point for pending sales due to low buyer activity over the Christmas and New Year holidays. The lull doesn’t last for long, however. January is a big time of year for large tourist events in the valley including the Barrett Jackson Car Show, Waste Management Open, Collegiate Football Championship and more. By February, open house traffic will pick up and a notable increase in contracts submitted. In 2015, the number of contracts in escrow nearly doubled between January and June before submitting to the summer slowdown. This year, we’re starting off with 15% more properties in escrow compared to this time last year, a good sign for sellers to kick off the year. There are still a significant number of boomerang buyers recovering their credit after foreclosures and short sales a few years ago, providing a healthy level of optimism for demand in 2016.

Central Phoenix Condo with Attached Garage

 Central Phoenix Condo with Attached Garage

Dru Bloomfield, REALTOR | Realty ONE Group | 602-524-3128dru@drubloomfield.com |
2020 W Union Hills Dr #238, Phoenix, AZ 85027
2Bd/1Ba Condo
$110,000
Year Built 1986
Sq Footage 1076 sqft.
Bedrooms 2 Beds
Bathrooms 1 Bath
Floors 2
Parking 1 Garage
Laundry In Unit
Lot Size 174 Square Feet
HOA/Maint $185

 

DESCRIPTION

Freshly updated with large tile, higher grade carpet, and light paint. This bright and airy 2 bedroom unit has vaulted ceilings and direct stair access to the private garage. Kitchen has newer cabinets and appliances. 14 SEER HVAC installed in 2011. Laundry room includes newer washer and dryer. Additional storage closet on front balcony. Excellent private location within the complex, with a short walk to the pool and spa. Lots of visitor parking. Central location with easy access to the 101 and I-17. Move in ready.
Phoenix
see additional photos below
Unit Features

– Living room – Storage space – Breakfast nook
– Range / Oven – Refrigerator – Dishwasher
– Microwave – Garbage disposal – Balcony, Deck, or Patio
– Heat: forced air – Air conditioning – Ceiling fans
– Cable-ready – High-speed internet – Tile floor
– Fireplace – High / Vaulted ceiling
Community Features

– Shared pool – Near transportation – Clubhouse
– Barbecue – Guest parking – Off-street parking
– Garage – Attached

 

ADDITIONAL PHOTOS

   
 
 

Scottsdale Homes for Sale – Where are they? How much?

As we near the end of 2014, I decided to share a quick review of the inventory of Scottsdale homes for sale.  Home buyers usually know where they want to live in Scottsdale, but they don’t always know how much homes are selling for.

Here’s a color-coded map showing location and price range of the 2,143 Scottsdale single family homes currently listed for sale.

The dark green dots denote the homes that are listed in the MLS for $100,000 to $200,000. Yellow dots are for homes in the $200,000-300,000 price range, and the lime green dots are for homes in the $300,000-500,000 range. Homes priced $500,000 to $1 million are orange. And, all of the Scottsdale homes for sale that are listed over $1,000,000 are purple.

The majority of the lower priced homes are near the southern border of the city, just north of the 202.  As you travel to the north, home prices increase gradually, with the majority of homes in north Scottsdale are listed at over a million dollars.

Active Scottsdale Homes for Sale

 

Check photos and prices for homes in each of these price ranges here:

 

 

 

Scottsdale Real Estate Update: Low and slow

One of the questions I get most often is: “How’s the Scottsdale real estate market?”

And, Tom Ruff’s latest monthly report for the Arizona Regional MLS and our local real estate market has a ton of good information in it this month, which can be summarized as “Low and Slow”.

Specifically:

“We’ve never seen a low demand / slow new inventory equation like this before.”

Or more completely:

“An uncertain period of waiting for a decision or resolution. That’s the definition of the word limbo and it perfectly describes our current market where low demand and a lack of new inventory have balanced the market into a standstill. This month I will share my thoughts as to why demand is low and why new listings activity has been extremely slow.”

To read his full real estate report and see his detailed analysis, click here: ARMLS September Update

And to search the MLS for Scottsdale homes, click here: Scottsdale home search

 

Photo Credit: Eric Fischer / Flickr

Scottsdale Real Estate Update: Active Market Ahead

Scottsdale Real Estate - Homes under contract

Scottsdale Real Estate – Pending Listings

The number of single family homes under contract in Scottsdale has been at its lowest in recent years.  We are rolling into our busiest season for real estate sales in our city.  And the number of home on the market has been increasing fairly dramatically over the past couple of weeks.  Definitely good new for Scottsdale home buyers, and something that local home sellers need to be aware of.

Number of homes for sale in Scottsdale

Scottsdale – Active Listings

And the Cromford Report has just reported a record number of price decrease for homes currently listed for sale in the Arizona Reggional MLS.

January 31 – In the last 24 hours we have seen 645 price cuts among the active listings. This is by far the highest daily total since we started tracking price changes on January 1, 2013. It also looks likely that we will approach 3,000 price cuts for the week (Sunday through Saturday). This will rival our previous highest total, measured in the last week of October. Clearly sellers are under increasing pressure caused by a growing supply and much weaker demand than normal for the time of year.

I’ve been showing a lot of homes in the past month, and many seemed to be overpriced.  Buyers are being very discriminating in comparing homes and making offers.  They want to see the “comps”, which are recent comparable sales, NOT comparable properties currently on the market.  There’s a big difference.

Stay tuned… we are just going into our “high season” for Scottsdale real estate.  We will most likely see a much larger number of homes go under contract in the next 6-8 weeks as our winter visitors arrive and add to the mix of our Scottsdale real estate market.

My sense is that we will have a strong market for spring, but that prices will really stabilize and real estate will be as close to normal as it has been in years.

Here are 7 most recent homes listed for sale in Scottsdale. [idx-listings city=”Scottsdale” mindom=”30″ statuses=”1″ propertytypes=”317″ orderby=”DateAdded” orderdir=”DESC” count=”7″]

6 Ways the Government Shutdown Affects Home Loans

Closed Park Sign

Credit: Bryan Mills / Flickr

I received the following information on the government shutdown from Paul Wakefield at V.I.P Mortgage.  He has given me permission to share it with you in total.

The last time we went through a government shutdown in 1995, it was a pain, but not a panic. With Monday’s news that the government is in the midst of a shutdown, it’s important to remember that all mortgages purchased and securitized by Fannie Mae and Freddie Mac will not be affected, since their operations are paid for by the fees charged to lenders and borrowers.

Others may not be so lucky. The six points below illustrate how government-affiliated mortgage loans and critical steps throughout the loan process may be impacted:

  1. Federal Housing Administration (FHA) Loans: With the shutdown, we may see delays but not a complete stop to FHA loan closings. A report from the Department of Housing and Urban Development has stated that FHA’s Office of Single Family Housing will remain open for business, albeit with a smaller staff. The office will continue to endorse loans and it doesn’t expect the impact on the housing market to be “significant, as long as the shutdown is brief.”
  2. Department of Veterans Affairs (VA) Loans: Like the FHA, disruption is possible–but not absolute. The VA will continue to guarantee mortgages for Americans who have served in the military, since these loans are funded by user fees. It warned, however, in its September 25th contingency plan, that Loan Guaranty certificates of eligibility and certificates of reasonable value may be delayed.
  3. IRS Tax Transcripts: If a loan requires the verification of at least one previous IRS tax return, this process may be delayed. While prior years’ tax transcripts can be ordered online, there is no indication whether an automated fulfillment system will be impacted.
  4. Verifications of Employment, for Government Employees: If a federal government employee is seeking a mortgage, and his employment verification is required prior to closing, a lender may be unable to verify this during a shutdown.
  5. FEMA Homes: Homes in flood zones would not be able to close, as flood insurance could not be obtained.
  6. USDA Loans: During the shutdown, the Department of Agriculture’s doors will be shuttered. According to the USDA, no new housing loans or guarantees will be issued through its Rural Development programs. The USDA has also warned that a long shutdown will result in construction setbacks and “a substantial reduction” to available rural housing relative to population.

Many thanks to Paul for allowing me to share this information with you.

Paul Wakefield is my personal mortgage lender and I recommend him highly.  He’s quite amazing, always staying on top of the loan process and keeping me in the loop. Both the seller’s agent and the title company were very impressed and wanted to know where I found him!

Here is Paul’s contact information, so you can call him for a personal home loan or re-finance consultation.

Paul Wakefield
Senior Loan Officer
V.I.P Mortgage Inc.
Phone: Direct: 602-697-7147
Fax: (602) 445-9255
paul@approveamortgage.com
www.approveamortgage.com