What is the real estate market currently looking like in and around Phoenix, Arizona? As a Realtor, this is a question I get asked often. So here’s a look at the market statistics from October 2021 in Phoenix, Chandler, Gilbert, Scottsdale, Tempe and Mesa! Want to talk more about the market? Call, text or email me.
SO many clients have asked me in recent months: “There are 10 offers on this house already. Should we even try?” My answer every time? “YES!” Here’s why: Contracts fall through for ALL sorts of reasons—from contingencies not being met to financing concerns. You never know what’s going to happen. In a market where multiple offers are common, investors (and sometimes buyers) simultaneously put offers on multiple properties. Then, when they find something better, they simply walk away leaving the property available for another buyer. And sellers have many reasons for choosing an offer, get a good realtor (like me) to communicate and be your advocate for why YOU deserve that home. While I can’t predict the future or what’s going to happen in a multiple-offer situation, I can say I put ALL my buyers in the best possible position to come out on top! If you find a house you love, go for it—and keep going for it until you succeed! Love Where You Live
Do you wonder why people dream about owning their own home? Are you curious to know some of the benefits of being a homeowner? Here are some of the major benefits: Financial Stability – you are your own landlord and your “rent” will never be raised. Financial Strength – paying down your own mortgage will give you equity in your home so in the future you can sell and make money on your home. Equity can also provide you with cash in hand for other needs like home improvement, education, or lifestyle luxuries like cars and boats. Tax Benefits – write off’s that can help lower your taxable income. Permanent Residence – No yearly contracts to sign, or fear you will not be able to resign in the future if the landlord sells or decides not to rent the property anymore. Sense of Community – there is pride in ownership. Get involved in community events or start some of your own! Email me a message if you are ready to own a home! Love Where You Live
A question I hear a lot is “should I buy now or wait it out?” You might be asking yourself the same thing. Is now a good time to purchase a home, or will it be better next year? The truth is, we can’t predict (at least, 100% accurately) what the real estate market will look like down the road in Chandler, Gilbert, Phoenix and surrounding areas in Arizona. But what do we know? Many experts say mortgage rates are expected to rise and home values are looking to appreciate quite nicely. Buying now may be a good idea because interest rates are at a rock bottom, home prices are predicted to increase, and you can start building equity now! If you wait to buy, you may face some financial letdowns. This might include, but is not subject to:– Paying more for a house– Losing the opportunity to build equity this year– Having a bigger mortgage payment– Putting more money towards a down payment– Getting a higher interest rate for your home loan Buying a home comes with many things to consider. If you find a home that meets your needs, and you are financially and mentally ready to buy a house, I have great news for you! Buying now, rather than later, may benefit you financially and makes more sense than waiting it out! Are you ready to find your Dream Home? Call, email or text me and I can help! Love Where You Live
Are you tempted to sell your home during the current seller’s market? Want to know the #1 question I get asked by people thinking about selling… “If I sell now, where would I go?” This is a very valid question! Some are choosing to explore the rental market. Some are choosing to take the top dollar they are getting from their current home and put it into a new home that better fits their needs: Growing family = bigger home Kids out of the house now = downsizing Wanting a bigger kitchen or entertaining space What if I told you that you can shop and buy your dream home BEFORE you sell your current home…therefore eliminating that question of where would you go? At my brokerage, we have a program that takes the RISK out of not knowing where to go. This program allows you to use the equity you have in your current home to buy your future home FIRST. Sound interesting enough to have a chat? Contact me today and I can give you more information.
You see the listing price and think, “No problem!” And while that’s a good start, those aren’t the only expenses to consider when buying a home. Other costs and fees may include: 1) a down payment: 3-20% depending on the type of loan 2) home inspection fees: $300-500 3) appraisal: $400-700 4) underwriting and application fees: 0.5% of the loan 5) escrow fees: 1% of the loan (sometimes split between buyer and seller) 6) mortgage insurance: 0.5-1.5% of the loan 7) prepaid property taxes & homeowners insurance 8) HOA fees Keep in mind fees vary and can often be rolled into your mortgage at closing. Talk with your lender and ask for an updated loan estimate or disclosure, so there won’t be any surprises at closing. Got questions about something you see? Don’t be afraid to ask! If you’re thinking about buying, and wondering what your fees might be, give me a call or send me a text. I’m happy to help! Love Where You Live
Home Values Continue to Rise in Phoenix, Scottsdale, and Surrounding Areas Zillow has some compelling data to be aware of as we head into 2021. Over the past year, Phoenix home values have gone up 12.6%, and are expected to rise by another 8.5% in the next twelve months. Home values for the Phoenix-Mesa-Scottsdale Metro area have risen 11.7% in the past year and are predicted to go up another 7.7% in the next twelve months. 2. There Won’t Be a Housing Market Crash in Arizona in 2021 The Housing Market Recovery Index from Realtor.com shows that the Phoenix-Mesa-Scottsdale metro area is coming back from the unavoidable decline earlier this year. This index factors in supply, housing demand, prices, and the pace of sales on a weekly basis.The benchmark for recovery happened in July. While this is only one area, it points to how the state is recovering from COVID-19. Experts do not anticipate a crash in 2021 based on the data. Phoenix-area Home Sales Will Likely Surge for 2021 Realtor.com’s 2021 Housing Forecast predicts Valley home sales to increase 11.4% from 2020. This is the eleventh largest expected increase among the 100 top metro areas in the United States, making it one of the hottest housing markets in the nation for 2021. This could present a challenge for buyers as affordability dwindles. Having a top Phoenix or Paradise Valley buyer’s agent can help buyers get the property they are looking for at the best possible price. Interest Rates Could Start to Rise in 2021 Undoubtedly, this year’s record-low interest rates were a contributing factor in the real estate market, and they continue to help boost sales. However, lenders are requiring higher credit scores due to the current economic uncertainties. Also, lenders like The MBA predict that interest rates will creep up to 3.3% by this time next year and could go even higher depending on who takes the two Senate seats in Georgia’s January runoff election. More stringent lending requirements, coupled with slightly higher interest rates, could have an impact on the real estate market. More stringent lending requirements, coupled with slightly higher interest rates, could have an impact on the real estate market.
