Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Jan. 28, 2020

Should I Sell My House This Year?

If one of the questions you’re asking yourself today is, “Should I sell my house this year?” the current Housing Opportunities and Market Experience (HOME) Survey from the National Association of Realtors® (NAR) should boost your confidence as it relates to the current selling sentiment in the housing market. Even with all the information overload in the media circling around talk of a possible recession, the upcoming 2020 election, and more, Americans feel good about selling a house now. That’s some news to get excited about!

As the graph below shows, as of Q4 2019, 75% of people surveyed indicate they believe now is a good time to sell a home:

In the case of those with a yearly salary of $100,000 or more, the results jumped even higher, coming in at an 82% positive sentiment.

When the study divided the outcomes by region, the results still consistently showed Americans feeling good about selling:

  • Northeast: 71% positive
  • Midwest: 76% positive
  • South: 72% positive
  • West: 81% positive

In addition to looking at income and region, the report also divided the results by generation, as shown in the graph below:

As you can see, many believe that, despite everything going on in the world, it is still a good time to sell a home.

According to NAR, the unsold inventory available today “sits at a 3.0-month supply at the current sales pace,” which is down from a 3.7-month supply in November. The current inventory is half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory. This is good news for sellers, as Lawrence Yun, Chief Economist at NAR, says:

“Home sellers are positioned well, but prospective buyers aren’t as fortunate. Low inventory remains a problem, with first-time buyers affected the most.”

Bottom Line

If you’re ready to list your home, you can feel good about the current sentiment in the market. Let’s get together today to determine the best next step when it comes to selling your house this year.

 

Source: Real Estate with Keeping Current Matters

Posted in Housing Market
Jan. 23, 2020

Welcome to your Weekend!

9th Annual Arizona Balloon Classic

The 2020 Arizona Balloon Classic will host up to 20,000 guests who come from across the Country, the Southwest, Arizona and the Phoenix metropolitan area to see this most spectacular event.

The sky will be filled with colorful hot-air balloons participate in thrilling “Hare & Hound” races from the grassy fields of the Goodyear Ballpark for a spectacular sight of mass and color. Spectators can walk on the field and experience the balloons inflation and lift off. Photo taking is invited.

Goodyear Ballpark

1933 S Ballpark Way Goodyear, AZ

Date: January 24, 2020 to January 26, 2020

Time: 8:00 AM

 

La Bohème

Who holds the key to your heart? To be an aspiring artist in 1830s Paris was to be poor—but happy. When Mimì enters the poet Rodolfo’s apartment in search of a flame to light her candle, the pair ignite a romance that burns brilliantly through the ages. The passion and struggle of Rodolfo and his fellow bohemians come to life in Puccini’s timeless masterpiece, one of opera’s most popular and engaging stories.

Symphony Hall

75 N 2nd St Phoenix, AZ

Date: January 24, 2020 to January 26, 2020

 

The Arizona Wine Festival

The Cochise Graham Wine Council, Inc partners will present the largest gathering of Arizona wineries. This festival will feature over 25 Arizona Wineries pouring over 200 different wines. The festival will have 5 to 7 food trucks, a vintage village and numerous other non-winery vendors. There will be live entertainment throughout the festival.

Heritage Square

113 N. Sixth St. Phoenix, AR

Date: January 25, 2020 to January 26, 2020

Time: 11:00 AM

 

Candytopia

Candytopia is an outrageously interactive candy wonderland that transports guests to an imaginative confectionary world with one-of-a-kind full sensory experiences—you can expect larger-than-life installations inspired by pure, sugary bliss throughout Candytopia’s dozen unique rooms, along with candy samples and lots of fun surprises.

Scottsdale Quarter

15279 N. Scottsdale Road Ste. 120 Scottsdale, AZ

Date: January 23, 2020 to February 23, 2020

 

5th Annual Doggie Street Festival

Join us at our 5th Annual Doggie Street Festival in Phoenix. Thousands of people attend these not-to-be missed dog, cat, parrot and rabbit adopt-a-thons and celebrations of our companion animals to get acquainted with fantastic products & services.

Steele Indian School Park

Date: January 25, 2020

Time: 10:00 AM to 4:00 PM

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Posted in Weekend Events
Jan. 22, 2020

Homes Are More Affordable Today, Not Less Affordable

There’s a current narrative that owning a home today is less affordable than it has been in the past. The reason some are making this claim is because house prices have substantially increased over the last several years.

It’s not, however, just the price of a home that matters.

Homes, in most cases, are purchased with a mortgage. The current mortgage rate is a major component of the affordability equation. Mortgage rates have fallen by over a full percentage point since December 2018. Another major piece of the affordability equation is a buyer’s income. The median family income has risen by approximately 3% over the last year.

The National Association of Realtors (NAR) releases a monthly Housing Affordability Index. The latest index shows that home affordability is better today than at almost any point over the last 30 years. The index determines how affordable homes are based on the following:

“A Home Affordability Index value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index of 120 signifies that a family earning the median income has 20 percent more than the level of income needed pay the mortgage on a median-priced home, assuming a 20 percent down payment so that the monthly payment and interest will not exceed 25 percent of this level of income (qualifying income).”

The higher the index, therefore, the more affordable homes are. Here is a graph showing the index since 1990:

Obviously, affordability was better during the housing crash when distressed properties – foreclosures and short sales – sold at major discounts (2009-2015). Outside of that period, however, homes are more affordable today than any other year since 1990, except for 2016.

The report on the index also includes a section that calculates the mortgage payment on a median priced home as a percentage of the median national income. Historically, that percentage is just above 21%. Here are the percentages since June of 2018:

Again, we can see that affordability is much better today than the historical average and has been getting better over the last year and a half.

Bottom Line

Whether you’re thinking about buying your first home or moving up to the home of your dreams, don’t let the false narrative about affordability prevent you from moving forward. From an affordability standpoint, this is one of the best times to buy in the last 30 years.

 

Source: Real Estate with Keeping Current Matters

Posted in Housing Market
Jan. 21, 2020

Housing Inventory Vanishing: What Is the Impact on You?

The real estate market is expected to do very well this year as mortgage rates remain at historic lows. One challenge to the housing industry is the lack of homes available for sale. Last week, move.com released a report showing that 2020 is beginning with the lowest available housing inventory in two years. The report explains:

“Last month saw the largest year-over-year decline of housing inventory in almost three years with a dramatic 12 percent decline, pushing the number of homes for sale in the U.S. to the lowest level since January 2018.”

The report also revealed that the decline in inventory stretches across all price points, as shown in the following graph:

George Ratiu, Senior Economist at realtor.com, explains how this drop in available homes for sale comes at a time when more buyers are expected to enter the market:

“The market is struggling with a large housing undersupply just as 4.8 million millennials are reaching 30-years of age in 2020, a prime age for many to purchase their first home. The significant inventory drop…is a harbinger of the continuing imbalance expected to plague this year’s markets, as the number of homes for sale are poised to reach historically low levels.”

The question is: What does this mean to you?

If You’re a Buyer…

Be patient during your home search. It may take time to find a home you love. Once you do, however, be ready to move forward quickly. Get pre-approved for a mortgage, be ready to make a competitive offer from the start, and understand that a shortage in inventory could lead to the resurgence of bidding wars. Calculate just how far you’re willing to go to secure a home, if you truly love it.

If You’re a Seller…

Realize that, in some ways, you’re in the driver’s seat. When there is a shortage of an item at the same time there is a strong demand for that item, the seller of that item is in a good position to negotiate. Whether it is price, moving date, possible repairs, or anything else, you’ll be able to demand more from a potential purchaser at a time like this – especially if you have multiple interested buyers. Don’t be unreasonable, but understand you probably have the upper hand.

Bottom Line

The housing market will remain strong throughout 2020. Understand what that means to you, whether you’re buying, selling, or doing both.

 

 

Source: Real Estate with Keeping Current Matters

Posted in Housing Market
Jan. 16, 2020

Welcome to your Weekend!

2020 Rock 'n' Roll Marathon Health and Fitness Expo

 

Rock ‘n’ Roll Arizona features a two-day Health & Fitness Expo prior to the race, which all participants must visit in order to pick up their race packets. Free and open to the public, this expo features the latest in running technologies, fitness apparel, health & nutrition information and interactive displays.

Phoenix Convention Center & Venues

100 N. 3rd St. Phoenix, AZ

Date: January 17, 2020 to January 18, 2020

Time: Friday 12PM-7PM; Saturday 9AM-5PM

 

Rock 'n' Roll Arizona Marathon and 1/2 Marathon



The marathon and half marathon are flat, fast, and fun- perfect for runners and walkers of all ability levels. First-timer or Boston-bound, both routes were designed to help you finish in record time. 

Live bands every mile, local cheer teams, and themed water stations add spirit and inspiration as you run through Phoenix, Scottsdale, and Tempe. The half marathon starts and finishes in Tempe, while the Marathon starts in downtown Phoenix and finishes at Tempe Beach Park.

 

Full Marathon Starts from Downtown Phoenix at CityScape Half Marathon Starts from Downtown Tempe at University and College Phoenix, AZ

Date: January 19, 2020

Time: Race starts at 7:50 a.m.

 

Barrett-Jackson Collector Car Auction



Widely regarded as a barometer of the collector car industry, the auctions have evolved over the years into world-class automotive lifestyle events where thousands of the world’s most sought-after, unique and valuable automobiles cross the block in front of a global audience — in person and on live national and international television.

Westworld of Scottsdale

16601 N. Pima Rd Scottsdale, AZ

Date: January 16, 2020 to January 19, 2020

Recurring daily

 

Carefree Fine Art & Wine Festival



The Carefree Fine Art & Wine Festival features more than 155 juried fine artisans from throughout the United States and abroad.  Artists will participate displaying paintings in oil, watercolor, pastel, acrylic, and ink; impressive small, medium and life-sized sculptures, sparkling hand blown glass, clay, metal, stone, wood, bronze, one-of-kind handcrafted jewelry, beautiful photography and much more!   

Downtown Carefree

101 Easy Street Carefree, AZ

Date: January 17, 2020 to January 19, 2020

Recurring daily

Time: 10:00 AM to 5:00 PM

 

 

Posted in Weekend Events
Jan. 14, 2020

There’s a Long Line of Buyers Waiting for Your House

If you’re following what’s happening in the housing market right now, you know that many people believe the winter months aren’t a good time to sell a home.

As realtor.com Senior Economist George Ratiu recently noted,

“Sellers tend to be more reluctant to list during the colder time of year when the market typically makes a seasonal slowdown.”

However, a recent report by ShowingTime reveals how this year is different. Buyer activity is way up compared to the same time last year. The report explains,

“The nation’s 12.6% growth in home showings compared to 2018 was the most significant jump in buyer traffic during the current four-month streak of year-over-year increases. The West Region saw the greatest growth in activity, with a 23.1% jump – the region’s greatest in the history of the Showing Index.”

The increase has spread across all four regions of the country, as the graph below shows:

Bottom Line

Waiting for the “spring buyers’ market” may be a mistake this year. It seems the purchasers are already out and looking to buy.

 

Posted in Housing Market
Jan. 9, 2020

Welcome to your Weekend Phoenix!

January Maricopa County Home and Garden Show

The Maricopa County Home & Garden Show, the largest home show in the Southwest, returns to the Arizona State Fairgrounds on Friday, January 10 through Sunday, January 12. Back by popular demand, the Tiny Homes Street of Dreams, features smart technology, she sheds, man caves, farmhouse, and rustic.

Arizona State Fairgrounds

1826 W McDowell Road Phoenix, AZ

Date: January 10, 2020 to January 12, 2020

Time: 10:00 AM to 6:30 PM

 

Sesame Street Live

Jump to the beat with your friends on Sesame Street! Join the fun with an interactive show that unfolds on one of the world’s most famous streets at the funniest, furriest party in the neighborhood … get ready for Sesame Street Live! Let’s Party!

Learn new songs and sing along to familiar favorites with Oscar and Cookie Monster; build a snowman with Elmo; flap your wings with Big Bird; marvel at Abby’s magic; be amazed when Super Grover flies; and move to the rhythm with Rosita.

Gila River Arena

9400 W. Maryland Ave. Glendale, AZ

Dates: January 10 - 11, 2020

 

Arizona Bridal Show

Welcome to the biggest and best bridal show in the United States, located in Phoenix, AZ. This show features more than 350 of the valley’s top wedding experts all in one place. Start your wedding planning with us; from finding the perfect venue and photographer to organizing your dream honeymoon, we've got everything for your big day covered!

Phoenix Convention Center & Venues

100 N. 3rd St. Phoenix, AZ

Date: January 11, 2020 to January 12, 2020

Time: 9:00 AM to 3:00 PM

 

Barrett-Jackson Collector Car Auction

Widely regarded as a barometer of the collector car industry, the auctions have evolved over the years into world-class automotive lifestyle events where thousands of the world’s most sought-after, unique and valuable automobiles cross the block in front of a global audience — in person and on live national and international television.

Westworld of Scottsdale

16601 N. Pima Rd Scottsdale, AZ

Date: January 11, 2020 to January 19, 2020

 

 

 

Posted in Weekend Events
Jan. 8, 2020

The New Spring Real Estate Market is Here. Are You Ready?

Which month do you think most people who are considering buying a home actually start their search? If you’re like most of us, you probably think the surge happens in the spring, likely in April. Not anymore. According to new research, January 2019 was only 1% behind February for the most monthly views per listing on realtor.com.

So, what does that mean? The busiest season in real estate has just begun.

The same research indicates,

“Historically, April launched the kickoff of the home shopping season as buyers would come out of their winter hibernation looking for their new home. However, the spring shopping season now starts in January for many of the nation’s largest markets.”

With the reality of fewer homes on the market in the winter, and that supply naturally increases as we head to the spring market, waiting for more competition to list in your neighborhood this year might put you behind the curve. Perhaps now is the time to jump into the market.

George Ratiu, Senior Economist at realtor.com says,

“As shoppers modify their strategies for navigating a housing market that has become more competitive due to rising prices and low inventory, the search for a home is beginning earlier and earlier.”

There is a lot of speculation in the market about why the search for a home is shifting to an earlier start. The one thing we do know is if you’re thinking about buying or selling a home this year, the earlier you get started, the better.

Reminder: When should you sell something? When there is less of that item for sale and the greatest number of buyers are in the market. That’s exactly what is happening in real estate right now.

Bottom Line

The new spring market for real estate is underway. If you’re considering buying or selling, let’s connect, so you have the advantage in this competitive market.

 

Source: Real Estate with Keeping Current Matters

 

Posted in Housing Market
Jan. 6, 2020

5,300 Reasons to Be Happy You’re a Homeowner

Studies have shown that, in many cases, the largest asset a family owns is the house they live in. Over the last twelve months, that asset has gained substantial value.

CoreLogic just released their 2019 3rd Quarter Homeowner Equity Insights Report. The report revealed that:

“U.S. homeowners with mortgages (roughly 64% of all properties) have seen their equity increase by a total of nearly $457 billion since the third quarter 2018, an increase of 5.1%, year over year.”

The equity in a property is determined by comparing the current value of the property against the outstanding mortgage debt. As prices rise, the equity in a home increases.

The report went on to explain that the average homeowner gain in equity over the last twelve months was $5,300.

Here’s a map showing the average equity gain by state:

Since the housing crash in 2008, many homeowners have felt trapped in their current houses, as they didn’t have enough equity to sell. The gains in equity over the past few years may have freed some homeowners who have a desire to move.

Bottom Line

If you’re curious about your home’s equity, let’s get together to do a market analysis on the current value of your house. You may be pleasantly surprised.

 

Source: Real Estate with Keeping Current Matters

Posted in Homeownership
Jan. 3, 2020

Welcome to your Weekend Phoenix!

Phoenix Suns vs. New York Knicks

Come support your Phoenix Suns as they face the New York Knicks ` at the Talking Stick Resort Arena.

Talking Stick Resort Arena

201 E Jefferson St Phoenix, AZ

Date: January 3, 2020

Time: 7:00 PM

 

Artlink's First Fridays Art Walk

Join us on the first Friday of every month from 6-10 p.m. for one of the nation's largest, self-guided art walks. Tour more than 70 galleries, venues and art-related spaces to see a variety of artwork and to enjoy the spirit and culture of the city.

Downtown Phoenix

Date: Starting January 3, 2020

Recurring monthly on the 1st Friday

Phone: (602) 256-7539

 

Beethoven’s Violin Concerto

Witness Beethoven’s only Violin Concerto, a piece revived years after his death that has remained a staple in the repertoire ever since.

Beethoven’s Violin Concerto features a performance from Grammy-winning violinist Augustin Hadelich, named 2018 “Instrumentalist of the Year” by Musical America.

The Phoenix Symphony

1 N. 1st St. Ste. 200 Phoenix, AZ

Date: January 3, 2020 to January 5, 2020

 

Zoolights

See millions of twinkling and dancing lights, a three-story-high holiday tree, live reindeer, a 200-foot long polar slide, photos with Santa, hundreds of glimmering light displays and lakeside music-in-motion shows.

Phoenix Zoo/Arizona Center for Nature Conservation

455 N. Galvin Parkway Papago Park Phoenix, AZ

Date: January 3, 2020 to January 19, 2020

Time: 5:30 PM to 10:30 PM

 

 

 

Posted in Weekend Events