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. 2, 2020

January 2020

It’s a new year – time for a new home! If a new home is part of your new year’s resolutions, why not start today! Recharged and ready to help you find your dream home in 2020. Call today!
 
December 2019
Newsletter


Phoenix Property Group is comprised of a team of
local real estate professionals committed to selling some of the
most desirable homes in the Greater Phoenix area. 
Please take advantage of the helpful tools on our website, including our exclusive 
Greater Phoenix Real Estate search, but also feel free to
contact me personally at 623-777-2847.
Our PPG Gives 4th quarter project for 2019 was to support the
Valley View Community Food Bank.  Our partners donated money, food, and over forty volunteer hours to make this project a success!
PPG Gives is sponsored by Phoenix Property Group * PPG Contracting *
* PPG Property Management * PPG Staffing * Radiant Financial *
 

19% of Homes Sold Over Asking Price
24% of Sellers Agreed to Closing Cost Assistance

For Buyers:
Supply shortages created an environment of multiple offers and listings sold over asking price last month.  This is especially evident among listings between $125K-$250K where 26% sold over asking price in November compared to the overall percentage of 19% in Greater Phoenix.  In a normal market, we would expect 10-15% of listings to be sold over asking price. 

That statistic may sound hopeless to a buyer who may not have the means or stomach to pay over asking price.  However, 24% of sellers agreed to pay some form of closing cost assistance to buyers in November as well.  This measure increases to 32.5% on sales between $125K-$250K, the primary price point for first-time home buyers. 

The West Valley has the largest share of homes listed between $125K-$250K at 46%.  Pinal County has 31%, the Northeast Valley has 12% and the Southeast Valley has just 10%.  Given this information, it’s not surprising that the West Valley has both a large share of transactions involving seller-paid closing costs combined with a higher-than-average percentage of homes sold over asking price.  Pinal County, on the other hand, has a large percentage of seller-paid closing costs, but a lower-than-average percentage of homes sold over list price. 

For Sellers:
More expensive areas with average sale prices over $500K have significantly fewer sales involving seller-paid closing costs (as would be expected) and a much lower-than-average percentage of homes sold over asking price, but things have been exciting for this market so far this year.  Sales over $500K are up over 16.5% year-to-date over last year, but most impressive is the 21% increase in sales over $2M!  Typically the second half of the year is flat for luxury sales in this range, but this year contracts in escrow have soared 42% over 2018’s level in the last 3 months.

Also impressive is a 24% gain in sales between $500K-$600K, which was helped by an increase in the FHFA loan limit to $484,350 last year.  In 2020, that limit is set to rise again to $510,400.  This means it may get a little easier for buyers to qualify for more expensive homes and that’s good news for sellers. 

Sellers in the mid $300K price range are getting a boost too.  FHA is raising their loan limit in 2020 from $314,827 to $331,760.  FHA financing is an option for buyers who may have less-than-favorable credit and lower down payments.  This is good news for both buyers who can’t move up in price due to the existing limit and sellers who are just out of reach for these buyers.

Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report
©2019 Cromford Associates LLC and Tamboer Consulting LLC

 

$309,900

11877 N 156th Ln
Surprise, AZ 85379

5 bedrooms, 2.5 bathrooms, 3,207 sq ft

Move-in ready home in the desirable neighborhood of Greer Ranch. 5 beds/ 2.5 bath home with over 3,200sq ft! New carpet installed, tile flooring in all the right places. The family room opens up to the spacious kitchen with newer stainless steel appliances, island, and eat-in kitchen. Formal living room and half bath for guests. Master suite located on the 1st floor, with a large walk-in closet. Upstairs features a loft, 4 additional bedrooms each with their own walk-in closets, full bathroom with double vanities, and a massive laundry room with storage area. The backyard has a covered patio, all new sod grass and irrigation installed. RV gate access too! 
Visit this property
There’s nothing like a night in with a warm bowl of pasta. Treat yourself to this delicious spinach tomato tortellini in your dream home. There’s no need for guilt when you add extra vegetables like spinach and tomatoes! You’ll be sure to want seconds, so be sure to make extra for your lunch tomorrow.
 

Would $5,000 in repairs and clean-up significantly increase the value of your house? If so, we will pay up to $5K to get the job done AND our crew will do it for you! Just pay us back when we sell your house. How cool is that?!

  • We will show you what repairs will maximize your value.
  • We pay for the needed repairs. Pay us back after we sell your house.
  • We sell your house for maximum value.
  • You keep all the profit!

Get your free analysis today!

It’s a new year, and that means new clients. You can expect the same excellent service and stunning listings. Are you looking to list? Ready to move out of your starter home and into your dream home? Look no further – new year – same excellent real estate agent! 623-777-2847
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Copyright © 2020 *Phoenix Property Group*, All rights reserved.
 

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15411 W Waddell Rd. #106, Surprise, AZ 85379
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Posted in Newsletter
Jan. 2, 2020

Have You Outgrown Your Home?

Have You Outgrown Your Home?

Many homeowners are surprised when they suddenly realize that the “perfect” home of just a few years ago no longer suits their needs. From an expanding family to an empty nest, it’s common for a home to no longer be the right fit. If you’re unsure if you’ve reached the point where a move is warranted, here are a few signs you’ve outgrown your home.

• More Kids than Rooms or More Rooms than Kids – Life changes and our homes must change also.

• Clutter or Lack of Storage – Do you need more closet or storage space? A home with more space could be the answer.

• Home Office – More and more companies are opting for telecommuting or home office workers, if your kitchen is your office, it might be time to look for a new home with extra room for a home office.

• Outdoor Entertaining – Home design trends over the last couple of decades have seen a rise in outdoor living and entertaining areas. You might have simply outgrown your yard if you crave space for an outdoor living or dining area.

• Lifestyle – The square footage might be fine, but you would prefer a different floorplan; more open, single-story, more windows, etc.

Your reasons for moving will be as unique as you are, but these are just a few considerations that indicate you might have outgrown your current home. Make sure your home still meets your needs and wants, then you’ll be able to decide if it’s time to move. 

 

Posted in Tips
Oct. 21, 2019

October 2019

 
October 2019
Newsletter


Phoenix Property Group is comprised of a team of local real estate professionals committed to selling some of the
most desired homes in the Greater Phoenix area. 
Please take advantage of the helpful tools on our website, including our exclusive 
Greater Phoenix Real Estate search, but also feel free to contact me personally at 623-777-2847.
 

Asking Prices up 9% Over Last Year, but are Buyers Paying It?
These Homes Have Appreciated the Most since 2000

For Buyers:
The news media is filled with short-term predictions regarding the economy and how it will, or will not, affect real estate prices.  It’s understandable for buyers to want their home to appreciate in value after they purchase, who doesn’t?  However there is far too much attention paid to short-term influences and fluctuations these days and not enough attention paid to the long view.  Real estate is a long-term investment for many people.  Despite the euphoria of 2005-2007 and the nightmare of 2008-2011, on average homes are selling 81.6% higher today than they were in the year 2000.  That’s an average appreciation rate of 4.3% per year over the course of 19 years.  Smaller homes appreciated the most over time while larger homes appreciated the least.  Homes under 1,000sf have appreciated 122% since 2000, an average of 6.4% per year.  Those between 1,000-2,000sf appreciated 106%, an average of 5.6% per year.  2,000-3,000sf appreciated 68% at 3.6% per year.  3,000-4,000sf appreciated 49% at 2.6% per year and homes over 4,000sf appreciated 11% at 0.6% per year.

For Sellers:
Average asking prices per square foot are up 9% over this time last year and they’re continuing to rise. However, not one individual price range has risen 9% or more; confusing, right? That’s because the sharp increase in the average has more to do with a growing market share of luxury active listings over $500K as inventory has plummeted everywhere else. The highest increase is within $200K-$250K, where sellers are asking 5.6% more than they were last year. That’s followed by listings over $1M where they’re asking 4.2% more and $500K-$1M at 4.0%.  All other price ranges are just 1-3% higher.  But are buyers paying?  Actually, many of them are! In the $200K-$250K range, the average sales price per square foot is still 0.8% higher than the average list price; and between $250-$300K the average sales price is 6.8% higher than the average list per square foot. Things change over $500K.  Between $500K-$1M there’s a -6.3% gap between asking price and sales price and over $1M the average sales price is -15.1% below the average asking price.

Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report
©2019 Cromford Associates LLC and Tamboer Consulting LLC

 

$549,900

14144 W Valley View Dr
Litchfield Park, AZ 85340

5 bedrooms, 3 bathrooms, 2,839 sq ft

This amazing home on just under 1/2 acre in the heart of guard gated Litchfield Greens is fully updated and truly one of a kind! As you enter this custom model home you will find soaring 12-foot ceilings, 20'' tile throughout the entire home, fully remodeled kitchen with espresso cabinets, custom slab granite counters, stainless steel appliances, gas cooking, and shutters. The bathrooms have all been updated with granite tops and new fixtures, but the master bath includes an amazing travertine walk-in shower, custom tile surrounds, and a custom closet by dream closets!! Step into the completely private large yard with remodeled pebble tec pool and spa with new spa heater, natural gas BBQ, natural fire pit, and extended covered patio.
Visit this property
 

Would $5,000 in repairs and clean-up significantly increase the value of your house? If so, we will pay up to $5K to get the job done AND our crew will do it for you! Just pay us back when we sell your house. How cool is that?!

  • We will show you what repairs will maximize your value.
  • We pay for the needed repairs. Pay us back after we sell your house.
  • We sell your house for maximum value.
  • You keep all the profit!

Get your free analysis today!

Fall is here and will be gone before we know it. Take advantage of all the pumpkin-flavored treats while you can! These cupcakes are perfect for your kid’s snack day or a treat for your co-workers.
Always thankful for pumpkin pie, but especially grateful for referrals. I will share my pie with you if you share your referrals! Do you have a friend interested in buying or selling? We’d love to give them a free home consultation.
Everyone deserves their dream home. 623-777-2847
Share your love of Phoenix Property Group on Facebook!
5 Star Reviews help new clients find our team.  Add yours today!
Posted in Newsletter
July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates