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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15411 W Waddell Rd. #106, Surprise, AZ 85379
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