Phoenix West Valley Market Report by City for May 2017

June 13th, 2017

How’s the Market? Here is the April 2017 West Valley Market Report Spring Selling Season continued with some amazing numbers. Homes are selling faster and home values continue to rise! All West Valley cities had an increase in the average sales price, Litchfield Park with 22.57%  over last year, Avondale and Buckeye both showing double digit increases. Days on Market dropped in cities as well. Avondale having the lowest inventory at only 1.84 months, followed closely by Glendale at 1.86 months. Maricopa county overall has only 2.86 months of inventory, continuing to be a strong sellers market. All cities had an increase of the amount of homes sold, except Surprise with 370 homes sold in April versus 362 homes in May.

As the temperatures have moved into the triple digits, it will be interesting to see what the summer market will bring, stay tuned!

Buying, Selling or Investing? Call our Team of Specialist today for any of your Real Estate needs.

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Phoenix West Valley Market Report by City for April 2017

May 2nd, 2017
How’s the Market? Here is the April 2017 West Valley Market Report. Some interesting things are going on in the West Valley last month! We saw a slight increase in inventory in all cities, except Surprise which continued to drop. While it is a strong sellers market in all West Valley cities, all reported a decrease in the average price homes of sold. Where were the buyers? Most cities had an increase in the number of sales transaction over last year. Buckeye had the highest increase in the number of homes sold compared to 2016 at 19.4% increase. Followed by Phoenix 11.6% increase. Litchfield Park had a -21.7% decrease in transactions compared to April 2016, Goodyear, -20% less and Glendale -1.1%. However, year-to-date home prices have continued to tick up. Peoria has the highest at 13.06% increase in average home price sold. All others cities average a 5% increase, while Litchfield Park is almost flat with last year, still down -0.16%.
 
The Million Dollar question I seem to be getting a lot lately, “Why would I want to buy in a Seller’s Market? Wouldn’t I want to buy in a Buyer’s Market?” This is a great question, makes sense to me right? Low inventory means that there is not a lot of homes to choose from and you might have to compete with other offers. Depending on your price range, you may not even get your first offer accepted. You have to write a strong offer and might have to increase your offer price. If it was a Buyer’s market you would have the upper hand on the offers, you would get a great deal on your purchase right!? Well here is something to think about. When you become a homeowner, you want your home to increase its value right? Real estate is a commodity, (Buyer’s Market) over supply— prices go down, (Seller’s Market  low supply— prices go up. So why would you want to buy a home in a market where prices are going down? Whether you’re buying your dream home, or a long term investment, buying in a strong market where prices are increasing, is always a good thing! The name of the game is to jump in as soon as possible so you get to reap the benefits of your equity increasing! Todays price is very likely less than tomorrow price.
 
Buying, Selling or Investing? Call our Team of Specialist today for any of your Real Estate needs

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Phoenix West Valley Market Report by City for March 2017

April 7th, 2017

How’s the Market? Here is the March 2017 West Valley Market Report. Strong Seller’s Market continues as we see a significant drop in inventory levels in all West Valley cities. Cities with the Lowest inventory levels were Glendale with 1.95 months and Avondale at only 1.72 months of inventory. Perhaps its the fear of rate increases or maybe our beautiful AZ Spring weather, buyers were out shopping in the month of March! We saw tremendous increases in the number of sales in all cities in the West Valley. Maricopa county closed 9345 sales in March, a 70% increase over February. This increase in the number of sales caused such a decrease in the inventory levels, it could make it difficult for buyers to find homes. However it is still great time to buy, why? Because prices are much less today than they will be a year from now and interest rates are still historically low!

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Buying, Selling or Investing? Call our Team of Specialist today for any of your Real Estate needs

Phoenix West Valley Real Estate Market Report by City- February 2017

March 9th, 2017

How’s the Market? Here is the February 2017 West Valley Market Report. The Housing market conitues to be incredibly strong, as all West Valley cities saw double digit increase in the number of homes sales in February, with the exception of Surprise, which had a 3.6% increase over 2016. Goodyear had the highest increase at 43.6%. All cities also saw an increase in homes prices, many with double digit increases! Inventory levels continue to be very low, month over month new listings seem to match the amount of homes sold, continuing a strong Seller’s Market. 

 
The Average days on Market to sell a home continues to increase. Why? In my opinion there are two reasons for this, first, over priced listings. Buyer’s are aware of the repercussions of paying too much for a home, they either lost a home themselves or knew someone who did, and they are “buying smart” this time around. Therefore the homes that are overpriced, have continued to sit on the market as buyers avoid them, so we are seeing lots of price decreases as Seller’s try to find Market Value and gain consumer’s interest. Another thing we see with consumers, are higher expectations. Homes that are not staged for sale, clean, professionally photographed, outdated, tend to sit longer and sell for much less. I tell my sellers, “We have to go on the Market looking perfect and priced right.” 

So why the huge increase in the number of homes sold in February, aside from this being our high selling season, I believe the expectation of interest rates increasing. As mortgage lenders report, “The idea of a Fed policy rate hike in March has gained steam, with an almost 80% expectation it will happen. Just last week there was only a 30% chance.” Homes Values and Interest Rates increasing, Now is the time to buy your new home.
 
Buying, Selling or Investing? Call our Team of Specialist today for any of your Real Estate needs.
February 2017

Phoenix West Valley Real Estate Market Report by City- January 2017

February 9th, 2017

How’s the Market? Here is the January 2017 West Valley Market Report. I wanted to point out something we have not discussed in previous Market Reports, however worth noting especially for a January Market report. Since the average real estate transaction is 30-45 days escrows, technically the numbers report in the given month, actually reflect business done the previous 4-6 weeks. Many of you have already figured that out, but just wanted to through that out there since January numbers are really the business done over the Holidays. Traditionally a slower time of year, but Phoenix area always seems to hold on with decent business. All West Valley cities did have declines in the numbers of transactions thorough out the holidays. Also all cities had a decrease in inventory levels. Which means those folks listing during Holiday season had a really good chance of selling their home!! As many sellers wait till Spring, meaning February-May to list their homes, we will most likely see those inventory numbers come back up. If you are thinking of buying, its a great time to buy as Spring approaches and interest rates stay low. 

Follow us on Facebook or subscribe to our website to see what cooler temperatures of Fall bring to our market.

Thinking of Selling? Contact us directly If you would like a more detailed Market analysis on your neighborhood or home value.

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Phoenix West Valley Market Report by City- December 2016

January 23rd, 2017

How’s the Market? Here is the December 2016 West Valley Market Report. The year has now come to an end, closing out some very positive numbers for the West Valley Real Estate Market. All cities in the west valley showing positive increases over 2015. Litchfield Park reported the highest with 11.47%, followed by Avondale 8.45%, Buckeye 8.10%. Goodyear had the lowest price increase in 2106 with a 3.09% increase. Inventory levels are still extremely low in all cities, keeping the market in a “Sellers Market.”  This should drive prices in a strong upward movement as we head in to Spring selling season. By “Spring” I am referring to Jan-May… which is a high selling season. Got to love Phoenix weather! 

Follow us on Facebook or subscribe to our website to see what cooler temperatures of Fall bring to our market.

Thinking of Selling? Contact us directly If you would like a more detailed Market analysis on your neighborhood or home value.

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Phoenix West Valley Market report by City- November 2016

December 9th, 2016

How’s the Market? Here is the November 2016 West Valley Market Report. Rounding out the year, the Phoenix real estate market continues in a positive direction. All West Valley cities except Litchfield Park & Glendale saw average sales price increase last month. Peoria & Phoenix with over 10% average sales price increase for the month of November. Litchfield Park reporting a drop in the average sales price -0.47 with average days on market increasing as well as the inventory levels increased. It will be interesting to see what December holds for the Phoenix real estate market. Looking ahead, interest rates are on the rise and could affect some buyers in the market place. However, our beautiful warm weather bringing the winter visitors should help continue to move things along. We wish you all a wonderful Holiday Season & Happy New Year!

 
Follow us on Facebook or subscribe to our website to see what cooler temperatures of Fall bring to our market.

Thinking of Selling? Contact us directly If you would like a more detailed Market analysis on your neighborhood or home value.

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We now Offer Property Management Services

December 5th, 2016

AZ Property Management GroupTo serve our clients at an even higher level, we now offer Property Management services! We have been doing property management for banks with their bank owned properties for many years now, so we made the decision a couple months ago to offer these services to our residential clients too. If you are unfamiliar with what property management consists of, here is a list below. If you have an investment property, you may want to visit our property management site for more information and contact us to discuss your situation. Here is a link to our property management specific site which is branded under the name AZ Property Management Group. http://www.AZPropertyManagementGroup.com

PROPERTY MANAGER DUTIES

  • Property Marketing
  • Tenant Screening- Credit and Background
  • Maintenance items upon tenant report
  • Property Inspections
  • Rent Collection
  • Monthly Financial Reports
  • Payment of city taxes
  • Evictions

Our full service property management services allow the home owner to be totally hands off and not be troubled by the traditional headaches from tenants. Property owners with a full service property managers can put the work in the hands of professionals with the tools and systems and simply wait for their direct deposit each month. It’s less stress and will protect your investment.

If you or someone you know has residential rental properties that may need a property manager, please let us know!

 

Election Year-What About The Housing Market?

December 5th, 2016

As you know there have been lots of news about our economy with the change in the presidency. Housing plays a huge role in the economy so we are likely to see lots of changes in 2017. There may be lots of changes that can indirectly effect housing, this blog outlines just a few things we see in the present news that will impact us in the very near future.

Interest Rates:
Bonds continue to see yields increase. Rising bond yields contribute to higher mortgage rates. If you are considering buying or refinancing, you should strongly consider doing it sooner than later.

FHA LOAN LIMITS to Increase:
The National FHA maximum loan limits will rise to $275,665 in 2017. This is not a huge surprise due to the median home price increase. See more information on the HUD website, here.

Fannie and Freddie have increased the maximum conforming loan limits to $424,100 in 2017. This is the first increase since 2006, which is a great sign.

Additionally we are hearing from our friends in the lending business that there are some upcoming loan programs that will be favorable for those unable to get loans at this time. Lenders loosing the requirements just a bit will be great for housing.

If you’d like to discuss your options, please contact us, we’d be happy to assist.

PHOENIX WEST VALLEY MARKET REPORT BY CITY- OCTOBER 2016

November 15th, 2016

How’s the Market? Here is the October 2016 West Valley Market Report. Holding steady and strong! Home values continue in a nice upward direction. Inventory levels have continued to stay steady in a Sellers Market. Avondale continues with very low levels of homes for sale, pushing them to have the second highest price increase year to date. Litchfield Park reporting double digit price increases in October putting them at 11.96% increase in home prices over last year. Historically low interest rates, cooler temps and winter visitors should continue to keep things moving in the right direction! Its a great time to be a homeowner in AZ!

 
Follow us on Facebook or subscribe to our website to see what cooler temperatures of Fall bring to our market.

Thinking of Selling? Contact us directly If you would like a more detailed Market analysis on your neighborhood or home value.

PHOENIX WEST VALLEY MARKET REPORT BY CITY- OCTOBER 2016

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