Dale Samar – Real Estate – PGA Life Member

Your GOLF LIFESTYLE Professional™

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National Home Market Update – Feb 2022

Upward Trend in Annual Home Price Appreciation Continues

From RISMedia Staff article Feb 1:

Consumer demand coupled with low residential inventory created one of the hottest housing markets in decades last year. It was a record-breaking year for home price growth. According to new data from CoreLogic’s Home Price Index (HPI) and HPI Forecast for December 2021, price appreciation averaged 15%, up from the 2020 full year average of 6%. Home price appreciation began 2021 at 10% in the first quarter, steadily increasing and ending the year with an increase of 18% for the fourth quarter, according to the report.

While there have been concerns about a housing bubble, the CoreLogic Market Risk Indicators suggest a small probability of a nationwide price decline, and points to the larger likelihood that a fall in price will be limited to specific, at-risk markets.

Nevertheless, the CoreLogic HPI Forecast shows the national 12-month growth slowing over 2022. During the early months of the year, it’s projected to remain above 10% while decelerating each month to a 12-month rise of 3.5% by December 2022. Comparing the average projected National HPI for 2022 with the previous year, the CoreLogic HPI Forecast shows the annual average up 9.6% in 2022.

Key findings:

  • Nationally, home prices increased 18.5% in December 2021, compared to December 2020. On a month-over-month basis, home prices increased by 1.3% compared to November 2021.
  • In December, annual appreciation of detached properties (19.7%) was 5.5 percentage points higher than that of attached properties (14.2%).
  • Home price gains are projected to slow to a 3.5% annual increase by December 2022.
  • In December, Naples, Florida, logged the highest year-over-year home price increase at 37.6%. Punta Gorda, Florida, had the second-highest ranking at 35.7%.
  • At the state level, the Southern, Southwest and Mountain West regions continued to dominate the top three spots for national home price growth, with Arizona leading the way at 28.4%. Florida ranked second with a 27.1% growth and Utah followed in third place at 25.2%.

What it means:

“Much of what we’ve seen in the run-up of home prices over the last year has been the result of a perfect storm of supply and demand pressures,” said Dr. Frank Nothaft, chief economist at CoreLogic, in a statement. “As we move further into 2022, economic factors–such as new home building and a rise in mortgage rates—are in motion to help relieve some of this pressure and steadily temper the rapid home price acceleration seen in 2021.”

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IMPORTANT REPAIRS BEFORE YOU LIST

When you’re getting ready to list your home, it’s of the upmost importance to ensure you are showing it in the best light. Taking time to highlight its strengths and fix up some of its possible weaknesses can make a big difference in how fast it sells. Here are my top recommended repairs to make before selling your home.

Repaint walls.

Giving your home a fresh coat of paint is one of the most cost-effective ways to spruce it up, and generally, it can be a do-it-yourself project or ask me for a referral and let the pros take care of it. Make sure cover any walls with scratches and chips and consider updating any accent walls with a more neutral coat.

Repair floors.

Hardwood floors are a very desirable feature in a home, so you want to ensure they look their best by fixing scratches or dull areas. If your carpet is worn or stained, consider replacing them. And don’t forget the tile in your kitchen or bathrooms. Re-grouting can have a huge impact on appearance! Or, it can also make a huge difference to update tile flooring if it is more than 5 years old. I’d be happy to take a look at it for you.

Updating Bathroom wall tile and kitchen backsplashes can also add value to your home. Arizona had a lot of homes built in the early 2000s but most haven’t been updated – your home will stand out if it is professionally updated.

Refresh the landscaping.

Show buyers your home is the full package by dressing up the outside as well as the in. Clean walkways and driveways, plant seasonal flowers and plants, trim hedges and trees, install outdoor décor pieces (and remove them if they are old and weathered or if you have too many) Refreshing gravel can really improve a first impression of both the front and back yard.

Fix your fixtures.

Leaky faucet? Rusted drains? Loose drawer handle? Making these small fixes can make a big difference to potential buyers. Improve your kitchen. An outdated kitchen can really detract from the value of a home. Updating cabinetry, replacing countertops, and installing new faucets and sinks may be worth the investment as they show the home has been well maintained and updated.



STAGING STRATEGIES FOR YOUR ARIZONA HOME

Properly Preparing Your Home for Sale Can Help It Sell More Quickly and for More Money

Staging your home is all about putting the best foot forward for potential buyers. By highlighting its most desirable features, you can draw more interest for your home and leave a lasting impression that is sure to help you sell it more quickly. Here’s what you should keep in mind as you prepare for your next open house or viewing!

  1. Help them visualize it as their own. Make it easier for buyers to imagine themselves making your house their home by removing personal memorabilia, knick-knacks, and photos. Instead replace them with simple décors, such as paintings, nature images, and plants.
  2. Think sleek instead of comfy. Modern-day buyers are leaning toward modern, crisp, clean interiors over comfy, homey looks. When staging your home, keep a minimalist mindset, and incorporate bright colors and metal accents.
  3. Deep clean the small spaces. It’s obvious to say you should clean your home before viewing, but don’t forget to cover your bases by deep cleaning the small spots. Take time to scrub porous areas like grout that may hold on to stains and baseboards where small pet hairs and dust love to cling.
  4. Spruce up your landscaping. The first impression your home gives to potential buyers is its exterior. Ensure you have a freshly mowed lawn, neat hedges and shrubbery, bright flowers, and a clean driveway.
  5. Set the mood. A home is so much more than just the way it looks, so you need to appeal to the other senses. Prior to having potential buyers over, set the mood by burning delicious smelling candles and selecting an upbeat, happy soundtrack to play in the background.


Wine Storage in Arizona Homes

Wine Cellars have become much more popular in many luxury homes in Arizona (although cellar should probably be replaced with room) – not as many basements here. However, whether you have a wine room or just a wine cooler and storage area, there are many ways to keep your wine collection safe!

Tips for Storing Wine at Home

If you are a big wine connoisseur or just saving a few bottles to crack open on special occasions, it’s important to understand how best to store them safely until you’re ready to partake. Follow the guidelines below!

Temperature

To ensure each wine bottle maintains the proper flavor and aroma, storing it at the correct temperature is essential. Regardless if it is red, white, or sparkling, storing your bottles at 53°F to 57°F is most ideal. Keeping your bottles in a room where the temperature is much warmer than that may cause the flavor to become flat. Keep your wine in the dark and away from direct UV rays as much as you can to protect the wine’s flavor.

Moisture

Controlling the humidity in the room is important if you plan to store bottles for more than a couple of years. The ideal humidity for storage is between 50 to 75 percent and anything below that could cause the corks to dry out, letting air seep into the bottle.

Positioning

Generally, it is advised to store wine bottles on their sides. This allows the wine to stay up against the cork which should aid in keeping it from drying out. However, if you don’t plan to store the wine for long or if the bottle has a screw top or plastic cork, this is not required for safe storage.

Timing

Not all wine is designed to have a long shelf life or be aged. Make sure you know what the winemaker’s intention was for that particular bottle. It is always better to open it a little early and enjoy it!


Scottsdale-North Phoenix Residential Real Estate Report – 9-27-2021

Market Update – Week of September 27th

Inventory shrank slightly this week and hasn’t changed much over the past 3 weeks. Both buyers and sellers seem to be more confident overall as the market has stabilized a bit. Part of the stabilization may be from some buyers dropping out of the search as the market has priced them out. However, the Phoenix area continues to offer home prices that are below that of many major metropolitan areas so there doesn’t seem to be any indication that the demand will slow in the near future.

The number of homes being sold over list price declined slightly in September thus far with just 46% of homes closing over list vs 49% last month. Additionally, 32% of homes sold for less than list price vs 27% last month.

Residential Real Estate Market Stats by Area
Median Days on MarketChangePrice/sq ftChange
Anthem
27-Sep7-66.7%2950.7%
20-Sep21-40.0%2934.3%
13-Sep35-28.6%281-0.7%
6-Sep4940.0%283-0.4%Two Week Change
23-Aug350.0%284-3.1%(normally 1 week)
16-Aug3525.0%2933.9%
9-Aug2833.3%2821.1%
2-Aug2150.0%2791.1%
26-Jul14-44.0%276-5.8%
19-Jul2519.0%2933.9%
12-Jul2150.0%2822.5%
5-Jul140.0%275
28-Jun14na
Cave Creek
27-Sep2519.0%3333.1%
20-Sep21-16.0%323-1.2%
13-Sep2519.0%3271.6%
6-Sep2150.0%3220.0%Two Week Change
23-Aug14-33.3%322-1.8%(normally 1 week)
16-Aug21-25.0%3280.3%
9-Aug28-33.3%327-4.4%
2-Aug4220.0%342-2.0%
26-Jul35-37.5%3490.0%
19-Jul5614.3%349-0.6%
12-Jul4940.0%3517.7%
5-Jul350.0%326
28-Jun35na
Carefree
27-Sep63-47.1%411-11.2%
20-Sep1190.0%463-0.2%
13-Sep11913.3%4640.0%
6-Sep10510.5%4648.2%Two Week Change
23-Aug9513.1%429-3.2%(normally 1 week)
16-Aug843.7%443-1.1%
9-Aug815.2%448-3.2%
2-Aug7714.9%4637.9%
26-Jul6726.4%4290.0%
19-Jul538.2%4290.9%
12-Jul496.5%4251.7%
5-Jul46418
28-Junnana
Phoenix
27-Sep210.0%269-0.7%
20-Sep210.0%2710.0%
13-Sep210.0%271-0.4%
6-Sep2150.0%2720.7%Two Week Change
23-Aug140.0%270-0.7%(normally 1 week)
16-Aug140.0%2721.9%
9-Aug140.0%267-0.4%
2-Aug140.0%268-0.7%
26-Jul140.0%2701.1%
19-Jul140.0%267-0.7%
12-Jul140.0%2690.0%
5-Jul140.0%269
28-Jun14na
Scottsdale
27-Sep350.0%416-0.2%
20-Sep350.0%4171.2%
13-Sep350.0%4120.7%
6-Sep3525.0%4092.8%Two Week Change
23-Aug280.0%398-1.7%(normally 1 week)
16-Aug280.0%405-0.2%
9-Aug280.0%4061.0%
2-Aug280.0%402-2.4%
26-Jul280.0%4122.5%
19-Jul280.0%4020.0%
12-Jul28-20.0%4021.0%
5-Jul350.0%398
28-Jun35na
Stats from the The First American Title Market Report
Arizona Direct Operations – and the operating divisions thereof, make no express or implied warranty respecting the information presented and assume no responsibility for errors and omissions.

Phoenix Residential Real Estate Stats – September 20, 2021

Inventory was essentially flat this week and there were a mixture of slight changes in price per foot among the outlined areas with Anthem showing the largest jump in price increase. Scottsdale price per square foot is continuing to increase while Phoenix homes prices have been fairly stable during the past couple of months. Overall, many are starting to refer to the market as stabilizing which means there aren’t as many buyers competing for the same homes. However, there are still more buyers than sellers so it is still a seller’s market and there is still very strong demand for the best homes when they become available. This may change as the weather cools and more people start to visit again in the Fall which could add to the demand again.

According to my friends at First American Title, the median home sold last week was on the market for the following: (note: some areas can have greater fluctuation each week due to a low volume of transactions)

  • Area – Median Days on Market
  • Anthem – 21 days – price per foot = $293
  • Cave Creek – 21 days – price per foot = $323
  • Carefree – 119 days – price per foot = $463
  • Phoenix – 21 days  – price per foot = $271
  • Scottsdale – 35 days – price per foot = $417
Residential Real Estate Market Stats by Area
Median Days on MrktChangePrice/sq ftChange
Anthem
20-Sep21-40.0%2934.3%
13-Sep35-28.6%281-0.7%
6-Sep4940.0%283-0.4%Two Week Change
23-Aug350.0%284-3.1%(normally 1 week)
16-Aug3525.0%2933.9%
9-Aug2833.3%2821.1%
2-Aug2150.0%2791.1%
26-Jul14-44.0%276-5.8%
19-Jul2519.0%2933.9%
12-Jul2150.0%2822.5%
5-Jul140.0%275
28-Jun14na
Cave Creek
20-Sep21-16.0%323-1.2%
13-Sep2519.0%3271.6%
6-Sep2150.0%3220.0%Two Week Change
23-Aug14-33.3%322-1.8%(normally 1 week)
16-Aug21-25.0%3280.3%
9-Aug28-33.3%327-4.4%
2-Aug4220.0%342-2.0%
26-Jul35-37.5%3490.0%
19-Jul5614.3%349-0.6%
12-Jul4940.0%3517.7%
5-Jul350.0%326
28-Jun35na
Carefree
20-Sep1190.0%463-0.2%
13-Sep11913.3%4640.0%
6-Sep10510.5%4648.2%Two Week Change
23-Aug9513.1%429-3.2%(normally 1 week)
16-Aug843.7%443-1.1%
9-Aug815.2%448-3.2%
2-Aug7714.9%4637.9%
26-Jul6726.4%4290.0%
19-Jul538.2%4290.9%
12-Jul496.5%4251.7%
5-Jul46418
28-Junnana
Phoenix
20-Sep210.0%2710.0%
13-Sep210.0%271-0.4%
6-Sep2150.0%2720.7%Two Week Change
23-Aug140.0%270-0.7%(normally 1 week)
16-Aug140.0%2721.9%
9-Aug140.0%267-0.4%
2-Aug140.0%268-0.7%
26-Jul140.0%2701.1%
19-Jul140.0%267-0.7%
12-Jul140.0%2690.0%
5-Jul140.0%269
28-Jun14na
Scottsdale
20-Sep350.0%4171.2%
13-Sep350.0%4120.7%
6-Sep3525.0%4092.8%Two Week Change
23-Aug280.0%398-1.7%(normally 1 week)
16-Aug280.0%405-0.2%
9-Aug280.0%4061.0%
2-Aug280.0%402-2.4%
26-Jul280.0%4122.5%
19-Jul280.0%4020.0%
12-Jul28-20.0%4021.0%
5-Jul350.0%398
28-Jun35na
Stats from the The First American Title Market Report
Arizona Direct Operations – and the operating divisions thereof, make no express or implied warranty respecting the information presented and assume no responsibility for errors and omissions.

North Valley Residential Real Estate Stats – Sept 13 – 2021

Residential Real Estate Market Stats by Area
Median Days on MarketChangePrice/sq ftChange
Anthem
13-Sep35-28.6%281-0.7%
6-Sep4940.0%283-0.4%Two Week Change
23-Aug350.0%284-3.1%(normally 1 week)
16-Aug3525.0%2933.9%
9-Aug2833.3%2821.1%
2-Aug2150.0%2791.1% 
26-Jul14-44.0%276-5.8%
19-Jul2519.0%2933.9%
12-Jul2150.0%2822.5%
5-Jul140.0%275
28-Jun14na
Cave Creek
13-Sep2519.0%3271.6%
6-Sep2150.0%3220.0%Two Week Change
23-Aug14-33.3%322-1.8%(normally 1 week)
16-Aug21-25.0%3280.3%
9-Aug28-33.3%327-4.4%
2-Aug4220.0%342-2.0%
26-Jul35-37.5%3490.0%
19-Jul5614.3%349-0.6%
12-Jul4940.0%3517.7%
5-Jul350.0%326
28-Jun35na
Carefree
13-Sep11913.3%4640.0%
6-Sep10510.5%4648.2%Two Week Change
23-Aug9513.1%429-3.2%(normally 1 week)
16-Aug843.7%443-1.1%
9-Aug815.2%448-3.2%
2-Aug7714.9%4637.9%
26-Jul6726.4%4290.0%
19-Jul538.2%4290.9%
12-Jul496.5%4251.7%
5-Jul46418
28-Junnana
Phoenix
13-Sep210.0%271-0.4%
6-Sep2150.0%2720.7%Two Week Change
23-Aug140.0%270-0.7%(normally 1 week)
16-Aug140.0%2721.9%
9-Aug140.0%267-0.4%
2-Aug140.0%268-0.7%
26-Jul140.0%2701.1%
19-Jul140.0%267-0.7%
12-Jul140.0%2690.0%
5-Jul140.0%269
28-Jun14na
Scottsdale
13-Sep350.0%4120.7%
6-Sep3525.0%4092.8%Two Week Change
23-Aug280.0%398-1.7%(normally 1 week)
16-Aug280.0%405-0.2%
9-Aug280.0%4061.0%
2-Aug280.0%402-2.4%
26-Jul280.0%4122.5%
19-Jul280.0%4020.0%
12-Jul28-20.0%4021.0%
5-Jul350.0%398
28-Jun35na
Stats from the The First American Title Market Report
Arizona Direct Operations – and the operating divisions thereof, make no express or implied warranty respecting the information presented and assume no responsibility for errors and omissions.

North Phoenix Real Estate Stats – September 6 – 2021

Market Update – Week of September 6th

The number of single family detached homes has continued to rise slightly with following numbers available as of the 6th:

Total Valley Wide:           6,780 vs. 6,515 two weeks ago

Under $1 million:             5,775 vs. 5,521 two weeks ago

Under $500k:                    3,347 vs. 3,175 two weeks ago

However, buyer demand is still very strong with good homes continuing to go under contract quickly.

According to my friends at First American Title, the median home sold last week was on the market for the following: (note: some areas can have greater fluctuation each week due to a low volume of transactions)

  • Area – Median Days on Market
  • Anthem – 49 days – price per foot = $283
  • Cave Creek – 21 days – price per foot = $322
  • Carefree – 105 days – price per foot = $464
  • Phoenix – 21 days  – price per foot = $272
  • Scottsdale – 35 days – price per foot = $409
Residential Real Estate Market Stats by Area
Median Dys on MrktChangePrice/sq ftChange
Anthem
6-Sep4940.0%283-0.4%Two Week Change
23-Aug350.0%284-3.1%(normally 1 week)
16-Aug3525.0%2933.9%
9-Aug2833.3%2821.1%
2-Aug2150.0%2791.1% 
26-Jul14-44.0%276-5.8%
19-Jul2519.0%2933.9%
12-Jul2150.0%2822.5%
5-Jul140.0%275
28-Jun14na
Cave Creek
6-Sep2150.0%3220.0%Two Week Change
23-Aug14-33.3%322-1.8%(normally 1 week)
16-Aug21-25.0%3280.3%
9-Aug28-33.3%327-4.4%
2-Aug4220.0%342-2.0%
26-Jul35-37.5%3490.0%
19-Jul5614.3%349-0.6%
12-Jul4940.0%3517.7%
5-Jul350.0%326
28-Jun35na
Carefree
6-Sep10510.5%4648.2%Two Week Change
23-Aug9513.1%429-3.2%(normally 1 week)
16-Aug843.7%443-1.1%
9-Aug815.2%448-3.2%
2-Aug7714.9%4637.9%
26-Jul6726.4%4290.0%
19-Jul538.2%4290.9%
12-Jul496.5%4251.7%
5-Jul46418
28-Junnana
Phoenix
6-Sep2150.0%2720.7%Two Week Change
23-Aug140.0%270-0.7%(normally 1 week)
16-Aug140.0%2721.9%
9-Aug140.0%267-0.4%
2-Aug140.0%268-0.7%
26-Jul140.0%2701.1%
19-Jul140.0%267-0.7%
12-Jul140.0%2690.0%
5-Jul140.0%269
28-Jun14na
Scottsdale
6-Sep3525.0%4092.8%Two Week Change
23-Aug280.0%398-1.7%(normally 1 week)
16-Aug280.0%405-0.2%
9-Aug280.0%4061.0%
2-Aug280.0%402-2.4%
26-Jul280.0%4122.5%
19-Jul280.0%4020.0%
12-Jul28-20.0%4021.0%
5-Jul350.0%398
28-Jun35na
Stats from the The First American Title Market Report
Arizona Direct Operations – and the operating divisions thereof, make no express or implied warranty respecting the information presented and assume no responsibility for errors and omissions.

Anthem – Cave Creek – Scottsdale Home Sales Report

Market Update – Week of August 16, 2021

Over/Under List Price for Past 30 days for Single Family Detached Homes in North Phoenix, North Scottsdale, Anthem, Cave Creek, Carefree ($400k – $1million)

(301 closed sales July 16 – August 16, 2021)

Over List Price51.83%
Under List Price26.25%
At List Price21.93%
Percentage of Homes Closing Over – Under List Price – July 16 – August 16, 2021

According to my friends at First American Title, the median home sold last week was on the market for the following: (note: some areas can have greater fluctuation each week due to a low volume of transactions)

  • Anthem – 35 days (up from 28) – price per foot = $293 (up from 282)
  • Cave Creek – 21 days (dn from 28) – price per foot = $328 (up from 327)
  • Carefree – 84 days (up from 81) – price per foot = $443 (dn from 448)
  • Phoenix – 14 days (unchanged) – price per foot = $272 (up from $267)
  • Scottsdale – 28 days (unchanged) – price per foot = $405 (dn from 406)

The median numbers above represent a midpoint but home condition, upgrades and lot size, lot location and views all have a strong influence on value and can vary greatly. Upgrades include updated kitchens, baths, paint color, flooring and outdoor space amenities which often have major influence on values as well.

What does this mean?

The most recent trends on inventory and demand are continuing. Although we had a slowdown in the inventory growth for homes under 500k last week, the growth came back up this week so there are definitely a few more options for buyers. However, the best homes in either condition or location are still selling very quickly while homes that are priced higher than their condition are staying on the market a bit longer. These properties may offer opportunities to purchase below asking price. Overall demand is still strong this summer but maybe not quite as frenzied as it has been for the first 5 or 6 months of the year. However, demand may increase again in the Fall as residents return from vacations and visitors begin to return as well. These factors may make it a good time to buy now prior to Fall.