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As you can see by all the offers on these properties, the competition is very difficult to overcome. However, please contact me to discuss the strategies that may be available to us to help you succeed!!!
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:
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.”
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 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!
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!
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!
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 Market | Change | Price/sq ft | Change | ||
Anthem | |||||
27-Sep | 7 | -66.7% | 295 | 0.7% | |
20-Sep | 21 | -40.0% | 293 | 4.3% | |
13-Sep | 35 | -28.6% | 281 | -0.7% | |
6-Sep | 49 | 40.0% | 283 | -0.4% | Two Week Change |
23-Aug | 35 | 0.0% | 284 | -3.1% | (normally 1 week) |
16-Aug | 35 | 25.0% | 293 | 3.9% | |
9-Aug | 28 | 33.3% | 282 | 1.1% | |
2-Aug | 21 | 50.0% | 279 | 1.1% | |
26-Jul | 14 | -44.0% | 276 | -5.8% | |
19-Jul | 25 | 19.0% | 293 | 3.9% | |
12-Jul | 21 | 50.0% | 282 | 2.5% | |
5-Jul | 14 | 0.0% | 275 | ||
28-Jun | 14 | na | |||
Cave Creek | |||||
27-Sep | 25 | 19.0% | 333 | 3.1% | |
20-Sep | 21 | -16.0% | 323 | -1.2% | |
13-Sep | 25 | 19.0% | 327 | 1.6% | |
6-Sep | 21 | 50.0% | 322 | 0.0% | Two Week Change |
23-Aug | 14 | -33.3% | 322 | -1.8% | (normally 1 week) |
16-Aug | 21 | -25.0% | 328 | 0.3% | |
9-Aug | 28 | -33.3% | 327 | -4.4% | |
2-Aug | 42 | 20.0% | 342 | -2.0% | |
26-Jul | 35 | -37.5% | 349 | 0.0% | |
19-Jul | 56 | 14.3% | 349 | -0.6% | |
12-Jul | 49 | 40.0% | 351 | 7.7% | |
5-Jul | 35 | 0.0% | 326 | ||
28-Jun | 35 | na | |||
Carefree | |||||
27-Sep | 63 | -47.1% | 411 | -11.2% | |
20-Sep | 119 | 0.0% | 463 | -0.2% | |
13-Sep | 119 | 13.3% | 464 | 0.0% | |
6-Sep | 105 | 10.5% | 464 | 8.2% | Two Week Change |
23-Aug | 95 | 13.1% | 429 | -3.2% | (normally 1 week) |
16-Aug | 84 | 3.7% | 443 | -1.1% | |
9-Aug | 81 | 5.2% | 448 | -3.2% | |
2-Aug | 77 | 14.9% | 463 | 7.9% | |
26-Jul | 67 | 26.4% | 429 | 0.0% | |
19-Jul | 53 | 8.2% | 429 | 0.9% | |
12-Jul | 49 | 6.5% | 425 | 1.7% | |
5-Jul | 46 | 418 | |||
28-Jun | na | na | |||
Phoenix | |||||
27-Sep | 21 | 0.0% | 269 | -0.7% | |
20-Sep | 21 | 0.0% | 271 | 0.0% | |
13-Sep | 21 | 0.0% | 271 | -0.4% | |
6-Sep | 21 | 50.0% | 272 | 0.7% | Two Week Change |
23-Aug | 14 | 0.0% | 270 | -0.7% | (normally 1 week) |
16-Aug | 14 | 0.0% | 272 | 1.9% | |
9-Aug | 14 | 0.0% | 267 | -0.4% | |
2-Aug | 14 | 0.0% | 268 | -0.7% | |
26-Jul | 14 | 0.0% | 270 | 1.1% | |
19-Jul | 14 | 0.0% | 267 | -0.7% | |
12-Jul | 14 | 0.0% | 269 | 0.0% | |
5-Jul | 14 | 0.0% | 269 | ||
28-Jun | 14 | na | |||
Scottsdale | |||||
27-Sep | 35 | 0.0% | 416 | -0.2% | |
20-Sep | 35 | 0.0% | 417 | 1.2% | |
13-Sep | 35 | 0.0% | 412 | 0.7% | |
6-Sep | 35 | 25.0% | 409 | 2.8% | Two Week Change |
23-Aug | 28 | 0.0% | 398 | -1.7% | (normally 1 week) |
16-Aug | 28 | 0.0% | 405 | -0.2% | |
9-Aug | 28 | 0.0% | 406 | 1.0% | |
2-Aug | 28 | 0.0% | 402 | -2.4% | |
26-Jul | 28 | 0.0% | 412 | 2.5% | |
19-Jul | 28 | 0.0% | 402 | 0.0% | |
12-Jul | 28 | -20.0% | 402 | 1.0% | |
5-Jul | 35 | 0.0% | 398 | ||
28-Jun | 35 | na |
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)
Residential Real Estate Market Stats by Area | |||||
Median Days on Mrkt | Change | Price/sq ft | Change | ||
Anthem | |||||
20-Sep | 21 | -40.0% | 293 | 4.3% | |
13-Sep | 35 | -28.6% | 281 | -0.7% | |
6-Sep | 49 | 40.0% | 283 | -0.4% | Two Week Change |
23-Aug | 35 | 0.0% | 284 | -3.1% | (normally 1 week) |
16-Aug | 35 | 25.0% | 293 | 3.9% | |
9-Aug | 28 | 33.3% | 282 | 1.1% | |
2-Aug | 21 | 50.0% | 279 | 1.1% | |
26-Jul | 14 | -44.0% | 276 | -5.8% | |
19-Jul | 25 | 19.0% | 293 | 3.9% | |
12-Jul | 21 | 50.0% | 282 | 2.5% | |
5-Jul | 14 | 0.0% | 275 | ||
28-Jun | 14 | na | |||
Cave Creek | |||||
20-Sep | 21 | -16.0% | 323 | -1.2% | |
13-Sep | 25 | 19.0% | 327 | 1.6% | |
6-Sep | 21 | 50.0% | 322 | 0.0% | Two Week Change |
23-Aug | 14 | -33.3% | 322 | -1.8% | (normally 1 week) |
16-Aug | 21 | -25.0% | 328 | 0.3% | |
9-Aug | 28 | -33.3% | 327 | -4.4% | |
2-Aug | 42 | 20.0% | 342 | -2.0% | |
26-Jul | 35 | -37.5% | 349 | 0.0% | |
19-Jul | 56 | 14.3% | 349 | -0.6% | |
12-Jul | 49 | 40.0% | 351 | 7.7% | |
5-Jul | 35 | 0.0% | 326 | ||
28-Jun | 35 | na | |||
Carefree | |||||
20-Sep | 119 | 0.0% | 463 | -0.2% | |
13-Sep | 119 | 13.3% | 464 | 0.0% | |
6-Sep | 105 | 10.5% | 464 | 8.2% | Two Week Change |
23-Aug | 95 | 13.1% | 429 | -3.2% | (normally 1 week) |
16-Aug | 84 | 3.7% | 443 | -1.1% | |
9-Aug | 81 | 5.2% | 448 | -3.2% | |
2-Aug | 77 | 14.9% | 463 | 7.9% | |
26-Jul | 67 | 26.4% | 429 | 0.0% | |
19-Jul | 53 | 8.2% | 429 | 0.9% | |
12-Jul | 49 | 6.5% | 425 | 1.7% | |
5-Jul | 46 | 418 | |||
28-Jun | na | na | |||
Phoenix | |||||
20-Sep | 21 | 0.0% | 271 | 0.0% | |
13-Sep | 21 | 0.0% | 271 | -0.4% | |
6-Sep | 21 | 50.0% | 272 | 0.7% | Two Week Change |
23-Aug | 14 | 0.0% | 270 | -0.7% | (normally 1 week) |
16-Aug | 14 | 0.0% | 272 | 1.9% | |
9-Aug | 14 | 0.0% | 267 | -0.4% | |
2-Aug | 14 | 0.0% | 268 | -0.7% | |
26-Jul | 14 | 0.0% | 270 | 1.1% | |
19-Jul | 14 | 0.0% | 267 | -0.7% | |
12-Jul | 14 | 0.0% | 269 | 0.0% | |
5-Jul | 14 | 0.0% | 269 | ||
28-Jun | 14 | na | |||
Scottsdale | |||||
20-Sep | 35 | 0.0% | 417 | 1.2% | |
13-Sep | 35 | 0.0% | 412 | 0.7% | |
6-Sep | 35 | 25.0% | 409 | 2.8% | Two Week Change |
23-Aug | 28 | 0.0% | 398 | -1.7% | (normally 1 week) |
16-Aug | 28 | 0.0% | 405 | -0.2% | |
9-Aug | 28 | 0.0% | 406 | 1.0% | |
2-Aug | 28 | 0.0% | 402 | -2.4% | |
26-Jul | 28 | 0.0% | 412 | 2.5% | |
19-Jul | 28 | 0.0% | 402 | 0.0% | |
12-Jul | 28 | -20.0% | 402 | 1.0% | |
5-Jul | 35 | 0.0% | 398 | ||
28-Jun | 35 | na |
Residential Real Estate Market Stats by Area | ||||||
Median Days on Market | Change | Price/sq ft | Change | |||
Anthem | ||||||
13-Sep | 35 | -28.6% | 281 | -0.7% | ||
6-Sep | 49 | 40.0% | 283 | -0.4% | Two Week Change | |
23-Aug | 35 | 0.0% | 284 | -3.1% | (normally 1 week) | |
16-Aug | 35 | 25.0% | 293 | 3.9% | ||
9-Aug | 28 | 33.3% | 282 | 1.1% | ||
2-Aug | 21 | 50.0% | 279 | 1.1% | ||
26-Jul | 14 | -44.0% | 276 | -5.8% | ||
19-Jul | 25 | 19.0% | 293 | 3.9% | ||
12-Jul | 21 | 50.0% | 282 | 2.5% | ||
5-Jul | 14 | 0.0% | 275 | |||
28-Jun | 14 | na | ||||
Cave Creek | ||||||
13-Sep | 25 | 19.0% | 327 | 1.6% | ||
6-Sep | 21 | 50.0% | 322 | 0.0% | Two Week Change | |
23-Aug | 14 | -33.3% | 322 | -1.8% | (normally 1 week) | |
16-Aug | 21 | -25.0% | 328 | 0.3% | ||
9-Aug | 28 | -33.3% | 327 | -4.4% | ||
2-Aug | 42 | 20.0% | 342 | -2.0% | ||
26-Jul | 35 | -37.5% | 349 | 0.0% | ||
19-Jul | 56 | 14.3% | 349 | -0.6% | ||
12-Jul | 49 | 40.0% | 351 | 7.7% | ||
5-Jul | 35 | 0.0% | 326 | |||
28-Jun | 35 | na | ||||
Carefree | ||||||
13-Sep | 119 | 13.3% | 464 | 0.0% | ||
6-Sep | 105 | 10.5% | 464 | 8.2% | Two Week Change | |
23-Aug | 95 | 13.1% | 429 | -3.2% | (normally 1 week) | |
16-Aug | 84 | 3.7% | 443 | -1.1% | ||
9-Aug | 81 | 5.2% | 448 | -3.2% | ||
2-Aug | 77 | 14.9% | 463 | 7.9% | ||
26-Jul | 67 | 26.4% | 429 | 0.0% | ||
19-Jul | 53 | 8.2% | 429 | 0.9% | ||
12-Jul | 49 | 6.5% | 425 | 1.7% | ||
5-Jul | 46 | 418 | ||||
28-Jun | na | na | ||||
Phoenix | ||||||
13-Sep | 21 | 0.0% | 271 | -0.4% | ||
6-Sep | 21 | 50.0% | 272 | 0.7% | Two Week Change | |
23-Aug | 14 | 0.0% | 270 | -0.7% | (normally 1 week) | |
16-Aug | 14 | 0.0% | 272 | 1.9% | ||
9-Aug | 14 | 0.0% | 267 | -0.4% | ||
2-Aug | 14 | 0.0% | 268 | -0.7% | ||
26-Jul | 14 | 0.0% | 270 | 1.1% | ||
19-Jul | 14 | 0.0% | 267 | -0.7% | ||
12-Jul | 14 | 0.0% | 269 | 0.0% | ||
5-Jul | 14 | 0.0% | 269 | |||
28-Jun | 14 | na | ||||
Scottsdale | ||||||
13-Sep | 35 | 0.0% | 412 | 0.7% | ||
6-Sep | 35 | 25.0% | 409 | 2.8% | Two Week Change | |
23-Aug | 28 | 0.0% | 398 | -1.7% | (normally 1 week) | |
16-Aug | 28 | 0.0% | 405 | -0.2% | ||
9-Aug | 28 | 0.0% | 406 | 1.0% | ||
2-Aug | 28 | 0.0% | 402 | -2.4% | ||
26-Jul | 28 | 0.0% | 412 | 2.5% | ||
19-Jul | 28 | 0.0% | 402 | 0.0% | ||
12-Jul | 28 | -20.0% | 402 | 1.0% | ||
5-Jul | 35 | 0.0% | 398 | |||
28-Jun | 35 | na |
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)
Residential Real Estate Market Stats by Area | |||||||
Median Dys on Mrkt | Change | Price/sq ft | Change | ||||
Anthem | |||||||
6-Sep | 49 | 40.0% | 283 | -0.4% | Two Week Change | ||
23-Aug | 35 | 0.0% | 284 | -3.1% | (normally 1 week) | ||
16-Aug | 35 | 25.0% | 293 | 3.9% | |||
9-Aug | 28 | 33.3% | 282 | 1.1% | |||
2-Aug | 21 | 50.0% | 279 | 1.1% | |||
26-Jul | 14 | -44.0% | 276 | -5.8% | |||
19-Jul | 25 | 19.0% | 293 | 3.9% | |||
12-Jul | 21 | 50.0% | 282 | 2.5% | |||
5-Jul | 14 | 0.0% | 275 | ||||
28-Jun | 14 | na | |||||
Cave Creek | |||||||
6-Sep | 21 | 50.0% | 322 | 0.0% | Two Week Change | ||
23-Aug | 14 | -33.3% | 322 | -1.8% | (normally 1 week) | ||
16-Aug | 21 | -25.0% | 328 | 0.3% | |||
9-Aug | 28 | -33.3% | 327 | -4.4% | |||
2-Aug | 42 | 20.0% | 342 | -2.0% | |||
26-Jul | 35 | -37.5% | 349 | 0.0% | |||
19-Jul | 56 | 14.3% | 349 | -0.6% | |||
12-Jul | 49 | 40.0% | 351 | 7.7% | |||
5-Jul | 35 | 0.0% | 326 | ||||
28-Jun | 35 | na | |||||
Carefree | |||||||
6-Sep | 105 | 10.5% | 464 | 8.2% | Two Week Change | ||
23-Aug | 95 | 13.1% | 429 | -3.2% | (normally 1 week) | ||
16-Aug | 84 | 3.7% | 443 | -1.1% | |||
9-Aug | 81 | 5.2% | 448 | -3.2% | |||
2-Aug | 77 | 14.9% | 463 | 7.9% | |||
26-Jul | 67 | 26.4% | 429 | 0.0% | |||
19-Jul | 53 | 8.2% | 429 | 0.9% | |||
12-Jul | 49 | 6.5% | 425 | 1.7% | |||
5-Jul | 46 | 418 | |||||
28-Jun | na | na | |||||
Phoenix | |||||||
6-Sep | 21 | 50.0% | 272 | 0.7% | Two Week Change | ||
23-Aug | 14 | 0.0% | 270 | -0.7% | (normally 1 week) | ||
16-Aug | 14 | 0.0% | 272 | 1.9% | |||
9-Aug | 14 | 0.0% | 267 | -0.4% | |||
2-Aug | 14 | 0.0% | 268 | -0.7% | |||
26-Jul | 14 | 0.0% | 270 | 1.1% | |||
19-Jul | 14 | 0.0% | 267 | -0.7% | |||
12-Jul | 14 | 0.0% | 269 | 0.0% | |||
5-Jul | 14 | 0.0% | 269 | ||||
28-Jun | 14 | na | |||||
Scottsdale | |||||||
6-Sep | 35 | 25.0% | 409 | 2.8% | Two Week Change | ||
23-Aug | 28 | 0.0% | 398 | -1.7% | (normally 1 week) | ||
16-Aug | 28 | 0.0% | 405 | -0.2% | |||
9-Aug | 28 | 0.0% | 406 | 1.0% | |||
2-Aug | 28 | 0.0% | 402 | -2.4% | |||
26-Jul | 28 | 0.0% | 412 | 2.5% | |||
19-Jul | 28 | 0.0% | 402 | 0.0% | |||
12-Jul | 28 | -20.0% | 402 | 1.0% | |||
5-Jul | 35 | 0.0% | 398 | ||||
28-Jun | 35 | na | |||||