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Real Estate Market Statistics May 2014 – Phoenix

May 13, 2014 By Nathan Mitchell

Real Estate Market Statistics May 2014 - Phoenix

Real Estate Market Statistics May 2014 – Phoenix, Arizona

 

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Monthly Home Sales for Phoenix, Arizona May 2014

Real Estate Market Statistics May 2014 – Phoenix Monthly Sales

Homes sales in the Phoenix area are down, predictably, year over year.  This continues to signify a lower buyer demand for homes in the Valley.

New inventory for resale homes

Real Estate Market Statistics May 2014 – Phoenix New Inventory

New inventory for resale homes is down and should start to flatten out as we move closer to summer.

Total inventory for resale homes

Real Estate Market Statistics May 2014 – Phoenix Total Inventory

Total inventory for resale homes remains flat month over month, up almost 50% year over year.

Active inventory vs. homes under contract (UCB)

Real Estate Market Statistics May 2014 – Phoenix Actives vs. UCB

Months supply of inventory

Real Estate Market Statistics May 2014 – Phoenix Months supply of inventory

 

New list prices

Real Estate Market Statistics May 2014 – Phoenix New list prices

Sale Prices

Real Estate Market Statistics May 2014 – Phoenix Sale prices

Sales Price Forecast

Real Estate Market Statistics May 2014 – Phoenix Sales price forecast

Pending foreclosures

Real Estate Market Statistics May 2014 – Phoenix Pending foreclosures

Distressed sales

Real Estate Market Statistics May 2014 – Phoenix Distressed sales

 

Get This Report Every Month

 

While home buying demand is still down, we are seeing fewer and fewer distressed sales each month.  This is a great indication of the real estate market getting healthier overall. 90% of homes sold in the Valley are normal sales.

Average days on the market

Real Estate Market Statistics May 2014 – Phoenix Average Days on Market

We are seeing what appears to be a balancing of the market, with monthly supply staying under 4 months and days on market flattening out.

Buyer demand continues to be a question mark in the current real estate market.  There is definitely potential for a greater influx of home buyers:

  1. Retiring baby boomers
  2. Boomerang buyers (buyers with a previous short sale or foreclosure)
  3. First time home buyers

We can only wait and see what factors will come into play that will help these potential buyers to decide to enter the real estate market and purchase a home.

 

Real Estate Market Statistics April 2014

Filed Under: Blog, Real Estate Market Statistics Tagged With: Arizona, Arizona Homes for sale, Arizona real estate, Distressed Properties, home buying, home for sale in Arizona, home values, Homes Sale Prices, Inventory, Monthly Sales, Pending foreclosures Phoenix, Phoenix, Phoenix Arizona, Phoenix Homes for sale, Phoenix Real Estate, Property For Sale In Phoenix, Real Estate Market Statistics, Real Estate Statistics, Short Sale, Short Sales

How To Find The Best Places To Live In Phoenix

March 27, 2014 By Nathan Mitchell

Best Places To Live In Phoenix

Are you looking for the best places to live in Phoenix?

Has this already happened to you?

You are looking for the best places to live in Phoenix and you receive an email with a newly listed home on the market or you search our site and find a home for sale and it looks perfect!

You’re super excited! The interior photos are beautiful and it has everything that you have been looking for in a home! This could really be the one!

You jump into your car so you can take a look at the exterior of the home and to get a feel for where it is located.

You leave the comfort of your home, expend the gas and time to reach the home, only to realize that the neighborhood isn’t at all what you had hoped for.

You drive all the way back home in utter disappointment.  

It can be hard to find the best places to live in Phoenix.

Don’t wast your time.

We live in a (ever increasingly) fast paced world and your time is precious.

Here at Desert Premier Realty Group, it’s our goal to share as much of our experience and knowledge as possible with you, so that you can be smarter and more efficient than the average home buyer.

1 quick way to find the best places to live in Phoenix.

Here is a tool that many of our clients use to help them get a feel for different neighborhoods in the Valley and help them find the best places to live in Phoenix:

Google Maps – Street View. 

Let’s say that you’ve found a home for sale that you think has potential, but you’re not sure of the geographic area and you definitely don’t know the neighborhood.

Your could jump in your car and drive across town, spending an hour or two in traffic… Wait a minute… Haven’t we been there before?

Best places to live in Phoenix - Peg ManYou are the smarter home buyer.

Just plug the address into Google Maps and select Street View.

Drop the little yellow guy (peg man) right where you want him.

You can have a virtual tour of an entire neighborhood and surrounding area, without having to step one foot outside of your own home.

You can get an instant quick view of the home for sale and get a feeling for whether or not it fits within what you desire.

Now you know how to find the best places to live in Phoenix.

Once you’ve determined how you feel about the neighborhood, you can decide whether or not it’s worth your time to make the trip.

The best places to live in Phoenix are where you decide they are!

Simple, isn’t it?

See below for a quick demonstration of Google Street View.

Opening image above courtesy of Flickr and Jason Paris.

 

Filed Under: Blog, Home Buying Tagged With: Arizona, Arizona real estate, best places to live in phoenix, buy a home, find a home, home buying, Phoenix, Phoenix Real Estate

Out Of Pocket Costs – 1000 Ways To Save When Buying A Home

March 20, 2014 By Nathan Mitchell

Out of Pocket Costs

What out of pocket costs have you planned for your home purchase?

Are you aware of the up front monetary commitment that it takes to purchase a home?

As soon as you get under contract to purchase a home, a specific timeline that is outlined within the purchase contract begins.  There are certain actions that you agree to take within that timeline.

For many, those specified actions include:

  1. Depositing the earnest money.
  2. Performing the home inspection.
  3. Performing the termite inspection.
  4. Performing any other inspections that are important to the home buyer.

There are out of pocket costs that are associated with the above actions.  Let’s take a look at each one.

1. Depositing the earnest money.

Earnest money is part of a home buyer’s  out of pocket costs and is the money that a buyer puts down on a home.  The earnest money signifies the home buyer’s serious and good faith intention of purchasing the home.

When you are under contract to purchase a home in Arizona, the earnest money is due immediately.

Typically earnest money is to be deposited with the title company that is agreed upon.  The amount of earnest money that the home buyer is to deposit is negotiable and typically hovers around 1% of the contract price.

Out of pocket costs - earnest moneyFor example, if the contract price is $100,000 and the earnest money that is agreed upon is 1% of the contract price, then the earnest money is $1,000.  $100,000 x 1% is $1,000.

As you make your plans for your home buying journey, earnest money should be a prime consideration and knowing the potential purchase price of your home ahead of time will be instrumental.

Did you know that depending on your financing, you can receive a gift from a family member to cover your earnest money?

2. Performing the home inspection.

Here in Arizona, the inspection period for the home purchase typically begins upon execution of the contract.  Usually, the inspection period is 10 days, unless otherwise negotiated.

The physical home inspection is almost always the most critical part of inspections. The home inspection will give you a basic understanding of the condition and functionality of the home.  If there are any physical or functional deficiencies or problems with the home, this is when you will find out.

Soon after you are under contract to purchase, the home inspection is ordered.  The cost of a home inspection will vary, depending on the size of the home and what amenities there are, such as a pool, spa, yard watering systems, etc…

For the average home, the out of pocket costs for home inspections can run from $300-$500.

3. Perform the termite inspection.

Out of pocket costs - termite inspectionThe termite inspection will typically be completed alongside the home inspection.  The termite inspection is actually a wood destroying organism inspection.  The inspector will look for any conditions conducive to wood infestation and deterioration.  And report those findings to the home buyer, the title company and sometimes the state.

Termite inspections usually cost the buyer about $65.

4. Performing any other inspections that are important to the home buyer.

There are many other inspections that may be necessary, based on the home and termite inspections.

If the home inspector finds any issues with any of the major systems of the home, such as the plumbing or electrical, they may recommend that you get further evaluations of those systems.

The costs of these inspections can vary and range from an $80 service call on upwards to $250 for a roofing certification.

And Finally…

Although this item isn’t listed above as an inspection, it is one of a home buyer’s out of pocket costs that you must keep in mind.

5. Performing the appraisal.

When you are under contract to purchase a home and you are financing the purchase, your lender will require an appraisal.

An appraisal will assure your lender that they are making a good investment and the value of the home matches the contract price.

The out of pocket costs for home appraisals typically run between $400-$500 and up, depending on the size of the home.

We can help you.

As you can see,  there are several up front, out of pocket costs that home buyers should keep in mind as they begin their home buying journey.

We have extended an excellent opportunity to our online community that can help to put your mind at ease as you evaluate your buying costs.

We have negotiated a fantastic promotion for our online community that encompasses the out of pocket costs for both the home inspection and appraisal.

The Buyer Advantage Program

When you purchase a home with us and use our preferred lender, we will reduce your out of pocket costs by up to $1,000, by paying for your home inspection and appraisal.

We are very pleased to have been able to negotiate this with our preferred lender and are even more excited to make the offer to you.

You may not be ready to purchase a home at this time and we understand that.  For that reason, we have a certificate for you to download and keep safe until it’s time.  Just present the certificate at our first meeting and you will save $1,000 in out of pocket costs on the purchase of your home!

Click here to download your certificate and claim your $1,000 savings!

Filed Under: Blog, Home Buying Tagged With: Arizona Purchase Contract, Arizona real estate, earnest money, home appraisal, home buying, home inspection, out of pocket costs, Phoenix, Phoenix Real Estate, save on out of pocket costs, termite inspection, the buyer advantage program

How To Find Distressed Property For Sale In Phoenix

March 7, 2014 By Nathan Mitchell

We provide you, the home buyer, the tools you need to find a  distressed property for sale in the Phoenix metro area.

Many home buyers may not know that they can look specifically for a distressed property for sale.

Many home buyers may not even know what a distressed property is.

What is a distressed property?

A distressed property is typically a home that is sold under some sort of duress.

That means that the seller may not necessarily want to sell the home.  The home owner, to some degree, is being forced to sell their home.

In many cases, such as with bank owned homes,  the seller may not even want to own the home in the first place.  The bank may have had to take the home back through a foreclosure process and now they must dispose of it.

Why worry about a distressed property for sale?

If you are in the market to purchase a home, then finding out whether or not a home is a distressed property could be very important to you.

For example, if the home in question is a short sale, it’s beneficial to know that because if you decide to purchase the home, you need to know that it may take several months (or more) to negotiate that short sale with the seller’s lender.

That’s not to mention that it might be possible to pick up the home at a discount, because of such a long wait time.

Now you can recognize when a home is a distressed property.

In your search for a home, you may run across a distressed property for sale and not even know it.  So, to help you recognize what properties are distressed, here is a list of names that are very often used:

  • Short sale
  • Pre-foreclosure
  • Bank owned
  • Foreclosure
  • REO
  • Real estate owned
  • Lender owned
  • HUD Owned
  • Fannie Mae owned
  • Homepath owned
  • Freddie Mac owned

Finding a distressed property for sale.

Here is how we recommend finding a distressed property for sale:

  1. Find the zip codes that have distressed properties,  with our Distressed Property Reports.
  2. Use our Multiple Listing Service search tool to quickly find which distressed properties you are interested in.

Below is a step by step how to so you can quickly find a distressed property for sale.

Filed Under: Blog Tagged With: Distressed Properties, Distressed Properties For Sale, Distressed Property For Sale, homes for sale, Phoenix, Phoenix Metro Area, Property, Property For Sale, Property For Sale In Phoenix, real estate

Real Estate Statistics February 2014 – Phoenix

February 11, 2014 By Nathan Mitchell

February 2014 Real Estate Statistics

Real Estate Statistics February 2014

Phoenix, Arizona

 

Home Sales For Phoenix, Arizona February 2014

Real Estate Statistics February 2014 - Monthly Sales

New Inventory – Resale Homes

Real Estate Statistics February 2014 - New Inventory

Total Inventory – Resale Homes

Real Estate Statistics February 2014 - Total Inventory

Active Inventory vs. UCB (Homes Under Contract)

Real Estate Statistics February 2014 - Actives vs UCB

Months Supply Of Inventory

Real Estate Statistics February 2014 - Months Supply of Inventory

New List Prices

Real Estate Statistics February 2014 - New List Prices

Sales Prices

Real Estate Statistics February 2014 - Sales Prices

Real Estate Statistics February 2014

Sales Price Forecast

Real Estate Statistics February 2014 - Sales Price Forecast

Pending Foreclosures

Real Estate Statistics February 2014 - Pending Foreclosures

Distressed Sales

Real Estate Statistics February 2014 - Distressed Sales

Average Days On Market

Real Estate Statistics February 2014 - Average Days on Market

 Click here to see the report in it’s entirety.

Football Is Over, Time To Get Back To Business.

With January at a close, we see some similarities and differences with the more recent historical real estate sales data.  The winter months (Dec, Jan, Feb) are almost always our slowest months across the board in regards to real estate sales here in Arizona.  That has held true for this winter.

Monthly Home Sales Are Down.

Monthly home sales here in the Phoenix Metro area have dipped to 4,797 units for the month of January, which is roughly a 17% drop year over year and nearly a 20% drop month over month.

The drop in monthly home sales indicates a weakening of demand.  Meanwhile, we’re starting to see a rise in new listings (inventory) on a monthly basis.  We have seen a rise in resale home inventory by 11% year over year and nearly 80% month to month, bringing our total real estate inventory to 28,464 units.

Our Supply Of Home Inventory Is Increasing.

When we take the drop in monthly sales and increasing inventory into consideration, we start to see our months supply of home inventory increase.  Most real estate professionals will tell you that the closer we get to 6 months worth of inventory, the closer we get towards a buyers market.  As you can see from the above graphic (Months Supply of Inventory), we have 5.93 months of real estate inventory here in Phoenix.

We are at a balance of the market, if we’re not already in a buyer’s market.

Good News For Buyers.

This is excellent news for home buyers here in Phoenix, Arizona, as more inventory means more choices.  Less demand also means that there is less competition than the average buyer has experienced over the past several years.  That means less offers per home listed – not as many multiple offer situations (on a single home for sale) as we’ve seen in the recent past.

What does this mean for sellers?  Take a look at the new list price graphic:

Real Estate Statistics February 2014 - New List Prices

Time For a Reality Check?

What we’re seeing now, with the jump in new listing inventory is the possibility that these new home sellers are not quite in tune with what the market is up to.  Less demand for homes and rising home inventory, typically are not a good mix.  Home sellers will need to come to terms with the reality of less home buying demand and price their homes accordingly, to be able to get their homes sold at the best price and in a reasonable amount of time.

We are just barely starting 2014 and the real estate market seems to be making a shift.  There is nothing that we can do, except watch to see how this year plays out.  Be sure to stop back frequently to stay informed on the direction of our market.

We are always here to answer your questions, so please ask in the form below.

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Filed Under: Blog, Real Estate Market Statistics Tagged With: Active Inventory, Arizona, Desert Premier Realty Group, Distress Sale, Inventory, Monthly Sales, New Inventory, Phoenix, Phoenix Metro Area, Phoenix Metropolitan Area, Real Estate Statistics February 2014

Real Estate Statistics January 2014 – Phoenix

January 21, 2014 By Nathan Mitchell

January 2014 Real Estate Statistics

 

January 2014 Real Estate Statistics

Phoenix Arizona

 

Monthly Homes Sales for Phoenix, Arizona January 2014

Real Estate Statistics January 2014 Monthly Sales

 New Inventory Resale Homes

Real Estate Statistics January 2014 - New Inventory

Total Inventory

Real Estate Statistics January 2014 - Total Inventory

Active Inventory vs. UCB (Homes Under Contract)

Real Estate Statistics January 2014 - Active Inventory

Months Supply Of Inventory

Real Estate Statistics January 2014 - Months Supply of Inventory

New List Prices

Real Estate Statistics January 2014 - New List Prices

Sales Prices

Real Estate Statistics January 2014 - Sales Prices

Sales Price Forecast

Real Estate Statistics January 2014 - Sales Price Forecast

Foreclosures Pending

Real Estate Statistics January 2014 - Foreclosures Pending

Distressed Sales

Real Estate Statistics January 2014 - Distressed Sales

Average Days On Market

Real Estate Statistics January 2014 - Average Days on Market

 

 

 

 

Filed Under: Blog, Real Estate Market Statistics Tagged With: Arizona, Foreclosure, Home Sale, Homes Sale Prices, Inventory, Market Statistics, Monthly Sales, Phoenix, Phoenix Arizona, Phoenix Metropolitan Area, Price Forecast, Real Estate Market Statistics, Real Estate Statistics January 2014, Sale Price

Phoenix Rentals – Statistics November 2013

November 6, 2013 By Nathan Mitchell

Phoenix Rentals - Statistics November 2013

 

Phoenix Rentals - Statistics Summary Phoenix Rentals – Statistics November 2013

Compiled data from the Arizona Regional Multiple Listing Service.  The median lease price is $1095, the average is $1,263.  The average days on market  is 44.  The Rent Check Quotient™ is derived by dividing the number of leases per month by the number of closed sales, as reported in the Arizona Regional MLS monthly sales report.

 

See the report in it’s entirety here.

 

Phoenix Rentals – Statistics November 2013 – Average Closed Leases

 

Phoenix Rentals - Average Closed Leases

 Closed Rental Units Per Month

Phoenix Rentals - Closed Listings

 

As is typical this time of year, we’re starting to see some softening in the market. If history is a good indicator, we should start to see more movement and closed units starting February 2014.

 

How Much Is My Rental Worth?

Find out what your investment property is worth.  Click here. 

Filed Under: Blog, Real Estate Market Statistics Tagged With: Arizona, Lease Price, Leasing, Phoenix, Phoenix Metropolitan Area, Phoenix Rentals, Rental, Rental Units, Rental Worth, Renting, Statistics, Statistics Summary

October 2013 Real Estate Statistics – Phoenix

November 1, 2013 By Nathan Mitchell

October 2013 Real Estate Statistics -Phoenix

 

October 2013 Real Estate Statistics For Phoenix

 

See September 2013 Real Estate Statistics Here

Monthly Home Sales for Phoenix, Arizona October 2013

October 2013 Real Estate Statistics - Phoenix Monthly Sales

 

October 2013 Real Estate Statistics for Phoenix Arizona:

Monthly homes sales for Phoenix Arizona are down once again.  10.5% month over month and 2.5% year over year.  This is continuing to follow the normal trending for this time of year.

 New Inventory (New Listings)

New Inventory

 Total Home Inventory

Total Inventory October 2013 Phoenix Arizona

 Active Listings vs. Under Contract Taking Backups

Active Homes Versus Under Contract

 Months Supply of Home Inventory

Months Supply of Inventory for Phoenix October 2013

 New Home Listings Prices

New List Prices October 2013 Phoenix Arizona

 Home Sale Prices

Home Sale Prices in Phoenix Arizona October 2013

 Pending Foreclosures

Pending Foreclosures October 2013

 Distressed Home Sales

Distressed Sales Phoenix Arizona October 2013

 Average Days on Market

Average Days on Market

 

 Click here to see the Market Statistics Report in it’s entirety.

 

 

Filed Under: Blog, Real Estate Market Statistics Tagged With: Homes Sale Prices, Inventory, October 2013 Real Estate Statistics, Phoenix, Phoenix Arizona, Real Estate Statistics

September 2013 Real Estate Statistics – Phoenix

September 18, 2013 By Nathan Mitchell

September 2013 Real Estate Statistics -Phoenix

 September 2013 Real Estate Statistics for Phoenix, Arizona

 

Monthly Home Sales for Phoenix

Monthly Home Sales September 2013

September 2013 Real Estate Statistics:

Monthly home sales for Phoenix, Arizona and the metro area are down just over 14.1% month over month.   Home sales are down year over year as well, with a 6.9% drop.  While we don’t like to see home sales fall, this is nothing to be alarmed about yet.  We’ll have to continue to watch the sales numbers in order to see if there is a developing trend.

 New Inventory (New Listings)

New Home Inventory September 2013

As you might expect, inventory tends to rise, as home sales in the Valley start to slow.

 Total Home Inventory

Total Home Inventory Phoenix September 2013

 Months Supply Of Inventory

Months Supply of Home Inventory Phoenix September 2013

Months supply of (home for sale) inventory has risen to 3.03.  Here in Arizona, the Phoenix Metro area, a 6 months supply of inventory is often considered a balanced market.  We are quite a ways away from having  6 months of inventory at this point.

 New Inventory List Prices

New Home Listing Prices Phoenix September 2013

September 2013 Real Estate Statistics: New List Prices

While the year over year numbers for new list prices are up substantially, we’re starting to see a bit of flattening over the past few months.

 

 Home Sale Prices – Phoenix Arizona

Home Sale Prices Phoenix September 2013

Home sale prices are up year over year, we may start to see some flattening and/or softening if sales continue to slow.

 

 Home Pricing Forecast September 2013

Home Sale Prices Forecast Phoenix September 2013

 Pending Foreclosures September 2013

Pending Foreclosures Phoenix September 2013

September 2013 Real Estate Statistics: Pending Foreclosures

Pending foreclosures continue their decline with the overall strengthening of the real estate market.

 Distressed Home Sales

Distressed Home Sales Phoenix September 2013

 Home Sales Average Days on Market – September 2013

Home Sale Days on Market Phoenix September 2013

 

Overall, we’re beginning to see some slowdown in sales as we move into the fall months of 2013, which is typically expected.  We should start to see more slowing, getting into the holidays.  This news can be good for potential buyers who have been taking a “wait and see” approach on whether or not to enter the real estate market.  With the slow down in sales, buyers will begin to see more available homes and will have more potential homes to choose from, without the fear of having multiple offers on every home they see.

See the latest ARMLS STAT report in it’s entirety.  Click Here.


 

Would you like to know what your home is worth?  Click below for a free no obligation market analysis of your home.

What is the Value of My Home

Filed Under: Blog, Real Estate Market Statistics Tagged With: Arizona, distressed sales Phoenix, Foreclosure, Foreclosures Phoenix, Home Sale Phoenix, home sale prices Phoenix, Home Sales Fall, home sales in phoenix, Inventory Phoenix, Pending foreclosures Phoenix, Phoenix, Phoenix Arizona, Real Estate Statistics, Sale Phoenix, September 2013 Real Estate Statistics

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Nathan Mitchell
Nathan Mitchell
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