Metro Phoenix Housing Market News

Homes-for-Sale-Vacaville

According to W.P. Carey School of Business at Arizona State University the Phoenix housing market is unlikely to see a significant boost until next year. They do expect small gains the month of December but nothing significant.

The median single-family-home price went up 5 percent from last September to this September – from $198,997 to $209,900, the report states. However, the report says the median increases happened primarily because fewer sales are now clustered at the lower end of the market, with fewer foreclosures and short sales available.

However the rental home market is red hot, short term vacation rentals and long term rentals are on the rise. Phoenix metro area has a high turnover and a constrained supply of rental homes available. The Phoenix area has already seen a 5.7 percent boost in rents over the past 12 months, the report states.

Construction permits to build new multi-family housing to meet the demand are also on a strong upward trend.

A breakdown of home sales prices

METRO PHOENIX HOME SALES MEDIAN SALES PRICE, SEPT. 2014 MEDIAN PRICE, SEPT. 2013 PERCENT CHANGE
New-home sales $298,396 $279,182 + 6.9%
Normal resales $206,250 $200,000 + 3.1%
Investor flips $177,300 $175,000 + 1.3%
Short sales, preforeclosures $160,000 $144,000 + 11.1%
All sales $209,000 $198,997 +5.5%

 

Buying a Home that NOT for Sale

Contemporary Kitchens in Scottsdale New HomesYou’re ready to purchase a home, but you’ve looked at everything on the market and can’t find the perfect place. You’ve researched the school districts, neighborhoods and nearby amenities, and you know exactly in which area you want to live.

However, anything that comes on the market in that part of town gets snapped up immediately.

It’s time to get creative when it comes to buying a home. Start looking at places that are not currently for sale. You might have driven past your dream home, but you never thought of going the unconventional buying route.

Well, take a look at the tips below to see how you can close on a home without any other buyers knowing.

Look At Previously Listed Homes

Search homes that were on the market, but the owners took them off. Many homeowners let their listing expire and are waiting until the market improves. This is fortunate for you, because you know they are already interested in selling.

Research Online County Records

If you see your perfect home, but you don’t want to just walk up to the door and demand they sell their house, you can find their contact information online. Property records include the owners’ name, address, and, sometimes, their contact information. This will allow you to go through the proper channels of proposing an offer.

Consider A Real Estate Agent

A seller is more likely to take you seriously if a real estate agent brings the offer to them. Agents deal with sellers all the time and will be able to Gage if the homeowners are interested. Call The Partners Team at 623-544-8577

They’ll also be able to tell you the right price to offer and how you should go about it. You’ll also have piece of mind that all the paperwork that comes with buying a home is completed correctly.

Write A Personal Letter

While all the guidelines say to keep personal feelings out of the home selling process, it’s practically impossible. A home is the place where you raise your children and make memories. So write the homeowners a heartfelt letter about how you’d like to build a life in their current house. If they think you’ll care for their place as much as they do, they might entertain an offer.

Offer A Fair Price

Many homeowners are ready to upgrade, but hate the idea of getting their current residence ready to sell. They’d have to clean, clear clutter, stage and keep everything looking spotless until they close the deal — which can be quite a hassle.

So, make it convenient. Offer a price that won’t offend and will have them thinking how this could be a stress-free transition.

Despite Challenges,The Housing Market Continues to Grow

130123074431-housing-construction-monsterRecently, the National Association of Builders stated that the underlying market fundamentals are mixed, but are surprisingly moving in the right direction.

With concerned confidence, the builders across the country still face several challenges that are keeping their enthusiasm in check. Things like Labor and Lot Availability, coupled with credit and building materials prices, are the biggest concerns.

Reasons for the confidence is housing construction continues its nationwide expansion.  In the recent Census and HUD reported Single-Family housing starts increased by 7 percent in August, with all four regions showing consistent improvement. But as a baseline, the West has a growth increase of more than  17.5 percent increase, which led the pack.   See more!