How long can we expect to see home appreciation continue like this?

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Many are happy to see that home prices have appreciated just over 21% in the last year, but the question becomes, “How long will this continue? What signs should we be looking for to know when the market will change?”
First, know that there are around 4,300 listings currently available on the market, where there would normally be around 30,000. That’s a drastic reduction of inventory. With just over 15 days of inventory on the market, that means if no other homes came on the market, we would sell out of everything in about two weeks.
When supply is low, home prices rise because there are more buyers available than there are homes for sale, and people who need to buy a home will pay more in order to outbid competing buyers on the market.
We’ll be watching these trends closely and let you know what w. ...

What do you do when an appraisal comes in lower than the contract price? I'll explain.

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When an appraisal comes in lower than the contract price, we first look for mistakes in the appraiser’s report. Appraisers are very busy, especially in today’s market, and sometimes they might overlook square footage, or the comparables they used might have been inappropriate. People can make mistakes. You can submit a rebuttal when this happens, but it’s rare to get the appraiser to change their opinion of the home’s value. After all, an appraisal is the appraiser’s opinion of the value based on their research.
Often, it’s easier to influence the appraiser’s opinion of value before that opinion has been formed. On our team, we reach out to the appraiser before they visit the property so we can influence them based on data that will help our clients get the best v. ...

Location truly does matter when buying a property, and I’ll share why.

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Today I’d like to discuss a few different ways that a home’s location can make a difference when you’re in the market to buy.
At 0:28 in the video above, you’ll see two different homes that were built by the same builder. They have the same floor plan, with only a few slight changes as far as exterior upgrades go. Chances are that you’d guess one costs more than the other simply because of the better picture. One of the homes was built in Chandler, and the other was built in Gilbert, so they’re within 10 miles of each other. When they sold, one sold for about $100,000 more than the other, and the differentiating factor was the more expensive home’s location.
According to The Washington Post, homes close to a Target sell for 5% more on average than other homes. Forbes said . ...

We believe the holiday season to be a great time to buy or sell.

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Is the real estate market dead during the holidays? Though the real estate market is typically slower during the holiday season, 2020 has surprised us in many ways; if you’re thinking of buying or selling a home soon, we expect now to be a great time to do so. If you sell during the holidays, you have the advantage of adorning your home with holiday decorations to boost its appeal. You can place a Christmas tree in the living room, string some lights along the home’s exterior, etc.
If you’d like to get started buying or selling a home this holiday season or have questions about our Greater Phoenix real estate market, don’t hesitate to reach out to Elite Results Realty. We’d love to help you. ...

Here’s a closer look at whether it’s a better time to rent or buy.

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Today we’re going to take a closer look at whether it makes more sense to rent or buy a home in today’s market. At 0:43 in the video above, you can see that back in the early 2000s, rental rates decreased as home prices rose. Under those conditions, renting was a more attractive option because it was cheaper in comparison to what it costs to buy.
"Rent is only going to go up over time."
If you take a look at what’s happening currently, the price per square foot is skyrocketing, making rental rates spike. The expectation is that the price you’d pay for rent today is less than what you’d pay a year or two down the line because that’s the trend. With a home purchase, you are able to lock in a 15- or 30-year rate so your payment stays the same for the duration of the loan. Re. ...