Tuesday, October 13, 2020 / by Vyral Marketing
Here’s a look at the market index that may show the future of our real estate market.
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It’s no secret we’re entrenched in a seller’s market, but lately many people have been asking, “What would it take for housing prices to drop?” To answer this question, let's take a look at some of the factors that will play a huge part in determining the future of our Phoenix area real estate market.
At 0:46 in the video above, you’ll see a chart that’s probably the best indicator of what we can expect for future pricing—the “Cromford Market Index as a Predictor of Future Annual Price Appreciation” model. On this chart, the black line represents the leading indicator (the Cromford Market Index itself), while the blue lines represent the actual appreciation rate (i.e., the percentage by which housing prices changed from year to year or m ...
Friday, April 20, 2018 / by Rob Hale
The seller's market story continues, but there is more going on in this real estate market than meets the eye.
Have you ever heard of iBuyers? These are tech-driven real estate investors, like Opendoor and OfferPad, that are absorbing more of the market share. Their total sales dollars have increased 14 percent over the last year. Other investing companies are also buying up properties. This is one of the reasons supply is so low right now.
These companies are responsible for a growing amount of purchases throughout the valley. They bring cash offers and promise a quick and hassle-free transaction. Sounds great, right? Well then how about an even higher cash offer, that also comes with a quick and hassle-free transaction. That is what we can bring you.
We have had several clients come to us recently after getting a purchase offer from one of these iBuyers. They wanted to check and see how these offers would compare to what we could do for them. We are happy t ...
Thursday, March 8, 2018 / by Rob Hale
If selling your house is a possibility anytime soon, then you should be thinking about what to do to prepare.
Working with sellers is definitely one of our specialties, so we have many clients who reach out when they are ready. When we sit down and talk through the numbers, they are often surprised when they learn how much more money they can get if they do at least a few simple updates. Most of them end up taking some of our advice by changing paint, flooring, landscaping, etc.
However, it always makes me a little sad to see people go through the work and investment just in time for someone else to enjoy it. But every once in a while, I come across a savvy client who made the updates with enough time to enjoy before selling!
The lovely Queen Creek home pictured below is a great example. Using some of our advice, the sellers updated the home about two years ago, and it is still in pretty much perfect condition. It shows wonderfully, and looks as though they f ...
Tuesday, February 20, 2018 / by Ellie R.T.
Today is #TransformationTuesday, and we wanted to give you a break from all the before and after shots of your diligent friends who have been hitting the gym. Just feast your eyes on this 6,000 square-foot Mesa mansion that has undergone some change before recently hitting the market. It's fun to watch, whether or not it's in your price point.
This home is a great example of how a face lift (guided by your dedicated seller experts... hint...that's us) can do wonders, even when we are in this strong of a seller's market.
Speaking of the market, here are some current trends to note*:
Total sales for homes over $500,000 was up 25 percent from this time last year.
Supply is still very low, leading to continuously climbing prices.
The monthly median price is $249,900 (a peak not seen since Sept. 2007).
The price per square foot continues to increase as well, especially in the southeast valley.
If you want to capitalize on these peaking prices, reac ...
Thursday, January 11, 2018 / by Ellie R.T.
We advised buyers who were on the fence one year ago that if they were planning on buying within the next couple years, they should do it sooner because prices would continue to rise for the foreseeable future.
At the dawn of 2018, we have the same guidance. In fact, it's even more urgent than one year ago. The market is in an interesting predicament as we start the new year. Supply is extremely low, and this typically means one thing for prices: ↑ ↑ ↑
Here are numbers to give you an idea of what the market is doing:
Active listings are down by nearly 14 percent from one year ago (and 9 precent from last month)*
Average sales price per square foot is up 8 percent from last year (while general inflation has stayed the same)
Other factors add to the urgency, including rising interest rates.
So what does this mean for you?
Buyers: If you are in the market, you should probably put the pedal to ...