Market Report for Phoenix at the 2016 Midway Point

With the first half of the year in the books, it's time for our midyear 2016 Phoenix real estate market report.

Our average days on market has gone down by 10 days to 75. That average is a bit longer than we'd like but it’s heading in the right direction, which is great news. This is our busy time of year, so this is pretty normal. In the third quarter, it may be different as the market slows. It truly depends on the area.

The market right now is generally excellent for both buyers and sellers. There are areas in the Valley that are more of a seller's market, where homes that are maintained, staged well, and priced properly fly off the market with multiple offers. Many people aren't as fortunate with homes that aren't prepared for the market or priced well, and they're the ones experiencing excessive days on market. There are plenty of buyers out there, so you shouldn't have this problem. Sellers who present their homes in the best condition possible will sell them fast.

Any receipt or invoice should be kept.

Additionally, pricing has been a major factor for the last few years. In some neighborhoods, pricing just $10,000 too high will keep you from getting showings, no matter how beautiful the house is. This has remained true until today. If you're looking to buy or sell, pricing your home properly is crucial, and that's why you need an experienced, qualified professional to help you find that price point.

Finally, I want to wrap up with a reminder that for sellers, inventory is still low, which creates more demand for your home. For buyers, interest rates are phenomenally low. If you have any questions, please don’t hesitate to reach out to me. I look forward to hearing from you!

Keeping Good Records Is Key to a Smooth Home Sale

In the past few years, I’ve noticed more and more homeowners not being able to locate documentation from a major repair they did on their home. This has turned into a major problem that's caused a lot of sales to fall through.

When you make repairs or improvements to the home you are living in, even if it’s just a coat of paint, it’s important to document it. Any receipt or invoice should be kept so you are able to have it handy when curious buyers arrive.

Any receipt or invoice should be kept.

The more things you document, the more items you’ll be able to list in your seller’s disclosure. The bigger your seller’s disclosure is, the more comfortable the buyer will feel about purchasing your home going forward. For any electronic receipts, you should document those in a cloud-based system, where they won’t be lost. Doing this is critical to making sure your home is marketed and sold effectively.

I hope these tips will be able to help you out in the future. If you have any questions for me, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.

Why You Need a Realtor When Buying a New Phoenix Home

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Buying a new home is a fun and exciting process. You can customize every inch of your home and pick out every single detail. While there are many benefits to buying a newly-constructed home, there are some things that you need to be aware of.

For instance, you will need a Realtor to assist you. You cannot just walk up to the model homes and step inside. Most of the time there will be a sign saying that you need the assistance of a Realtor to buy a home.

It’s actually always in your best interest to hire a buyer’s agent because the sales agent inside the builder’s office is representing the builder, not you. That means that they do not have your best interest in mind. When you hire a buyer’s agent, that person will fight to get you the best possible deal. It’s not a burden for us to accompany you during showings.

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Would you go to court without an attorney?

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Your buyer’s agent will likely have a relationship already formed with the builder, making it even easier to negotiate and secure a better deal for you. On top of this, I have a background in construction so I can tell you what to expect throughout the process.

It’s important that you never walk into a real estate transaction without representation. It’s like going to court without an attorney or fighting the IRS without a CPA. It’s just not a wise idea.

Lastly, I like to hire a home inspector for my clients eight to nine months after they have moved into their newly-built home just to ensure that everything is up to snuff. Even though the home is brand new, you’d be surprised at how many problems can occur. We also recommend inspecting new homes before you purchase them. There will very likely be one or two things wrong despite how new the home is.

If you have any questions or concerns about purchasing a new home in Phoenix, please don’t hesitate to contact me.

I look forward to hearing from you!