What’s Going on in the Real Estate Market?

Realtor.com has predicted the Phoenix metro area will be the healthiest and hottest market in 2017!

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According to Realtor.com, in 2017, the Phoenix metro area will be the healthiest and hottest market in the country!

What factors put our market above the rest? For starters, we’ve had a nice steady stream of sales. We also have a tighter inventory, tighter new home sales supplies, and a steady increase in prices. Additionally, our foreclosure rates have dropped to record lows, which is something the Phoenix market has needed for a long time to get back on track.

Many of the homes here in Phoenix are owned by out of state investors, and we do expect to see some of those come on the market in 2017. However, there are a few things you should know if you are a Phoenix resident and want to sell your home.

It’s going to be a great market to jump into.

It’s very important to make sure your home is in tip-top shape. Although we don’t have that much inventory, I’ve found that buyers don’t really have a sense of urgency. They are okay with where they’re at, but of course would move if they found a home that more closely fit their needs. However, they are not afraid to wait out the market to find that perfect home. So, if you are looking to sell, make sure your home is market ready.

Interest rates are still historically low as well, so whether you are looking to buy or sell a home, it’s going to be a great market to jump into.

If you are looking to buy or sell your home, or if you have any questions about our market, feel free to give us a call or send us an email. We would be happy to help!

Be Prepared for the Phoenix Real Estate Market Shift

If you’re involved in buying or selling property in Phoenix, you’re going to want to be prepared for the market shift ahead.

A market shift is much different than a market crash; we won’t be experiencing anything in the market like we did in Phoenix during 2005 to 2009. A market shift means that we can expect longer days on market and tougher sales for home sellers. If you’re thinking of selling your home, you’ll have to employ some new strategies for the times ahead.

If you’re thinking of buying a house, it’s important to note that we are expecting interest rates to rise in the near future. So far, it looks like the market is looking healthy, which means that the Federal Reserve will probably increase those rates soon. Higher interest rates mean higher mortgage payments, so don’t wait for those rates to rise.

If you’re really intent on buying or selling real estate, make your move now. The market tends to soften as soon as kids go back to school in the fall, and will only continue to soften into the winter months.

Don’t wait for the market to shift — make your move now!

Though buyers may have a bit more of an advantage during this time, we in Phoenix will not be hit as hard as other markets due to our healthy employment numbers and generally balanced real estate market. Sellers in certain price points, however, may find it more difficult to sell as this shift approaches.

If you’d like any more advice on preparing for the Phoenix real estate market shift, please give us a call or send us an email for a free consultation. We’d be happy to help you!

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!

What Happened This Past Quarter in Phoenix Real Estate?

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Today, I’m discussing an update for the first quarter in the Phoenix housing market.

We experienced a successful start to 2016, which we expected. We had more sales, despite the lack of inventory available. The number of listings slowly climbs. The average days on the market rests around 85 days right now. This data is specifically relevant to single family homes.

With that, my average for days on the market is currently between 20 and 30 days! We have a special plan to prepare properties for the market to achieve this.

As we approach the second quarter, we enter the busiest season of the year in real estate. We have a lot of families looking to relocate, moving in and out of Phoenix, and wanting to change school districts. We expect this season to be extremely active. This means there are a lot of buyers out there looking for their dream home.

If you’d like to sell, be proactive and bring in a professional. Prepare your entire property before going ahead and listing. At Rother Real Estate Group, we do everything we can to help sellers prepare for the market.

Other than that, we will continue to have a strong market. It’s time to act. If you’re thinking about buying or selling a home in the surrounding area, give me a call or send me an email. I’d be happy to answer your questions about this topic or more!

Is Phoenix a Buyer’s or Seller’s Market?

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Want to buy a home? Search all homes for sale.

Today we’re going to discuss the real estate market here in Phoenix. One question we get a lot is: “Are we in a buyer’s market or a seller’s market?”

Well, it depends on where you’re located. To be truthful, it’s a little bit of both. However, in most areas we are in a bit of a seller’s market because our inventory is so low. However, homes that are overpriced are just sitting on the market and not selling. The housing inventory in Phoenix has started to decline, but we are anticipating we will get some more selection in the near future as more sellers enter the market.

One more important thing to note is that interest rates recently went up. The Fed decided to slightly increase rates this December, which is something that we’ve been expecting for a while. This slight increase shouldn’t stop you from buying a home because interest rates are still extremely low compared to historical averages. 

So, what does all this mean for buyers and sellers? It’s time to get off the fence! If you’re selling, you need to price your home correctly in the market if you want to sell quickly. For buyers, now is the time to make your move because interest rates are only going to go up more in the future. 

If you have any questions, or are thinking about buying or selling in Phoenix, give us a call or send us an email. We look forward to hearing from you!