the real estate Advisor
Tips for Speeding Up Your Home Sale
Selling your home is a huge undertaking to begin with, but if the process drags on for months and interest trickles in much slower than expected, it can be frustrating and stressful. To avoid this, there are a few steps you can take to prep your home and sell quickly.
Declutter. Survey your home and store any items that are not essential to the décor of the room. This can include personal photos and mementos, excessive throw blankets or pillows, children’s artwork, vases, lamps, knick-knacks, and more. The cleaner you keep counters, shelves, and mantles, the easier it is for potential buyers to picture themselves in your house.
Paint. A fresh coat of paint on the exterior or interior of your home can go a long way and is one update you can likely do yourself for fairly cheap. Repaint your home with a neutral color, like taupe, cream, or gray, that will allow potential buyers to easily envision adding their own touches to each room.
Availability. Buyers are drawn to sellers who are flexible with showings and can accommodate their schedule on short notice. The more open you are to showing times, the more buyers will see your home and the less likely they are to choose another home before seeing yours.
Photos. First impressions are key, and the first one your home makes is generally through photos online or on flyers and brochures. Investing in a professional real estate photographer can boost interest in your home. They have an eye for design and know how to highlight your home’s strengths and move the spotlight off of any flaws.
Take 5: Type of Mortgages You need to Know About
Before you purchase a home, it’s important to educate yourself of the various types of mortgages you can get so you can make the right decision when the time comes to choose yours.
Fixed Rate. The most popular on the market, a fixed-rate mortgage is ideal for homeowners who expect to stay in their home for many years. With a fixed interest rate and monthly payment, this loan makes it easier to plan your budget year over year.
Adjustable-Rate. This type of mortgage offers a lower interest rate and monthly payment at first, then slowly increases as time goes on. This type of loan can be beneficial for younger home buyers who expect to grow in their careers and make more money in the future.
Government-Insured. There are several types of government-backed mortgages including Federal Housing Administration (FHA) loans, U.S. Department of Veterans Affairs (VA) loans, United States Department of Agriculture (USDA) loans, and more. These programs can help you finance a home if you meet each one’s qualifications.
Conforming. A conforming loan is one that falls within the maximum limits set by government agencies that back most U.S. mortgages, Fannie Mae and Freddie Mac. With this type of mortgage, borrowing costs and required down payment are generally less, but interest rates can be a little higher.
Jumbo. This type of conventional loan applies if the home’s price exceeds federal loan limits. Your credit score generally must exceed 700 and you are required to make a larger down payment. However, it allows you to borrow more money to purchase a more expensive home.
Taking Interior Design Online
The internet is forever evolving how we access goods and services, so why should home décor be any different? Homeowners have a plethora of resources they can look to when searching for décor inspiration online, including blogs, online magazines, and YouTube channels, but the newest fad is online interior design consultants. These online businesses employ professional interior designers and pair them with customers through their online platform.
Focused on flexibility and affordability, the designers interact with clients through phone, instant message, video chat, or a combination of the three. They start by determining their clients’ budget, preferences, and wish list by providing a survey or questionnaire. They also request a home layout and room measurements.
As a final deliverable, the designer recommends furnishings, paint, décor, and more for each room that fits within the homeowners’ budget and providers a rending of the design. Customers then sign off on the full design or pieces of the design. They can request for the designers to purchase the items for them or receive a shopping list to do it themselves. There are a ton of interior design businesses popping up online, including the following:
- Affordable Interior Design has packages starting at $399 for a 2-hour consult.
- Modsy has packages starting at $179 for a total room design.
- Decorist has packages starting at $299 for a total room design.
- Decorilla has packages starting at $449 for a total room design.
- Havenly has packages starting at $169 for a total room design.
Whether you need a complete home makeover or a little inspiration to revamp your bedroom, help from an online interior design consultant can be a convenient, cost-effective solution you are looking for.
April 2019 Maricopa County Market Statistics
Market statistics are for Maricopa County. If you’d like similar statistics for a specific city or neighborhood, just let me know.
Contact me today to schedule a free consultation.
April 2019 Real Estate Advisor Newsletter
the real estate Advisor
How to Save Money While Landscaping
Revamping your landscaping can be a huge undertaking. It takes a lot of time, effort, and money. So how can you give the exterior of your home a facelift without breaking the bank or taking out a second mortgage? There many ways to cut costs on landscaping, including some of Breakthrough Broker’s favorite tips below!
Select perennial plants. Choosing perennial plants over annuals can help reduce both cost and time. These plants continue to bloom year over year with less upkeep so you won’t have to set aside more money for new plants and spend time replanting in the coming years.
Shop at the end of the season. Shop for plants, accessories, mulch, containers, and more towards the end of fall for the best savings. Most garden centers and nurseries are looking to clear out plants and tools before winter so you may be able to save up to 50 percent.
Creatively source materials. Often extra materials can be found at construction sites or other landscapers may be giving them away for discounted prices or even free on Craigslist or Facebook Marketplace. Make sure you look around before paying full price for rocks, wood, gravel, and more.
Use a mix of materials. Building surfaces like pathways or patios can often carry a large price tag for both materials and installation. To reduce costs, consider mixing materials, such as gravel with pavers or concrete with cut stone, to create a unique surface for less.
Keep up maintenance. Taking care of your yard throughout the year can save you from high-cost repairs in the future. Make sure to weed regularly, reduce standing water, keep patios and pathways clean, and paint peeling fences.
Take 5: Hot Home Trends for 2019
With the change in seasons may come the urge for change, whether it be in your habits, activities, clothing, or in your home. If you are looking for a home refresh, look no further than the top hot home trends for 2019. Below are five of our favorites!
Biophilia. One of the largest décor trends this year center around connecting with nature by bringing the outside indoors. Natural materials such as wood and stone paired with ocean blues and various shades of greens or grays are a common theme.
Jewel Tones. Colors such as indigo, emerald green, ruby reds, and sapphire blue are making a statement this year. Whether they are used on walls or for accent pieces and furniture, these colors create a rich, luxurious atmosphere in any room.
Bold Backsplashes. Homeowners are looking to spice up their kitchens by opting for bold colors or graphic tiling for their backsplash. Additionally, there has been a lot of interest in taking the tile from countertop to ceiling, making for a nice feature wall.
Light Wood Flooring. This trend had taken a seat on the back burner for a while but is now back with a vengeance. Homeowners are leaning towards more open, spacious concepts, and light-colored floors help reflect light and create an airy, bright feel.
Painted Ceilings. People are no longer ignoring the ceiling in their home. Instead, they are using it to round out the décor in each room with accent paint colors or eye-catching graphic wallpaper.
What Garage Size is Right for You?
With the constant shift in car shapes and sizes as your family grows on top of storage requirements, ensuring you build the perfect, secure garage to hold everything as your needs change is crucial. But not to worry, we’ve put together a comprehensive list of options to help set you on the right path!
Garage Width: The most common garage layout found on homes is a standard two-car garage. Equipped with a single door, generally 12 to 18 feet wide, that allows for two vehicles of the same or different sizes. An alternative garage layout is a two-car garage split down the middle with a vertical beam and two smaller doors on either side. This is a sleek aesthetic that is visually pleasing but may bump up cost with the required dual door setup and door openers. Another option is a single-car garage that starts at 8-feet wide.
Short vs. Tall: The standard height for garage doors is 7 feet tall, which works perfectly for most vehicles. However, if you have a lifted truck or jeep or have an installed roof rack or cargo carrier, you will need to opt for something taller. Raise the height to 8 or 9 feet to ensure proper clearance.
Door Material: Although it’s not the first thing you think of when building a garage, the door material used can make a big impact. Steel garage doors panels are most popular and start at 1/8-inch thick with no insulation and be as think as 1 1/2-inches thick with a piece a foam in between the layers. Additionally, homeowners can choose wood, glass, vinyl, or fiberglass doors.
April 2019 Maricopa County Market Statistics
© 2019 All data provided by ARMLS
Market statistics are for Maricopa County. If you’d like similar stats for a specific city or your neighborhood, just let me know!
Contact me today to schedule a free consultation.
Real Estate Market Report – March 2019
Real estate market report for the greater Phoenix, AZ metro area.
Or, if you prefer to search by City or <Zip Code>, please select one of those options
Predictions for the Phoenix area Housing Market in 2019
Maricopa County was reported by US Census data to be one of the fastest growing counties in the US, with the highest number in the country for net growth. The annual population increase will continue to keep demand strong and supply low, which is good news for the Maricopa County homeowner concerned about rising home values. However, the market continues to be a challenge for the first-time home buyer, with fewer homes at the lower end of the market.
National Real Estate Statistics
The National Association of Realtors® reported the median single-family home list price in February 2019 was $249,400, and existing home sales. recovering some ground after several months of flat sales, rose 11.8%.
Properties remained on the market for an average of 44 days nationally in February 2019, which was slightly lower than January’s average of 49.
Nationwide the inventory grew by 3.2%, and unsold inventory also rose slightly to 3.5 months of supply.
Housing inventory remains a problem in many areas of the country. According to Lawrence Yun “For sustained growth, significant construction of moderately priced-homes is still needed. More construction will help boost local economies and more home sales will help lessen wealth inequality as more households can enjoy in housing wealth gains.”
Maricopa County Statistics
Pinal County Statistics
Phoenix Metro Area Statistics
In the greater Phoenix metro area serviced by the Arizona Regional Multiple Listing System, ARMLS, the February 2019 median list price average was $264,000, which is 4.5% higher than last February’s median, $252,500. The median sales price is expected to increase in March.
Days on market in the greater Phoenix area in February was 73, down 3 from last February, and down 1 from January 2019.
Inventory is down in the Phoenix metro area from 4.28 month’s supply in January 2019, to 3.63 month’s supply in February. Low inventory is driving price appreciation in most markets within the Phoenix metro area.
Month Year | Median Price | Average Price | Active | Under Contract | Sold | Months Supply | DOM |
Feb-19 | $264,000 | $326,800 | 23271 | 10843 | 6409 | 3.63 | 73 |
Jan-19 | $262,100 | $326,100 | 22903 | 9247 | 5357 | 4.28 | 72 |
Dec-18 | $262,000 | $326,000 | 20694 | 6441 | 6403 | 3.23 | 68 |
Nov-18 | $262,000 | $326,500 | 21477 | 8030 | 6515 | 3.3 | 64 |
Oct-18 | $262,000 | $324,300 | 21742 | 8307 | 7182 | 3.03 | 61 |
Sep-18 | $260,000 | $317,500 | 20200 | 8591 | 6897 | 2.93 | 63 |
Aug-18 | $263,000 | $322,800 | 19822 | 9193 | 8036 | 2.47 | 62 |
Jul-18 | $265,000 | $320,500 | 19755 | 9135 | 8380 | 2.36 | 60 |
Jun-18 | $268,000 | $333,600 | 20357 | 10618 | 9079 | 2.24 | 62 |
May-18 | $265,000 | $331,000 | 20676 | 11630 | 9913 | 2.09 | 63 |
Apr-18 | $ 254,000 | $ 322,000 | 21772 | 12309 | 8990 | 2.42 | 66 |
Mar-18 | $254,000 | $316,400 | 21703 | 12319 | 9402 | 2.31 | 72 |
Feb-18 | $252,500 | $308,000 | 21771 | 12161 | 6911 | 3.18 | 76 |
Jan-18 | $245,000 | $315,300 | 21664 | 10696 | 6082 | 3.56 | 77 |
According to a recent article by Freddie Mac ” “The United States is not building enough housing to meet demand. The current annual rate of construction is about 370,000 units below the level required by long-term housing demand. And after years of low levels of building, a significant shortfall has developed, with between 0.9 and 4.0 million too few housing units to accommodate long-term housing demand. In our latest Forecast, we forecast housing construction to pick up gradually. However, it will still be a year or more before the level of building matches incremental annual long-term housing demand. To bridge the shortfall of total units, the U.S. housing market may need to supply more than 1.6 million units per year. Until construction ramps up, housing costs will likely continue rising above income, constricting household formation and preventing homeownership for millions of potential households.”
Have questions or need a market analysis for your current home? Contact us using the form below, or call 480-748-4079.
March 2019 Real Estate Advisor
the real estate Advisor
March 2019
What You Need to Know About Making an Offer
You’ve narrowed down your wish list, viewed many homes, and finally found your perfect fit. Time to take the leap and make an offer! This can be both incredibly intimidating and exponentially exciting. So how can you throw your hat into the ring with confidence? Here’s what you need to know to make an offer like a boss!
Determine your price limit. Work with your agent to determine if the seller’s listing price is fair based on similar home sales in the area, interest in the home, time on the market, and more. Then, figure out the max offer price you are willing to reach that isn’t too financially taxing and settle on what your starting offer price will be.
Add contingencies. Any home sale generally comes with a set of contingencies that must be met before it can be completed. These can include inspections, repairs, appraisals, and more. These need to be selected carefully, as an offer with too many may be less appealing to the seller.
Set your settlement date. When you submit an offer, you must present a date to settle, generally about 60 days after the purchase agreement is signed. You want to give yourself enough time to meet your end of the contingencies, secure mortgage approval, finalize loan details, and more. If you are the responsible party for a delay, you may have to compensate the seller.
Prepare for a counteroffer. You may be going up against other offers or the seller may negotiate, so it’s best to prepare ahead of time for a counteroffer. But this isn’t anything to stress about. Talk through the best strategies with your real estate agent.
Take 5: Interior Paint Colors for 2019
As a homeowner, you may find yourself getting the itch to mix things up. There are so many options for revamping your home, ranging from remodeling to purchasing a new accent chair. However, if you aren’t quite ready to make a big investment, one of the most cost-effective, do-it-yourself options is to give your home a new coat of paint!
Once you’ve decided to jump into your new project, you’ll need to pick your colors. With so many choices out there, how will you decide? Here are a few unique recommendations for 2019 that we love!
Coral. This warm, lively color adds a fresh pop of color to any room and can be paired with gold accent décor, other warm colors like golden yellow, or even other tones of pink. Living Coral is the Pantone color of the year for 2019.
https://www.pantone.com/color-intelligence/color-of-the-year/color-of-the-year-2019-shop-pantone-living-coral
Gray-Blue. Going for a soothing feel that is still unique in nature? Gray-blue is a calming hue that is not overpowering. Try introducing navy, silver, or dark wood accents that complement the color.
Clay. Create a room inspired by nature by using clay-colored paint for an accent wall. Then bring in tan furniture, live plants, and natural green-colored décor to round out the room.
Hunter Green. Deep green tones are a popular trend because, like clay, it helps bring the outdoors in. The color is gender neutral and pairs well with various metal accents and a large spectrum of other colors, such as blues, yellows, and purples.
Teal. This out-of-the-box hue is a great color choice for a bathroom or bedroom. The cool tone inspires relaxation and pairs great with light brown or pink for a softer look or black or navy blue for a crisp take.
Feng Shui with the Best of Them
Feng shui is the Chinese tradition of balancing your home to achieve benefits and advantages associated with your health, finances, career, relationships, and more.
There are many ways to create good feng shui in your home, starting with your bedroom. Open up the room by moving the bed so that both sides are away from the wall and the headboard is against it. Feng shui best practice also suggests placing it where you will have a clear vision of the door, but never directly in line with it. Next, introduce symmetry into the room with artwork, bedside tables, lamps, and pillows to reflect the balance you want in all areas of your life.
Apply feng shui to the entryway of your home to welcome your guests and allow positive energy to flow in. To do this, commit to keeping it clear of shoes, packages, bags, etc. and use a mirror as décor to open the space and indicate you are expanding opportunities in your life. Additionally, consider purchasing and placing a water fountain in the foyer. Flowing water is known to represent wealth flowing in and diffuses negative ions in the air.
Decluttering is key to implementing feng shui in your home and allowing energy to flow freely. Donate clothing that is not often worn and empty drawers and shelves of things you do not need to rid yourself of the old and make mental room for new things in your life.
These steps are just the starting point for bringing good energy into your home and making it evolve as you do. Happy harmonizing!
February 2019 Chandler Market Statistics
Market statistics above are for Chandler only. If you’d like similar stats for another city or your neighborhood, just let me know!