Where Is the Phoenix Market Heading?

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Selling a home? Click here for a FREE Home Value Report 
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The Phoenix market is currently moving forward at a steady pace. In the month of January, we saw 10,888 new listings come on the market, and 4,784 closed transactions. Our market is currently experiencing low demand and low supply. When we sat down to compare January of 2015 to December of 2014, we saw a 1.2% decrease in the average median price and a .6% decrease in average sales price.

These statistics don't necessarily show that we're in a declining market. Rather, it shows a growing disparity between what homes are listed for, and what they're actually selling for. When looking at what's currently pending, we have a whole lot more homes pending right now than we did a year ago, which is always a great sign.

If you have any questions about the real estate market in your particular area, or if you would like real estate assistance of any kind, give us a call or shoot us a quick email. We would love to help you make the most of the Phoenix market!

Where's the Phoenix Market Heading in 2015?

There are many great Phoenix area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home,click here for a FREE Home Value Report so you know what buyers will pay for your home in today's market. You may also call me at (602) 954-4663 for a FREE home buying or selling consultation to answer any of your real estate questions.
Since we already have a full month on the books in 2015, there's no better time to take a look at current market conditions. Where is the Phoenix market heading? Are we off to a promising start? Today, we answer those questions and more!

Right now, the supply of inventory is below normal, but demand is pretty stable. Currently, we have 19,000 active single-family residences on the MLS; about 4,900 of them are on a pending status. This means we have about a four month supply of inventory in Phoenix.

The great news right now is that interest rates are still incredibly low, and we anticipate both supply and demand to increase as we head into the spring market. Another great sign for our market is the fact that new foreclosures are the lowest they've been in the last 15 years. Considering what we've been through, we're feeling very confident about our market in 2015 because of recent trends. 

But the good news doesn't end there.

In 2014 we talked a lot about how strict the lending guidelines were, and how difficult it was for borrowers to obtain a loan. This year, lenders will slowly loosen their guidelines, which should have a very positive effect on our market. If you want a more in-depth analysis, you can view a full market report put together by Michael Orre of the W.P. Carey School of Business.

If you have questions about the report, or if you need real estate assistance of any kind, don't hesitate to give us a call or shoot us an email! We would love to hear from you! 

How Can Knowing About Inspections Make You a More Informed Buyer?

There are many great Phoenix area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Value Report so you know what buyers will pay for your home in today's market. You may also call me at (602) 954-4663 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today, we want to talk about the phase of a real estate transaction called the buyer's due diligence period. This can be a difficult concept to understand; the Residential Purchase Contract for the state of Arizona has over 416 points, 86 of which are focused on the buyer's due diligence! Let's see if we can simplify this a bit.

The average time frame for a home inspection is 10 calendar days. During this time, you have the opportunity to inspect anything that is a material fact to you. These items may include, but are not limited to: heating, plumbing, cooling, mechanical, and electrical items. Home inspections can be up to 100 pages long, as the inspector goes through the home and itemizes any defect of importance they found that may affect your decision-making process. 

Once you make it through the home inspection process, you are going to use the report to make an informed decision on whether you want to move forward with your purchase contract.

If you would like additional information on this process, or have any questions about real estate in general, don't hesitate to reach out to us. We would love to hear from you and assist you in any way possible! Thanks, and have a wonderful day!