Looking Ahead by: Diane Simpson, Realtor and Verrado Resident

Riley Course view

“Phoenix Valley is forecasted to be the Top Housing Market in the U.S. for 2017”,
Realtor.com and BankOne forecasted this great news recently. The Phoenix Valley is in a healthy state with foreclosures down and new home sales on the rise. They are also predicting that the home prices will increase 5.9% and home sales will come up by 7.9% this year. This gives the Phoenix Valley the highest projected increase in sales in the US.

BankOne gives Metro Phoenix an overall score of 8-9 out of 10, relating to a healthy Real Estate Market. With this forecast of a healthier market, the interest rates will most likely increase a little. Although we will not likely see prices increase at a very rapid pace as they did a few years back, it does look like the Phoenix area is recovering at a nice pace. So the time to buy looks to be sooner rather than later.

Our projection was that Verrado would be the community in the West Valley to recover the fastest after the market fell so low, we are seeing the results of that every day.

The rental market is shrinking with less and less homes for lease, driving the leasing prices up. At this point, you can purchase a home and your mortgage payment will be less than your lease payment. This is creating more buyers for your home if you are considering selling and making a move. Investors are selling the homes that they have held (due to the climb in home prices), often leasing to some that had lost their homes to foreclosure or short sales. These people are now ready to buy homes again and take advantage of their improving credit. Contact a realtor for an in-home comparison if you are considering selling and if you are ready to consider looking for a home to purchase.

When is the best time to sell your home – by Tim Klimek, Associate Broker/Resident

The age old question, when is the best time to sell your home? Spring? Summer? Fall? Winter? Arizona and the metro Phoenix area are much different than the rest of the country, here it’s a question between Hot, Hotter, and Hottest! In the Verrado community, the data has consistently identified the 2nd Quarter as the most productive in residential home closings up 27% in 2016. What does this mean? If you take into account a typical transaction closes on average between 30-45 days from purchase, does it surprise you the month with the most home closings in Verrado is JUNE? It shouldn’t and here’s why.
Buyers in today’s market are smart, they’re educated and they know what they want well before they make a purchase. The average Buyer is looking at hundreds of homes on the internet long before they step into the first home to view or contact a Realtor. With that being said, the average Buyer is now searching for a home longer. Let’s not forget about the many Snowbirds that enter our State starting in the Fall. These Buyers are also taking their time when purchasing, they likely already have a vacation rental for the season. The impact is a shift in the majority of home closings from five years ago in the first half of the year Q1 and Q2, to the middle of the year in Q2 and Q3. In summary, to avoid Days on Market, which have increased from approximately 90 days in 2010 to 120 days in 2016, the best time to get your home ready for market is between October and January. The data also suggests that sales are trending later into the selling season, with the majority of home sales occurring April through June. There does tend to be a spike in activity and sales starting in December with many visitors coming to Arizona to enjoy our incredible weather, escaping the harsh winters of the East Coast and Midwest or even the Pacific Northwest.
Finally, the real answer to when you should list your home is, PRICE. If you price your home accurately, with the help from your Realtor, the home has a much greater probability to sell under the average Days on Market than homes that are priced over market value. There are several important variables to consider when listing your home but PRICE is #1. If you have TRUST in your Realtor and follow his/her advice when pricing your home, you will get it right the first time which will lead to a timely sale and smooth transaction.

21027 W. Caroline Lane – Buckeye, AZ

This beautiful home is in absolutely pristine condition. Move in ready just for you. Features include:

  • Breakfast bar, tons of cabinet space & large island in kitchen
  • Large walk-in pantry
  • There are three bedrooms and 2 bathrooms
  • Open floor plan
  • Full master bedroom suite with generous walk-in closet
  • Family room has a sliding glass door to the back patio
  • Blinds on all windows
  • Backyard is enclosed with entry gates on both sides of the home

    Enjoy wide-open spaces and expansive panoramic mountain views while relaxing on your covered porch.