For Buyers:
The monthly average interest rate rose to 4.64% in December 2018, up 0.69% from the previous December’s 3.95%. For buyers who will purchase at the current median sales price of $260,000, that equates to approximately $100 added to their monthly payment compared to last year.  Buyers averaged 1,845 square feet at this price; nearly 100 square feet smaller than if they had purchased last year.  And, renting may not be a suitable alternative. As single-family homes appreciated 8.1% per square foot, single family lease payments also rose 8.6% during the same time frame. With that, buying is still a good option over renting if only to stabilize one’s monthly housing expense. Sale prices will continue rising in the first half of 2019, but at a slower rate and they’re not expected to decline at this juncture. Instead, buyers may see a little more flexibility from sellers in the form of repairs, closing costs, and possibly interest rate buy-downs in the higher price ranges.
 
For Sellers:
Entering into 2019, the market continues to favor sellers but not nearly as much as it did at the beginning of 2018. Supply is still 34% below normal compared to 36% below normal this time last year.  It’s buyer demand that has shifted as buyers grapple with affordability and concerns about an overvalued market.  Demand at this time last year was measured 1% above normal; today it’s 13% below normal.  While it may feel like a buyer’s market compared to the last four years, it is far from one. Greater Phoenix is still in a seller’s market, however it’s weaker out of the gate.  This means there is still more demand than supply, but multiple offers will not be as common, there will be fewer sales overall and scenarios will vary widely depending on price range.  Demand could change in either direction depending on interest rates, however for the time being buyers and sellers must play the hand they’ve been dealt.  For those wondering if it’s still a good time to sell, the answer is “yes” for now.

Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report
©2019 Cromford Associates LLC and Tamboer Consulting LLC

Phoenix Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

 

 

 

 

5 Things You Need To Know Before Buying A Home
An Important Guide To Your Home Buying Adventure...  

Download this FREE report and discover...

 The unforeseen costs that even the most well prepared buyer may have to deal with 

 What the banks look at before they will give you a loan.

 A quick and accurate calculation to determine what you can REALLY afford. 

 What to  do if you can't afford to put 20% down on a home loan.

 How to be sure the house you're buying is ready to be sold.

Are you planning on buying a home? Then you definitely need to look over this home buyer's guide! These are the 5 most crucial things that you will want to know before you dive into your home buying venture.

The goal here is for you to have your dream home, but don't want surprise circumstances to arise and you to not be aware of them. 

Download this report and learn exactly what every previous buyer wishes they had known before buying their house. 

Just enter your email address in the box to the right and you'll have instant access to download and/or print this very useful report.

Enter Your Email Below And Then Click The Yellow Button For Instant Access!

 

Enter Your Email Address *
Enter Your Name *
Enter Your Phone Number *
 

 

 

Don't Overpay On Your Next Home Purchase
Download Your Copy Now for FREE.. 

Download this FREE report to discover...

 The one very crucial factor that you MUST be aware of before buying.

 How to find out what the other houses in the area sold for so you can compare prices.

 The information that most buyers wish they had known before they made an offer on a home.

 Some proven haggling tips that will help you get the price you want.

 And much more...

Do you want to be able to pay the price you want for the house of your dreams? Then you need to read this report and make sure you have all of your bases covered!

This guide is written especially for you, the buyer, so that you won't make the mistakes that 90% of buyers make in today's market.

You'll be happy you read this short report before you made any offer on any home!

Just enter your email address in the box to the right and you can instantly print your FREE report!

Enter Your Email Below And Then Click The Yellow Button For Instant Access!

 

Enter Your Email Address *
Enter Your Name *
Enter Your Phone Number *
 

June 14, 2019

What to look for in a home inspection in Arizona

What to look for in a home inspection in Arizona

 

Peradventure you have signed an agreement to buy a home, one of the most important things to do before closing the deal is getting a professional home inspection. This is your opportunity to research the property all the more intently and reveal, assuming any, serious issues that should be attended to by the seller before purchasing the home.

 

What's the point in getting an inspection?

Besides waking up one night to find a hole in the ceiling, a home inspection gives you the opportunity to get close and personal with the property, taking note of every single detail, which would then help you to make up your mind on whether you are ready to invest in that property or not. Buying a home should be viewed as a long term project which you don't want to rush into, therefore, every step you need to take that will minimize or totally eliminate future regrets should be taken as soon as possible. By the way, wouldn't you love to use whatever fault you find as a negotiating chip in the whole buying process?

At West USA Realty, we take home inspection to another level by exploring places that the owner and the average inspector wouldn't. Only very few owners check the roof for cracked or broken tiles and leaky supply lines under the sink in the kitchen or in the bathroom. What you get are accurate knowledge of the property and true serenity, and here are the things to look for in a home inspection in Arizona.

 

9 THINGS TO LOOK FOR AT THE EXTERIOR

1. Cracked or broken roof tiles - This is one of the most common issues found when inspecting homes in Arizona, and this is because, unless there's a leak in the roof, most homeowners have no reason to walk on the roof, and therefore, do not notice it.

2. Plumbing - Virtually anything can cause leakage, from broken seals around faucets to damaged or corroded pipes under the sink and in the bathroom. Improper installation and clogging of plumbing vents can also be found during the inspection.

3. Roof valleys can be difficult to clean regularly, and therefore, accumulate debris over time. This is an unpleasant scene which reduces the curb appeal and can damage the roof if left for too long.

4. Check the gate valves properly to ensure that they are in perfect condition. Some of these gate valves are broken and do not completely stop the flow of water when closed.

5. Improper drainage and house grading issues - Take note of the gutters, how well are they positioned? The slope around the house also matters. If the direction of the flow of water is towards the foundation walls of the house, and you think there's every chance for water to pool around the house, that is a negative sign.

6. Check all plumbing cross connections properly, especially garden hoses and the sprinkler supply system. This is to prevent a backflow of water into indoor outlets. This inspection should be taken seriously because the results of backflow can be very detrimental to one's health, and you can risk your family's health in the process.

7. Overgrown vegetation close to the house - This isn't ideal in any way. Besides attracting insects and extending their branches into the house, their roots are filled with moisture, and this can damage the pipes around the house, the walls, and the foundation of the house if left for a long time. Also, if you plan to buy a house with trees around the house, make sure they are trimmed regularly to prevent the same problems.

8. Check for missing GFCI outlets at their required locations - GFCI protection outlets ought to be introduced in wet areas outside the house, for example, in garages and swimming pools. While this was not generally a necessity, it is best to replace or upgrade when necessary.  This makes it on the rundown of regular home inspection issues on the grounds that many homes are old compared to the new ones, and they were built before the need for GFCIs were popular in these areas.

9. Faulty garage door (auto reverse not working appropriately) - Normally, you don't need a lot of pressure to make the door opener to reverse but when you begin to apply an unreasonable amount of force, then you know the garage door is faulty, and therefore needs to be repaired.

 

9 THINGS TO LOOK FOR IN THE INTERIOR

1. Many homeowners try to run the house by themselves without the help of the professionals, and they often do things that fall below the standard, for example, connecting many wires to one breaker in the panel. Most times, when there's the need to connect more than one wire to a single breaker, make sure that breaker is labeled and listed for two wires. 

2. Check the lift tubes on each window. Broken lift tubes don't stand out, and they are not easy to spot. So, It is best to check the lift tubes during the inspection.

3. Weep holes are the little gaps situated on the base edge of storm-window frames, and they serve as drains. There is every possibility for them to get blocked by debris. In the event that they become blocked, they won't be able to function properly, and water can saturate the wood of the ledge, thereby causing it to rot.

4. Check for high-loop at the kitchen sink or the dishwasher, or as an alternative, make sure there's an air gap. This helps water to drain properly.

5. Check the door latches, locks, and all other door accessories to make sure they are in perfect condition.

6. The toilet tanks are sometimes loose, which causes them to vibrate. Make sure they are in good condition and do not require any repair.

7. Also, take note of the flush valves in the toilet. Faulty flush valves cause water to run continuously.

8. Just as you checked for missing GFCI outlets at their required locations outside the home, it is best to check inside the home in places like the bathroom, kitchen and, the basement as well.

9. Check the water heater valves for rusts.

 

July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.