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The Kirkpatrick Team

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The Kirkpatrick Team

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How is Renting in Phoenix?

(Published on - 4/20/2018 5:46:52 PM)

Rent is high in the Phoenix, Arizona area!

 

According to a study from www.azcentral.com, Phoenix is the 9th more unaffordable city to live in for renters in the US.

 

Workers in the Valley are having a tough time stretching their wages to pay rent. According to this study the average person or family than rents, must use up a week and half to two weeks of their monthly paycheck to pay rent.

 

You might be wondering what kind of places are they renting? They might need to downsize. This statistic is generally based on them renting a typical one-bedroom apartment, according to SmartAsset.

 

So this means they are working the most hours they can in order to affording a living space.

 

This brings me to the discussion of owning vs. renting.

 

 

Owning and renting both have their advantages, but what’s best for you depends on your current circumstances. Owning a home is a financial commitment.

 

Here are some of the benefits of both. As a Realtor, we tend to have more people buy than rent but situations sometimes don’t fit for buying right then.

 

Renting

You pay less up front.

While many landlords ask for first and last month’s rent and security deposit, it is still less than a down payment.

 

Repairs are less.

You may not be able to decorate or personalize your living space as you’d do if you owned it. However, repairs are generally less expensive as your landlord will generally fix things for you.

 

Costs may increase.

Your rent may go up in the future depending on your landlord or market trends.

 

Relocating can be easier.

You don’t have to worry about selling a home if you need to move. Making your life more flexible to move in case of a new job, etc.

 

Owning

Better terms.

Most mortgages require a down payment and with more money down you generally get lower monthly payments.

You also need to pay closing costs.

 

Decorate!

You can update your home with renovations, decorations and personalize it to make it your own. The downside, repairs and maintenance cost you directly.

 

Home Values Fluctuate.

Depending on the market, home values can rise and fall over time.

 

Equity.

You may build equity in a home (market value minus what you owe), which can increase your assets.

 

If you live in the Phoenix area and would like to consider the possibility of owning, we’d love to walk you through the process.

 

Have a great day.



Chris and Dawn

 


Property Values and Property Tax in the Valley

(Published on - 4/11/2018 11:13:25 PM)

If you own a home in metro Phoenix, your latest property valuation has most likely increased.

 

According to Maricopa County Assessor's office, homes values increased almost 7.2% and condominium values climbed almost 10.5% in 2017. Both of these numbers are fairly close to what the increase was in 2016.

 

 

This report from the Assessor's office will determine  how much you pay in taxes in 2019. The reason for this is there is an 18-month delay to give homeowners time to appeal.  You have 60 days to appeal once you get your report from the Assessor’s Office.

 

If the number on your report doesn’t look correct, remember, it is a government form and it could be likely that your home is worth more. The Assessor’s office generally values homes anywhere between 10-20% below market value to reduce appeals and inflate values.

 

Arizona as a confusing property tax system.

 

In our experience in the market, if your home’s full cash value was $250,000, the median sales price would be somewhere around $276,000. Due to Proposition 117, increases in your house’s limited-cash value are capped at 5% a year.

 

The burning questions is “What will I owe in property taxes?”

This is based on municipalities and jurisdictions deciding on operating budgets and evaluating what is still needed from property owners to operate.

 

In 2017, jurisdictions asked for a 5% increase from property taxes. Your tax bill can vary on if your school districts have overrides or bonds or if they receive special tax credits.

 

Property bills will be out in about 5 months and unfortunately, you can’t appeal those like you can your property value.

 

If you’d like to know more about what is happening in the metro Phoenix area or specifically in the DC Ranch area of Scottsdale, please contact us.

 

Have a great day.

 

Chris and Dawn




Arizona Economy Still Growing ..

(Published on - 4/5/2018 5:01:33 PM)

The article, Arizona's economy is expected to grow this year.

 

 

 

Here is what's driving it, from www.azcentral.com, reports that a stabilizing housing market and population gains will help Arizona's economy expand faster than the nation's again this year, though the gap will narrow, according to a forecast released Tuesday. These are the key findings: Economy is strong, Wages increasing, healthy real estate market and population growth.

Click Here for Full Article!

 

Have a great day. 

 

Chris and Dawn


April 2018 Metro Phoenix Real Estate Stats

(Published on - 4/4/2018 8:09:56 AM)


Arizona Home Equity Wealth Increases in 2017

(Published on - 3/29/2018 6:21:41 AM)

 

The article, Home-Equity Wealth Increase in 2017 Was Largest in Four Years, from www.corelogic.com: Home-equity wealth rose more in 2017 than any other year since 2013. The latest CoreLogic Equity Report found that the average homeowner gained about $15,000 in home-equity wealth during 2017, with larger gains in areas that were high-cost and had faster appreciation. It shows Nevada having a $27,000 increase in home equity wealth, and Arizona having a $13,000 increase.

Click Here for Full Article!


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