How is the Market? Fascinating!

Is now a time to make a Move? Check out this month's 3 minute video market update.

Buyers continue to be concerned with high-interest rates, keeping local buyer demand lower than normal, but still strong. Sellers have “rate lock,” the fear of trading in a low rate for a higher one if they decide to sell and buy a new home. So we continue to have an unprecedented shortage of homes for sale.

But homeowners selling now are being rewarded.  Most homeowners have a great deal of equity in their home. With home demand continuing to outpace supply, much of the valley is in a strong seller’s market and significantly more robust than anybody expected. As a result, many homes are going under contract within days of listing, and with very favorable terms. 

What Can We Expect the Second Half of 2023?

More of the same. Sellers reluctant to sell, buyers vying for less inventory with multiple offers, new listings going under contract, and rising prices. Overall 2023 is shaping up to be an up year on pricing with a supply-constrained market and a steady stream of buyer demand for that supply. As a result, we expect to see fewer price cuts, continued increases in list prices, and seller markets throughout the valley. 

Does Arizona have the Water Supply to Support it's Growth?

Arizona has five times more water stored than it uses, with 13.2 million acre-feet of water stored in reservoirs and underground. Arizona has a 100-year assured water supply and rigorous conservation efforts. In fact, Arizona is currently below 1957 water usage levels due to increased conservation methods and decreased agricultural water usage. Only 36% of Arizona's water supply is from the Colorado River, much less than other states. Arizona's infrastructure allows for access to water from vast aquifers during times of drought, providing resilience to water shortages. Lastly, Arizona is a national leader in water reuse. Full Article Here.

Can Someone Sell Your Property without You Knowing About It?

Title fraud is on the rise in real estate. Maricopa County has a free Title Alert program that can help. Users who sign up for the service will receive an email notification when a document is recorded under a name they are monitoring, and they will be provided a link to review the recorded document. Use this link to sign up.

Advantages of Real Estate for Retirement Investing

• Real estate investing not only offers the potential for appreciation, regular income through rent, and the ability to multiply gains through financial leverage, but it also offers compelling tax benefits. According to Charles Renwick for Quicken May 22, 2023:
• This non-cash deduction can be used to offset cash income, effectively resulting in tax-free cash income.
• Long Term Capital Gains. As compared to 401ks and pension plans, which will one day be taxed at ordinary income tax rates, real estate has the privilege of lower taxes on gains.
• Business tax deductions. Many business expenses such as cell phones, mortgages, property taxes, are deductible as they relate to a business. This is not possible with 401k or stock market investing.

According to the article, the tax advantages of real estate investing are plentiful and can significantly enhance the profitability of your investments, helping you meet your retirement savings goal . Of course, as with all your investments, consult your financial advisor before you make any investment.

^{One thing remains constant and is even more true than ever: Your Home Equity is a significant asset in your portfolio and you deserve expert guidance.  Is Now a Good Time to Buy or Sell a Home? Call Denise 602-980-0737, celebrating nearly 40 years in Metro-Phoenix Real Estate.  Ranked #2 Worldwide in Solo Agent Production for 2022 at Realty Executives International, one of the oldest and largest brands in residential real estate.}

What is the Quickest and most Profitable way to sell my home? 

A Broker Open is one of the most profitable ways to sell your home and the secret to a fast sale. Marketing to the brokerage community will get you the highest price in the quickest time.

Pros understand that there are two primary audiences critical to a successful home sale:  The home buyer, and the local real estate buyer-agents. The importance of the latter is simple: agents are in contact with dozens of active home buyers, and therefore hold a higher probability of finding buyers for your home.

Broker Opens & Tours

Broker Opens are typically scheduled immediately upon listing your home and held during the week, when agents are less busy conducting buyer tours. Broker opens usually lasts for 2 - 4 hours, with food and beverages served to entice agents to attend. Broker tours are typically held in the morning and can range from 8 – 20 attendees to large bi-monthly tours of 75 to 300 participants caravanning between homes. Luxury tours normally require paid memberships and offer a catered lunch at the last home to encourage discussion and completion of feedback forms. Agents pay for their listing to be placed on tour and most have attendance requirements. Prior to the current listing shortage, the wait for placement could be several months. 

Buyer Agents

The most successful home buyer agents know the “inventory.” This allows them to quickly list available homes that may be appealing to a buyer during the initial conversation, which can happen frequently, spontaneously (at church or a dinner party for example), or purposely. An agent who has actually experienced your home through sight, smell, and touch, will have the most vivid recall and can create the most compelling vision to share with prospective buyers. ROI is the reason agents invest their time attending broker open houses and tours. Agents typically work with dozens of buyers at a time, especially in times of tight inventory like today. As buyer agents tour new listings and attend broker opens, they are mindful of buyer needs. This is frequently how homes go under contract so quickly. The speed of the sale is important because the quicker a home goes under contract, the higher the final price achieved and the greatest likelihood of making it to the finish line of a successful close of escrow.

Marketing 101

While great media, photos, drones, videos and virtual walk-throughs are awesome, there is nothing as compelling as an in-person viewing involving all the senses. Broker opens allow preparation time to show the home in the most ideal manner at the best time of day. Elements to heighten the senses include homemade cookies and aroma, music, water features, and lighting.  An additional benefit to these agent previews is reducing the barrage of inappropriate showings all new listings must deal with, which may not show the home under ideal conditions, and can be inconvenient and feel invasive to everyone in the family.

Advocacy

Another great benefit of broker opens and tours is the feedback from professionals. These agents are looking at comparable homes every day and are the best source of the most realistic and timely constructive criticism. This feedback is then vetted by your Listing Agent to put the highest weight on the most tenured comments for accuracy. The camaraderie of seasoned pros should not be underestimated, career agents prefer to work with other reputable tenured hard-working agents and the buyers they represent.

Luxury Home Buyers

Marketing exposure throughout the real estate agent community is especially critical in the luxury home market. Luxury home buyers and sellers tend to be more educated, are more opposed to liability and risk, and are accustomed to relying on experts. Being professionals themselves, luxury buyers are confident that a professional with the experience of hundreds of transactions will be able to provide value which will exceed their cost. Statistics show that the more affluent the buyer, the more likely they are to rely on a real estate advisor. And with busier schedules than average homebuyers, luxury home buyers rely on their real estate advisors to "short list" the available inventory for final selection.

The bottom line? When you are thinking about selling your home, make sure you are represented by a tenured real estate advisor with an aggressive and targeted plan that includes marketing to other real  professionals.

^{One thing remains constant and is even more true than ever: Your Home Equity is a significant asset in your portfolio and you deserve expert guidance.  Is Now a Good Time to Buy or Sell a Home? Call Denise 602-980-0737, celebrating nearly 40 years in Metro-Phoenix Real Estate.  Ranked #2 Worldwide in Solo Agent Production for 2022 at Realty Executives International, one of the oldest and largest brands in residential real estate.}

Leading Indicators

Leading indicators are the only way to accurately make a realistic prediction of future performance. Trailing indicators, such as "Sold Prices" show what has already happened 30 to 60 days ago. We have seen Sales price per square foot increase every month in 2023, up 6.4% since December. So what happened? "Listings under contract" is another indicator, and we’ve seen the fewest numbers of buyers in escrow at any time since 2009. This indicates a very slow market. Low buyer activity, paired with even lower seller activity, points to more upward pressure on prices in the Valley. Watch this month's 3 minute market update to understand why Market Report.

How the PHOENIX VALLEY ranking of #1 in the Nation is contributing to a continued appreciation in the housing market

The Valley is still the hottest ticket for employment opportunities thanks to the advantages companies are finding relocating or expanding here far too vast to summarize here. Over the last few years the growing pool of home buyers were shut out of the buying market due to competition and lack of inventory - and though we still have a shortage of properties for the size of our population, active listings are at the highest level for this time of year, with buyers having more choices than they have in over 4 years. Sellers are still helping contribute to help with those higher interest rates by providing interest rate buy-downs. Despite what is happening in the rest of the country, Phoenix is attracting businesses, employees and retires like never before.

Though most of the valley is in a seller’s market there are areas of the Valley that still favor buyers. Call for details. And take a look at this month's 2 minute market update.

Our team is growing. Have you ever considered a career in real estate? Exec-Elite is a community within the Realty Executives Phoenix community of over 1,000 local agents, allies and colleagues providing the support essential to facilitating the most successful home purchases and sales for our clients. Our local group is supported by the even larger community of Realty Executives International, providing camaraderie and the mastermind of the most tenured agents worldwide. Van den Bossche discusses the high standards required of Agents invited to join the Exec-Elite team in the upcoming Phoenix Agent Magazine. 

One thing remains constant and is even more true than ever: Your Home Equity is a significant asset in your portfolio and you deserve expert guidance.  Is Now a Good Time to Buy or Sell a Home? Call Denise 602-980-0737, celebrating nearly 40 years in Metro-Phoenix Real Estate.  Ranked #2 Worldwide in Solo Agent Production for 2022 at Realty Executives International, one of the oldest and largest brands in residential real estate.

Questions about selling your home?
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Three Great Reasons to Buy an Arizona Home Now

*If you buy now, many lenders are offering programs that allow you to refinance with little to no cost when rates do drop. And if rates do rise, there is a cost to waiting.

*Secondly, most homeowners today are sitting on major equity. Based on the continued growth of the Valley and lack of houses for sale, you can expect prices to shift up again in the near future.

*Lastly, we may actually be at the bottom of the market, which is always a good time to buy.

Luxury Home Marketing Update

     Understanding real estate cycles are important as they provide reliable information about how and when to buy and sell. We have moved out of 2 and ½ years of the most dynamic luxury real estate markets, with experts now speaking of ‘correction’ rather than ‘crash.’  Yep, that's Bella as a kid at a Barrett-Jackson event! (No, she didn't buy the car)

      While some markets are being affected by downward pressure on prices, others are still reporting increases. This disparity is seen when looking at markets that hold the opportunity for either more affordability, or potential price growth

     It is predicted that the millennial generation in 2023 will become a strong investor in the entry level luxury real estate market, while the mass affluent will continue to increase demand for second and third homes.

     The very high net worth are looking for homes that offer more than just luxury. Lifestyle has become their driver, and homes that offer unique experiences, access to adventure and are filled with high-end amenities are more their concern than worries about higher interest rates.

     Download the full Luxury Home Marketing Report here.

_{One thing remains constant and is even more true than ever: Your Home Equity is a significant asset in your portfolio and you deserve expert guidance.  Is Now a Good Time to Buy or Sell a Home? Call Denise 602-980-0737, celebrating a near 40 year career in Metro-Phoenix Real Estate.}