Where Finding a Home is Easy

News that affects the Real Etate Market

New help for affordable housing gives hope


One of the great things about metro Phoenix has long been its affordability. 

Home prices and rents aren’t cheap, though the Valley is still relatively affordable compared with other big cities.  But home prices and rents have soared in the Phoenix area, and it’s a lot tougher for many to buy or rent now.  No one wants to see metro Phoenix’s growing affordable housing problem turn into a housing crisis as it has in big cities such as San Francisco, Los Angeles and New York.


Read Article - azcentral.com




Area home prices set new record, no signs of a crash


The Valley’s housing market is still hot with prices setting new records and sales soaring. Metro Phoenix’s median home price hit a new record of $278,000 in May and likely climbed to $280,000 or more in June, according to the latest report from the Information Market, owned by the Arizona Regional Multiple Listing Service.


Valley home sales hit 10,341 in May, the highest monthly tally since the housing boom in 2005.


Real estate experts don’t see signs of a crash looming


Read Article - azcentral.com



Southwest Valley ranks #1 for industrial prospects


Phoenix’s Southwest Valley submarket has placed top in the nation for


industrial prospects looking for space to relocate or expand their


operations, according to the newly released JLL Q2 Phoenix Industrial


Insights report. According to JLL, this includes 83 tenants in the market


with a maximum requirement of more than 30 million square feet.


Read Article - realesta-daily-news.com 




Mortgage Rates Stay Put, But That’s a Good Thing

The 30-year fixed-rate mortgage barely budged this week, remaining low at a 3.75% average, Freddie Mac reports.


“Mortgage rates have essentially stabilized over the last two months, which reflects the recovery and improvement in the economy from the malaise earlier in the year,” says Sam Khater, Freddie Mac’s chief economist.

“Going forward, the combination of low mortgage rates, tight labor market, and high consumer confidence should set up the housing market for continued improvement in home sales heading into late summer and early fall.”


Read Article - magazine.realtor.com 


Is Inventory Tightening Again? One Forecast Says Yes

In just a few months, home shoppers may begin to see a drop in the number of homes for sale, which could lead to the return of bidding wars and quicker home sales, a new report from realtor.com® predicts.

 “It was only 18 months ago that the number of homes for sale hit its lowest level in recorded history and sparked the fiercest competition among buyers we’ve ever seen,” says Danielle Hale, realtor.com®’s chief economist.

Newly listed homes have either declined or only increased very little in 2019. Why aren’t more homeowners taking advantage of the market and listing their homes for sale? “It’s likely a combination of a rate lock, recently decreased consumer confidence, and older generations choosing to age in place,” Hale says. Consumers are showing slightly more concern over a potential recession and future economic growth that could be making them skittish.


Read Article - magazine.realtor.com 


Low 30-Year Rates Keep Buyers in Summer Market

Mortgage rates barely budged this week, keeping borrowing costs low for summertime home shoppers. Mortgage rates continue to hover near their 2016 averages. “We’re seeing a tug of war happen as the fixed-income market flashes warning signs while the equities market continues to march higher with optimism,” says Sam Khater, Freddie Mac’s chief economist. “The data suggests the economy is weakening but is still on very solid ground, with high consumer confidence and a strong labor market. Closer to home, the housing market continues to slowly improve and gain momentum as we head into the second half of the year, which is good news and should keep the economy growing.”


Read Article - magazine.realtor.com 


What Are You Willing to Give Up to Own a Home?

Young adults are all about making sacrifices and lifestyle trade-offs to get them on the path to homeownership, according to a new survey of 1,000 millennials, ages 22 to 38, by Chase Home Lending. Seventy percent of young adults say they’re willing to cut back on weekend activities, such as shopping, going to the movies, and splurging at the spa, at least once a month if it meant they could purchase a home in the next 12 months, the survey shows.

They want to hear more about real estate topics, too. More than two-thirds of millennial first-time home buyers surveyed say they want to talk about homebuying topics, like affordability, the home buying journey, and neighborhood options, with their friends. “This shows they value the opinions and knowledge of their peers,” the survey notes.


Read Article - magazine.realtor.com 


The Home Trends You May Regret in 20 Years

Home trends come and go, but which are most prime for falling out of favor? Apartment Therapy recently took a look at the unfiltered opinions of some 2,400 posts to a question on Reddit about home trends that people will most likely regret in 20 years. Here are a few of the most popular responses:

Barn doors: The hanging, refurbished barn door over the interior of a doorway is starting to look dated, commenters said.

Floating shelves: Open floating shelves in the kitchen in lieu of cabinets was another trend frequently cited. Commenters said the trend was unrealistic in keeping shelves always tidy for everyday use, and you would need gorgeous, matching dishes to pull the look off.

Pallet wood walls: Shiplap also may be losing fans. “It will be the equivalent of wood paneling of the 70s,” one Reddit poster commented.

Doorless glass showers: Walk-in showers that have no doors are growing more popular, particularly in the luxury sector. But commenters said the space needs to be closed up for practical reasons—to keep the heat in.


Read Article - magazine.realtor.com 


Why You Should Sell Your Home in 2019

Few people are predicting that 2019 will be a record-breaking year for home prices.  But relatively speaking, 2019 might be the best time for you to put your house on the market. Especially if you’re on the fence about selling this year or next, Nick Ron, CEO of House Buyers of America, recommends going with the devil you know rather than the devil you don’t.  “I think it’ll be better than 2020 and 2021 – who knows what’s going to happen in those years,” Ron says.    Home price growth slowed in the second half of 2018, with fewer buyers entering the market, at least partially due to rising interest rates issued by the Federal Reserve. In 2019, consumers shouldn’t expect homebuyers to flood the market again and drive prices through the roof, but it’s also unlikely to be a crisis for home sellers.


Read Article - realestate.usnews.com 



Buyers Face Less Competition This Spring

Home shoppers may be less likely to face a bidding war compared to a year ago. Just 15% of offers faced competition in April, according to an index by the real estate brokerage Redfin. That is down from 60% a year ago.

Even buyers in some of the hottest housing markets are reporting less competition this spring.

“Right now could be as good as it gets for buyers who want to avoid getting involved in bidding wars and price escalations,” says Daryl Fairweather, Redfin’s chief economist. “There are many forces at play that may lure buyers back and create more competition in the near future. Interest rates are low compared to last year, price growth has stalled and has even fallen in some West Coast markets, and wages are growing.”


Read Article - daily-news 



8 Red Flags to Help You Spot a Rental Scam

Imagine signing a lease for a new apartment, only to find out when you show up to move in that the place you selected, signed and paid for was a lie. Not only do you not have a place to live, but you're out hundreds, if not thousands, of dollars.

This might sound like an urban legend, but unfortunately it happens all too often. Just ask Kaeti Bancroft, owner of Metro Brokers in Littleton, Colorado. Upon arriving at a vacant rental property she owns to show it to a potential tenant, she found a woman storing things in the backyard shed. The stranger reported her granddaughter had just rented the place and was ready to move in after sending $500 for the first month's rent.


Read Article - realestate.usnews.com 




Spring Buying Season


“Mortgage rates … [are] continuing the general downward trend that began late last year,” Khater says. “Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months.” The National Association of REALTORS® reported this week that more houses were on the market in January, rising to 1.59 million nationwide and at a 3.9-month supply at the current sales pace.


Read Article - magazine.realtor 





10 Easy Ways to Prepare Your Home for Appraisal


So you’ve decided to put your home up for sale or refinance your mortgage. You’re ready to move onto better things and save money, and you want to fetch the best possible price for your home. After all, you have been living in it, and have enjoyed the charming features of it first-hand. You know how great it is. But does everyone else?


Read Article - nlcloans.com 






Phoenix Housing Forecast for 2019: A More Modest Year Ahead?


Recent forecasts for the Phoenix, Arizona real estate market suggest that home prices could continue rising through 2019. The local housing market does appear to be cooling a bit, though, with smaller price gains expected this year. The city recently made a top-ten list of best markets for buyers. The median home value in Phoenix was up to around $240,000 as of January 2019. That was an increase of 8.7% compared to a year earlier, according to Zillow.


Read Article - homebuyinginstitute.com 





2019’s Best Cities for Jobs


With 2018 behind us, it’s time to think about fresh starts, whether that means small changes or a complete life overhaul. For many people, finding a new or better job will be a top resolution, and 3 Arizona cities make the top 15 with Scottsdale being number 1.

If that’s your mission for the new year, it’s a good time to be on the job market. According to the U.S. Bureau of Labor Statistics’ most recent jobs report, the national unemployment rate has fallen to an eighteen-year low of 3.7 percent while hiring is up.


Read Article - wallethub.com 




Single women, Millennials buying more homes


Millennials are making one-fourth of the home purchases across the United States and single women are outpacing single men as homeowners.  Data analysis by the online loan broker Lending Tree found that single women are more likely to own a home than single men despite generally making less money.

A recent Prudential survey showed that the average annual income for women was $52,521 compared with $84,006 for men, a difference of 37 percent, meaning women in the survey are earning about 63 cents for every dollar earned by men.


Read Article - bizjournals.com​ 




Phoenix-area home prices surpass 2006 peak to set record


We’re finally there. Metro Phoenix home prices are back to the record hit in 2006. Actually, the Valley's median home price soared past the previous record to reach $268,000 in June, according to the Arizona Regional Multiple Listing Service's latest research. The previous record median price was about $265,000, set in June 2006,  Arizona Regional Multiple Listing Service data show. The housing crash and the Great Recession started in 2007. Phoenix-area home prices hit bottom in September 2011, when the median plummeted to about $120,000.


Read Article - AZ. Central 


Rents continue to rise in Phoenix, according to new report

Though Phoenix remains one of the cheaper places to live in the country, rents in the region continue to outpace national growth. A new study from RentCafe stated rents rose 6.9 percent during the past 12 months, up from $933 to $997 on average per month for all apartment sizes. That's the third fastest-growing rent prices in the U.S. The Valley's rent increases outpaced the national increase of 3 percent, but prices remain significantly lower than the national average apartment rent of $1,412, according to RentCafe's monthly Apartment Market Report.


Read Article - Business Journal 



Affordability Called Housing’s ‘Boogeyman’

Americans are spending the most money in nearly a decade on mortgage payments as a share of their household income, according to data from Morgan Stanley. “If there’s a boogeyman in the housing market today, it’s affordability,” James Egan, Morgan Stanley’s co-head of U.S. housing strategy, wrote in a note last week. “As home prices and mortgage rates have risen, it logically follows that homes have become less affordable.” Egan says 


Read Article - Realtor Magazine




Fed Leaves Rates Alone But Hints at Future Hikes

The Federal Reserve decided Wednesday to hold off on raising its      short-term interest rates. But it hinted that it likely will deliver its third interest rate increase of the year at its next meeting in late September. The Fed’s key rate does not have a direct impact on mortgage rates, but it usually influences them.


Read Article - magazine.realtor



Metro Phoenix homebuilding hits decade high

New houses are going up in the Phoenix area at the fastest pace in 10 years, and prices are climbing faster than they have in five years. Buyers are again heading to Valley suburbs farther out to find houses they can afford. All are signs that metro Phoenix’s homebuilding market is recovering. But it still has a way to go to rebound from the housing crash that left many Valley fringe neighborhoods half-built and blocks of new houses empty for years.

Read Article - azcentral.com



Just how hot is Arizona’s housing market?


Last year was a good year for the housing market homebuilding industry, according to data collected by Belfiore Real Estate Consulting, a residential market research firm that services all of Arizona. In fact, last year was good for Arizona’s residential real estate market with boosted home sales, prices, and agents making deals.

Demand for both new and resale homes was higher than a year ago, while supply was balanced by a limited resale inventory. And despite the shortage of resale inventory, 7 percent more resale homes sold in December of 2017 than the year before.

While the market has picked up in the past year, so has the number of people looking to capitalize on the hot market.

Read Article - azbigmedia.com



Appraisers, Homeowners Agree More Than Ever on Values


Homeowners and appraisers continue to close the gap between perceptions over home values in their area. Quicken Loans’ National Home Price Perception Index shows that appraised values were just 0.34 percent lower than what homeowners expected in May. A year ago, the gap between the appraiser and owner’s home price opinions was five times larger.

Still, home value perceptions vary quite a bit from city to city. Homeowners in San Jose, Calif., for example, tend to receive appraisals that are, on average, 2.82 percent higher than what they expected. On the other hand, homeowners in Chicago are receiving appraisals that are 1.69 percent, on average, lower than what they estimated.

Read Article - Realtor Magazine



8 Ways to Tell the House You're Buying Is a Flip


The housing market is certainly hot these days, but so are the houses going on the market. Even in tight seller’s markets, it appears sellers are upping their game by updating kitchens, bathrooms, bedrooms and backyards to appeal to more buyers and encourage them to offer top dollar at a chance to win the bid.  There’s good reason for that: The sellers are often real estate investors. Property information company ATTOM Data Solutions released its Year-End 2017 U.S. Home Flipping Report in March, which revealed that 207,088 houses and condos were flipped last year, an 11-year high for home flipping.

Read Article - US news