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Once again, the sun is shining on the housing market in Phoenix. Arizona is attractive once again to buyers with retirement, and a warmer climate, on the horizon. In 2012, domestic migration climbed high as it had been in the past five years as Arizona welcomed 26,000 migrants from other states. Across the state, as mortgage rates are decreasing and home values rising, the housing market is enjoying an influx as baby boomers choose our sunny skies. Even local retirees are opting to downsize, placing their current homes up for sale in favor of less maintenance.
Do you belong to a union? Take advantage of your union membership and get money back when you buy a home. If you are an active or retired union member or the parent or child of one, you may be eligible for exclusive home financing benefits through a major lender.
Mesa restaurant owners bring tacos from their house to your plate with popular dining venture
The trend is changing in ZIP codes 85044, 85045 and 85048. What was a strong sellers’ market, is becoming a “normal” market for both buyers and sellers. Properties are not flying off the shelf in a matter of hours. There are fewer multiple offers on them, so they are typically not selling for more than full price. Why are we seeing a change? There are many factors that enter into the equation.
Arizona, specifically the metropolitan Phoenix market, is among the strongest commercial real estate markets in the United States and is quickly rising as one of the most resilient markets to recover since the onset of the recent recession. While overall, multifamily, office and industrial property values have posted positive net absorption numbers in recent quarters, it is the retail market that is finally stabilizing and showing promise of improvement.
Ahwatukee Foothills has a great mix of housing products from condominiums to million-dollar custom estates. The overall market has seen an incredible bounce back in the last 12 months. The “Luxury Market” was the last to be hit and has been the last to recover. You may wonder how this segment of the market fares in comparison to performance across median single-family homes across the Valley.
Stacey Lykins, an Ahwatukee real estate agent with West USA, received her broker’s license with the state of Arizona and has been made associate broker with West USA.
It seems like it was just a few short months ago we could not keep a listing on the market. The house went active on the MLS, received multiple offers, and then it was gone. It felt like it was all in a matter of days, maybe even hours. I had buyers say forget it I cannot keep up with this competition, and they stopped looking. Now, it feels like houses are sitting for weeks with no movement. Uh, oh … time to panic; time to make a drastic price reduction? Before you make big decisions, know this, this cycle is normal. Phew!
The program is called “Home in Five for Maricopa County.”
The July numbers continue to show improvement in ZIP codes 85044, 85045 and 85048. July property sales totaled 169, down 3 percent from last month but up 16.6 percent over July of 2012. The median sales price in July was $291,000, up 16.4 percent over the prior year. Currently the medium list price is $345,000, which is down 1 percent over last month and up 30 percent over prior year same month (PYM). July 2013’s average sales price was $320,350, up 2.7 percent over last month and up 23.1 percent over PYM. July 2013 sales were at their highest level compared to July of 2012 and 2011. More properties are closing escrow and July’s YTD sales of 1,079 are 12 percent ahead of last year’s year-to-date of 963 sales.
Purchasing a home is one of the largest investments you will make, and yet there are times people are not sufficiently insured when they list or buy their home. I want to share some information that I hope will keep you out of trouble, save you some money and frustration.
The news continues to be good with our market trending upward. Combining the three area ZIP codes of 85044, 85045 and 85048, June property sales totaled 174, down 13 percent from last month but up 30 percent over June of 2012. The Median Sales Price in June was $263,900, up 9 percent over the prior year. Currently, the medium list price is $349,900, which is up 4 percent over last month and 31 percent over prior year same month (PYM). June 2013’s average sales price was $311,835, even with last month and up 14 percent over PYM. June 2013 sales were at their highest level compared to June of 2012 and 2011. June YTD sales of 910 are 11.2 percent ahead of last year’s year-to-date of 818 sales.
In the last real estate column I wrote I discussed how landlords can create better relationships with their tenants, causing positive results for both parties. I received a great email from a reader who asked if I could mention how important it is for landlords to also discuss the Conditions, Covenants and Restrictions (CC&R’s) of a Homeowners Association (HOA) with the tenants. In Ahwatukee there are only a handful of neighborhoods that do not have an HOA.
Right now Ahwatukee has a sellers market, according to real estate professionals, but to make sure your home sells quickly there are some quick tips that don’t take a lot of money.
Ahwatukee is seeing an increase in real estate activity compared to the same time last year.
A zoning administrator for the city of Phoenix has denied a zoning variance for a medical marijuana dispensary to go into a location in Ahwatukee Foothills.
Editor’s note: This is part two of a continuing summer series on the proposed South Mountain Loop 202 Freeway.
Selling your first home in a buyers’ market? You can get the best possible price if you know how to negotiate.
As of the day I am writing this there are 130 active rental listings on the MLS in Ahwatukee and 416 have been rented in the past six months.
Q: What type of business services or products do you provide?
Since the beginning of 2013 there have been some announced changes for buyers looking to obtain an FHA loan. FHA is an insurer of mortgage loans and is popular because of the low down payment option. I had the opportunity to ask Dawna Lepler of The Lending Company a few questions many of my real estate clients have asked over the past few months.
The company looking to open a medical marijuana dispensary in Ahwatukee Foothills has located a new site for a possible dispensary at 48th Street and Warner Road.
The value of home sales in Western states rose over the last year even as the number of transactions slipped, according to an official with the National Association of Realtors.
The real estate market is improving dramatically according to real estate professionals, and those looking to get involved in the market can learn all about their options at the Arizona Homebuyers Expo this Saturday, April 13.
Did you know this is the 18th year for the Festival of Lights Wine and Beer Tasting, Silent Auction and Golf Tournament on June 1 at the Foothills Golf Club?