Arrowhead Ranch Real Estate Report

Elise Fay

Elise Fay, REALTOR®

Our last update in December 2015 talked about the strength of the market and we predicted that we would see approximately a 7.5% price appreciation, year over year. So what has happened during this quarter of 2016?

So far we have seen a 6% increase in prices in the 1st quarter, year over year.  Last year the valley as a whole had a 6.5% appreciation in prices, with some parts of the valley seeing higher numbers.

Right now, we have approximately 22,000 active listings on the market. This same time last year we also had about 22,000 active listings. No real change there. But…this March we sold 8502 homes. In March 2015 we sold about 7900 homes. Why the increase in demand?  Supply, Demand and Low Interest Rates.

sibbach-team-logoWith solid price appreciation, sellers are now “unfrozen” or entering the spring thaw, coming out from underneath heavy mortgage debt and can now sell, buyers have recovered as well. We typically see a 5% price increase when inventory is about 4-5 mos supply. Now and for the past 8 mos. we have seen inventory still at all time lows of about 3.3 mos. Lower supply, stronger demand. Buyers are out in full force, ready, willing and able to buyer. Are you ready to sell?

Arrowhead Sold Homes –March 2016

Sold Address Square Footage Price
3/1/2016 20786 N. 61st Dr 3167 $489,900
3/8/2016 21693 N. 61st Ave 2239 $339,500
3/25/2016 6353 W. Aurora Dr 1827 $290,000
4/5/2016 6154 W. Quail Ave 3309 $415,000
4/15/2016 5640 W. Arrowhead Lakes Dr

3655

$570,000

 

Sibbach Team For Sale sign

There are a couple factors helping our demand rise. 1  Banks will now lend people money  who have short sold or foreclosed on a house over 4 years ago. These tenants are now turning back into buyers. 2. Confidence. Our marketplace has seen positive appreciation since the the dark years. Financing is still somewhat tight, so this type of market growth is much healthier than what we witnessed in 2005. 3. Population growth. Improving economies around the country are allowing people to sell their homes and move to the sunshine. Arizona is the only state that has rising population in each of the generational categories that are buying homes; Millennials, Gen Xers, Baby Boomers, etc.

What is Title Insurance?

glendale homeWhat exactly is title insurance?  And, why is it necessary when purchasing a home?  The simplest explanation is that title insurance is another form of insurance for your home.  Just as homeowner’s and flood insurance protect against loss from theft or fire or floods, title insurance protects the title to your home from financial loss.  When you purchase a home, you’re not purchasing the actual land or the building, you are actually purchasing the title to the property (ie, the right to use and occupy the property).

The title to the home you intend to purchase may be affected by claims or rights filed by others, and these claims may limit your use of the property and may even cause financial loss.   Therefore, by purchasing title insurance you are authorizing a search of public land records surrounding the property you intend to purchase.  A title agency typically will conduct this search, and will look for any evidence of issues surrounding the title.  For example, there may be a lien against the property due to the seller’s unpaid taxes, pending legal action against the property, or an unknown heir of a previous owner who claims ownership of the property.   Being aware of these issues will enable you to require these issues be addressed before you take title to the property.

Title insurance is purchased just one time, not annually like other insurances.  This one-time purchase will protect your title against any hazards and defects that may exist in the title. While this is just a quick summary of title insurance, I hope this has illuminated a common part of a real estate transaction.  Every transaction is different, and I look forward to helping you navigate your own process as expediently as possible.

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Water Parks in the Valley of the Sun

As the inevitable triple-digit days are quickly approaching, many residents here in the Valley of the Sun start looking for ways to stay cool.  Whether you having visiting grandchildren, have young children of your own, or you are just young at heart, here are a few places to consider paying a visit, to help you beat the heat:

  1. MMR poolLocated in the North Valley, Wet N Wild is a sprawling oasis of slides, wave pools, lazy rivers and splash pads.  With over 13 attractions, every member of the family is sure to find a fun way to stay cool.
  2. Big Surf in Mesa is known for its 2.5 million gallon wave pool.  Big Surf also has an area for smaller tots, as well as seven different sets of slides for those thrill seekers.
  3. Located within the Arizona Grand Resort, Oasis Waterpark is a 7-acre waterpark featuring an 8-story tower with three water slides, a large wave pool, a lazy river and a kids’ splash area.  Day passes can be purchased through the hotel for just the waterpark.
  4. Finally, Golfland-Sunsplash in Mesa, is a combination water park and amusement park, with several water attractions such as slides, a wave pool, lazy river and splash zones.  Visitors can also enjoy a giant video game arcade, bumper boats, laser tag and little indy cars.

Be sure to check out www.groupon.com and www.livingsocial.com for coupons and deals for the above attractions.