Covid-19’s Impact on Arizona Real Estate

Hey Everyone, Elise Fay here—hope you are all doing well and taking care of one another. Concerns about the global impact Covid-19 will have on the economy are real. And they’re scary, as the health and wellness or our families, friends and loved ones are high on everyone’s emotional radar. That said, we can be confident that, while we don’t know the exact impact the virus will have on the housing market, we do know that housing isn’t the driver.

The reasons we move: marriage, children, job changes, retirement etc—are still part of our lives. As a result we are still open for business!

Let me share with you a few facts from yours truly, based upon what we are seeing, boots on the ground. Since March 15th, 2020:

-4040 homes were put under contract.
-3233 NEW listings were added to the market
-3481 homes successfully closed in Maricopa County—those are buyers and sellers who sold their homes and went thru with the sale despite the Corona Virus effect.

Personally, our team has put 19 deals under contract, 25 deals have closed. So if you think these numbers look promising but you are still scratching your head…Here is the how and why. It still goes back to Supply and Demand.

We still have a lack of sellers. Low supply of homes is the result of several factors—I will share with you a few of them.

-New Builds: we have half the number of new builds to the market than we did in the early 2000’s and this is due to labor shortages, some gov’t regulations and in most cases, not enough available land.
-During the last recovery we saw savvy investors and some of the larger institutional investors buy up a lot of homes that were in short sale or foreclosure. These investors were building up their portfolios and had plans to either sell on the upside or hold them as rentals. Well with rents on the rise, as a result of the short supply of sellers, these landlords are NOT selling and instead holding on tight to their investments. Being a landlord IS profitable right now!
-Empty nesters who weathered the downturn in the market years back, are now keeping their homes on average about 13 years—some are still a bit frozen, unable to unlock all their equity. Let’s not forget the HGTV effect that we are seeing on some of these older and dated properties.

Right now, we are seeing that demand is being dampened by the Corona outbreak and as a result we are seeing that inventory is loosening up, making more homes available and in some price ranges, lessening the competition a bit. We are seeing this in the market space where millennials may be entering for the 1st time. Interest rates are still at an all-time low, making owning a home cheaper than renting. Lending guidelines have tightened up a bit but that is another level of protection that has been put in place.

We have a crazy new normal. We are out showing homes, taking greater precautions; we wear gloves, carry hand sanitizer and retain a safe distance. We also have protocols in place to protect our sellers. In Arizona, housing is a huge economic driver for our economy—I am not here to sugar coat anything but just want to let you know that we are not seeing doom and gloom at this point.

If you have questions about what it means for your family’s homebuying or selling plans, reach out to me. I will be happy to answer any questions or address any concerns you may have. 602-329-7782

Covid-19

1st Quarter Real Estate Updates

As we finish the first quarter of 2020, I have some surprising facts to share:

-As we move into 2020 there are currently 12,742 active listings or homes for sale in our marketplace.

-As we entered into 2019, we had 16,428 homes ofr sale. No one predicted those numbers for 2019, as that was the lowest inventory we had seen in over 8 years, until now.

-Did you know that we sold an average of 8300 homes per month in 2019? On average 4% more homes per month were sold in 2019 with far fewer inventory than ever before!

-2019 brought us, depending on your area, 5-8% price appreciation. Averaging out to about 6.3% appreciation.

BUYERS: We have amassed a list of homes from sellers who reached out and said if we had a buyer they would sell or they just were not ready to list buy wanted to sell. IF you are a buyer, call us! WE can help you find the right home amidst all the low supply.

SELLERS: Selling your home to an owner occupant will typically yield you 3-7% more money! If you want to sell your home to an owner occupant with minimal hassle and inconvenience-call me. No obligation, no commitments or contracts. My extensive reach can find you a buyer, one who will be an owner occupant and get you top dollar!

Real Estate 2020 brings you lots of options and opportunities while still providing the highest level of customer service!

Selling During the Holidays

christmas decorationsDon’t let selling your home during the Holiday season dampen your spirit. Create a buyer-friendly home with my Top 5 seasonal home staging tips:

-Go easy on the outdoor lights and leave the inflatable snowman in the storage room. Instead, use simple string lights to play up your home’s architecture or draw attention to your landscaping.
-Don’t go overboard with decorating. It’s tempting, we know, and nobody wants to be a Scrooge during Christmas. But buyers need to be able to visualize the home as their own, so your family’s decorations on every shelf and table will only be a distraction. A few holiday touches here and there will add a nice staging effect, but try to keep your home as open and uncluttered as possible.
-Make sure your holiday decorations match your current decor. If your family room has a clean blue and white color scheme, then skip the clashing red garland. If you have an earthy color scheme, then accent with rich tones like cranberries, forest greens and gold.
-Too much can distract buyers, but the right amount of accessories can draw attention to your home’s best features. Try hanging a few tasteful ornaments from your mantel to highlight an elegant fireplace.
-If your living space is small, then save space with a skinny Christmas tree. Although it can be fun to dedicate large areas to the holidays, make sure to leave enough room for buyers to move around and appreciate your home for its actual size.

Selling during the holidays doesn’t have to be difficult. Call me today for more home staging tips. 602-329-7782

Easy Offer on Your Home

home offersWould you like an offer on your home while skipping the headaches and hassles of selling traditionally? There’s a record amount of capital looking for a place to rest. Companies are ready to make a very competitive offer on your home. They buy it, turn it around, and sell 30-90 days to the public for a tiny profit. You get convenience and speed in return!

Close quickly, get equity from your home in as little as 7 days
Multiple competitive offers – fast
You pick your closing date
No showings or open houses
No negotiating with buyers
Skip the cost, time and (in some cases) embarrassment of getting your home market ready
Freedom to move on your timeline
No strangers and REALTORS® walking through your home
No risk of two mortgage payments

I know companies who will buy your home directly at a fair competitive price. I will negotiate all offers for you so you get the best price and terms.  These buyers not “sharks” who buy your home for 50% of it’s value. You will get a real listing valuation and solid offers within 24 hours of me viewing your home. I’ll help you break down your options in a side by side comparison to see which works best for you.

Contact me to price your home, get photos taken, and submit it to the companies who will buy it from you! 602-329-7782

First Year of Homeownership Tips

phoenix homeAre you a first-time homeowner feeling more than a little confused about what you need to focus on during the first year of your home owning experience? Have you just bought a home for the first time in a long time and need a refresher on what this first year might bring? Either way, you’re in the right place! Despite sometimes being overwhelming, buying a home is an exciting experience! Once you are handed the keys to your new house, you may find yourself at a loss for what to do next. Should you dive right into remodeling? Should you save money? Below, are a few of my tips for the first year of homeownership, whether this is your first experience or you’re a pro:

Wait a While on Remodeling
Some professionals recommend waiting at least the first year before you worry about any remodeling in your home. Depending on your situation, this may not be practical or necessary, but you should wait at least six months until you’re settled in your new home and have decided for sure what you want to focus on with your remodeling budget. Your tastes and popular trends in home design may change quickly, so it’s best to “sleep on it” for a little while before making such big changes.

Fix Little Problems
While big projects can wait, if you notice small issues around your home, take care of them before they get out of hand. For example, if you notice your dishwasher makes a strange noise during one of its cycles or that your garbage disposal has quit working, take care of these problems as soon as possible. You never know when they could lead to something more significant that’s going to take a lot more money and time to fix.

Make a Budget
This is great advice for anyone in any situation and any walk of life, but it’s especially true for new homeowners. Make a budget and try your best to stick to it. This way, you’ll be able to put aside plenty of funds for savings that can be used at a later date to get started on those remodeling changes and DIY projects, too. And this will also mean you’ve got some extra padding in your budget for those inevitable times when a major appliance gives up without warning or a storm knocks down your fence.

Are you considering selling your home?  Get started with this free home value estimate.

Market Value Versus Assessed Value

phoenix home for saleThere are different valuations of a home’s worth and you should understand the difference between market value and assessed value. It’s important to understand what your home is worth. Knowing your homes value gives you an idea of how much you could receive if you sold the property.  It also plays a part in determining how much property tax you’ll be required to pay.

Market Value is used to determine how much a buyer would be willing to pay for your home. An appraiser, usually hired by your lender, determines market value. This value is a vital tool in helping to decide what price to list a property for. Sellers often want to list based on what they feel a buyer would want to pay. However, it is better to list a property based on current market conditions. Market value is based on recent sales of similar homes in the area, along with other factors.

Assessed Value puts market value in the context of property taxes and is based on the laws of the state or county in which you live. Assessed value is calculated as a percentage of the market value of the property. Assessed value is determined by an assessor’s office. Some offices have databases open to the public for you to see the history of your property, as well as what information what factored into its assessment.

Do you have more questions about your home’s value? Feel free to call me with your questions!  I’m always willing to answer any of your questions so that you can feel comfortable with the home buying or selling process! 602-329-7762

Get your free home value estimate here!

4 Ways to Dispose of Old Appliances

kitchenWhen preparing your home for sale, I may recommend to replace your old appliances with new ones to increase the selling value of your home. Or you may have just bought a home with old appliances and you replaced them, but what’s the best way to dispose of your old appliances?

Recycle
Many cites offer quarterly electronic recycling events for smaller appliances. Look for announcements of these events in your monthly water bill.

Donate
Check with local charities to see what their policies are regarding used appliances donations. Charities that accept appliance donations will often offer free curbside pick-up service. You may also be able to write your donation off on your taxes.

Sell Them
Are your old appliances still running? Post them on Craigslist or Facebook Marketplace to sell them. There is a growing market of shoppers looking for a bargain. Fielding offers from bargain shoppers can be a more time consuming option, but with a little effort, you could earn some extra cash!

Hauled Away
You may decide you just want the appliances out of your home as soon as possible. When that happens, you can call services for responsible appliance removal. There will be a fee, so you might want to go through your house and find any additional items in need of being hauled away to make the call worth the time and money.

Are you thinking about selling your home? Click here to get started with a free, no obligation home value estimate.

Letting Go of Your Home

HouseFor many people, selling their home is an emotional process. Many people have lived in their homes for years creating memories. Others may be facing unwanted, yet necessary moves. Even sellers preparing for a voluntary and desired move are likely to face some feelings of attachment that can threaten to interfere with the sale process. Despite the difficulty, emotionally detaching yourself from your property before listing it is the first step in ensuring a smooth sale.

I’ve compiled some tips to help you “let go” of your home:

If the move is necessary, but unwanted then be honest with your agent, we are accustomed to working with sellers in all sorts of different and difficult situations. Being upfront with your agent about potential problems will enable him or her to act in your best interest.

Use the assistance of a professional stager. I have a stager on my team that will help you remove your personal items and neutralize the home so that buyers will view it as a blank slate. This can help accelerate your process of moving on and seeing your home for what it is when it is for sale. When you are preparing to pack your belongings, take photos of your favorite spots in your home to preserve memories.

Leave the property when buyers come to look at your home and allow your agent to handle the showings. Lingering sellers can cause potential buyers to feel uncomfortable and may interfere with their perception of the property, and observing any negative reactions that buyers may have will only make the process of letting go more difficult.

Focus on your next step and new opportunities that selling your current home will provide you. Even if moving is not your preference at the time, focusing on the highlights of your new neighborhood will start the excitement about the transition.

Are ready to get your home SOLD? Give me a call at 602-329-7782.

Tips for Making Your Home Look Bigger

white kitchenTo get your house ready for its first showing, expand the appearance of your smaller rooms with these tips. Here are some of my favorite low-cost tips and tricks you can use to make your home look bigger.

Declutter
Start clearing the clutter by boxing up everything you don’t need. This is not just limited to items on the kitchen counter, clear all unnecessary items from all rooms.

Rearrange
If you’re trying to figure out how to make your home look bigger, start by rearranging your furniture. Sometime it can be hard imagining your furniture placed differently, so ask a neighbor or friend to come over and give you a pair of “fresh eyes” to help.

Mirrors
Mirrors are one of the most common ways to make a small room look bigger. By strategically placing mirrors throughout a room, they can do a great job of making the space appear bigger while also doubling the amount of light in a room through reflection.

Paint Color
If your home is painted in dark shades, it can make the rooms appear smaller. Painting all of the interior one light-colored paint, however, can not only make a room feel larger and airier, but the entire home.

Are you thinking about selling your home?  Click here to get started with a free, no obligation home value estimate.

Choosing the Right Realtor

home photoWhether you’re thinking of buying or selling a home, choosing the right realtor can make a huge difference. Although you don’t technically have to have a realtor to do either one of these things, it can be very beneficial to have the help of someone who is trained and educated in all the ins and outs of the buying and selling processes. With the tips listed below, you should have no trouble finding the perfect realtor for whichever stage of the home owning process you may be experiencing now.

Ask around:  If you know people in your area who have recently bought or sold a home, talk to them about the realtors they’ve worked with. Chances are good you’ll be able to get a solid referral from a friend or family member. On the other hand, if you’re new to the area or looking to move to a place where you don’t know anyone, check out reviews online. You can find a variety of different sites that offer reviews and “grades” for realtors in your area.

Understand the difference between a realtor and a real estate agent:  Just because someone is a real estate agent doesn’t necessarily mean that person is a realtor. A realtor is someone who is a member of the National Association of Realtors. This means that that person must stick to the rules and guidelines set out by this organization. It also means that the realtor you’re working with is likely to be ethical, fair, and willing to help you every step of the way.

Ask about your realtor’s price range:  Some realtors are better at finding homes in certain price ranges than others. If you’re looking for a home in the $200,000 price range, for example, you probably don’t want to work with a realtor who usually only shows million-dollar homes. That realtor simply isn’t going to have the expertise in the budget you’re looking for. The same is true, too, however; if you’re wanting to buy an expensive home, it’s a good idea to go with a realtor who has some experience selling homes with a higher price tag.

Don’t settle on the first realtor you meet:  You may not connect with the first realtor you talk to, and that’s okay. You might not like how pushy that particular realtor is, or you may just feel like he or she isn’t focused on the kind of must-haves you’re looking for in your home. For whatever reason, if your first realtor leaves you wanting a little more, don’t be afraid to try out some others and talk to several before you settle on someone to work with. You’ll be able to find the perfect realtor to help you locate the home of your dreams in no time.

I’ve been helping home buyer and sellers with their real estate needs in the west valley for over 12 years. As part of The Sibbach Team we pride ourselves on being a market leader.  We continue to learn and become educated thru extensive and on-going training, field research, open mindedness and client feedback to deliver a superior client experience.

Contact Us