Real Estate News

Selling a Home to an iBuyer – The True Cost of Convenience

It sounds so easy. Just click, click and sell, right?

Have you ever heard that saying, “if it’s too good to be true, it probably is”?

These two photos are actual examples comparing Team EvoAZ at eXp Realty to an iBuyer company.

This transaction was complete in 65 days from start to finish. During that entire time, the seller received advice, support and service by our highly responsive, experienced team. This was also during the end of 2019 / beginning of 2020 which was the holiday season when real estate sales tend to slow down.


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This is the actual offer that was received from the iBuyer company. 👇


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Here is another great example. This is also an actual example from a real transaction. This home was under contract within a week and was complete in 43 days, start to finish. We listed at the end of November and closed at the beginning of January so it was also during the “slower” holiday time of year.


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This is the actual offer that was received from the iBuyer company. 👇


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Moral of the story? Do your homework. Ask questions. Talk with trusted professionals that you know have been trusted professionals for many years and will be around for many more. Don’t assume. The cost of “convenience” in both of these examples could be a new car, a college education, a large downpayment on the next house, retirement, etc.

As always, call Katie with all of your real estate questions and needs.

Our Last Hurrah before the Summer Slow Down? – Phoenix AZ Housing Update

It’s typical here in Phoenix to see a bit of a slow down just before the dog days kick in.  July and August tend to be less active than the 2nd quarter months.  May saw the highest number of sales so far for 2018 pushing us back under 2 months inventory, Valley-wide.  

The entry level market is still a beast.  Anything under $200k is flying off the shelf as quickly as it’s put on the shelf.  In fact, we are seeing low days on market all the way to even $500k as long as it’s appropriately priced.  Historic districts are still seeing some heavy activity too since everyone is gaga over homes with character these days. 


Info courtesy of ARMLS.

Info courtesy of ARMLS.

Inventory Levels are up just a Tad in Phoenix, AZ – Phoenix AZ Housing Update

The inventory levels are rising but not as quickly as the temperatures are as we approach summer.  March 2018 inventory levels were the lowest we’ve seen in while and new build contracts have skyrocketed due to the low inventory of resale homes.  

Selling a home?  Better get the sign in the yard soon.  As we approach the summer months things tend to slow down a little.  Get your home on the market now so you can vacation in July like everyone else!   Call 480-250-0023 and ask for Katie! 

It’s a Sellers Market in Phoenix AZ – March 2018 Real Estate News

It’s official.  It’s a sellers market.  We have 2.13 months of inventory on the market in the Phoenix area right now.  If you are a seller, you are in control.  If you are calling up investors or those “close when you want” real estate companies (AKA investors), you are costing yourself more than you think.  Contact Katie, at 480-250-0023, to talk about the details of your home and get an accurate value assessment

 

 

Real Estate Appreciation Rates for the Phoenix area for 2017

Yep, the overall inventory levels are still incredibly low and it’s causing Realtors to have to look to other sources of property for droves of hungry buyers AND unassuming sellers are being taken advantage of by investors and real estate investment companies that are trying to stock up on inventory before our actual busy season (April through June) hits.  

HINT: If the deal seems to good to be true from one of these investors or real estate companies that “buy for cash and close when you want” then it probably is or there’s a reason behind it that you aren’t aware of…like your home is worth WAY more than you think.

Keep in mind that we have four “markets” here in the Phoenix area….the under $200k market, the $200-$500k market, the $500k to $1M and then above $1M.  Supply and demand is different in all four of these markets.  Sales under $200k were 33% of sales in our area in 2017 so keep in mind that has a large impact on the overall average.  Ask your trusted real estate advisor what the stats are for your particular area and price range so you remain competitive prior to listing your home for sale. 

Appreciation rates are as follows:

Under $200k 7.7%

$200k – $500k: 3.5%

$500k – $1M: 1.7%

Over $1M: 0.1%

Now let’s talk mortgage interest rates. 

Yep, they’ve gone up.  This past week the 10-year Treasury note hit the highest level in three years which basically means higher mortgage rates.  They are currently over 4%.  Keep in mind that from 2003 to 2011 the rates averaged between 5-6% and we have basically been spoiled since then.  Typically rates are lowered to spark the housing market and, based on the info above, we can see that it worked 😊 The good news is it’s still very affordable to purchase a home and live here in AZ as compared to many other areas that are this desirable to live.  

Get financing NOW! 


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Rare Find In The Gardens

During the 1800’s, orchids were only found in the tropics and were hard to find. The Victorians would collect exotic orchids as a sign of luxury and style. When given as a gift, the more rare the orchid was, the deeper your love for the receiver. Fast forward to this freshly remodeled ”Orchid”! As exotic and luxurious as an orchid, this home has it all. A 2 car garage, 4 bedrooms, a loft PLUS large family room, a separate dining area and a kitchen to DIE FOR! Gorgeous ”wood” tile floors, beautiful white cabs with the perfect granite tops, and fantastic custom paint throughout. Stainless appliances complete the look!! There’s also a 1/2 bath down for guests and homeowners convenience. The back patio is covered in beautiful pavers with planting boxes. The Gardens is a highly sought after family oriented community in south Gilbert just seconds from shopping, restaurants and the 202! Get anywhere in the Valley quickly with such close proximity to the freeway system! Enjoy the community pools and many parks throughout the Gardens neighborhood!! Connect with your neighbors on the community page and get involved in all the holiday festivities! 

Whoa Nelly!!

What, what, WHAT?!!  Up MORE than a month’s inventory since last month?  Do not fret, Real Estate buyers and sellers, because that’s what normally happens throughout the holiday season it just came a little late this year.  No, you aren’t going to have trouble selling your home this winter / spring but you might feel a little “rushed” if you are planning to buy but you are waiting until this summer.  We’re feeling the “buying rush” tremors already.

PS…have you ever moved in the summer in Phoenix?  It’s a bit warm.  Just a thought…  


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The “Perfect Storm” for Homebuyers

Sellers are beginning to feel the “holiday slowdown” as we move further and further away from the feeding frenzy of summer.   We had fewer sales in September and did experience a spike in new listings.  Our inventory has increased just a bit causing more competition for sellers and more selection for buyers.  Interest rates remain low allowing for affordable financing.  Increased inventory, motivated sellers, and affordable financing?  It is the perfect storm for homebuyers.  


Is the Phoenix Real Estate Market finally on Summer Break?

It happens every year but usually we see it at the beginning of July vs the end.  The market is finally showing signs of the summer slow down.  Up from 2.58 months inventory in June to 2.83 in July and down just a tad in sold listings, we are finally seeing the numbers reflect it.  For buyers, this might be a good time to find that perfect home…while you have a little breathing room before the market kicks up again.  For sellers, it’s still a sellers market but you might want to air on the side of realistic with your pricing and negotiation terms.  The more inventory creeps up, the more choices the buyers have.