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Home Sales in Bloom

May 12, 2017 By ctaylor Leave a Comment

New Home Sales blossomed in March reaching their highest level in nearly a year, the Commerce Department reported. Sales were up 5.8 percent from February and nearly 16 percent from a year ago. New home inventories edged lower to a 5.2-month supply in March. A six-month supply is considered “normal” inventory.

Existing Home Sales hit their highest pace in over 10 years in March, according to the National Association of REALTORS®, with sales climbing 4.4 percent from February and 5.9 percent above a year ago. However, existing home demand continues to outweigh supply with inventories down 6.6 percent from the same time last year.

New home construction didn’t fare as well. Inclement weather during March in the Midwest and Northeast chilled residential home construction after unseasonably warm weather in February. March Housing Start numbers fell nearly 7 percent from February, per the Commerce Department. The year-over-year picture was still rosy, however, with Housing Starts up 9 percent from March 2016 to March 2017.

Economy, Markets Thunder Along
The first reading on first quarter 2017 Gross Domestic Product (GDP) was anything but rosy, as GDP came in at 0.7 percent. This was below the 1.1 percent expected and below the 2.1 percent recorded in the fourth quarter of 2016.

GDP is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period. It is considered the broadest measure of economic activity. Typically, readings of 2.5 to 3 percent signal strong economic growth.

April also brought uncertainty over the tensions surrounding global events, causing investors to move their money into the safer haven of the Bond markets. This helped home loan rates, which are tied to Mortgage Bonds, hit their best levels of 2017. Stocks around the world also benefited after the French presidential elections in April ignited a global rally.

Despite the volatility, home loan rates remain in attractive territory and still provide many opportunities for homebuyers and homeowners considering a refinance.

Filed Under: Buyers, Properties, Sellers, Uncategorized Tagged With: affordablity, Arizona, Arizona real estate, Buyers, buying, buying Phoenix homes, First Time Home Buyers, Forecast, Home Sales, Homes, Housing, housing market, selling

Should You Rent or Buy a Home? Weighing the Pros and Cons of Each Option

April 28, 2017 By ctaylor Leave a Comment

Should You Rent or Buy a Home? Weighing the Pros and Cons of Each Option

When you are looking for a new home, there are seemingly endless factors to consider: what is your price range? What type of neighborhood is right for you? How much space do you need? One of the most fundamental decisions you’ll face is whether to buy or rent a home.

While home ownership is often glamorized and renting is sometimes thought to be preferable only for those who cannot afford a down payment, both options carry advantages and disadvantages that warrant careful consideration. Whether you’re a renter thinking about making the transition to home ownership or a homeowner drawn to the idea of renting, it’s important to remember that this is a deeply personal decision that should take into account your lifestyle, goals, and financial situation.

Here are a few of the pros and cons of each option:

Buying

    • Pro: The chance to build equity. When you own a home and make your monthly mortgage payments, you will gradually build equity by paying down the principal on the loan. Aside from the sense of fulfillment that comes from having an ownership interest in the property, you may eventually be able to obtain a home equity loan, which can be used to meet various financial needs.
    • Pro: The possibility of profiting from your investment. Most homes appreciate in value over time. If you have the flexibility to wait to sell your home until it is worth more than you paid, you may easily walk away with a profit.
    • Pro: The freedom to customize the property. As a homeowner, you typically do not need permission to decorate, paint, and renovate your home to suit your unique style and needs. Such improvements will enhance your enjoyment of the property and may boost resale value.
    • Con: Substantially higher upfront costs. Many lenders require a down payment of 20 percent of the home’s sale price—which can amount to a hefty sum, even for inexpensive properties. In addition, you must be ready to pay for the appraisal, inspection, and closing costs.
    • Con: The risk of losing money. Market conditions are hard to predict. Even if buying a home seems like a good investment, you run the risk that it will not be worth as much as you paid when you are ready to sell.

Renting

    • Pro: Greater mobility. When you are renting, it is easier to move when your circumstances change. Even if you have to break your lease, it is less time-consuming and stressful than selling a home.
    • Pro: No risk of losing money on your investment. When you are renting, you are insulated from declines in the market.
    • Pro: No responsibility for maintenance and repairs. When something breaks at a rental property, the landlord is usually responsible for fixing it. For tenants, this means less expense and less hassle than homeowners face in similar situations.
    • Con: Continually increasing rent. Although renters do not have to pay many upfront costs when moving into a property, many landlords raise the rent each year.
    • Con: Unable to renovate the property. As a renter, if you want to change a paint color or replace the kitchen cabinets to suit your style, you cannot do so without approval from the landlord—if at all.

Filed Under: Buyers, Properties, Sellers Tagged With: affordablity, Arizona, Arizona real estate, Buyers, buying, buying Phoenix homes, First Time Home Buyers, Home Sales, House for sale, Housing, real estate, rentals

Phoenix projected as number one US housing market for 2017

January 24, 2017 By ctaylor Leave a Comment

Phoenix is projected as the top housing market in the country for next year, according to a new forecast report by Realtor.com.

The real estate group expects Phoenix housing to see price gains of 5.9 percent and sales growth of 7.2 percent. That earns the Valley the top spot.

Los Angeles ranks second, Boston third. Sacramento and Riverside round out the top five. Tucson is picked as the ninth strongest housing market next year, by Realtor.com’s forecasters.

The housing forecast projects slower but moderate growth in 2017 with eyes on a potential interest rate hike.

Realtor.com is an arm of media giant News Corp.

Nationally, the forecast calls for a 3.9 percent gain in home prices. That is slower than the past couple of years.

New home sales are estimated to increase 10 percent and new home starts 3 percent next year.

The real estate forecast expects 2.1 percent economic growth in the U.S. in 2017.

“We don’t expect the outcome of the election to have a direct impact on the health of the housing market or economy as we close out 2016. However, the 40 basis points increase in rates in the days following the election has caused us to increase our interest rate prediction for next year,” said Jonathan Smoke, chief economist for Realtor.com referring in part to Donald Trump’s presidential election.

The real estate group also expects Midwestern cities such as Madison, Wisconsin; Columbus, Ohio; Omaha, Nebraska; Des Moines, Iowa; and Minneapolis to be attractive to younger home buyers.

Those markets have affordable prices — compared to larger, mostly coastal cities — and are often college towns or have positive job markets.

Realtor.com projects Chicago with the weakest housing market in 2017 among the 100 top U.S. metros.

Mike Sunnucks writes about residential and commercial real estate, government, law, sports business and workplace issues.

Filed Under: Buyers, Properties, Sellers Tagged With: affordablity, Arizona, Arizona real estate, Buyers, buying, buying Phoenix homes, Home Sales, Homes, Housing, Investors

2014 – Second Half Outlook

June 27, 2014 By ctaylor Leave a Comment

Affordability!!! According to CNBC, based on a weaker than expected first half, the second half of the year is going to be driven by housing Affordability. With many new apartment complexes coming on online this year, renters and buyers have more choices. While mortgage interest rates are still very low, pricing could squeeze out some first time homebuyers should rates start to tick up. So the key to selling more homes will be based on buyer affordability.

With popular reality real estate shows all over TV these days, many consumers are buying homes that they can afford and then start DIY projects once they close. Buyers are realizing the value of their dollars go further when they improve the home themselves. That said, many homebuyers still opt to buy that “move in ready” home that doesn’t need a bunch of renovations like paint, carpet, flooring, and updating the kitchens and bathrooms. For those who have tried DIY projects at home, they are not always that easy and can be time consuming and frustrating without the proper skills and tools to complete the job correctly.

Let’s see how things unfold as we move through the rest of the year!

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Filed Under: Uncategorized Tagged With: affordablity, Arizona, Arizona real estate, buying, Forecast, foreclosure, Home Sales, housing market, interest rates, mortgage, projects, re-models, re-sales, real estate, rentals, repairs, selling, short sale

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  • Putting Off These Home Repairs Could Be Dangerous – Have You Addressed Them?
  • Home Sales in Bloom
  • Should You Rent or Buy a Home? Weighing the Pros and Cons of Each Option

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