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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

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

New Year, New Styles: The Hottest Home Design Trends Expected in 2017

January 9, 2017 By ctaylor Leave a Comment

 

New Year, New Styles: The Hottest Home Design Trends Expected in 2017

By the end of any year, interior designers are already buzzing about which trends will be the most in-demand in the coming year. From coveted colors to architectural features, homeowners on the cutting edge begin to favor new styles as the seasons change. If your home is for sale, finding ways to incorporate the latest design trends may help you catch buyers’ attention and distinguish your property from the competition.

As 2017 begins, here are a few home design trends that industry experts believe will dominate this year:

  • Marble. Many top designers agree that marble is surging in popularity. Its appeal is amplified when paired with wood and metal, making it an excellent choice for kitchen and bathroom countertops. However, marble tends to be expensive and difficult to maintain. Fortunately, quartz and faux marble are gaining acceptance among high-end homeowners. These materials can create the luxurious appearance of real marble but are less costly and require less maintenance. If you are remodeling a kitchen or bathroom to improve your home’s appeal, consider alternative materials that look like marble—at a more affordable price.
  • Bold and bright colors. Each year, Pantone—an internationally respected authority on color in the design industry—announces a “color of the year” that is bound to be popular in a variety of applications, ranging from fashion to home decor. Although the official color of 2017 has not yet been announced, Pantone recently released a list of contenders. While 2016’s colors—Rose Quartz and Serenity—were soft, calming pastels, the Pantone experts anticipate that 2017 will be the year of bold and bright hues inspired by nature. For instance, some of the selections that have caught designers’ attention include an earthy green called Kale, a vibrant coral shade called Flame, and a bright but tranquil aqua called Island Paradise. If you are selling your home, it is not necessary to repaint entire rooms in order to feature these colors; consider using accent pieces, such as blankets or small pieces of furniture, that incorporate them.
  • Metals with warm-colored finishes. In past years, brushed metals with an industrial vibe have been the leading choice for fixtures. However, designers are reporting that homeowners are beginning to favor metals with rich finishes, such as rose gold and brass. These hues add a sense of charm and elegance to any space, and the popular look can easily be achieved by spray painting fixtures if you do not want to replace them.
  • Subway tiles. Although the trend of using subway tiles as backsplashes in kitchens and bathrooms is not new for 2017, its consistent popularity in recent years has led designers to believe that it will maintain its appeal this year. In addition to being affordable, subway tiles offer the benefit of a creating a clean and versatile palette for a variety of styles and finishes.
  • Smart features. Over the years, technology has seeped into every aspect of daily life, including the home. In 2017, high-tech features ranging from built-in device charging docks and programmable thermostats to full automation systems will become increasingly commonplace. As a growing number of homebuyers hail from the tech-savvy Millennial generation, the “smart” home trend is expected to skyrocket.

Filed Under: Buyers, Properties, Sellers Tagged With: Arizona, Buyers, buying, decorating, Home Sales, Homes, House for sale, projects, re-model, repairs, sell your home, selling

Rising Interest Rates Effecting AZ Housing?

June 20, 2013 By ctaylor Leave a Comment

With the latest rise in mortgage rates over the last month, many fear that home sales will decline as a result. The truth of the matter is that with the nominal rise in rates, that won’t slow down homes sales much at all. Many of the recent homes sales in Maricopa County have been sales from “cash” buyers. Many investors have helped to fill the gap with regards to the distressed housing market and many of those homes were purchased and now being rented. Many people who were effected by the economy and that had to short sale or foreclose on their home are now renting many of these “cash sale” homes.

While interest rates do effect the end mortgage payment for a buyer, rates will still have to dramatically climb, and house prices would have to continue to surge to make a true slow down happen.

Mortgage rates are still very affordable and continue to be in the 4% range and that still makes it very attractive for home buyers to continue to purchase. Many home owners have also been able to capitalize on this low interest rate environment and have been able to refinance and lower their current housing payment. With the housing appreciating, many others have been able to sell as a result and then take advantage of a new home at low interest rate as well.

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Filed Under: Uncategorized Tagged With: Arizona, foreclosures, Homes, maricopa county, mortgage rates, real estate, sales, short sales

Phoenix Housing Posts Huge Increases

April 30, 2013 By ctaylor Leave a Comment

Phoenix,  amoung a few other cities, hit one of the highest year-over-year price increases. According to a Case-Shiller report recently released, Phoenix hit 23% for the past year with San Francisco, Las Vegas and Atlanta not too far behind. This is largely due to the mix of low mortgage interest rates and investor buying.

With the lack of distressed properties (short sales and foreclosures) bringing prices down, many sellers now have an equity position due to the price increases over the past 12-24 months.  This has led to sellers being able to sell their current residence and purchase a move up home that is generally bigger or in a more desirable area.  Many first-time buyers have also entered the market.  First-time buyers typically represent 30-40% of the buyers pool at any given time. 

This year’s housing growth rate represents the largest growth rate since 2006.  Another variable that often goes unnoticed is the number of homes that have been remodeled.  Many homeowners, as well as investors, have significantly improved homes over the past couple of years. This trend has helped fuel home sales and increase overall value to the homes and communities.  Owners that renovated their homes in the past are now seeing large gains and significant return on their investments.  Many homeowners also took advantage of low mortgage rates and refinanced, saving them hundreds of dollars per month and aiding in renovation budgets for kitchens and baths or other value added items such as pools and better landscaping.

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Filed Under: Uncategorized Tagged With: Arizona, Buyers, foreclosures, Growth, Homes, Housing, Investors, Phoenix, real estate, Sellers, short sales

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  • Putting Off These Home Repairs Could Be Dangerous – Have You Addressed Them?
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