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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

How to Negotiate the Best Possible Outcome on Your Home Sale

April 10, 2017 By ctaylor Leave a Comment

When your home is for sale, getting an offer from a possible buyer brings a surge of relief and excitement. However, this pivotal step is just the beginning of the long road to closing the sale. After the initial offer, you and the buyer begin the process of negotiating a mutually agreeable sale price and other conditions.

As a seller, the pressures of the sales process and an upcoming move may cause you to make mistakes in negotiations that could prevent you from getting the highest possible price for your home. Here are some strategies to keep in mind as you review offers from buyers:

  1. Consider your strategy as early as possible in the selling process. What is the lowest price you would be willing to accept? Do you have any time constraints? What items do you feel are non-negotiable? Although these may change if your home is on the market for a long time, having a clear idea of your minimum acceptable terms will help you decide which offers are worth accepting or countering.
  2. Trust your realtor. Even if you are a skilled negotiator in your professional life, it is best to leave negotiating with the buyer to your realtor. He or she represents your interests and has the knowledge and experience needed to help you achieve the best possible outcome.
  3. Learn about current market conditions—as well as the buyer’s circumstances, if possible—in order to better understand your relative bargaining power. For example, if there are not many similar homes available for sale in your area, and you know that a prospective buyer wants to get settled into a new home as soon as possible, you can probably assume that you will not have to make many concessions. On the other hand, if there are several comparable homes for sale and you are under pressure to move quickly, you may need to give in to more of the buyer’s demands.
  4. Knowing that the buyer will likely use information that you are urgent to sell your home against you in the negotiation process, try to stay as private as possible about the circumstances surrounding your move. If you have a tight deadline, are struggling financially, or are coping with other difficult circumstances like a divorce, withholding this information from prospective buyers and their realtors will help you maintain the upper hand as you strive to reach acceptable sale terms.
  5. Consider bargaining chips other than price. While both buyers and sellers tend to focus on finding an optimal sale price, there are several other factors that can be used for leverage in negotiations. For instance, you might agree to make repairs, leave behind furniture or appliances, or pay the buyer’s closing costs.
  6. Act swiftly when responding to offers. Even if you are disappointed by an offer, remember that a lowball price may just be part of a buyer’s strategy. Depending on buyers’ moving timelines and how much they like your home compared to others they have seen, they may be willing and able to agree to a much higher purchase price. However, the longer you wait to make a counteroffer, the more likely the buyer is to lose interest or find another home.

Filed Under: Buyers, Properties, Sellers Tagged With: Arizona, Arizona real estate, Buyers, buying, buying Phoenix homes, First Time Home Buyers, Home Sales, Housing, housing market, Investors, Negogiate

Questions Often Asked About Real Estate

September 7, 2016 By ctaylor Leave a Comment

  • Is now a good time to Buy or Sell?
  • What is the housing market like in my area?
  • What do I need to do to sell my house?
  • What is my home worth?
  • Does choosing the right realtor make a difference?

The real estate market is constantly changing. I can provide the information you need to make a smart real estate decision. If you are buying or selling, I can give you expert guidance.

 

Filed Under: Buyers, Properties, Sellers Tagged With: Arizona, Arizona real estate, Buyers, buying, Forecast, guidance, housing market, interest rates, Investors, mortgage, realtor, rentals, sales, sell your home, Sellers, selling, short sale, short sales

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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