3 Things Affecting Phoenix Real Estate

If you’ve been paying attention to the real estate market in Arizona, you know that Phoenix has seen quite a roller coaster over the past few years. While it’s impossible to predict what will happen next, we can take a look at what the market is doing now.

Fewer Foreclosures

According to data from The Information Market of the Arizona Regional Multiple Listing Service, foreclosures in home-priceMetro Phoenix fell in January. There were 337 homes in the Valley taken back by lenders. That is a drop from recent months. In December, there were 346. In January 2014, there were 591 foreclosures. These numbers look a lot better than what we were seeing in January 2011, when 4276 homes foreclosed.

The steep drop in foreclosures since the market crash is welcome news. Foreclosures are an important indication of market strength, and can give clues as to what is coming next in any particular market. For instance, a leap in foreclosures can often lead to a drop in home prices, as lenders resell the foreclosed properties at lower rates.

While Phoenix’s home sales slowed in the last six months of 2014, the drop in foreclosures is a good sign.

Less Canadian Interest

One factor that may have played into the slowing sales is a slowdown in interest from Canadian buyers. Arizona’s sun makes this a tempting place for snowbirds to purchase second homes. From 2008 to 2013, Canadian buyers rushed to purchase second homes in the Sunbelt. At the time, the value of the Canadian dollar, and the prices offered by a market in distress, helped drive sales. Prices have risen 30 per cent across the metro Phoenix area since 2011, and the Canadian dollar is now at 80 cents to the dollar.

What we may see is some of those Canadian buyers reselling their homes at a higher price.

Possible Shortage of Homes

Some experts suspect that we may see a shortage of available homes in Phoenix in the near future. Down payments and interest rates are dropping on many conventional loans, which is liable to bring more buyers to the market. When supply drops, potential buyers often end up in bidding wars.

Valley real estate experts believe the housing market in Phoenix could have a supply and demand issue in the near future.

There has been a decrease in the new homes listed since April. Generally, when demand increases, prices also rise.

We are a Multi-Market Home Selling Team. If you’re looking to buy or sell in Scottsdale, Phoenix or Flagstaff, please contact me by phone at 602-471-8299, or email me at georgina@relatesgroup.com

I am available to sit and answer your questions, and there is never any obligation to buy.

 

Upcoming Events in Flagstaff

Are you in the Flagstaff area? If so, these upcoming events may interest you!

Paint & Wine In The Pines
Looking for a fun girls’ night out? Artist Vangie Rodriguez leads this painting session themed around Valentine’s Day art. For $25, you get a 16×20 canvas and all necessary art supplies. The class size will be limited to 20 students. Bring your own beverage. Snacks will be provided. RSVPs are also being accepted for smaller DIY artwork. These are $12, not including paint. This will take place Feb. 6 at Our Lady of Guadalupe Catholic Church & Cultural Center
Click here for more info

Arizona Beer Week 2015 kk
The growing craft beer trend has some loyal fans in Arizona! The fifth annual Beer Week allows you to sample craft beers and food pairings from our finest breweries. Enjoy tap takeovers, pub crawls, special giveaways, and meet the brewer nights! Arizona Beer Week 2015 will take place February 12, 2015 – February 21, 2015 at various Arizona locations.
Click here for more info

Free Bagpipe Lessons
Have you ever wanted to learn to play bagpipes? Southwest Skye Pipes and Drums will be giving free bagpiping lessons through the month of February. Pipers of all levels, from beginner to advanced, are welcome. There is no charge for the lessons, but you will need to buy a tutor book and a practice chanter. Tuesdays in February. LDS Church, 111 Stockmens Road, Williams, AZ 86046
Click here for more info

A Highland Tea with Diana Gabaldon
Fans of the author’s popular Outlander series will love this one! Join Diana Gabaldon for a traditional tea including sandwiches, scones, and treats. After the tea, the author will be doing a reading. There will also be a silent auction, and photo opportunities! Saturday, Feb 07, 2:00 pm, The Kilted Cat, 2600 W. Kiltie Ln., Flagstaff, AZ 86005
Click here for more info

Couples Day At The Zoo
Looking for something different to do on Valentine’s Day? Check out Couple’s Day at the Heritage Park Zoological Sanctuary. Admission is buy one get one free. HPZS members and children under 3 can visit for free.
Click here for more info

We are a Multi-Market Home Selling Team. If you’re looking to buy or sell in Scottsdale, Phoenix or Flagstaff, please contact me by phone at 602-471-8299, or email me at georgina@relatesgroup.com
I am available to sit and answer your questions, and there is never any obligation to buy.

Surprising Real Estate Facts

Surprising Real Estate Facts

Did you know that homeowners are more than 120 percent more likely to sell their home if using a REALTOR? Or that in Scotland, homeowners paint their doors red when they pay off their mortgage? The real estate world, like any other sector, is filled with fun and interesting tidbits. Here are a few:

house-tiled-roofRenovations

Many sellers consider renovations before putting their homes on the market. After all, well-planned renovations can more than pay for themselves. But what’s the best renovation? The front door is actually a front runner for this honor. Your home’s front door is what people look at first, and it can make a huge difference on your house’s overall appeal. When it comes to buyers and sellers, they like to see remodeled kitchens and bathrooms. These remodels can cause your home to sell faster!

Wording

A picture may be worth a thousand words, but choosing the right words in a real estate ad can be worth thousands. Stay away from phrasing like ‘unique’ and ‘one-of-a-kind’, as these can draw buyers to the conclusion that a home is, well, strange. ‘TLC’ and ‘Potential’ also repel many buyers, causing the impression that a home is in poor condition. Phrases like ‘executive’ and ‘luxurious’ tend to attract buyers.

Timing

When you sell is just as crucial as your asking price. The holidays tend to be a slower time to sell overall, although there are low supply advantages to selling during the slow season. March begins an uptick in inventory and sees the fastest home sales, over the remainder of spring and summer the average sales price can be up to 2 percent higher in what is deemed a healthy buying market.

Luck of The Draw

Some rather interesting factors come into play when looking at general real estate data. For some reason, homes with ‘777’ in their street address for some reason sell for 2.1 percent less than their estimated value. Homes with a street number of 7, on the other hand, tend to sell for nearly 2 percent more!

Tried But True Tactics

Listings with a nine in the sale price sell between four days to a week faster than homes whose price ends at 0. For instance, a home listed at $449,000 will generally move faster than the home priced at $450,000. This is the real estate version of pricing practices often seen at retail stores, where items may often be marked $4.99, instead of $5.00.

TGIF

Friday has many charms! Not only is it welcomed as the start of the weekend, but it’s also the best day to accept showings to begin when your home is newly listed!

We are a Multi-Market Home Selling Team, if you’re looking to buy or sell in Scottsdale, Phoenix or Flagstaff, Please contact me by phone at 602-471-8299 and 928-863-8562 or email me at georgina@relatesgroup.com

I am available to sit and answer your questions, and there is never any obligation to buy.

Mixed Signals For Phoenix Real Estate Market

According to recent studies done by Fitch Ratings, Phoenix is the fifth most overvalued housing market in the nation, behind Austin, Houston, San Antonio, and Riverside, Calif. In 2011, Phoenix housing market was also undervalued. 2012 prices were considered sustainably valued, but by 2013, it was 10 to 15 percent overvalued.

GD

Other studies paint a cheerier note for the Valley. According to mortgage-research firm HSH.com, Phoenix was the eighth most affordable large metro area for homes. Another study, this one by PwC and the Urban Land Institute ranked Phoenix 26th of 75 for growth, development and investment potential.

 

The Phoenix metro area’s real estate market finished 2014 in a bit of a slump, with both home prices and the number of sales down. While no one is predicting that 2015 will be a stellar year, most experts think 2015 should be brighter than 2014 was.

 

Some of the factors that will come into play are job and population growth. The federal plan to lower mortgage premiums could also have a huge impact on the market’s 2015 performance. And of course, there is always the behavior of interest rates, the performance of new low-down payment loan programs, and any national finance reform for mortgage markets.

 

According to RL Brown Housing Reports, new home construction was down 16.7 percent as of November, with 9,858 construction permits for houses issued Valleywide.

 

Many market experts are watching the Millennials with great interest, as whether that generation decides to buy or rent can also have a large effect on the real estate market.

 

Currently, Phoenix’s median home value is $169,900. Phoenix home values rose 2.5% in 2014, and are expected to go up about 3% in 2015. The median price per square foot is now $128, with the Phoenix metro area at $124. The median price of Phoenix’s current listings is $219,000, while that of homes that sold is $186,950.

 

RELATES Group maintains a focus in the North Valley. Here are some of the recent stats for those areas:

  • North Scottsdale – median list price $717,000 and median sold price $667,500; a 96% ratio.
  • Cave Creek/Carefree – median list price $450,000 and median sold price $430,000; a 98% ratio.

 

We are a Multi-Market Home Selling Team, if you’re looking to buy or sell in Scottsdale, Phoenix or Flagstaff, Please contact me by phone at 602-471-8299 or email me at georgina@relatesgroup.com

I am available to sit and answer your questions, and there is never any obligation to buy.

 

 

 

Tips On Staging Your Home

Are you going to be putting your home on the market? If so, you’ll need to prepare it. Getting your home ready to be shown is known as staging, and it’s a crucial part of all real estate transactions. Here are some tips on how to stage your home.

Choose Color Wisely

Different colors can affect people’s moods, and present a very different feel for a room. Use bright colors, like yellow, in kitchens or ‘nooks’, to brighten up spaces. Green and blue tends to work better in bathrooms or bedrooms. Don’t shy away from bold color, but don’t overdo it either. If you have a child’s room with alternating colored walls, make one of the colors a neutral.

Outdoor Living

Outdoor kitchens, living rooms, and dining rooms are very popular, and we don’t see this trend disappearing soon. Make the best of your outdoor space to create a warm and inviting atmosphere.

Clean

Rule #1 when it comes to staging is to give your house a thorough, top-to-bottom cleaning. Replace any old grout, scrub those windows, baseboards and vents, and make sure your kitchen and bath are spotless. Don’t forget the outside, either! Weeds, old toys, peeling paint, dead brush, and debris can all detract from your home’s appeal.

Spruce Up Your Entryway

Your front door is rather like your home’s face. Make it inviting by framing the door with large plants, and adding a pop of color. Replace old house numbers, light fixtures, and doorknobs.

Arrange Furniture

Rearrange your furniture to create conversational holes, or to focus on one key point, such as a fireplace.

Declutter

Most of your home should be bare and free of photos, nicknacks, and other personal items. Just keep a few carefully-chosen accent pieces, in a style that has a broad appeal.

 

Are you looking to buy or sell a home in Phoenix or Flagstaff? Please contact me at by phone at 602-471-8299 or email me at georgina@georginaproperties.com if there is any way I can be of assistance.

Live

Live

What Will 2015 Bring For The Real Estate Market?

While no one has a crystal ball, and predictions should never be taken as more than, at best, an educated guess, it’s always interesting to see what is expected for the market. Freddie Mac recently released their predictions for 2015’s real estate market. Here’s what they had to say:

mortgage rates

 
Mortgage Rates
Interest rates are expected to rise in 2015. Recently, the 30-year fixed-rate mortgage fell below 4 percent, but predictions are for a swing in the other direction. Freddie Mac predicts that mortgage rates will average out at 4.6 percent, but will rise to 5 percent by 2016.

 

Home Prices
Home appreciation is expected to slow from 9.3 percent to 4.5 percent for the end of 2014. In 2015, another 3 percent drop may be in store.
Construction
Freddie Mac projects a 20 percent rise in homebuilding over 2015. If this prediction holds true, home sales are expected to climb as well, by roughly 5 percent. This would mean the best sales pace in eight years.

 

Single Family Homes
Mortgage originations for single-family homes are expected to drop by about 8 percent, due to a sharp decline in refinancing volume. Refinancings are projected to comprise about 23 percent of originations in 2015. In comparison, refinancing has made up about 50 percent of mortgages in recent years.
I want to wish all of you a safe and happy New Year! I look forward to serving your real estate needs in 2015 and beyond.

Are you looking to buy or sell a home in Phoenix or Flagstaff? Please contact me at by phone at 602-471-8299 or email me at georgina@georginaproperties.com if there is any way I can be of assistance.

Holiday Events in Phoenix

It’s hard to believe the holidays are here already. Many of us are really anticipating taking some down time, and enjoying some quality time with family and friends. If you’re in Arizona, and you have some holiday vacation time, here are some events you can enjoy in the Phoenix area:

Arizona Celebration of Lights Through January 6 christmasi

This extraordinary light display features more than 7 million individual lights! You can drive through nightly starting at 5:30. The show is $15 per car Mon-Thurs, and $20 on Friday, Saturday, or Sunday. Westside Sports Complex

Christmas at the Princess Through January 6

The Fairmont Scottsdale Princess resort will look and feel somewhat like the North Pole over the holidays. A four-story musical tree, a new ice rink, a high-definition light show, a nativity garden, perfomances by the Olympic skater Dorothy Hamill, and many other activities and attractions will take place daily. Admission is free, though there is a charge for the ice rink, which is $15 for adults and $10 for kids.

ZooLights Through January 12

This year the zoo’s popular holiday festivities include a Wizard of Oz – themed wonderland, light shows, a polar slide, and other attractions. Phoenix Zoo

Holiday Hidey-Hole December Film Series Through December 30

Movie buffs, pay attention! The downtown Phoenix movie house Filmbar has several special screenings planned over the holidays. Go to filmbarphx for showtimes and titles. Filmbar

Cactus Garden Holiday Light Tour Through December 28

Follow a guided tour through two acres of desert cacti and other flora, which are all wrapped in beautiful lights. The tours leave from the Grape & Grain Retail shop at 6 p.m. every Wednesday, Friday, and Saturday. The Phoenician

I’d like to wish all of you a wonderful holiday season, and a fantastic New Year! I look forward to serving your real estate needs in 2015 and beyond.

Are you looking to buy or sell a home in Phoenix or Flagstaff? Please contact me at by phone at 602-471-8299 or email me at georgina@georginaproperties.com if there is any way I can be of assistance.

Positive Signs For the 2015 Real Estate Market in Phoenix

A new report from Realtor.com lists metro Phoenix as one of America’s hottest real estate markets to watch in 2015. The city made the list because of its potential for financial growth and new construction. The report predicts that household growth will rise 7 percent over the next 5 years. These predictions may seem surprising, given Phoenix’s slow recovery from the housing crash. Homebuilding is actually 15 percent lower than it was last year. However, the report is based on what is expected in the coming year.price

Other sources forecast a less rosy outlook for Phoenix. The market is still slow: pricing, sales volume, and housing starts are all low. So, the news isn’t all good … but there are more positive signs.

However, foreclosures fell in November in the area. The number of foreclosures went down 28 percent last month, to 335. In October, there were 469 foreclosures, according to data from The Information Market, a research firm. These are the lowest foreclosure numbers we have seen since February 2007, when lenders took back 336 homes.

According to RealtyTrac, Phoenix’s drop in foreclosures was actually the biggest decline among all of America’s major metropolitan markets. Detroit was second, having fallen 37 percent year over year. In LA, there was a 28 percent decrease in foreclosures.

Foreclosures have been dropping in the Phoenix area since 2012. In November 2013, there were 535 foreclosures.

What does all this boil down to? Well, ultimately we’ll just have to wait and see, but signs are good!

Are you looking to buy or sell a home in Phoenix? Please contact me at by phone at 602-471-8299 or email me at georgina@georginaproperties.com if there is any way I can be of assistance.

Why The Holidays Are A Great Time To Sell

The holiday season is typically known for being a slow time in the real estate world. Many people – both buyers and sellers – choose to put off major undertakings until the new year. That’s completely understandable, of course, as the holidays are definitely a special time, and a time when many people reconnect with their loved ones. That said, there are some surprising benefits to selling a home during the holiday season. holiday wreath

Buyers who are shopping around the holidays are generally very serious, and often driven by time constraints. They may want the transaction done before the new year for tax purposes. Employers often move people at the beginning of the year, so this can be another factor.

The holidays also often buyers a few distinct advantages. Since there are typically fewer homes for sale in December than there will be in January, supply might be lower than demand. This sets up some favorable conditions for buyers, as far as negotiating, since it offers the chance to save a bit of money in comparison to January’s pricing. Buyers also may have more time to look at houses around the holidays, which opens up a bit more opportunity for weekday viewings. The holidays often are an emotional time for people, which may make them less apt to negotiate, and more likely to settle for an asking price.

Sellers also will find a few benefits to putting their homes on the market during the market. There are also fewer homes to pick from during the holidays, so this can also be an advantage to buyers. Less competition is always a good thing! Homes also show wonderfully when they are decorated for the holidays. You can really stage your house in a way that makes it look warm, cozy and inviting.

And one more advantage? Buyers and sellers can agree on costs and terms, but wait until after the holidays to close.

Are you looking to buy or sell a home in Phoenix? Please contact me at by phone at 602-471-8299 or email me at georgina@georginaproperties.com if there is any way I can be of assistance.

Phoenix Art Museum

Phoenix Art Museum

Have you visited the Phoenix Art Museum? The museum is the biggest art museum in the Southwest, and has hosted more than four hundred exhibitions since opening in 1959. The museum offers visual arts and educational programs, and now houses over 17,000 objects. Photography exhibitions are hosted in partnership with the University of Arizona’s Center for Creative Photography. The museum also has an interactive gallery for kids, and the amazing Dorrance Sculpture Garden.

There are currently several exhibitions running:pam

The Resonance of Clay: Contemporary Japanese Ceramics -5/5/2014 -4/1/2015

Japanese contemporary ceramics are undergoing a surge in popularity. The exhibit offers samples in a variety of colors, glazes, and textures.

Paulo Bruscky: Art Is Our Last Hope - 9/6/2014 -12/28/2014

This is the first survey exhibition of the Brazilian artist’s American career. Bruscky’s art is created with the hope of inspiring change in social and political climates.

Sacred Stories and Images of Buddha: The Vessantara Jataka Scroll – 9/20/2014 -3/8/2015

The story of the Buddha is told on a rarely-seen cloth scroll from Laos. The 37-foot scroll is shown along with Thai Buddhist figures and the work of other Southeast Asian Buddhists.

Fashioned in America10/11/2014 -3/15/2015

This exhibition is about how ecology, economics, and labor ethics drive the American fashion design industry. Works by designers such as Ralph Rucci, Anna Sui, Nanette Lepore, and J. Mendel are displayed.

Don Coen: The Migrant Series10/18/2014 -2/1/2015

Large portraits by Colorado-based artist Don Coen are the focus of this exhition. The portraits are all themed around modern America’s migrant farmers.

The West Select: A Western Art Invitational Sale and Exhibition – 11/16/2014 -12/28/2014

This annual celebration brings together collectors, fans, and leading artists of the American West together. 37 accomplished artists from across the nation, Canada and England are featured in a variety of media. The exhibit includes more than 100 new works of art, including paintings, drawings, sculptures and photographs that feature landscapes, still lifes, historical images, and scenes of cowboys, settlers, American Indians, wildlife and the modern, or “New West.”

Are you looking to buy or sell a home in Phoenix? Please contact me at by phone at 602-471-8299 or email me at georgina@georginaproperties.com if there is any way I can be of assistance.

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