Elegance in Rancho Del Mar Home

 

 

Welcome to the desirable Community of Rancho Del Mar. Outstanding single level Home with 3 car garage and pristine interior. Dramatic soaring ceilings, soothing palette, plantation shutters, neutral tile/carpet in all the right places, ceiling fans, and upgraded lighting. Formal living/dining rooms, Den w/built-in bookcases, and French door to patio from family room. Center kitchen island, granite counters, breakfast bar, plant shelves, pantry, and plenty of wood cabinets. Create a feast with family & friends. Large laundry room offers storage shelves and room for a 2nd refrigerator. Generous size bedrooms, ample closets, and 2 baths. Grand master retreat boasts double door entry, patio access, and private en suite, Enjoy the backyard covered paver patio, built-in seating area, and colorful foliage. Storage shed. This wonderful Home will not disappoint.

444 – W Monterey Ave, Mesa, AZ 85210

4 Bedrooms, 2 Bathrooms, 2136 sqft, 3 Car Garage

Please contact me for your private showing.


Posted on September 24, 2018 at 5:39 pm
Eric Karlene | Posted in Uncategorized |

Seller Price Reductions up 46% and 61% in these Price Ranges

Supply Continues to Rise in the Middle
Seller Price Reductions up 46% and 61% in these Price Ranges

For Buyers:
Overall supply is down 9.6% compared to last September.  At first glance that’s nothing new.  However, for those of you who pay close attention to our monthly infographic (I know you’re out there), you have no doubt noticed that last May supply was down 15.5%, June supply was down 12.2%, July was down 11.1% and August was down 9.9% from last August.   What this means for buyers is that the Greater Phoenix market is still in short supply, but it’s subtly becoming less bad.  Most significantly, supply continues to increase between $200K-$400K.  Last month we reported an 8.1% increase in listings between $200K-$250K since May, that is now 9.7%.  Between $250K-$300K, supply has risen 15% in only 8 weeks.  Between $300K-$400K, supply has slowly risen 10% since January.  All other price ranges are either declining in supply or following their normal seasonal trends.  This is great news for buyers; more choice in the marketplace means less negotiating pressure. However, don’t expect sale prices to plummet anytime soon. The first price to respond to a supply shift isn’t a sale price, it’s a list price in the form of a price reduction.

For Sellers:
Despite the increase in supply between $200K-$250K, there hasn’t been a correlating increase in weekly list price reductions from sellers yet.  However that is not the case for the market between $250K-$300K where weekly list price reductions have risen 46% in the past 8 weeks and weekly reductions between $300K-$400K have risen 61% since January.  This is not an indicator that sellers are becoming desperate. Make no mistake, there are very few desperate sellers in this marketplace. There are, however, many optimistic sellers who may be taming their expectations. Average annual price appreciation per square foot remains between 3.5% – 5.0% for sales between $200K-$400K, so it’s still a seller’s market despite recent developments.  Expect prices to continue increasing at least through the remainder of 2018.

Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report
©2018 Cromford Associates LLC and Tamboer Consulting LLC


Posted on September 11, 2018 at 4:51 pm
Eric Karlene | Posted in Uncategorized | Tagged , , , , , , , , ,

10050 E Celtic Dr – Beautiful Scottsdale Remodel – Open House!


Posted on August 21, 2018 at 4:37 am
Eric Karlene | Posted in Properties | Tagged , , , , , , ,

August 2018 Market Update – Supply between $200K-$250K has Risen 8.1% since May

Supply between $200K-$250K has Risen 8.1% since May
Seller Price Reductions Up 7% in Popular Price Range

For Buyers:
If your budget lies somewhere between $200,000 and $400,000 for a home, there’s good news for you.  Supply between $200,000 and $250,000 has been rising gradually over the past 12 weeks.  After dropping 15% from 2,300 listings in January to 1,944 in May, it has since risen 8.1% to 2,101 listings in August, placing it only 6.7% below last year’s count instead of 18% below like it was 3-4 months ago. Listings between $250,000 and $400,000 have also risen sharply 5.3% from 4,791 to 5,044 over the past 4 weeks, placing them only 0.2% below last year’s count of 5,053 listings. The increase in competition has resulted in a notable 7.3% increase in weekly seller price reductions from an average of 778 per week in June to 835 in July.  56% of year-to-date sales in Greater Phoenix have been between $200K-$400K so this increase in supply should come as a little bit of relief for the majority of buyers.

For Sellers:
If you have a home listed between $200,000 and $400,000, then you make up 48% of everything that’s listed in the MLS.  Listings under contract in this price range have averaged 7.4% higher in volume than 2017 all year, until now.  Over the last two weeks, including the end of July through the first week in August, listings in escrow have dropped to 2.2% below last year’s level.  Buyer activity is expected to slow seasonally from the peak in April through the end of the year; however open contracts have dropped 26% since the 2018 April peak compared to a lower 20% drop in 2017 over the same time frame; all while corresponding supply has been rising.  Sellers haven’t seemed to notice this sharper decline as their average asking price per square foot has soared from just 3% higher than last year in March to as high as 7% higher in July.  The average sales price per square foot was up 5.9% in July, compared to 4.6% in June.  However, price is a lagging responder to shifts in supply and demand. We will have to wait and see if buyers accommodate sellers’ price expectations given that they have more to choose from in the marketplace right now.

Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report
©2018 Cromford Associates LLC and Tamboer Consulting LLC


Posted on August 12, 2018 at 11:21 pm
Eric Karlene | Posted in Uncategorized | Tagged , , , , , , , , , ,

July 2018 Market Report – Cost of Waiting to Buy Means Less Closet Space or Higher Payment

 

Cost of Waiting to Buy Means Less Closet Space or Higher Payment
More New Homes Sell in Low $200’s This Year

For Buyers:
Hearing cries for more affordable housing supply, developers have sold more new homes in the low $200’s this year; selling 35% more than they did last year within the same time frame. However, the under $200,000 market remains neglected for additional supply.  As of May 2018, only 6% of new homes sold were under $200,000, 37% were between $200,000 and $300,000 and 41% were between $300,000 and $500,000. This means that properties under $200,000 will continue to appreciate faster than any other price point and homes sold in this price range are only getting smaller.  The annual average home size sold between $100K -$200K, new and resale combined, is currently 1,390sf compared to 1,454sf last year.  That’s a loss of 64sf and roughly the size of a couple of closets.  Since 2014, the annual average home size sold has consistently hovered around 1,975sf.  Those buyers who didn’t want to sacrifice living space paid an average of $22,000 more for a 1,975sf home in the past year.

For Sellers:
Greater Phoenix is officially in the seasonal summer slowdown and contracts in escrow are expected to continue declining overall until the end of the year.  The peak of the market for contract activity usually hits at the end of April, as it did both this year and last year.  So far levels have dropped 17% from the peak, which is closely following last year’s drop of 18% between April and July.  If the 2018 market follows last year and previous years, we can expect contracts in escrow to drop about 4% per month until the end of the year.  This would be considered perfectly normal, anything more could indicate a non-seasonal drop in demand.

Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report
©2018 Cromford Associates LLC and Tamboer Consulting LLC


Posted on July 9, 2018 at 3:26 pm
Eric Karlene | Posted in Market Updates - Cromford Reports | Tagged , , , , , , , , , , , , ,

4 Reasons to Sell this Summer


Posted on June 26, 2018 at 5:02 pm
Eric Karlene | Posted in Info | Tagged , , , , , , , ,

Dollar Per SQFT Rant

The reality of “Price per Square Foot”…

  • It has become common lingo among many agents, title reps, and marketing firms.
  • The stat itself, does not tell the whole story of the property value
  • It easily becomes a “debatable” statistic that prevents a great “selling conversation”
  • Typically, agents who are not skilled in pricing have a greater tendency to use this formula.

Where Price per Square Foot is great:

  • Construction purposes
  • Commercial real estate, where emotion is less influential
  • The words “price per square foot” does not mean the same as “value”

Posted on June 21, 2018 at 11:08 pm
Eric Karlene | Posted in Info |

Is Greater Phoenix “Overvalued”?

Is Greater Phoenix “Overvalued”?
Mortgage Payments Are Lower Than They Were 13 Years Ago

For Buyers:
Interest rates have been increasing along with the inflation rate as of late, which has spawned a string of headlines about affordability. While the rate hike has knocked some buyers out of the market without a doubt, general affordability hasn’t taken a big hit yet.  According to the National Association of Home Builders and Wells Fargo, buyers making the median family income could still afford 65% of what sold in the Valley last quarter.  A measure between 60-75% is considered normal.

Let’s look at the historical cost of a 1,900sf home in Greater Phoenix, for example.  In March 2005, a home that size would run $281K on average.  Today that same home would be $309K, $28,000 more (+10%).  However, the interest rate back then was 5.9% compared to 4.5% today, meaning that the principal and interest payment has dropped nearly $100 from where it was 13 years ago for the same home.  At the same time, the median family income rose from $58K to $69K according to HUD (+19%).  Which is why despite recent increases in interest rates, the affordability of real estate in the Valley is still considered very good.

For Sellers:
Last April CoreLogic released a report ranking the Greater Phoenix area as “overvalued”. In fact, they placed 37% of our nation’s top 100 metropolitan areas in that category.  As of May, after 6 years of higher-than-normal appreciation rates, the monthly average sales price per square foot has finally reached its place along the long-term 3% appreciation line established between 2000-2003 before the 2005 bubble and 2008 crash.  Meaning that if we had fallen asleep in 2003, and the last 15 years were just a long horrible dream, we would have woken up today and not known anything had happened.  Prices are where they would have been had the market followed the average long-term rate of inflation.  That brings to light that current appreciation rates of 6% or more are no longer sustainable in the long term.  However that doesn’t mean that prices will “peak” or “crash” anytime soon.  Most likely as demand slowly wanes, prices will go flat and hang out until they once again fall in line with the rate of inflation, but don’t expect that to happen in 2018.  Supply and demand measures today indicate another 3-6 months of positive appreciation for the majority of homes priced below $400K.

Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report
©2018 Cromford Associates LLC and Tamboer Consulting LLC


Posted on June 14, 2018 at 4:49 am
Eric Karlene | Posted in Market Updates - Cromford Reports | Tagged , , , , , , ,

When is the Phoenix Housing Market Going to Slow Down?

 

  • Even though median prices are within 98% of the peak, the fact that interest rates are so much lower today means that homes are still affordable.
  • The median family income has risen $11,000 since 2005, indication there is room for families to bear the increase in price.
  • Despite appreciation rates higher than the rate of inflation over the past 7 years, families making the median income could afford 65% of what sold in Greater Phoenix last quarter.
  • Overall Greater Phoenix home prices have finally reached where they are supposed to be historically and it’s expected to continue rising through the end of 2018.

Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report
©2018 Cromford Associates LLC and Tamboer Consulting LLC

 


Posted on June 8, 2018 at 4:07 am
Eric Karlene | Posted in Uncategorized | Tagged , , , , , , , , , , ,

Tempe Townhome – Coming Soon – $238,800

3 Bedrooms, 2.5 Bathrooms, 1712 SQFT, New Kitchen, Bathrooms, New Granite, New Paint, New Carpet, New Stainless Appliances.

CALL NOW FOR MORE DETAILS!

602.492.2897


Posted on May 15, 2018 at 11:18 pm
Eric Karlene | Posted in Uncategorized | Tagged