Mason – Does Hardscape, Walls, Concrete, and Pavers

Posted on September 13, 2019 at 4:59 pm
Eric Karlene | Posted in Contractor | Tagged , , ,

What does $100,000 buy in Phoenix?

Posted on September 6, 2019 at 4:08 pm
Eric Karlene | Posted in Info | Tagged , ,

What Does $26,000,000 Buy in Scottsdale, AZ?

Posted on August 30, 2019 at 6:25 pm
Eric Karlene | Posted in Properties |

Contracts up 19% in this Price Range!

Contracts up 19% in this Price Range!
Flip Sales Rebounding Strong after Weak First Quarter

For Buyers:
New listings activated in June were down 10.0% compared to last June and overall supply has dropped 9.5% in 4 weeks, putting it below last year’s count for the first time all year.  Buyers have gotten used to very little supply under $200K but now they’re feeling it hard between $200K-$250K, where new listings were down a whopping 15.1%.  Trying to fill the gap, brand new town home/condo sales have been strongest between $200K-$250K with a median size of 1,362sf.  The top two builders that have sold the highest number of condos in this price range this year are Lennar in Gilbert and DR Horton in Mesa.  Other competing developers building multi-family between $200K-$250K include Bela Flor in Mesa and Maracay in Goodyear.  In Mesa, new condos in this price range have been extremely competitive with resale with an average price per square foot of $155.70 versus $157.47 for resale.

For Sellers:
Listings in escrow are up 7.4% and have soared nearly 19% over last year between $250K and $600K.  Homeowners with property valued under $250K are inundated with offers from investors as flip sales* have rebounded strongly over the past few months.  Making up for lost time after being down 4.2% in the first quarter, successful flip sales have now outperformed 2018 by 4.8%. The median sale price for a flipped home in May was $245K, up 8.4%, and the average size sold was 1,710sf.  The median gross gain for a traditional flip investor was $53K between their acquisition and sale price.  iBuyer companies such as OpenDoor, OfferPad and Zillow showed a median gross gain of just $9,900, however that doesn’t account for significant service charges to the sellers during escrow.

*A flip sale is defined in this case as the sale of property within 6 months of acquiring it.

Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report
©2019 Cromford Associates LLC and Tamboer Consulting LLC

Posted on July 31, 2019 at 8:51 pm
Eric Karlene | Posted in Market Updates - Cromford Reports | Tagged , , , , ,

Re-sale prices are not predicted to come down this year.

For Buyers:

Re-sale prices are not predicted to come down this year.  Between August 2018 and January 2019 it looked like the market was going to balance out and cause prices to stabilize around the 2nd half of 2019.  However two things happened to change that prediction.  First, average 30-year mortgage rates dropped from a high of 4.94% in November 2018 to 3.82% as of June 2019.  That alone has saved buyers around $177/month on a median-priced $279,000 home with 4% down.  Second, private sector annual earnings in Greater Phoenix rose 1.8% in April after an 8-month period of stagnation.  In the last decade home prices have gone flat just twice, in 2011 and 2014.  Both times there was a corresponding decline in annual earnings. If annual earnings continue to grow and interest rates remain low, the Greater Phoenix seller market will continue to push home prices up this year.

For Sellers:

The May peak buyer season is over.  From this point through the end of the year it’s not uncommon to see contract activity gradually decline 30-40%.  The good news is that despite the predictable decline, listings under contract are coming in 3.7% higher than this time last year.  It’s not evenly distributed along all price points however.  Contracts on listings over $600K are up 3.4% while the $500K-$600K range is up an impressive 33.5%!! Contracts between $250K-$500K are up 16.1% and the low $200K’s are up 8.1%.  Lack of inventory under $200K means that contracts in this range are down 20.6%.  Expect your highest annual appreciation rates to be between 6-10% in the $150K-$225K range as this is where the majority of investor flip activity lies. $225K-$500K appreciation is between 3-5% and over $500K is between 1-3%.

Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report
©2019 Cromford Associates LLC and Tamboer Consulting LLC

Posted on June 8, 2019 at 8:52 pm
Eric Karlene | Posted in Market Updates - Cromford Reports | Tagged , , , , ,

Tiffany’s Testimonial

Posted on May 30, 2019 at 5:48 am
Eric Karlene | Posted in Testimonial |

Remodel at University & Extension – Coming Soon

‼️‼️ Coming Soon ‼️‼️
👉 University & Extension
🏆Johnson Addition🏆
1326 sqft
3 Bed 
2 Bath
New Kitchen
Diving Pool 🏊‍♀️
2 Car Garage
Irrigated Lot
To schedule a private showing or to view other properties throughout the entire valley PLEASE don’t hesitate to reach out!!!
Call/Text: 602-492-2897
DM me on Facebook
#3bed #JohnsonAddition #AZ #EricKarlene #AZHome #Firsttimehomebuyer#MesaTopRealtor #PhoenixTopRealtor #TopRealtor #pool #EricKarleneRealtor#ArizonaHouseForSale #FishingRealtor

Posted on May 23, 2019 at 8:20 pm
Eric Karlene | Posted in Uncategorized |

Median Sales Price up 5.9% to $270,000 in Greater Phoenix

For Buyers:
The median rent paid on single family rentals through the Arizona Regional MLS is currently $1,625 per month, which is comparable to what the mortgage payment would be on a median-priced $270,000 home with 4% down at today’s interest rate (including approximate taxes, homeowners insurance and mortgage insurance).  If a buyer were to purchase that home today, within 5 years they would have nearly $35,000 in equity just from making their mortgage payment, not including any appreciation in value.  If prices were to rise at a modest 2.1% per year (the average long term rate of inflation) within that same 5 years, then they would have an additional $43,000 in equity just from appreciation.  This scenario would result in $78,000 in total equity within 5 years and by year 3 they would be able to remove any mortgage insurance from their payment, which would save another $200 per month approximately.

For Sellers:
Low interest rates are continuing to fuel buyer demand and there are now 2.5% more listings under contract today than there were last year at this time and 3.7% more sales. All in all an impressive rebound as interest rates have remained below 4.2%, keeping affordability stable for the time being.  Increased demand in the 2nd quarter has resulted in strengthening the weakening seller market after a full 7 months of decline.  May is typically the highest month for listings under contract and buyer activity is expected to decline from here through December as it typically does every year.  Don’t think you’ve missed the boat if you need to list however.  On average since 2001, about 52% of all sales happen in the first half of the year and 48% in the second.

Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report
©2019 Cromford Associates LLC and Tamboer Consulting LLC

Posted on May 21, 2019 at 8:44 pm
Eric Karlene | Posted in Uncategorized |

☀️☀️ Just Listed in Phoenix’s Country Place☀️☀️

Ready to Move In!

Amazing 3 bed, 2 bath, Den,1,704 Sq Ft! 🏠

19635 N 14TH Pl, Phoenix, AZ

🔥 Don’t wait too long!

📲 Call Eric 602-492-2897 for all the details!

👉 Eric Karlene, Realty ONE Group 602-492-2897

#newhome #justlisted #yourdreamhome #CountryPlace #erickarlene #erickarlenerealtor #topmesarealtor #mesa

Posted on May 13, 2019 at 5:16 pm
Eric Karlene | Posted in Uncategorized |

Two Months Left to Our Peak Selling Season

We have two months left to our peak selling season before activity begins
to noticeably slow. If you have been on the fence about selling, now is
the time. Remember, “pretty homes” sell faster and for more
money…have your home in tip-top shape to secure the best offer(s)
from potential buyers.

Interest rates have remained stable (low) over the past 30 days. As
expected, active inventory dropped slightly this month making it more
competitive for buyers. Remember, you will often get a good price or
good terms (concessions/contingencies), but rarely both. Be prepared to
write your offer accordingly.

Posted on May 6, 2019 at 3:43 pm
Eric Karlene | Posted in Uncategorized | Tagged , , , , , ,