Thank You! – For Trusting me to Sell Your Home!

It’s always great when you can work with clients and build a lasting relationship. Not all transactions go smoothly from start to finish. Often, there are little roadblocks that must be overcome. When they do come up, working with people that are willing to take a step back re-evaluate the situation and address it from a new perspective is always key. It creates a win-win for everyone involved….and sometimes we are even able to end the transaction by selling it over the appraised value.

Posted on October 29, 2018 at 9:29 pm
Eric Karlene | Category: Uncategorized

Where is the Market Going? According to Steve Harney

I have been getting a bunch of questions about where the market is going. “Should I buy now or wait a few years for a market shift?” is on of the most common questions that I have been receiving. I love to follow Steve Harney from Keeping Current Matters. Basically, what his is saying is “Buy Now”. Your interest rates are great and by holding off, your will only be diminishing your purchasing power. Home prices will continue to climb at the same time. This will allow you to still ride the appreciation in the home that you love. See Instagram posts below.

Posted on October 9, 2018 at 7:38 pm
Eric Karlene | Category: Uncategorized

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 | Category: 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 | Category: Uncategorized | 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 | Category: Uncategorized | 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 | Category: 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 | Category: Uncategorized | Tagged

Why are the Experts saying “BUY NOW!!!!”?

Are you trying to decide whether to buy now or wait? Well here is what’s going on in our market today. Per the chart below, Mortgage rates are climbing above a 5 year high. The experts are claiming they are going to continue to climb as well. Some say that that they are expected to peak around 6.0% which we have not seen since 2008. With the increase in home prices, this will be pushing some of the Sub $200k buyer’s out of the market for some of the most affordable homes in Phoenix Metro. These home will most likely appreciate around 5% due to the lack of inventory. It will also greatly reduce your buying power at all of the price points. So, if you are sitting on the fence in trying to decide what to you, the data may be that little extra push you need to get into the market and buy today.

 

Here is the current market trend in Dollars per Square Foot:

Posted on April 26, 2018 at 6:08 pm
Eric Karlene | Category: Uncategorized | Tagged , ,

Past Successes!

Posted on February 28, 2018 at 7:02 pm
Eric Karlene | Category: Uncategorized | Tagged , , , , , ,

499 N Zane Grey – SOLD IN 31 DAYS

 

 

 

Posted on January 22, 2018 at 12:32 am
Eric Karlene | Category: Uncategorized | Tagged , , , ,