Sherrie’s December Real Estate Stats

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December Stats 2018
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New Listings Up 18% in October between $250K-$400K
The 4th Quarter is Seasonally the Best Time to be a Buyer

For Buyers:
Remember when you would not eat your dinner as a kid and your parents would serve it to you for breakfast or lunch until it was gone?  Okay even if you can’t relate, you can imagine a kid’s disappointment in having to see the same thing day after day until they reluctantly eat it. Buyers may be feeling the same way this month as existing inventory has gotten stale and very little new inventory has been added in the first weeks of December. It’s down a whopping 26% from last December with nearly every price range under $1.5M participating in the decline.  This reluctance to list in December has offset the 16% decline in listings under contract and the market has managed to maintain a seller market, albeit a weaker one.  In the meantime, existing sellers are dressing up their leftovers with incentives.  Seller-assisted closing costs have risen on sales between $175K-$300K and price reductions were up 25% in the first week of December compared to last year.

For Sellers:
Seasonally, this is the calm before the storm in terms of buyer activity.  Every year, listings under contract drop sharply in the latter half of December before reaching their lowest point on January 1st.  Conversely, between January and April buyer contract activity will sharply accelerate.  How much it will increase this year remains to be seen depending on interest rates and other lending factors. The past 3 years has seen contracts rise roughly between 70-90%  in the first 4 months.  Despite this expectation, sellers need to be prepared to compete more in 2019 than they had to this year. The first 4 months are also typically strong for new listings to enter the market.  Even though 2019 looks like it will start off with a seller’s advantage, it will be much weaker than last year.  The market appears to be resisting higher prices for homes that don’t live up to buyers’ expectation of value for their money.

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

Click Here for Luxury Report

Easy Things You Can Do in a Weekend to Increase the Value of Your Home

 

Whether you paint your front door or add extra potted plants, these home improvement ideas can turn your house from not to hot and market-ready in less than 48 hours.

1. 
Grab a Paintbrush

2. Ditch the Clutter

3. Change Your Hardware

4. Add a pop of color

5. Power wash the outside 

6. Steam clean the carpets

7. Landscape the yard

8. Do minor repairs

9. Get a Professional Inspection

10. Color the cabinets 

11. Seal the driveway 

12. Improve drainage in your yard


Read full article here

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Phoenix housing market ‘staying strong’ while nation sees dropoff

 

PHOENIX — While the nation is experiencing somewhat of a housing market slump, not every area is experiencing the dropoff.

According to Zillow, cities like Phoenix have actually seen their housing markets maintain stability.

“There are some very large markets nationwide that are slowing down. Places like Los Angeles, the Bay Area, like Seattle,” Aaron Terrazas, senior economist for Zillow told KTAR News 92.3 FM on Friday. “On the other hand, there are places that are celebrating or staying strong. Places like Las Vegas and Phoenix and Atlanta.”

Nationally, the housing market has seen a downturn.

“We know that 2018 looking back was a little bit of turning point for the American housing market,” Terrazas said. “In 2016, 2017 and even the first half of 2018, the housing market had been going strong.

“During the second half of this past year, it did begin to slow down a little bit. We expect that to continue into 2019.”

With the Phoenix market holding its own as 2019 approaches, Terrazas offered some recommendations for those looking to buy or sell in the new year.

One thing both buyers and sellers should try to avoid is trying to time the market.

For buyers, with set mortgage rates on the rise, it’s important to have an idea of where the rates are going to be when you are ready to close the transaction and have some added cushion in your budget.

Secondly, be able to compromise in making the right purchase. With that said, Terrazas also noted that with more housing inventory, buyers have a few more options than they would have had a year ago.

For sellers, Terrazas encourages them to speak with professionals to understand what’s in demand and what is most important in that particular market. Another thing to keep in mind is updating your home with any necessary entities before listing your home.

In addition to knowing the market, sellers should also temper their expectations of getting rid of a home quickly. With an added inventory of houses on the market, buyers have more options when looking for their next home.

KTAR.com

 

 

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THERE’S OPPORTUNITY IN EVERY MARKET! 

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