With over 25 years of true full time Real Estate experience in the entire valley and 1700 transactions here is our assessment. Buyers coming from other parts of the country are shocked to see block fences and homes 10’ apart. 
With land cost continuing to go up builders are forced into squeezing more homes per acre. As long as lot premiums are reasonable, and that’s subjective, then of course the value should always be there. All buyers want a non-standard lot but a large percentage do not see the value upfront. If not in your budget maybe consider an upgraded lot but back off 200 Sq. Ft or so of floor place to make up the difference or take a closer look at options that can be added down the road. We’ve never run into a past client who does not love some type of open space around their home. For more information and feedback reach out to our fabulous resale team located in the model gallery.
A day in the life of TJ @ the Shea Preferred office….
Check out TJ’s day at our Shea Preferred Office located right in the model gallery at Encanterra….how did you spend your day??
Phoenix area real estate market summary April 2019
Phoenix Metro area-Market Snapshot March 2019
Starting with the basic ARMLS numbers for March 1, 2019 and comparing them with March 1, 2018 for all areas & types:
- Active Listings (excluding UCB): 18,959 versus 16,924 last year – up 12.0% – but down 0.4% from 19,040 last month
- Active Listings (including UCB): 23,197 versus 21,474 last year – up 8.0% – and up 2.4% compared with 22,655 last month
- Pending Listings: 6,119 versus 7,158 last year – down 14.5% – but up 22.1% from 5,012 last month
- Under Contract Listings (including Pending, CCBS & UCB): 10,357 versus 11,708 last year – down 11.5% – but up 20.1% from 8,627 last month
- Monthly Sales: 6,480 versus 7,067 last year – down 8.3% – but up 18.6% from 5,462 last month
- Monthly Average Sales Price per Sq. Ft.: $168.57 versus $167.59 last year – up 6.1% – and up 0.6% from $167.59 last month
Monthly Median Sales Price: $264,000 versus $252,000 last year – up 4.8% – and up 0.8% from $262,000 last month
The second half of February saw momentum building in the market, though it will need to build even more to catch up with last year when it was running on all cylinders.
Supply without a contract is up 8% from a year ago. However it has already declined between February 1 and March 1, something which usually only occurs in years when the market is doing rather well. That is just one of several good omens that suggest the weakness in demand that started in September is now dissipating.
Another positive sign is that sales increased by over 18% between January and February. This compares favorably with last year which gave us a 14.4% increase. The annual sales rate continues to fall, but the momentum of this trend is fading just a little.
Under contract listings grew over 20% since last month, Again this is better than in 2018 when the increase was 16.6%.
It is early days in the improving cycle so we should not get carried away with enthusiasm. Demand could fade again if we get a significant increase in loan interest rates. However, if this is signaled ahead of time, it could encourage buyers to make their minds up before the rates go into effect.
Anyone who is expecting prices to fall is likely to be very disappointed by the current state of affairs. Yes, asking prices are being cut at quite a high rate, but asking prices are often overly optimistic anyway, especially for homes that have just been listed.
Actual closed prices are looking very strong, as we can see in the numbers above. The mix is changing in favor of higher end homes too, since the low end below $200,000 remains chronically under-supplied. The usual upward cycle in average price per sq. ft. during the spring looks like it has turned up as usual in 2019.
The market looked uncertain at the end of January, but now we are seeing an upward trend in the Cromford® Demand Index and any day now we should see a mild declining trend in the Cromford® Supply Index. Both of these are good news for sellers and not-so-good for buyers.
Source: ARMLS, Cromford Report, Altos Research
Paperwork agent or knowledgeable consultant, what’s the difference?
A small percentage of agents meet the criteria of professional and successful Realtors. It’s a tough business and unless you’re in it 6 days a
week at a high level, it’s difficult to achieve a high level of success. For our team, we’re clearly not paper pushers. Besides our amazing team of full time Realtors and staff, we also employ a full time maintenance person on our team. This is a new “free†added service when listing with our team. Travis will hose down the walkways and patios, flush drains during the hot months, trim landscape, and whatever else your home needs to stay in top condition. We have flooring experts, painters, landscapers, and general contractors at our fingertips so one call to us and we handle everything. This is a consulting business that also requires a Real Estate license and we consult at the highest level.
Do you follow us on Instagram yet??
If you haven’t started following us on Instagram….you should check us out for your daily dose of beautiful Encanterra sites, Real Estate news, meeting new members, see what our buyers & sellers are saying about us & much much more! Just follow this link: Shea Preferred Instagram Link
Open this, Offer that, and direct buy companies, good deal for you?
Any time the market is on the uptick we see new ideas popping up. Here we go again. The top two listed above are the big ones. They offer you cash, promise the world, close when you want and state no staging, no inspections, etc.
In order for these companies to survive, pay for repairs, paint, and other items most need, not a chance they can offer you more than 90% of the current value. If they pay agents on both sides, holding costs, repairs, and closing fees then this is near a 10% cost (9%-12% is the average). Of course there is always more to the story than the commercials and if you list with true professionals that stage, consult, have amazing photos, and a full service team there is no need to give your home away. Give us a call before walking away from thousands of dollars that should be in your pocket, not the direct buy investment companies.
Real Estate teams or a single agent, which benefits you the most?
Real Estate teams or a single agent, which benefits you the most?
Teams have been dominating the industry over the past 10 years. With so many moving parts with contract changes, lending and tax laws, and the nearly 50 pages of documents from contract to closing, when a team of 4-5 full time professionals work together it’s a much smoother process for a buyer or seller. Add home inspections, termite reports, lending delays, insurance requirements, HOA issues and delays, and then suddenly it becomes overwhelming for a single agent to handle. Want to see how our team operates and the reason we continue to be in the top 1% of all Realtors? Stop in our on-site office and see TJ, Ben, Lacey, or Michelle at Shea Preferred Realty Group.
Rentals at Encanterra, what does this mean for you?
Over the years we have witnessed a drastic increase in mostly short term rentals. Currently more than 70 homes are available for rent for certain times throughout the year. Your Shea Preferred team keeps a running list for anyone that wants more exposure in our office located in the model gallery where we have referred over $200,000 in free rental income according to a recent survey. To get on our free list, which is requested by email and walk in traffic more than 500 times a year, one of our team members first visits the home to see if it meets resort vacation status. Many of these renters will become buyers and neighbors so we want to be sure the rental experience is 5-star across the board. Our standards to get on the list help preserve the reputation we have built at Encanterra. For more information please visit us in the model complex
What new building is coming to San Tan Valley you ask? Read on….
With all the new construction around, and the rumors of what may or may not be coming soon; We thought we would take a minute to provide you with an update on both…while this list may not be comprehensive it does give a lot of information which has been updated recently.
For the full article click here: What’s Building in San Tan Valley
Do you know about something that is coming that is not noted in the article? Comment below & let everyone know!
