Many homeowners wait until they are ready to sell their Arizona home to maintain their home. Well, homeownership is an ongoing responsibility. Here in the valley of the sun, there are some maintenance items that are unique to the southwest.
Yes, this is one of the biggest sticking points in selling your Arizona home. With the extreme heat, the air conditioning unit is a valuable asset. Make sure to have your unit checked every year and keep the invoice to show the buyer. Having a log of the maintenance will put the buyer at ease.
Have you ever walked into a home for sale in Arizona and the air return is full of dust? Changing your air filter monthly will help extend the life of your air conditioning unit and keep it running in tip-top shape. This is especially important during the monsoon season when dust is spread all over the valley. However, most homeowners forget about their air filters during the winter months.
Yes, a quality roof will have an extended warranty. However, Arizona can have extreme weather including hail and strong wind. These two elements can cause damage to your roof, cracking tiles and breaking shingles. The National Association of Home Builders advises homeowners to get their roofs inspected every three years. Make sure that a cracked tile does not keep the sale of your home from going through.
This is one of those maintenance items that can wait until next year right? I know that Arizona does not get a ton of rain, but when we do it comes in buckets. Your gutters serve a purpose, to move the water away from your home. If your gutters are clogged it could cause water backup and damage to your home. Makes sure to clean the gutter out and avoid any surprises during your home inspection.
This is another item that most homeowners put off. Sealing your doors and windows will save you money on your utility bills because nearly 30% of heating and cooling energy is lost through air leaks. Sealing your doors and windows may not help you sell your home, but it will help you save money.
You should check for termites, scorpions, and spiders on a regular basis. There is nothing worse than showing a potential buyer a home with creepy crawlers inside. The real problem comes during the inspection of the home because most insects you cannot see. If termites are discovered, the sale of your home may not go through. If you are like many Phoenix residents, you might already have a monthly pest control contract. Just make sure that while they are on your property they are looking for these pests, not just spraying the exterior of your home.
Maintaining Your Home is the best way to sell your Arizona home. Make sure to do your annual maintenance to avoid any surprises down the road when you are ready to place your home on the market.
By Duane Fouts
Like most professionals, no matter what industry you work in, your family, friends and acquaintances are usually curious about it. They often times want to know about your work, and so in conversation, they start asking questions. That is a good thing if you are in sales.
As a real estate Broker, I get asked quite often.... "So... how is the market?"
How does one answer that question? Is the person asking about the market in general or are they asking about their specific neighborhood? Because the answer very likely will be different. There is a saying in our industry... "Real estate is local." What is happening across the country or even across town can and does have an impact on your local neighborhood real estate market, but I tend to believe that when most people ask that question, what they are really asking is... "What is happening in their local real estate market/neighborhood and how is that affecting me?"
On any given day, most people are not "in" the market to buy or sell real estate, but they are curious. And since I tend to be a data and numbers guy, when someone asks me the question, that is how I answer the question and then throw in a little about how those numbers are affecting a buyer or seller. Because the affect is different as you will see below.
In a nut shell.... if you are a seller, you are probably much better off than you were 12 months ago. If you are a buyer, you face some competition from other owner occupant buyers.
With that being said, understanding the housing market means that you have to understand the balance between supply and demand for housing. While demand is hard to measure in the real estate world, when you are in the business every day, you can certainly feel it. And right now, it feels pretty strong to me. And if the market behaves like it usually does, demand will continue to increase through the June, July timeframe.
When we look at supply, it can give us some pretty good insight into the strength or weakness of the overall market as well as insight within the different market sectors within the overall market. Take a look at the chart below, published by the Cromford Report comparing January 1 2015 to January 1 2016 for the greater Phoenix market. Pay particular attention to the comments regarding short and long term thoughts on change from a Sellers perspective. Note that usually what is good for a Seller is not good for a Buyer and vice versa.
|Sector||Active 1/1/16||Active 12/1/15||Active 1/1/15||Peak Since 2000||1 Month Change||12 Month Change||Comments on Short Term Change||Comments on Long Term Change|
|SFR - Priced Under $100K||179||203||415||9,427||-12%||-57%||extremely favorable for sellers||extremely favorable for sellers|
|SFR - Priced $100K-$125K||227||226||522||3,713||0%||-57%||unfavorable for sellers||extremely favorable for sellers|
|SFR - Priced $125K-$150K||580||585||1,196||4,039||-1%||-52%||slightly unfavorable for sellers||extremely favorable for sellers|
|SFR - Priced $150K-$175K||947||993||1,336||3,534||-5%||-29%||favorable for sellers||very favorable for sellers|
|SFR - Priced $175K-$200K||1,123||1,213||1,409||3,929||-7%||-20%||favorable for sellers||very favorable for sellers|
|SFR - Priced $200K-$225K||917||961||1,038||4,252||-5%||-12%||favorable for sellers||favorable for sellers|
|SFR - Priced $225K-$250K||1,100||1,203||1,263||5,150||-9%||-13%||very favorable for sellers||favorable for sellers|
|SFR - Priced $250K-$275K||884||927||956||3,426||-5%||-8%||favorable for sellers||favorable for sellers|
|SFR - Priced $275K-$300K||984||1,046||957||3,651||-6%||+3%||favorable for sellers||slightly unfavorable for sellers|
|SFR - Priced $300K-$350K||1,460||1,587||1,480||4,351||-8%||-1%||favorable for sellers||neutral|
|SFR - Priced $350K-$400K||1,236||1,350||1,315||3,639||-8%||-6%||favorable for sellers||slightly favorable for sellers|
|SFR - Priced $400K-$500K||1,518||1,670||1,435||4,365||-9%||+6%||very favorable for sellers||slightly unfavorable for sellers|
|SFR - Priced $500K-$600K||947||1,018||855||2,757||-7%||+11%||favorable for sellers||unfavorable for sellers|
|SFR - Priced $600K-$800K||964||1,071||928||3,114||-10%||+4%||very favorable for sellers||slightly unfavorable for sellers|
|SFR - Priced $800K-$1M||644||675||533||1,440||-5%||+21%||favorable for sellers||very unfavorable for sellers|
|SFR - Priced $1M-$1.5M||620||645||599||1,473||-4%||+4%||slightly favorable for sellers||slightly unfavorable for sellers|
|SFR - Priced $1.5M-$2M||346||355||319||705||-3%||+8%||neutral||unfavorable for sellers|
|SFR - Priced $2M-$3M||365||368||336||708||-1%||+9%||slightly unfavorable for sellers||unfavorable for sellers|
|SFR - Priced Over $3M||272||268||258||642||+1%||+5%||unfavorable for sellers||slightly unfavorable for sellers|
SFR = Single Family Residence
I think the numbers bear it out, the residential real estate market across the Valley of the Sun is in much better than it was at the beginning of 2015 if you are a Seller, especially if your property is under $400K.
Here are some of the Valley of the Sun overall numbers:
So what is my advice to you as a consumer?
If you are a Seller, right now you will be in a strong negotiating position across many of the sectors. Now through July is the prime selling time, so check out the Instant Home Valuation widget on our website, get your house ready to make a good First Impression, and call us at 480-433-9990 to schedule an in home consultation.
If you are a buyer, pay attention to the data. In many sectors, the Seller has the stronger negotiating position, so be prepared by having a strong prequalification letter from your lender, by writing a clean offer to purchase and hiring an experienced agent that can help you through the complicated process. While the process can be challenging, we at Arizona Realty Consultants can help you through that process. Click here to begin your search or give us a call at 480-433-9990 to schedule no obligation consultation.