Arizona Home Price Projections and Home Seller Expectations

The National Association of REALTORS® projects that home prices in Arizona will increase by 3% to 5% during the next 12 months, according to the latest Confidence Index survey. The survey includes responses from over 50,000 professional real estate practitioners throughout the United States, and considers home price trends and overall market conditions.

As mentioned in prior blog posts, Phoenix-Scottsdale real estate benefits from a strengthening local economy and continued investor activity. This bodes well for Fountain Hills home sellers who are entering the market this year. However, sale price expectations need to remain realistic, and homes still need to be prepared for the market to obtain the best offers. Here are a few things to keep in mind:

1. Lending standards have eased somewhat, but buyers remain challenged by the approval process.  Pricing your home according to current market values helps prevent problems with bank appraisals.

2. According to an article in the Phoenix Business Journal, new construction home sales have slowed during the early months of 2014. The median price of a newly-built home was about $290,000 in February; down from $301,000 during December 2013. While the article does not point to a specific reason, it's likely that buyers are finding better deals among the inventory of existing homes for sale. Newly constructed homes are impacted by material costs that have been steadily rising.

For the time being, existing homes have an advantage over new construction when it comes to price. But if builders begin to aggressively discount new homes, it could soften the values of similar properties in the area.

3. All real estate is local. Fountain Hills home values could outpace the projections for Arizona home values - or fall a bit short of those projections. Rather than count on a market trend to lift your home value, it's wiser to keep your home in the best possible condition - and invest in the repairs and improvements it needs to draw the best offers.

4. Being inflexible on price and terms can kill a deal, even if market trends are in your favor. According to the Confidence Index prepared by the National Association of REALTORS®, lack of agreement over price accounted for 11% of transaction failures. This isn't to say that you have to take any offer that comes along, but you should be aware of current values and be flexible within reason.

If you are thinking of selling your Fountain Hills home, now is the time to obtain expert advice and prepare for the market! Get started with my free e-book, "450 Ways to Sell Your Home Faster!"

Ready to find out what your Fountain Hills home is worth on the market? Contact me for your free home value and marketing consultation!

Tina Nabers

Nabers Property Management & Real Estate

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Will Fountain Hills home buyers find fewer homes and higher prices?

Real estate trends for the Phoenix-Scottsdale metropolitan area are pointing to higher home demand throughout 2014, according to a recent HousingWire article. At first glance, it would appear that we could expect fewer homes on the market in Fountain Hills as a result.

But like all statistics and news headlines, it pays to look at the details within the facts! Let's break down what's happening and how it may affect Fountain Hills real estate.

First, the good news: home demand is up and likely to remain steady through 2014. Our local economy is adding jobs, and Arizona continues to attract new residents. We also have "boomerang buyers" returning to the housing market, thanks to a forgiving mortgage program by the FHA. We also have investors who continue to absorb distressed properties.

All these elements help support our improving home values, which is great news for Fountain Hills home sellers! Of course, many would-be sellers who postponed placing their homes on the market in recent years may be ready to test the water in 2014. As more home sellers enter the market, the resulting increase in home supply could tame future price increases.

However, the entry-level price ranges, generally including homes priced under $150,000, will continue to face limited inventory. This is where Fountain Hills home buyers will have some challenges. While we have fewer cash buyers in the market today, they are not limiting their investments to distressed properties. As foreclosures and short sales become harder to find, investors are casting their nets wider to secure affordable properties that will appeal to new households.

Will Fountain Hills home buyers find fewer homes on the market in 2014, and face higher prices? As it stands, this is very possible for price ranges below $150,000. This does not mean you won't be able to find an affordable home - but it does mean you should be pre-approved for your mortgage and work with an Accredited Buyer Representative who can help you!

For those of you thinking of selling your Fountain Hills home, now is the time to obtain expert advice and prepare for your opportunities on the market. Get started with my free e-book, "450 Ways to Sell Your Home Faster!"

Buying or selling Fountain Hills real estate? Contact me for your personal real estate consultation!

Tina Nabers

Nabers Property Management & Real Estate

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Will Fountain Hills Home Prices Continue Momentum?

The Phoenix Business Journal recently reported that Phoenix home prices were up by 30% in March 2013, and that home inventory remained low at roughly a one-month supply. Is this pace sustainable? And how closely are these trends tied to Fountain Hills real estate?

Our local market isn't moving as fast, but home prices are still trending higher than last year. Fountain Hills homes are spending an average of 76 days on market.

A year ago, home sales in Fountain Hills were running about the same pace. Consistent demand from home buyers is allowing us to absorb new listings in a reasonable timeframe.

The median price for a Fountain Hills home is running 28.4% higher than a year ago. In this sense, we are echoing some of the trends in the Greater Phoenix-Scottsdale area. Our homes spend a little more time on the market as we do not have as many investors. All the same, sales are brisk, and homes under $300,000 are getting a lot of activity.

We do not yet have a balanced market, due to the fact that home owners have been reluctant to place their homes for sale. Despite our improved home values, the market is still below the price peaks of 2005-2007. Some home owners may be holding out hope that values will draw closer to those highs in the near future.

However, we do not have the same brand of rocket fuel available today that placed home values on the moon several years ago. Mortgages are much more difficult to obtain today. While there are investors influencing the market, they are cash buyers, and not speculators leveraged with easy debt. At the same time, home builders are gearing up to fill demand, which will improve home inventory.

When it comes to future home prices, no one has a crystal ball. Knowing when to sell your Fountain Hills home is more a matter of information rather than market timing! If you are interested in obtaining the current market value of your home, I would be happy to help you!

If you are thinking about selling your Fountain Hills home, my 30+ years of experience in Fountain Hills real estate will be your advantage. I will provide you with a complete home sale consultation to help you price your home correctly, and net top dollar from the sale.

Why wait? Contact me today for expert assistance!

Tina Nabers
Nabers Property Management & Real Estate
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Want Top Dollar for Your Fountain Hills Home? Don't Sell on Your Own!

Whenever the Arizona real estate market is on a roll, Fountain Hills homeowners can be tempted to try and sell a home on their own. Especially when for-sale-by-owner services spring back up, promising big results for an up-front fee. But the truth is, you rarely do better going it alone! Here are just a few reasons why!

1. Trust. Real estate professionals adhere to a code of ethics and standards of conduct that protect home sellers and buyers alike. We are licensed and regulated. We are educated in many different areas of specialty. As resources for the community, we provide market information and guidance free of charge through websites, blogs, social media and more.

2. Price. Automated, online home values are very generalized and can be "off" by thousands of dollars! This is because they do not take condition and amenities into consideration. These values are a starting point for discussion, but should not be used as a price basis when selling - or buying - a home! Only an experienced real estate professional can provide an accurate comparative market analysis and insights on sales trends.

3. Negotiation. The objective of selling your home is to obtain the best possible sales price in the shortest amount of time. There's much more to it than listing a price and then sticking to your guns! Sales contracts and contingencies get complicated, and without tactful negotiation, deals don't happen. Real estate professionals are trained negotiators and skilled diplomats.

4. Exposure. The Multiple Listing Service (MLS) provides a database of homes for sale that is unmatched by any sale-by-owner service. Homes on the MLS are distributed to the largest and most popular real estate websites in the country, and can be viewed by home buyers worldwide!

Getting top dollar for your Fountain Hills home begins with using an experienced real estate professional! My 30 years of experience in Fountain Hills real estate is your advantage when you are selling a home. From market guidance, to home staging advice, to expert sales strategies, my proven methods will help your home stand out from the competition!

I have helped home sellers succeed throughout all market conditions! When you have questions about selling your home, call me! I will be happy to help you! 

 

Tina Nabers
Nabers Property Management & Real Estate
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6 Selling Strategies For Your Fountain Hills Home!

2013 is shaping up to be a year of opportunity for Fountain Hills home sellers! If you are thinking of putting your home on the market, now is the time! 

We have motivated buyers looking for Arizona homes all year around, and the winter months are an excellent time to sell!

In addition to the valuable selling tips I have on my website, I have a few home selling ideas for you here from AOL real estate. I've added thoughts from my own experience:

1. Instead of downplaying an unusual home feature, promote it towards a certain type of buyer. For example, if you have a two-bedroom home with a four-car garage, it could be perfect for a car enthusiast! Or, if you have a small second bedroom, it may be perfect for a nursery or home office. Decorate the room/area accordingly.

2. Include a perk in return for a full-price offer. Things like a golf membership, a home security service or home warranty can draw a lot of attention, and sweeten the deal for a buyer.

3. Accommodate showing appointment requests, even if it means some inconvenience. Being flexible can help you find the right buyer.

4. Beware of flashy marketing gimmicks that promise big-price offers. If your home cannot live up to its marketing when the buyers see it in person, the only one who "wins" is the advertising company.

5. De-personalize your home. It's hard to take down family photos, but since your goal is to sell and move on, you need to do this at some point anyway! Decorate sparse walls with tasteful, inexpensive artwork or photos of local scenery.

6. Do some home staging! You don't have to spend a bundle. A good technique is to pretend you are having a dinner party or other gathering. Display new guest towels and fancy soaps in the washrooms. Set the dining room table. Have a vase of fresh flowers on the table. Put out the little extras that say "welcome" to guests!

Looking for more home selling ideas? I would be happy to give you professional suggestions specific to your home! I will also tell you what improvements will pay off, so that you do not spend money needlessly. In the meantime, help yourself to my free e-book, "450 Ideas To Help Sell Your Home Faster!"

Getting top dollar for your Fountain Hills home also requires a comparative market analysis! I will be happy to evaluate your home's competitive strength in the Fountain Hills real estate market. There is no charge and no obligation!

Let my 30 years of experience be your home selling advantage! When you have questions about selling your home, call me for prompt, professional service! 

Tina Nabers

Nabers Property Management & Real Estate

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5 Reasons for Optimism in Fountain Hills Real Estate During 2013

It's a New Year full of new opportunities in Fountain Hills real estate! Whether you are thinking of buying or selling a home, you can be optimistic during 2013. Here are 5 reasons why!

1. Mortgage interest rates are expected to remain low. According to industry analysts, rates are likely to remain less than 4% throughout the year.

2. Nationwide, home prices are expected to climb by about 3%.

3. New housing starts are predicted to reach 1 million units nationally by the end of 2013.

4. While the Federal budget debate is not complete and spending cuts may occur in the future, the worst-case scenarios in the "fiscal cliff" have been averted.

5. The Greater Phoenix real estate market closed 2012 with strong momentum! Median home prices in November 2012 were 31.9% than November 2011. This marked the 12th consecutive month of year-over-year price gains.

At the same time, distressed property sales in the Phoenix area show a steady decline. Bank-owned home sales represented just 17.2% of the market during November 2012. When you consider that foreclosure sales accounted for over 66% of the market in early 2009, we've made amazing progress!

Arizona real estate demand comes from domestic and international investors, retirees, relocating professionals, first-time home buyers and move-up buyers. In fact, the latter group is causing sales trends towards larger, well-appointed homes. We are seeing good sales activity in a variety of price levels, which further proves that the market is not being driven by distressed properties.

Some challenges will remain ahead of us during 2013. Mortgage loan approval can still be difficult for credit-worthy home buyers. Meanwhile, conservative home appraisals will keep the pace of sale price increases in check. Homeowners who wish to sell, but remain underwater in value, continue to wait for higher prices which keeps home inventory lean. All considered, real estate in Fountain Hills will be attractive for home buyers, but also very competitive!

Overall, Fountain Hills is positioned for home sales growth during 2013! We have the advantages of natural beauty, recreation, proximity to corporate centers, and ample shopping and dining. If you are considering a new home in Arizona, start by looking at the beautiful Fountain Hills homes available now!

Whether you are buying or selling a Fountain Hills home, put your trust in my 33 years of local real estate experience! I can help you make the most of today's opportunities in the Fountain Hills real estate market. I will also provide you the courteous, professional service you can count on! Contact me today for help with all of your real estate needs!

All the best to you in the New Year!

Tina Nabers
Nabers Property Management & Real Estate
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Are Your Selling Expectations Realistic for Your Fountain Hills Home?

If you are thinking of selling your Fountain Hills home, you probably have three main objectives: 

1. Selling your home for the highest feasible price.

2. Selling your home as quickly as possible.

3. Selling your home with a minimum amount of contingencies. 

As your experienced Fountain Hills real estate professional, I understand these goals and I will help you meet them! 

I also want to share insights from a survey by HomeGain, which says that 75% of home sellers believe their home is worth more than more than their agent's recommended price.

This isn't surprising. After all, your property tax assessment may be higher than the market value of your home. Your replacement cost in your home insurance policy may be higher than the market value of your home. It only stands to reason that your personal opinion of your home's value may be higher than the current market value.

But I'm going to tell you what your home is likely to sell for, given current market values and recent home sales in your neighborhood. After all, selling your home and experimenting with the market are two different things. Over-pricing your home just to "see what happens" usually backfires, and here's why:

1. Most home buyers need mortgages, and mortgages require appraisals. If your home fails to appraise for the sales price, there's no deal.

2. The first 30 days on the market are critical. If your home is over-priced, buyers are likely to avoid it, which extends your days on market. The longer your home lingers on the market, the more it has to compete with new listings, and the weaker your negotiating position becomes. 

Getting top dollar for your Fountain Hills home begins with a realistic assessment of your home's competitive strength in the market!  With over 30 years of experience in Fountain Hills real estate, I have helped home sellers succeed throughout all market conditions! When you have questions about selling your home, call me! I will be happy to help you! 

 

Tina Nabers
Nabers Property Management & Real Estate
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AZ Home Building Trends Boost Fountain Hills Home Values

The drought is over for new home construction in Arizona! According to MetroStudyReport.com, new home construction in the greater Phoenix-Scottsdale area is up by 66% compared to last year. Builders have raised their new home asking prices by an average of $15,000 during a six-month period in 2012.

The strength in home building activity is good news for area employment, which has experienced a 5% gain in construction jobs during 2012, according to the Phoenix Business Journal. In turn, these jobs help boost our local economy, spurring car sales, retail purchases, and generating spending on dining and entertainment.

But what does new construction mean for home sellers in Fountain Hills? Is there any cause for concern when Arizona home buyers can choose between new construction and an existing home for sale?

Here's the good news: aside from the local economic benefits, new home construction also tends to boost overall home values in the area. This is because home appraisers are looking at the most recent sales in a given area for like-kind properties. It's certainly preferable to have your home compared to newly-built homes on the market, instead of compared to foreclosure sales.

In fact, the median list price for a Fountain Hills home is averaging $364,000, which is 33% higher than a year ago. The median sales price for a Fountain Hills home is $315,000, which is 49% higher than last year. Nothing to sneeze at!

While it's true that home buyers can be attracted to a newly-built home for the bells and whistles, an existing home that is well-maintained in a good location has nothing to fear. Location is often the biggest factor in a home buyer's decision. You simply can't replace some of our beautiful homes in Fountain Hills at today's construction costs! This is just one reason why expert real estate marketing makes the difference when you are selling your Fountain Hills home!

If you are thinking of selling your home, contact me for more information about our Fountain Hills real estate market. I can show you the latest sales trends in your neighborhood, and give you direction regarding the price and sales strategies that would best apply to your home. Because I have over 33 years of real estate experience, I can help you succeed no matter the season, or the market conditions!
 

Tina Nabers
Nabers Property Management & Real Estate
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Shadow Inventory Fades in Fountain Hills

If you've been worried about the "shadow inventory" of homes in Fountain Hills, it's time to stop worrying!

Distressed properties account for a shrinking share of the residential real estate market in Maricopa County, according to the latest reports by DataQuick. Foreclosure sales in the metro Phoenix-Scottsdale area are at their lowest levels in 4.5 years.

Fountain Hills real estate has steadily improved during the past year. Foreclosures and short sales accounted for about 4% of the market last month. In early 2012, distressed properties accounted for 10% of the market; and a year ago, as much as 14% of the market. We've come a long way in a relatively short amount of time!

Our proximity to Phoenix often causes broad assumptions about local market conditions. But there's good news there,  too. Phoenix foreclosures are down by 50% from a year ago, and down by 66% since 2009. Metro Phoenix-Scottsdale home prices are enjoying double-digit gains as a result. 

This being said, we can still expect seasonal norms to affect Fountain Hills real estate in upcoming months, though any pullback in sales should be modest. We also have the uncertainties of an election year, which could influence market behaviors.

The bottom line: Fountain Hills, Arizona, is a magnificent place to live, work and play! Statistics aside, buying a home is really about the quality of life you can enjoy in your new neighborhood. The natural wonders of our serene, desert vistas, along with our thriving culture, and our abundant recreational opportunities will always attract new residents! 

Whether you are relocating to Arizona, or you are a current resident who is thinking of buying or selling a home, I'm here to help you! 

When you have questions about Fountain Hills real estate, contact me! As a real estate professional with over 30 years of experience, I will provide you with the best in local expertise and Fountain Hills market guidance!

 

Tina Nabers
Nabers Property Management & Real Estate
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Short Sale Rule Changes Could Help Fountain Hills Home Sellers!

While home values have been improving in Fountain Hills and the greater Phoenix-Scottsdale area, prices remain below the peaks reached in 2006. Homeowners who made purchases during the height of the housing boom have been struggling with negative equity. Add in a personal hardship, and it becomes a recipe for foreclosure. 

Fortunately, there is help on the horizon! The Federal Housing Finance Agency has announced new short sale guidelines effective November 1, 2012, for mortgages held by Fannie Mae and Freddie Mac. These government-sponsored agencies back more than half of all residential mortgages in the United States, and their short sale improvements could have a wide effect on the housing market. 

Here are some highlights of the new short sale program:

Homeowners who are current on their mortgage can be eligible for a short sale, if they have a qualifying hardship. Hardship categories include job loss, death of borrower or co-borrower, divorce, disability, or job relocation exceeding a distance of 50 miles from the home.

Mortgage servicers who work on behalf of Fannie Mae and Freddie Mac will be empowered to directly expedite qualifying short sales. 

Documentation requirements for homeowners “most in need”, who are behind on mortgage payments and have qualifying hardships, are significantly reduced. 

Homeowners who have sufficient assets will be asked to make a financial contribution to the short sale. In return, Fannie Mae and Freddie Mac will not pursue a deficiency judgment for the difference between the sale proceeds and the outstanding mortgage balance. This clause seems to address the Mortgage Debt Relief Act of 2007, which is scheduled to expire at the end of the year.

Overall, the changes in the short sale process should reduce new foreclosures and further stabilize home prices. This is good news for all Arizona homeowners! Median home values in the Phoenix-Scottsdale area have improved about 28% from a year ago, thanks in part to a reduced inventory of homes for sale. 

If you are thinking of selling your Fountain Hills home, contact me for the best in local expertise and market guidance! With over 30 years of experience in Fountain Hills real estate, I have helped home sellers succeed throughout all market conditions. 

When you have questions about the Fountain Hills real estate market, feel welcome to call me! I will be happy to help you! 

 

Tina Nabers
Nabers Property Management & Real Estate
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