2017 --September is around the corner!
Phoenix Metro Update!
Schools are back in session and most vacations are over with. Phoenix Metro Real Estate market is starting to pick up.
The summer was not quite as bad as most summers. Yes, the number of sales have not dropped as bad as the past summers. It looks like the supply, which is lower than in previous years, is be keeping the sales figures up.
Phoenix Metro is growing. Money is being made and the number of listings are still decreasing. Yes, the number of single family homes listings is worse than in the most recent years.
During the summer months, both homes listed and the number of Pending contracts dropped. In fact, pending contracts were dropping faster than listings. Now, in August, the number of pending contracts have leveled off at a point lower than current years.
It seems that the issue keeping sales or pending contracts leveled off are that listings have dropped to a point much lower than the last couple of years during the summer. The drop has kept many residential home buyers nervous about finding a home. The buyer who has bought before will not hesitate to go after a home in a good location even if the home is not perfect. They tend to want the location first (Location, location, location) and remodel the home to their likes.
That leaves the newer buyers or first-time buyers who are looking for the already perfect home, out in the heat. They are not reacting fast enough to purchase a home with the limited supply. Unfortunately, that delay that will probably cost them not only a home but a higher interest rate and probably higher selling prices.
With such a low supply of homes, especially under the $550,000 price range, a person selling the perfect home or even just a nice clean home during this period should get a good price. Normally, I would be waiting to list a home for another 3 to 4 weeks. Under these circumstances, I would not wait!
No matter what you have in mind, NOW is the time to call myself or my brother and set up an appointment and a plan to sell or buy!
There are still some homes at summer prices out there.
The near future for selling, looks great while the supply is limited. Call us so we can get that house ready for market.
Mike Mullan – 602-531-8256 – firstname.lastname@example.org
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Phoenix Metro Real Estate and Land
2017/2018 - December/ Jan.
Have a Happy Holiday and many can be looking at a Great New Year, with a little planning!
60 days of a good seller and buyer's market ----------- and then!?
Phoenix Metro Real Estate and Tax consideration before 2018!
The Good news for both the buyer and seller over the next 2 months and
a few recommendations to keep in mind.
Inventory is at one of the lowest in years. As of 12/13/17 - (14674 single family homes listed for sale) Normal market would be over 22,000. Fewer homes listed means sales will be slower. Does it mean that prices will go down? Probably not.
Even though we are very low in inventory the number of pending homes or buyers writing contracts (Pending contracts - 7659) seems to be rather strong for this time of year.
Strong numbers of pending homes shows us why we may see a slowdown in home sales, is Not because of a lack of buyers but a lack of homes. While buyers are still looking, the prices continue to move up.
Hot spots are, as you would think, under $400,000 but all areas are picking up with a gentle slow down over $2 million. I do not expect any price range to be held back between February and May.
If a seller has a clean and move in ready home for sale, not necessarily updated, in an area lacking homes for sale, even now would be a good time to sell.
CNN reports (A true fact?) - "Homebuilder confidence hits highest level in 18 years." I am sure you are aware that after the last time they were stung they have become very cautious. They must be looking at a huge Spring market. So am I. Buyers need to be prepared and start early.
Buyers could be facing a hot seller's market starting in February. FHA home loans have been increased allowing more buyers into the market.Higher interest rates in March or April. I expect a heavy demand in the spring (as usual) for the low supply of listings.
Please give my brother Tim Mullan and myself, Mike Mullan, a call for a market update and other information to help you buying or selling your home while getting a great price. Please don't give wholesale companies up to a 30% discount before you talk to us. A quick phone call and an appointment could save you thousands.
602-531-8256 - 928-707-4462 or mike@MullanBrothers.com
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