Tag Archives: Selling a Home

New Metro Phoenix Condo Sales Soar, Will Prices Keep Climbing?

Is the Phoenix Metro Condo Boom Back?

July 31st, 2018

ashland,place,district,regency,house,neighborhood,historic,midtown,phoenix,az,historic,regency,house,district,downtown,agent,real estate,condos,luxury,condos,for sale,neighborhoodA stabilizing housing market and population gains will help Arizona’s economy expand faster than the nation’s again this year, though the gap will narrow, according to a forecast released April, 2018. Condo sales in Phoenix, AZ booming as a result.

These are the key findings:

Another year of solid growth: Arizona’s economy, which expanded 2.6 percent in each of the past two years, is poised to grow 2.7 percent this year, according to the forecast by BMO Capital Markets.

Wages are a big part of it: Personal income in Arizona has historically lagged, but the state seems to be catching up a bit. Wage growth in Arizona, up 7.4 percent over the past four quarters, is running at one of the fastest paces in the nation, according to the report.

historic,real,estate,high rise,luxury,phoenix,agent,regency house,central,ave,phoenix,azThen there’s housing: Two of Arizona’s largest employment sectors, real estate and government, have exerted a drag on the state’s economy. However, heady population gains and a low foreclosure rate bode well for real estate.

The Arizona housing market is still battling the effects of the 2008 housing crisis but could finally be normalizing after a prolonged recovery,” wrote economists Michael Gregory and Priscilla Thiagamoorthy of BMO Capital Markets in Toronto.

downtown,phoenix,az,historic,district,high rise,condo,real,estate,agent,luxury,central,avenue,pool,cabanaExpanding population helps: Housing and other sectors of the Arizona economy have been aided by an influx of residents for the state.

“If population continues to grow and labor market conditions tighten, the state may have a greater need for housing supply,” and condos are becoming extremely attractive, according to the report.

Arizona’s population recently passed 7 million, with the state adding about 80,000 more net migrants last year.

Another recent report, from the International Franchise Association, identified Arizona as a top-five state for franchising activity this year, an indication that small businesses could do better  partly due to population growth.

U.S. picture improving: Arizona’s gains come against the backdrop of a strengthening U.S. economy.

The nation’s economy grew 1.5 percent and 2.3 percent in 2016 and 2017, respectively. BMO expects that will improve to 2.6 percent this year.

“The dominant (national) theme is improving manufacturing prospects prodded by increasing business investment stoked, generally, by late-cycle capacity constraints and tax cuts,” wrote Gregory and Thiagamoorthy. “Factories are also benefiting from expanding exports, reflecting stronger global growth and a weaker U.S. dollar.”

If the condo lifestyle is something you’re considering, or, if it’s all you can afford now, please give me a call for  free, no obligation consultation. I specialize and LOVE working with first-time homebuyers and am am FIRM believer that THERE IS NO SUCH THING AS A STUPID QUESTION. I’ll take all the time with you that you need! 

Cheery Lynn Historic District In Downtown Phoenix, Arizona

Cheery Lynn Historic District In Phoenix

Cheery Lynn Historic District Home. English and Tudor Revival styles were the dominant styles through 1930.

Cheery Lynn Historic District is roughly bounded by Flower Street to the north, Earll Drive to the south, Randolph Road on the west, and 16th Street on the east. 

Cheery Lynn Historic Homes For Sale

One of the best kept little secrets of Central Phoenix is the Cheery Lynn Neighborhood. When you step off of the hustle and bustle of 16th Street, it is almost like being transformed back in time as you’ll find people pushing strollers, walking dogs, jogging, skating, riding bikes and enjoying a porch party with their neighbors. A great diversity exists among the individuals and families that live in this neighborhood. Some are relatively new, while others have lived here since childhood.

The Greater Cheery Lynn Neighborhood Association was established in 2003. Cheery Lynn was remote from downtown Phoenix when the first home was built in 1928. On January 28, 1928, a tract of land described as Lot 1 Beverly Heights was subdivided under the name of Cheery Lynn. This neighborhood is more than 85 years old!

The Architectural Styles and Square Footage of the homes in the Cheery Lynn Historic District vary widely from around 1,000-1,350 square feet with 2-bedrooms on average. But, the 1940’s Ranch-Style homes can get to 3,000 square feet and have at least 3 bedrooms and 2 bathrooms. You’ll even find a few 2-story homes here. A nice variety with one of the most diverse, one-of-a-kind homes exist in this perfectly manicured, story book neighborhood.

All homes a very unique to each other with English Tudors and Cottage style homes built in the 1920’s and 1930’s. A few stunners of Spanish and Mediterranean-style homes add an incredible flavor to this classic central Phoenix neighborhood. The homes built post-WWII are modest, French Provincial Ranches

If you like Cheery Lynn, you’ll also like Woodlea Historic District or Yaple Park

Read the history of Cheery Lynn Historic District

Homes For Sale In Cheery Lynn Historic District

North Encanto Historic District In Central Phoenix

NORTH ENCANTO HISTORIC DISTRICT

The purpose of North Encanto Neighborhood Association (NENA) is to preserve & enhance the historic character of the North Encanto Neighborhood & to improve the quality of life for its residents  by creating a safe, vibrant & engaged community. Period of Significance: 1939-1956.

French Provincial Ranch North Encanto

A 1947 French Provincial Ranch In North Encanto

North Encanto Historic District is generally bounded by 19th Avenue on the West, 15th Avenue on the East, Thomas Road on the South, and Osborn Road on the North housing almost one square mile of historic homes. This neighborhood is close to freeways, I-17, I-10, a very short drive to downtown Phoenix and even a shorter drive (or walkable) to the light rail. There are 456 homes in this this district. North Encanto illustrates the residential development trends of the 1939 -1956 period.

North Encanto is my personal, current historic district residence. I can tell you first hand that it is one of the most wonderful historic districts this city has to offer! On a daily basis, you’ll see residents walking their dogs, walking with their kids (and more dogs), jogging, playing and just hanging out for a good, friendly chat. So many of us neighbors know each other and continue to get to know each other. We have many neighborhood functions from Groundhog Day parties, Christmas & New Year’s gatherings, Halloween parties, joint neighborhood block yard sales and a bunch of other street festivities where we actually block off a street while food vendors attend along with our local fire fighters and more. Games are played by all the wonderful children while the adults hang out, laugh, eat, drink and get to know each other more & more. We look out for one another, watch each others pets, homes and whatever is needed and wanted which keeps a tight knit community.

North Encanto Historic District Homes For Sale

Architectural Styles and Square Footage: North Encanto is red brick heaven loaded with 1940’s and 1950’s Mediterranean Ranch Style Homes, Mid-Century Ranches ranging from less than 1,000 square feet to 2,800 square feet. This district is predominantly comprised of Transitional Ranch-style houses with the largest concentration of intact Transitional/Early Ranch-style homes in metropolitan Phoenix, perhaps even in all of Arizona. But, there are also has a variety of Pueblo Revivals plus three Art Moderne homes. Many of these gorgeous homes have 1 to 2 car detached garages, detached studios, guest houses and lot sizes with room to make it your own. Many of these homes still boast the 2-color, original tile combo with colors that you just don’t see anymore like peach and black, pink and black, powder blue and black, pink and green and peach and green. There are also many, many homes here that have extremely modern interiors while keeping historic integrity. These are must see homes.

If you like North Encanto, you’ll probably like Campus Vista Historic District which is just east of 15th Avenue, Del Norte Place near 15th Avenue and Encanto Blvd., and, Country Club Park Historic District near 7th Street and Thomas Road.

Homes For Sale In North Encanto Historic District

History of North Encanto Historic District

THE MORTGAGE TRICK THAT COULD SAVE YOU $100,000 OR MORE

Should you switch to a 15-year mortgage?

If paying off your house is a priority, you’ve obviously considered it. “One of the biggest benefits of a 15-year mortgage term is the ability to quickly pay off your home loan,” said Money Crashers. “This option is perfect if you plan to stay put and don’t want to pay your mortgage for a lengthy period of time.” 15 year mortgage

But even if you’re not planning to live in your home forever, a 15-year mortgage can be a great way to go because of the money saved. And we’re not talking about pennies. We’re talking hundreds of thousands of dollars.

“The 30-year fixed mortgage is practically an American archetype, the apple pie of financial instruments. It is the path that generations of Americans have taken to first-time home ownership. According to the Mortgage Bankers Association, 86% of people applying for purchase mortgages in February 2015 opted for 30-year loans,” said Investopedia. “But many of those buyers might have been better served if they had opted instead for a 15-year fixed-rate mortgage, the 30-year’s younger, and less popular, sibling. A shorter-term loan means a higher monthly payment, which makes the 15-year mortgage seem less affordable. But, in fact, the shorter term actually makes the loan cheaper on several fronts.”

The savings is substantial

“Imagine a $300,000 loan, available at 4% for 30 years or at 3.25% for 15 years,” they said. “The combined effect of the faster amortization and the lower interest rate means that borrowing the money for just 15 years would cost $79,441, compared to $215,609 over 30 years, or nearly two-thirds less.”

According to The Mortgage Reports, going with a 15-year mortgage translates to a reduction in “the amount of mortgage interest paid over the loan’s life by $44,000 per $100,000 borrowed as compared to a 30-year loan. For loans at the conforming loan limit of $417,000, then, a homeowner would save $183,000 by using a 15-year mortgage to finance the home instead of using a 30-year one.”

That’s a lot of money. But it’s that higher monthly payment that is often the sticking point for many borrowers. The monthly payment on a 15-year loan will cost more than one that’s double in length for obvious reasons—you’re paying off more money in less time. But the two loan terms do not offer an apples-to-apples comparison because the interest rates for 15-year mortgages tend to be lower.

“15-year-loans are less risky for banks than 30-year loans, and because the money banks use to make shorter-term loans costs them less than the money they use to make longer-term loans, consumers pay a lower interest rate on a 15-year-mortgage — anywhere from a quarter of a percent to a full percent (or point) less,” said Investopedia. “And the government-supported agencies that finance most mortgages impose additional fees, called loan level price adjustments, which make 30-year mortgages more expensive.”

The monthly payment on the 30-yer mortgage referenced above is $1,432. On the 15-year loan, it comes out to $2,108. That steep increase is often a deterrent for borrowers – especially those who are more concerned with their current monthly input and output than potential long-term savings.

Doing it on your own

Of course, a 15-year mortgage isn’t the only way to pay your house off sooner. Making additional principal payments can eat away at your balance without tying you to a higher monthly payment. Even one extra payment per year can make a big difference.

“Making an extra mortgage payment each year (totaling 13 payments in a 12-month period) could reduce a 30-year mortgage loan to approximately 22 years,” said Nationwide.

“The most budget-friendly way to do this is to pay 1/12 extra each month. For example, by paying $975 each month on a $900 mortgage payment, you’ll have paid the equivalent of an extra payment by the end of the year.”

Overpaying also offers a shorter path to an equity position, so when you are ready to sell, you have more equity in your home and are in a greater buying position. And if you do get into a situation where you need cash you can always pull the equity out of your home.

If you’re on the fence and are thinking about buying a historic home in Phoenix, please call Laura B. Browse all historic Phoenix Districts and their homes for sale.

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A State-by-State Look at Price Predictions

DAILY REAL ESTATE NEWS | WEDNESDAY, JANUARY 27, 2016

REALTORS® nationwide expect home prices to inch up 3.2 percent over the next 12 months, according to the latest REALTORS® Confidence Index Survey, based on a monthly survey of more than 50,000 NAR members about their local markets and most recent transactions. Overall, real estate professionals expect the recent strong growth in home prices to moderate as rising prices hamper affordability in many areas.

NAR Price Predictions 2016

2016 State-by-State Price Predictions by the National Association of REALTORS

REALTORS® in Washington, Oregon, Wyoming, Colorado, and Florida are the most optimistic about price growth in the next year – with a median expected price growth of 4 to 5 percent.

The infographic above, from the REALTORS® Confidence Index Survey, breaks down expectations of REALTORS® on home prices over the next 12 months for each state.

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January is a Big Month for Listings!

For Buyers:
January is one of the top months for new listings to hit the market, making it a good time to start looking.  Buyers gain a negotiating advantage when there are more listings in competition with each other. Typical inventory trends tell us that November through January are the peak months for buyers to have the maximum choice of properties before competing buyers begin dwindling the supply and their negotiating advantage.  The market as a whole is still a seller’s market, meaning that supply is below normal for the level of demand out there.  This shortage is mostly for properties below $200,000. Expect more choice in the upper price ranges.

For Sellers:
Get ready for the beginning of the purchasing season!  The first week of the year is typically the lowest point for pending sales due to low buyer activity over the Christmas and New Year holidays.   The lull doesn’t last for long, however.  January is a big time of year for large tourist events in the valley including the Barrett Jackson Car Show, Waste Management Open, Collegiate Football Championship and more.  By February, open house traffic will pick up and a notable increase in contracts submitted.  In 2015, the number of contracts in escrow nearly doubled between January and June before submitting to the summer slowdown.  This year, we’re starting off with 15% more properties in escrow compared to this time last year, a good sign for sellers to kick off the year.  There are still a significant number of boomerang buyers recovering their credit after foreclosures and short sales a few years ago, providing a healthy level of optimism for demand in 2016.

Cromford Report For Buyers and Seller