Phoenix truly has a housing shortage and new construction cannot make up the difference.
Sales pricing and volume continue the march upward for November of 2019. The median sales price was $283,500 with 6,906 closings. Year over year the closing volume is 7.12% and the median pricing is up 8.2% year over year. Low-interest rates and positive population growth are the two drivers for sales. Phoenix truly has a housing shortage and new construction cannot make up the difference.
Inventory that is active with no offers finished the month at 13,090 which is down year over year by 26.45%. Buyers are still active even during the holiday season snaping up what inventory is available.
What this means for buyers and sellers is as follows.
Understanding the market in your area is paramount. You need to study recent closings and the conditions of the home to help understand where pricing is going and what your home is worth. Homes need to be in top shape as buyers know they are paying top dollar and they are either unwilling or unable to do repairs or fixes after they close. If your home has issues, it will linger on the market.
You will need to understand where pricing is going as well and what a fair bid is to win the deal. Being prepared is a must. Most good homes go in days and you can't wait around trying to get pre-qualified in order to place a bid. You also will need to get set up on a drip from MLS as the good listings are getting shown day one by buyers with offers coming in within hours. Prior Proper Planning Prevents Poor Performances. Consider getting completely underwritten and approved so that only the home is a condition for final approval. It will help make your offer the winning bid.
The projected median sales price for December is thought to be $287,900.00. So all indications are the spring of 2020 will be another strong year for both sales and pricing. If selling or buying is in your future now might be the time to talk to start understanding what your options are for 2020.
Right now house flipping is a flop for most investors.
Right now house flipping is a flop for most investors. Our market has been invaded by cash buyers and a low inventory which has driven acquisition costs of flipable homes to almost retail pricing. I have been suggesting to my investor clients to look at buying and hold homes in rising markets and then flip after two years. At that point, the profit is usually there. Read the full article here.
I don't think it's a 3D printed home technically but the concept is similar.
Here's an article about 3D printed homes in Latin America. I don't think it's a 3D printed home technically but the concept is similar. I guess this could be cost-effective in communities where the concrete block is not available otherwise I don't see the cost savings. Here's the story.
I don't think it spells the end to the real estate brokerage as we know it but the changes that are still coming.
This is a great article about the change that has entered the real estate industry and how the changes for the consumers has created change for the brokers. I don't think it spells the end to the real estate brokerage as we know it but the changes that are still coming. Click here to read the article.
We raised $1155 that was donated to our partner charity Saving Paws AZ a dog rescue.
The Desert Hills Car Show was a great success on November 9th. We had over 24 cars participate and close to 100 spectators for our first car show. We raised $1155 that was donated to our partner charity Saving Paws AZ a dog rescue. Dominion Group Properties wants to thank all the volunteers and sponsors and look forward to holding another event in 2020.