Author: Victoria Love

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Real Estate IS CHANGING. Are you ready?

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What’s next in the industry? 

Soon you will be able to tour homes on your own, sell nearly instantly, and do almost everything for buying or selling online. 

If you’re an experienced real estate professional or an investor, it’s a great new era!

If you’re new to an area, unsure about state law, or want the best deal, working with “iBuyer” companies could be dangerous to your financial health.

Using instant buyers like Zillow, Offerpad, Opendoor, Purple Bricks, and Homie (to name a few) can cost you thousands more.  While convenient, don’t be fooled. Your realtor can do better in almost every case. 

Buying from these folks is risky too.  They don’t know the history of properties they hastily rehab and sell.  Hidden dangers can lurk without a detailed property disclosure. Flippers and Rehabbers have never lived in the properties they ready for sale. They don’t have a history. For the most transparency and to sleep better at night, use a qualified agent who is working for YOU!

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Getting Ready to Buy

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Buying a home can be stressful because there are so many details.  It may be your first home, or it may be your 50th home, but in either case, there is a lot to do for a smooth transaction.

Be prepared by talking with a lender and interviewing several of them.  In Arizona (using the standard MLS contract) an offer must be submitted with proof of funds or lender prequalification.

Here is a checklist to help you make the best purchase:

  1. Don’t be afraid to ask for what you want.  There is a saying that remains forever true: “He who has the gold rules.”  Whether it’s a buyer’s market or a seller’s market, you always have options.  You give a little; you get a little.  A win-win negotiation is always best.
  • Don’t skip inspections!  No matter how many homes you have bought and sold, having a second set of experienced eyes in the process adds confidence and safeguards your investment.  Each property is a unique, so be sure you do thorough due diligence.
  • Know the LOCAL Market.  Real Estate Markets go up and down, but they do not go up and down everywhere at the same time, rate, or speed.  Study the comps before putting in an offer. 
  • Consider what improvements you will want to make in advance.  The problem with remodels is that it is very easy to spend too much.  When it’s time to sell, you may take a loss.  Calculate the approximate cost and years you expect to be in the home before you put in an offer. 
  • Finally, consider market cycles.  Weigh ups and downs against all your reasons for buying in the community to be sure your emotions are in check.
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September Market Notes – Maricopa County AZ

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Days on market continue to drop. Listings under contract up 11% or 646 units SFR Maricopa County.

$312,000 for median sales price for September. Price psft up $.10 at $174.50 over Sept 2018.

Starting to see a bit of weakness above $3MM. We are down 3% in anything over $1MM. YTD, we are up 1082 units in luxury category Year to date. 920 units above $500k.

Inventory – still limited…still a seller’s market. We are 19.4% lower in supply YoY. Active listings continue to drop. Listings under $500k are down more than 27%. Over $500k, down 3%.

Supply and Demand – We have the strongest seller’s market this time of year since AZREIA has been tracking it. 43% of everything available on the market sold last month. Seller’s market goes through $600k. NAR says seller’s market is up through $1MM price point – AZREIA is more conservative than NAR.