How can sellers maximize the appraisal value for their home?
There are several things sellers can do to increase their home’s value.
1. Vet the competition.
2. Finish minor fixes.
3. Crank up the curb appeal. 4. Consider cosmetic upgrades.
5. Document your improvements.
6. Clean, clean, clean.
7. Give the appraiser space.
Read Article - opendoor.com
2023 Phoenix Real Estate Market Forecast
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The Phoenix housing market has been a focal point of interest for homebuyers, sellers, and investors alike, offering a dynamic landscape of opportunities and challenges. As we delve into 2023, it becomes crucial to understand the prevailing prices, trends, and forecasts that shape the real estate landscape in the Valley of the Sun.
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In this analysis, we will explore the key factors influencing the Phoenix housing market, including the latest pricing trends, shifts in demand and supply, and a forward-looking forecast that provides valuable insights for those navigating the real estate landscape. Whether you're a potential homebuyer or seller, an investor seeking growth opportunities, or simply a keen observer of the market, it will help you to uncover the Phoenix housing market's current state and its projected trajectory in 2023.
Read Article - noradarealestate.com
5 tips for buying in a seller’s market
Competition in real estate can be exhausting, you might wonder, “Should I buy in a seller’s market?” The answer to that question is “yes” but you’ll want to be prepared.
1. Get started ASAP
2. Have your proof of funds & pre-approval ready
3. Keep your offer simple
4. Start with a strong sale price
5. Write an offer letter
Read Article - opendoor.com
10 Home Features That Are Most In Demand
In the past couple of years, home buyers ran through the housing market like it was a rat maze, encountering obstacle after obstacle, frantically trying to outbid other bidders, retracing their steps, and often searching in vain for any house to purchase.
However, 2023 is already on track to be quite a different year for buyers. Active inventory growth continues to climb, and homes are spending longer on the market, compared to this time last year. And in the midst of a slower, less frenzied market, prospective buyers have time to breath, and stop and think about what's really important to them.
Read Article - realsimple.com
States That Are Gaining or Losing, the Most Residents
The five states with the most growth expanded by a combined 900,000 people from July 1, 2019, to July 1, 2020. They are:
- Texas. Known for modest taxes and affordable housing, Texas added an estimated 373,965 residents from mid-2019 to mid-2020.
- Florida. The Sunshine State, which boasts no state income tax, grew by 241,256 people in a year.
- Arizona. Benefitting from its proximity to California, Arizona has appealed to Golden State movers. Arizona added 129,558 people.
- North Carolina. The state added an estimated 99,439 residents.
- Georgia. The state grew by 81,997 residents.
Read Article - bankrate.com
3 Reasons Your Home Isn’t Selling
While the market is shifting, many still consider it to favor sellers. Luxury property sales have begun to slow, but many affordably-priced homes are still moving quickly.
However, some agents are finding that this isn’t the case for them. When a home sits on the market for too long, sellers begin to dread that it will not move at all. If you have a listing that isn’t receiving any offers, even in a seller’s market, it’s time to re-evaluate what’s happening and see what you can change. Here are three tips to help you get started.
Read Article - rismedia.com
New help for affordable housing gives hope
One of the great things about metro Phoenix has long been its affordability.
Home prices and rents aren’t cheap, though the Valley is still relatively affordable compared with other big cities. But home prices and rents have soared in the Phoenix area, and it’s a lot tougher for many to buy or rent now. No one wants to see metro Phoenix’s growing affordable housing problem turn into a housing crisis as it has in big cities such as San Francisco, Los Angeles and New York.
Read Article - azcentral.com
Is Inventory Tightening Again?
Housing markets across the United States have witnessed a general tightening in inventory as well as high prices, though down a bit from their peaks in 2021 and 2022 before the regiment of rate hikes instituted by the Federal Reserve commenced. While prices may be down from their recent highs, affordability still remains a major issue in many major housing markets.
Read Article - forbes.com
What Are You Willing to Give Up to Own a Home?
Young adults are all about making sacrifices and lifestyle trade-offs to get them on the path to homeownership, according to a new survey of 1,000 millennials, ages 22 to 38, by Chase Home Lending. Seventy percent of young adults say they’re willing to cut back on weekend activities, such as shopping, going to the movies, and splurging at the spa, at least once a month if it meant they could purchase a home in the next 12 months, the survey shows.
They want to hear more about real estate topics, too. More than two-thirds of millennial first-time home buyers surveyed say they want to talk about homebuying topics, like affordability, the home buying journey, and neighborhood options, with their friends. “This shows they value the opinions and knowledge of their peers,” the survey notes.
Read Article - magazine.realtor.com
The Home Trends You May Regret in 20 Years
Home trends come and go, but which are most prime for falling out of favor? Apartment Therapy recently took a look at the unfiltered opinions of some 2,400 posts to a question on Reddit about home trends that people will most likely regret in 20 years. Here are a few of the most popular responses:
Barn doors: The hanging, refurbished barn door over the interior of a doorway is starting to look dated, commenters said.
Floating shelves: Open floating shelves in the kitchen in lieu of cabinets was another trend frequently cited. Commenters said the trend was unrealistic in keeping shelves always tidy for everyday use, and you would need gorgeous, matching dishes to pull the look off.
Pallet wood walls: Shiplap also may be losing fans. “It will be the equivalent of wood paneling of the 70s,” one Reddit poster commented.
Doorless glass showers: Walk-in showers that have no doors are growing more popular, particularly in the luxury sector. But commenters said the space needs to be closed up for practical reasons—to keep the heat in.
Read Article - magazine.realtor.com
Why You Should Sell Your Home in 2019
Few people are predicting that 2019 will be a record-breaking year for home prices. But relatively speaking, 2019 might be the best time for you to put your house on the market. Especially if you’re on the fence about selling this year or next, Nick Ron, CEO of House Buyers of America, recommends going with the devil you know rather than the devil you don’t. “I think it’ll be better than 2020 and 2021 – who knows what’s going to happen in those years,” Ron says. Home price growth slowed in the second half of 2018, with fewer buyers entering the market, at least partially due to rising interest rates issued by the Federal Reserve. In 2019, consumers shouldn’t expect homebuyers to flood the market again and drive prices through the roof, but it’s also unlikely to be a crisis for home sellers.
Read Article - realestate.usnews.com
8 Red Flags to Help You Spot a Rental Scam
Imagine signing a lease for a new apartment, only to find out when you show up to move in that the place you selected, signed and paid for was a lie. Not only do you not have a place to live, but you're out hundreds, if not thousands, of dollars.
This might sound like an urban legend, but unfortunately it happens all too often. Just ask Kaeti Bancroft, owner of Metro Brokers in Littleton, Colorado. Upon arriving at a vacant rental property she owns to show it to a potential tenant, she found a woman storing things in the backyard shed. The stranger reported her granddaughter had just rented the place and was ready to move in after sending $500 for the first month's rent.
Read Article - realestate.usnews.com
10 Easy Ways to Prepare Your Home for Appraisal
So you’ve decided to put your home up for sale or refinance your mortgage. You’re ready to move onto better things and save money, and you want to fetch the best possible price for your home. After all, you have been living in it, and have enjoyed the charming features of it first-hand. You know how great it is. But does everyone else?
Read Article - nlcloans.com
2023’s Best Cities for Jobs
The jobs market made quite a bit of recovery in 2022 after it took a major hit during the COVID-19 pandemic. According to the most recent jobs report from the U.S. Bureau of Labor Statistics, the national unemployment rate is 3.7%, back to pre-pandemic levels. Many companies are now actually facing a labor shortage, which puts people looking for jobs in a position of leverage when it comes to negotiating their compensation and benefits.
College graduates from the Class of 2023 should expect to see a big boost in hiring compared to the previous class, according to the National Association of Colleges and Employers. Employers plan to hire 15% more new graduates from the Class of 2023 than they did from the class of 2022.
Read Article - wallethub.com
Single women, Millennials buying more homes
Millennials are making one-fourth of the home purchases across the United States and single women are outpacing single men as homeowners. Data analysis by the online loan broker Lending Tree found that single women are more likely to own a home than single men despite generally making less money.
A recent Prudential survey showed that the average annual income for women was $52,521 compared with $84,006 for men, a difference of 37 percent, meaning women in the survey are earning about 63 cents for every dollar earned by men.
Read Article - bizjournals.com
Rents continue to rise in Phoenix, according to new report
Many Phoenix-area tenants can’t afford the rent hikes and are afraid they won’t find another place to live. Some renters must downsize and share bedrooms with children or their parents. Others are considering moving away from metro Phoenix to somewhere more affordable.
Rents shot up almost 30% in the Phoenix area last year, more than double the U.S. increase.
Read Article - azcentral.com
Appraisers, Homeowners Agree More Than Ever on Values
Homeowners and appraisers continue to close the gap between perceptions over home values in their area. Quicken Loans’ National Home Price Perception Index shows that appraised values were just 0.34 percent lower than what homeowners expected in May. A year ago, the gap between the appraiser and owner’s home price opinions was five times larger.
Still, home value perceptions vary quite a bit from city to city. Homeowners in San Jose, Calif., for example, tend to receive appraisals that are, on average, 2.82 percent higher than what they expected. On the other hand, homeowners in Chicago are receiving appraisals that are 1.69 percent, on average, lower than what they estimated.
Read Article - Realtor Magazine
8 Ways to Tell the House You're Buying Is a Flip
If you turn to HGTV on any given day, you’ll likely come across programs where people — sometimes professional real estate investors, but sometimes ordinary individuals — take homes that are eyesores and transform them into jaw-dropping abodes. They then sell these properties, turning a tidy profit.
Welcome to the world of house flipping. It keeps growing in popularity, encouraged of late by the pandemic-fueled rapid rise in home prices. According to real estate data firm ATTOM, nearly one in 10 homes sold in the first quarter of 2022 were flipped — the highest level since 2000. Year over year, the number of flipping transactions has doubled from Q1 2021 to the same period of 2022.
Let’s be real, though: It’s not as easy as it looks on TV. In fact, that same ATTOM first-quarter 2022 “U.S. Home Flipping Report” noted that while home sales by flippers spiked, profit margins on those sales dipped to their lowest point since 2009.
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