Many folks who have wanted to buy a home over the last couple of years or so chose to wait until the heated market cooled down and for prices to come down to earth. The good news is, prices have softened somewhat, but the bad news is, interest rates are much higher. Let’s assume that you could have purchased your dream home in 2020 for $650,000 with 20% down and that you could have financed the balance with a 30-year, 3% mortgage. Your payment would have been $2,398.53 per month. Let’s also … [Read more...] about To Buy or Not to Buy?
Better Homes and Gardens Real Estate | BloomTree Realty
Area Real Estate Market is Mixed
According to recently published statistics from the Prescott Area Association of Realtors, the area real estate market remained reasonably strong in August 2022 versus August 2021, but there are signs of weakness. For the entire market area, the sold median price versus a year ago is up 7.4%, from $437,500 to $470,000. The median days on the market went up from 11 in August 2021 to 33 in August 2022. By most measures, that would still qualify as a seller’s market, but the trend does seem to … [Read more...] about Area Real Estate Market is Mixed
The Housing Market: Is it a Buyer’s or Seller’s Market Now?
The housing market statistics in our area for the year-over-year period from the end of June 2021 to the end of June 2022 are very interesting and not what many might expect given the changes in interest rates and other economic turmoil. As one would expect, the number of total listings has increased from 605 at the end of June 2021 to 923 at the end of June 2022, an increase of 52.6%. This is truly an eye-opening statistic given the tight market through the last several years. Another … [Read more...] about The Housing Market: Is it a Buyer’s or Seller’s Market Now?
Are We Experiencing a Housing Market Shift?
The rising tide of inflation and interest rates are beginning to take their toll on home buyers’ and sellers’ sentiment. Fannie Mae spoke to us in May when it reported a third consecutive month of record-low homebuyer sentiment, divulging in its latest National Housing Survey that fewer than one in five Americans think now is a good time to buy a home. A disheartening 17% of the 1,000 Americans polled by Fannie Mae last month believed it was a good time to buy. Times, they are … [Read more...] about Are We Experiencing a Housing Market Shift?
Were the Remodel Projects Taken on During the Pandemic Worth the Money?
According to a recently published report by the National Association of Realtors and the National Association of the Remodeling Industry, homeowners remodel for a variety of reasons and some projects produce a better cost recovery than others. The report focused on the following items: The typical cost of 19 remodeling and replacement projects, as estimated by members of the National Association of the Remodeling Industry (NARI). How much appeal each project is likely to have for … [Read more...] about Were the Remodel Projects Taken on During the Pandemic Worth the Money?
Housing Market Expected to Remain Strong for Years
Arizona’s real estate market remains “ridiculously hot,” says Arizona Association of Realtors President Gary Nelson. “We are seeing tremendous increases in home values in the last two years, increasing about 25% year over year in localized markets and about a 12% to 13% per year increase in median home prices.” A lack of inventory, Millennials and investors are playing a huge role in the home-buying frenzy, say the experts, especially in scenic, tourism destinations. Prescott, Sedona, … [Read more...] about Housing Market Expected to Remain Strong for Years
Knowing Your Options When Selling A House
These days, sellers have many options. In just a few short years, it seems the options available to a homeowner who wants to sell his or her house has gone from either hire an agent or sell it yourself to so many options that most of us can’t keep up. In addition to the traditional methods, home sellers can now choose from a range of iBuyer options, discount brokerages and home-swap programs. How do you decide which option will serve you best? The good news is many of the options have … [Read more...] about Knowing Your Options When Selling A House
Why the Right Real Estate Agent is Critical for Home Selling or Buying Success
When the real estate market reaches the frothy levels we have experienced over the last few years, it is safe to say most homes will sell quickly. However, does that mean you don’t need a highly qualified agent to help navigate the complexities? The high demand for real estate in this market has actually made selling or buying a house more complicated than ever. It wouldn’t be possible to cover all of complexities here, but the following is a snapshot of what sellers and buyers are up against in … [Read more...] about Why the Right Real Estate Agent is Critical for Home Selling or Buying Success
Top Ten Trends Impacting Real Estate
Everyone wants to know where the real estate market is headed. There was big news in November when the real estate giant, Zillow, known for its consumer website and property value estimates, announced it would no longer be buying homes. In the recent real estate runup, Zillow had turned from its core business model of providing real estate listings to gain consumer interest and then selling the consumer’s contact information to real estate agents and brokerages. Zillow had transformed into a … [Read more...] about Top Ten Trends Impacting Real Estate
