For most of us, 2022 was a year spent watching the housing market closely. As mortgage rates fluctuated and home prices continued to rise, many began to expect that the real estate industry was in trouble. However, a better word would be “transition.” Although inflation continues to be a concern, consumer sentiment remains strong. According to the most recent data from the U.S. Bureau of Labor Statistics, employment numbers are holding steady in our region. Stable employment is good for … [Read more...] about Real Estate Remains Fundamental to Local Commerce
real estate
Will the New Year Deliver Another Hot Real Estate Market?
For those in the business of real estate, 2021 was among the fastest-moving markets in history throughout the Quad Cities area. Some of the statistics are actually hard to believe. However, the unrivaled Multiple Listing Service provided by the Prescott Area Association of Realtors (PAAR) reveals that, last year, homes in this area spent just 11 days on the market. That is half the time it took homes to sell in 2020. Not only is home inventory flying off the shelves, the median price buyers … [Read more...] about Will the New Year Deliver Another Hot Real Estate Market?
Who Pays the Real Estate Agent?
This is a frequently asked question in any consultation between client and agent. The seller selects an agent to list their home and is often surprised to hear the estimate of fees for this process, including a commission for both the listing agent and the agent who brings the buyer. The listing broker is paid commission from the seller proceeds at closing and out of that compensates the agent who brings the buyer, also known as the “cooperating agent.” This is how it has worked for decades, … [Read more...] about Who Pays the Real Estate Agent?
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
The Last Large Parcel of Private Land in Northern Arizona Goes into Escrow
One of the largest privately owned parcels of land in the cool pines of Northern Arizona is currently in escrow and scheduled to close this year. Located in Williams, just 30 minutes from Flagstaff in Coconino County, the 500 acres are owned by Valley entrepreneur Max Biegert, who spent 85 million to develop and build the Grand Canyon Railway and Hotel in the late 80’s. He is selling the land to developers to make way for a new mini master planned community that would include custom homes as … [Read more...] about The Last Large Parcel of Private Land in Northern Arizona Goes into Escrow
Assessing the Residential Real Estate Market
Homes for sale nationally are down 52% over the same time last year and in Arizona, there was a 64% decrease in inventory over last year. Demand is up as potential buyers re-evaluate their priorities in homes and lifestyle during and after the pandemic. There are four offers for every listing and intense competition has led to double-digit price growth according to the National Association of Realtors. Absorption rate measures how fast we would sell out of the current homes on the market if no … [Read more...] about Assessing the Residential Real Estate Market
Remodeling Industry Going Strong
Welcome to “At Home With Tom & Sandy.” We are here to give you the inside scoop and tips on everything A to Z for your home. Settle in, enjoy, and have fun reading our column. We sure do enjoy sharing our words with you. Thanks for being such loyal and great readers. Sandy: Well hello, Tom, and happy April. Tom: Back at ya, Sandy. Inasmuch as you are the lady with her ear to the popular winds, what kind of calls are you getting these days? Are they COVID-related? Sandy: Oh my, … [Read more...] about Remodeling Industry Going Strong
Luxury Homes Attracting Buyers Seeking Open Spaces
Real estate agents say two factors are driving up the market for luxury homes in scenic rural settings: low interest rates and thousands of homeowners who want to escape crowded, expensive metropolitan areas to communities with more open space and a better quality of life. Di Ann Norkus, a realtor affiliated with Better Homes and Gardens Bloomtree Realty in Prescott, is talking specifically about Whispering Canyon, a master-planned community about 15 miles north of Prescott on Williamson … [Read more...] about Luxury Homes Attracting Buyers Seeking Open Spaces
Real Estate Market Maintaining Momentum in the New Year
Staying strong since last June, the housing market on the local, state and national level has risen to a 14-year high, despite the pandemic, economic uncertainty and a difficult presidential election. Even during historically slow periods, like the holiday season, homebuyers are quickly purchasing the few homes listed for sale. The shortage of housing inventory and extremely low interest rates have driven the hyperactive real estate market, says long-time realtor Gary Nelson, who heads the … [Read more...] about Real Estate Market Maintaining Momentum in the New Year
Arizona Leads Nation In Homeownership Growth
Arizona is adding homeowners faster than any state in the nation, a sign of continued growing economic momentum in the state. The state’s quarter-over-quarter homeowner rate change increased by 7.7 percentage points in Q2 2020, according to data from the U.S. Census Bureau, the best in the nation.“The American dream of owning a home is alive and well in Arizona,” said Governor Ducey. “People continue to flock to Arizona for our growing jobs market, unbeatable quality of living, and affordable … [Read more...] about Arizona Leads Nation In Homeownership Growth
