Realty ONE Group Mountain Desert

Understanding the Role of Technology in Reshaping the Real Estate Industry

June 4, 2024 By quadcities Leave a Comment

The impact of technology on the real estate industry is undeniable and far-reaching.

In the realm of real estate, technology has emerged as a powerful force, reshaping traditional practices and revolutionizing the way properties are marketed, bought and sold. The implementation of technological advancements is both a reaction to an evolving real estate environment and a catalyst for further changes. From advanced security programs to immersive virtual experiences, the integration of technology has brought unprecedented efficiency, transparency and opportunity to the industry.

Prior to online platforms, listing information was held in the form of paper files not readily available to the general public. With the development of online Multiple Listing Services, listing information was consolidated into one central location that was easier to manage and disperse by realtors. Over time, this listing information began to be dispersed to other platforms accessible to prospective buyers and sellers, who now have instant access to a wealth of details. Detailed property listings, neighborhood demographics, historical sales data and market trends are now more readily available – empowering individuals to do their own research and make informed decisions throughout their real estate transaction.

Technology has revolutionized the property search process itself. Advanced search and artificial intelligence algorithms enable users to swiftly narrow down their options based on specific criteria such as location, price range, amenities and property type, saving considerable time and effort.

In addition to transforming property searches and information distribution, technology has also revolutionized the transaction process. Digital platforms and electronic signatures have streamlined the cumbersome paperwork involved in real estate transactions, significantly reducing the time and resources required to close deals. Customized database software with tamper-proof systems provides enhanced security and transparency, recording property ownership and transaction history and keeping that information protected. Through the implementation of advanced programs, businesses like title and mortgage companies can more efficiently work with realtors, buyers and sellers, expanding their own success.

Following the lead of transactional companies, creative outlets supporting the real estate industry utilize their technological resources to better serve their clients. To market a listing, agents often enlist photographers and videographers to capture videos and images of homes for promotion and distribution. Once upon a time, the standard for listings was perhaps a few photos. Now, with the advancement of technology, one can often expect to see videos, aerial images and virtual tours of homes. During the month of April, 105 of the 307 active listings in the Prescott Area Association of Realtors Multiple Listing Service included a virtual tour. The usage of technology to better market a home helps to stimulate business in other real estate adjacent sectors such as the photography and videography.

The impact of technology on the real estate industry is undeniable and far-reaching. From revolutionizing property searches and transaction processes to creating business opportunities and investment practices, technology has ushered in a new era of innovation and efficiency in every facet of the real estate transaction process. As technology continues to evolve, it will undoubtedly shape the future of the real estate industry, driving further innovation and redefining the field. QCBN

By Jeanelle Shearer

Jeanelle Shearer is a local REALTOR® and Associate Broker for Realty One Group Mountain Desert. She is the 2024 president of the Prescott Area Association of REALTORS® (PAAR). For additional information or to contact PAAR, go to www.paar.org.

About PAAR: The Prescott Area Association of REALTORS® (PAAR) is the trade association representing more than 2,000 REALTORS® serving the greater Quad Cities area. Established in 1944, PAAR’s mission is to advocate for private property rights, and provide its members with resources to foster their business success. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®.

Understanding the Rise in Cash Buyers in the Quad Cities

April 25, 2024 By quadcities Leave a Comment

The recent rise in cash buyers is a notable trend that will continue to shape the Quad Cities real estate market.

In recent months, there has been a shift toward all-cash home purchases across the nation. Cash buyers, typically defined as buyers that purchase property outright rather than through financing, have become increasingly common throughout the country. In January of this year, cash buyers were responsible for 32% of all home purchases, according to data from the National Association of REALTORS (NAR). As time goes by, this national trend of buying a home with cash is becoming more apparent in surprising places.

The real estate market in the Quad Cities has transformed over the years, driven by factors like demographic changes and development efforts, and recently marked by the increased presence of cash buyers. In 2023, Prescott ended the year with a total of 51.5% cash sales. The city was deemed to have the 10th highest concentration of cash buyers per ATTOM Data Solution’s 2023 Year-End Home Sales report. As 2024 began, the trend persisted. This past January, 385 homes were sold in the Quad Cities, 151 of which were cash sales. Compared to the national rate, the percentage of cash sales during the month of January was higher, settling at 37.5%. The following month, 40.6% of sales in the area were cash, in addition to a greater number of total homes sold. Most recently, cash transactions accounted for 33% of the 230 homes sold in March.

Given the recent information, it’s reasonable to expect the trend of cash purchases to persist in the future.

So, who are the buyers paying with cash? Based on six months of recent data from NAR, most cash purchasers across the country are either vacation buyers or investors. Despite this, primary residence buyers are actively making all-cash purchases when buying a home. The difference between the individuals buying a primary residence with cash and the vacation buyers and investors is the means by which they can make the purchase: equity. Many of these primary residence consumers owned a home, sold it, and then used the earnings to purchase their next property without applying for financing. The ability to make the purchase was likely resulting from the housing equity they had been able to accumulate due to recent rising home prices.

In addition to greater buyer equity driving cash sales, the competitive nature of the current market has made cash offers increasingly more attractive to sellers. Cash offers often entail fewer contingencies and lead to faster closings, meaning sellers may be more apt to accept them. The increase in investment activity in growing areas such as the Quad Cities also leads to more cash sales, as investors tend to leverage cash to acquire properties more efficiently. As home prices are expected to rise throughout 2024 because of limited inventory and high demand, all-cash buyers are likely to remain common.

The recent rise in cash buyers is a notable trend that will continue to shape the Quad Cities real estate market. Economic factors such as interest rates and inventory conditions will continue to influence the prevalence of cash sales and impact market dynamics. Understanding these trends is crucial for both buyers and sellers in navigating the market effectively. Consult with a knowledgeable realtor to guide you through your next real estate journey. QCBN

By Jeanelle Shearer

Jeanelle Shearer is a local REALTOR® and Associate Broker for Realty One Group Mountain Desert. She is the 2024 President of the Prescott Area Association of REALTORS® (PAAR). For additional information or to contact PAAR, go to www.paar.org.

Jeanelle Shearer is the 2024 PAAR president.

Igniting Prosperity: How Arizona’s Minimum Wage Increase Could Spark the Real Estate Market

January 28, 2024 By quadcities Leave a Comment

An increase in minimum wage may not be the only change that will positively impact the housing market in 2024.

Arizona has taken another step in improving the financial well-being of its residents by raising the minimum wage this year to $14.35. Every year since 2017, Arizona residents have seen an increase in the minimum wage. Comparatively, the federal minimum wage is currently set at $7.25 and has remained the same for 15 years despite economic changes in the United States. This change in Arizona is not only expected to favorably impact the finances of those working in the state, but also has the potential to broaden the scope of potential home buyers and positively stimulate the real estate market.

For Arizonians, a jump in pay will in turn increase buying power. As the working class earns more, they will have more financial resources for purchases and investments that were previously unattainable, including housing. Additional income inherently increases purchasing power, making homeownership more accessible to a broader spectrum of Arizona’s population. As a result, the demand for housing is likely to rise throughout the state.

An increase in minimum wage may not be the only change that will positively impact the housing market in 2024. A decrease in mortgage interest rates is forecasted during the coming year and may be the final piece of the puzzle for many people trying to achieve homeownership. National Association of REALTORS (NAR) Chief Economist Dr. Lawrence Yun believes we’ve already reached the peak of high interest rates and expects that interest rates will drop to between 6-7% by the spring buying season. A rise in earnings paired with decreasing rates will stimulate the housing market through an influx of buyers who can more readily afford to buy the homes available.

In 2023, the housing market was limited, and the median sales price outweighed the average revenue of would-be homebuyers. As the year came to an end, more homes became available in the Quad Cities market, a trend that is anticipated to continue. Increased inventory can indicate less competitive pricing, which is another advantage for those interested in purchasing a home. As more buyers can afford down payments and monthly mortgage payments, a surge in homebuying activity is expected. Sustained purchasing by an expanding demographic of buyers and increased inventory will help contribute to the stability and growth of the housing market.

Not only does the minimum wage increase benefit potential homebuyers, but it also positively affects renters. Higher incomes can ease the burden on renters, making it more feasible for them to pay rent while saving to buy their own home. Additionally, landlords may witness increased demand for rental properties as individuals move out of shared spaces, now being able to afford their own. This change will create a more dynamic and competitive rental market, as a new class of renters enters the market.

The positive effects of this minimum wage increase extend beyond individual households to the broader economy. As people have more money to spend, local businesses in the housing and construction sectors may experience increased demand. This economic growth can create a cycle of prosperity, as more jobs are created, and new members of the workforce seek places to live. As this cycle repeats, demand for housing will remain steady and the housing market will continue to be active.

Arizona’s minimum wage increase is a progressive step toward fostering economic well-being for residents of the state and acts as a catalyst for improving housing affordability, allowing buyers to comfortably enter the real estate market. With an increase in take-home pay and improved affordability from decreasing interest rates, Arizona is likely to see increased activity in both the homebuying and rental markets. In turn, the overall growth and prosperity of the state’s market will benefit. Using a trusted and knowledgeable realtor is the best way to navigate the ever-changing real estate market. Let a local expert guide you through the homebuying process to achieve your dream of homeownership this year. QCBN

By Jeanelle Shearer

Jeanelle Shearer is a local realtor and associate Broker for Realty One Group Mountain Desert. She is the 2024 President of the Prescott Area Association of REALTORS (PAAR). For additional information or to contact PAAR, go to www.paar.org.

Prescott Food Forest Finds a Home in Chino Valley

October 30, 2022 By quadcities Leave a Comment

All we need is 15 to 20 volunteers to give three hours per week to substantially increase our growth and giving potential.

It is an honor and a pleasure to share my thoughts and perspective on living a healthy life with you. I am passionate about living a long and healthy life; hence, my nickname, “Your Make 100 Healthy Guy.” As the founder of the Make 100 Healthy Foundation, I am always exploring best practices for nutrition, exercise and an overall sense of well-being.

With that in mind, I am leading a Gardening Education Program to teach people how to grow food. We just needed a home. We were blessed with an amazing opportunity.

Enter B Organic Farm in Chino Valley. Mark and Ginny Bonacquista, the owners of a fully functioning five-acre working farm that already has three greenhouses, numerous raised beds, acres of in-ground gardens, a worm farm, a 50-tree fruit orchard and two large cisterns, reached out to us and offered their property to build and grow the Food Forest Gardening Education Center and our Gardeners Of Destiny (G.O.D.) training program.

“John and his Make 100 Healthy Foundation previously helped us by donating money and time to help us raise a barn. By doing so, we were able to open our second greenhouse, which enabled us to double our food production. We felt it was only right to return the favor and welcome the Food Forest here to B Organic Farm,” said Mark Bonacquista.

I’m proud to say that the Prescott Food Forest @ B Organic Farm broke ground with a free gardening class led by legendary gardener Daniel Blake, on Saturday, Oct. 22.

Stephane Leon, a local teacher and one of the driving forces in bringing this project to fruition, is leading the educational program and is excited to teach kids the joys and benefits of gardening. “Our first family class will be an eight-week Winter Greenhouse Gardening program, starting on Jan. 21,” she said. “Over the eight-week course, we will plant, grow and harvest what we grow.”

How can you get involved? First and foremost, volunteers are needed to tend to the gardens to maximize the full potential of food production and distribution. Mark Bonacquista said, “We have the potential to double and even triple our output, but we don’t have the help to do so.” All we need is 15 to 20 volunteers to give three hours per week to substantially increase our growth and giving potential. We are glad to teach, train and direct anyone who has the heart to learn and help us grow food. With the Food Forest team, we already have more help and that’s why we are keeping one of the greenhouses operational all winter long.

Now that the Prescott Food Forest @ B Organic Farm is up and running, what is the next step?

We are building a community of spirited people that all want to learn or teach people how to grow food. There are plenty of opportunities if you have a special talent you would like to share. Just reach out to me and we can add to our offerings. This project was intended to bring more awareness about and insights into healthy eating.

To accomplish our mission to build a sustainable gardening educational center with the means for long-term viability and long-lasting impact, we are holding a BIG Charity Victory Garden Kick Off Gala, 5-9 p.m., Tuesday, Jan. 17, at The Club at Prescott Lakes.

There will be live entertainment led by Kenny James, a silent and live auction, prizes, giveaways and special keynote speeches from Ken Lain from Watters Garden Center and myself. All proceeds will benefit the Food Forest @ B Organic Farm Gardening Education Center and the Gardeners Of Destiny training program. Visit www.prescottfoodforest.com/calendar for tickets and sponsorship opportunities.

Please plan to bring yourself, your families and friends to experience why gardening is a lifelong hobby for so many! To contact me directly, email me at john.teammurphy@gmail.com or call 928-899-1341. You can find more information at www.prescottfoodforest.com.

Let’s get growing! QCBN

By John James Murphy

John James Murphy is a Prescott realtor at Realty ONE Group Mountain Desert.

Realty ONE Group Mountain Desert

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