Dennis Carr

DRE: SA662614000


(480) 825-2870
(602) 230-7600 (Office)

My Blog

Open House - Village at Grayhawk

Posted On: March 1st, 2024 10:27PM

19700 N 76th St, Scottsdale, AZ

Open House

 
$ CLICK FOR CURRENT PRICE
2 BEDROOMS 2 BATHROOMS 0.03 acres Lot

Spacious Master En Suite, Tasteful Granite Counter tops Throughout, Gas Fireplace, and Private Patio Area. Great Market Value. Fun, Gated Resort Style Community with Gym, 3 Heated Pools/Spas, and Walking Paths. Brand New Stainless Steel Kitchen Appliances. New vinyl plank flooring in the living area along with larger baseboards that also extend down the hallway and into guest bathroom.

Add Comment

Arizona Homes: The Phoenix Metro Market Report 3-1-24

Posted On: March 1st, 2024 10:24PM

 
 
 
 

The Hardest Working Agent in Arizona

 
 

Feb 26 - Supply is stronger than it was this time last year. It is likely to increase further in 2024 because the number of single-family building permits issued in January was 2,720 across Maricopa and Pinal counties. This is up a massive 147% from January 2023 when we counted only 1,102. The home builders appear to be in an ebullient mood. This is in growing contrast to the re-sale industry which is still struggling with low volumes and weak demand.

The January 2024 count is the highest monthly total since May 2022.

Feb 23 - At the start of the year we were hoping that sales volume would have turned around by now and be starting to climb as the Spring season got underway. This is unfortunately not happening yet. The latest reading for the annual closing rate is 72,223 across all areas & types. This is down from 72,359 a week ago and 72,448 the week before that. Not encouraging.

There are a few segments that are seeing some growth, but even in the City of Phoenix, we have dropped below 10,000 single-family closings per year for the first time since 2008.

 

Concise Daily Market Snapshot

The table below provides a concise statistical summary of today's residential resale market in the Phoenix Metropolitan Area. 
The figures shown are for the entire Arizona Regional area as defined by ARMLS. All residential resale transactions recorded by ARMLS are included.
 
All dwelling types are included. For-sale-by-owner, auctions, and other non-MLS transactions are not included. Land, commercial units, and multiple dwelling units are also excluded.

 

Why Today's Housing Supply is a Sweet Spot for Sellers

Wondering if it still makes sense to sell your house right now? The short answer is, yes. And if you look at the current number of homes for sale, you’ll see two reasons why.

An article from Calculated Risk shows there are 15.6% more homes for sale now compared to the same week last year. That tells us inventory has grown. But going back to 2019, the last normal year in the housing market, there are nearly 40% fewer homes available now:

 

Here’s a breakdown of how this benefits you when you sell.

1. You Have More Options for Your Move

Are you thinking about selling because your current house is too big, too small, or because your needs have changed? If so, the year-over-year growth gives you more options for your home search. That means it may be less of a challenge to find what you’re looking for.

So, if you were holding off on selling because you were worried you weren’t going to find a home you like, this may be just the good news you needed. Partnering with a local real estate professional can help you make sure you’re up to date on the homes available in your area.

2. You Still Won’t Have Much Competition When You Sell

But to put that into perspective, even though there are more homes for sale now, there still aren’t as many as there’d be in a normal year. Remember, the data from Calculated Risk shows we’re down nearly 40% compared to 2019. And that large a deficit won’t be solved overnight. As a recent article from Realtor.com explains:

“. . . the number of homes for sale and new listing activity continues to improve compared to last year. However the inventory of homes for sale still has a long journey back to pre-pandemic levels.”

For you, that means if you work with an agent to price your house right, it should still get a lot of attention from eager buyers and could sell fast.

Bottom Line

If you're a homeowner looking to sell, now's a good time. You'll have more options when buying your next home, and there's still not a ton of competition from other sellers. If you’re ready to move, talk to a local real estate agent to get the ball rolling.

 
Feeling the itch to refresh your home but hesitant about splurging? Enter the primpover trend! By reconfiguring your furniture and repurposing decor you already own, you can give your space a whole new vibe without breaking the bank. Ready to breathe new life into your home? Dive into the world of primpovers by following these expert tips for a successful makeover!
 
As of 2/29/2024
30-year fixed: 7.15% 
15-year fixed: 6.64%
30-Year Mortgage Rates have remained virtually unchanged since this time last week 
-------------------------------------------------------------------------------------------

“Some lenders advertise much lower rates than others. Other lenders can be "out of the market" at times. Our index attempts to capture the most prevalently quoted conventional conforming 30-year fixed rate for a loan scenario with at least 20% down and no major loan level price adjustments.”

Mortgage News Daily website ~

 
Home Valuation Tool
Client Reviews
Search Homes
 
Market Reports (By Request)
 
Scottsdale
Phoenix
Paradise Valley
Cave Creek
Carefree
Fountain Hills
Mesa
Tempe
Chandler
Gilbert
Glendale
Peoria
 

 
Dennis Carr - Realtor, GRI
Licensed in AZ and CA

480.825.2870
 
Are You Thinking of Selling or Buying?

Thank you for reading the Arizona Metro Market Report. I hope this newsletter provides value and helps you stay informed about local real estate trends.

The Phoenix metro real estate market continues to be one of the most attractive locations within the United States. An exodus from Los Angeles, Seattle, and cold climates to the Northeast has helped fuel the growth. In spite of historically high prices in Arizona, the cost of housing continues to be a bargain for many out-of-state buyers.

If you are considering buying or selling in Arizona and would like to discuss this possibility without being pressured, contact me so I can learn more about your timeline and real estate goals. Together, we will drill down and identify what's most important to you. Planning ahead and implementing a strategy for success is the most engaging and effective way to create the outcome you deserve.
Find Out More
Let's Connect on Facebook
Let's Connect on Twitter
Let's Connect on Instagram
My Website
My Bio Link

Add Comment

Arizona Homes: The Phoenix Metro Market Report 2-16-24

Posted On: February 17th, 2024 6:52PM

The Hardest Working Agent in Arizona

 

 

 

How Presidential Elections Affect Housing Starter Homes are a Hot Market in Greater Phoenix


For Buyers:
With many existing home owners comfortably staying put these days, more attention is placed on first-time home buyers, affordability, and supply of homes. The first thing that comes to mind is the choice between renting and buying. According to RealData the median cost of a 3 bedroom apartment at a 50+ unit complex in Q2 2023 was $2,100 per month in Maricopa County. The median size is roughly 1,250 square feet. The past 30 days of sales show the median sale price of a 1,200-1,500 square foot, 3+ bedroom single family starter home to be $370,000 in Greater Phoenix.

Many first time home buyers put down 3.5% on a FHA loan ($13,000 on $370K), and last month nearly 70% in this price range had a seller or builder agree to contribute to closing costs with a rate buydown. That’s a median contribution of $10,000 from the sellers. On February 1st, the average FHA rate was 6.0% according to Mortgage News Daily. With a 2/1 buydown from the seller, the first year estimated payment would be $2,159 per month, including taxes, insurance, and PMI. A permanent 1% buydown would equate to $2,375 per month. This puts the monthly cost to buy a small starter home within a few hundred dollars of the median rental rate.

In Pinal County, the median cost drops to $310,000 and over half of the properties sold in the past 30 days are newly built within the past 5 years or under contract for 2024. On a 2/1 FHA buydown, the estimated PITI payment is $1,825 per month and a permanent 1% buydown would be $2,006.

Currently there are 366 active single family listings between 1,200-1,500 square feet, with 3+ bedrooms, under $370,000 in the Arizona Regional MLS (Pinal County has 53% of them). There are 312 listings under contract and 191 closed in the last 31 days. This is a hot market segment.

2024 is expected to be another year of change for the Greater Phoenix housing industry, but this time the shift is expected to be towards stability in home appreciation and improved affordability measures as incomes catch up. After hitting rock bottom for demand in 2023, things are looking up.

For Sellers:
It’s an election year! Every four years there is an expectation that the drama, uncertainty, and manipulation that comes with presidential campaigns will dramatically affect the housing market, specifically prices or mortgage rates. Spoiler Alert: It doesn’t. The main influence on the housing market comes from policies, not the elections themselves. For instance, the stimulus packages and policies that were passed during the 2020 COVID-19 election year and continued into the next administration were the first stones to cause a ripple effect of fortunate and unfortunate events in the housing market over the past 4 years.

So what’s to be expected this year? There is one market that can be affected by an election, and that’s the stock market. After the last 4 elections, the stock market has responded positively afterwards, which affects both luxury buyers and retirees with a high percentage of cash purchases. If a cash buyer expects their investment portfolio to be worth more after an election, they may simply put off their home purchase until the Spring. This can cause contract activity to stagnate for a couple months, but not enough to affect prices, and this mild affect can be offset by other mitigating factors, like seasonality, that would make the impact unnoticeable.

So far in 2024, listings under contract over $1M are higher than 2022, which is the #1 record year for this price range. Active listings over $1M are also at record highs, which is offsetting the increased demand and keeping price appreciation stable. Retirement communities are not experiencing the same however, as this segment is highly sensitive to inflation. When prices for necessities are high and uncertain, many buyers in this segment will choose to keep their cash for safekeeping. Perhaps they’ll feel better after the election.
 
Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report ©2024 Cromford Associates LLC and Tamboer Consulting LLC
 
Feb 15 - Here is our latest table of Cromford® Market Index values for the single-family markets in the 17 largest cities

We have 12 cities showing an increase in their Cromford® Market Index over the past month, while 5 have deteriorated and a few more have started to decline over the last 2 weeks. Scottsdale, Paradise Valley, Fountain Hills, Surprise and Goodyear are moving in a direction that is favorable to buyers. Doing the same over the past week is Buckeye, while among the secondary cities, Anthem, Apache Junction, Arizona City, Casa Grande, Gold Canyon, Laveen, Litchfield Park, Sun City West and Tolleson all saw their CMI readings fall last week, though not by a large amount.

There has been an average increase of 5.3% in the Cromford® Market Index for the 17 cities, down from the 8.1% we recorded last week. We are still reporting a positive change over the month but the trend is definitely weakening and this is not what we expect to see once the Super Bowl is over. That event usually fires the starting pistol for the housing market, but it is not exactly racing out of the blocks in 2024.

We still see weakness in the top end of the market. Demand remains relatively healthy but supply is much stronger than in 2023, especially for homes over $2 million. Cave Creek is doing better, but is recovering from very weak 4Q of 2023.

The healthiest segment is the mid-range, especially in locations closer to the center of Greater Phoenix. This includes Phoenix itself, plus Chandler, Gilbert, Glendale, Mesa, Tempe, Avondale and Peoria. Several of the most distant and more affordable areas are getting rather more supply than seller's would like. A prime example is Casa Grande.

10 out of 17 cities are seller's markets. We have 3 cities that are balanced and 4 are buyer's markets, with Goodyear joining Queen Creek, Buckeye and Maricopa.

 
 

Concise Daily Market Snapshot

The table below provides a concise statistical summary of today's residential resale market in the Phoenix Metropolitan Area. 
The figures shown are for the entire Arizona Regional area as defined by ARMLS. All residential resale transactions recorded by ARMLS are included.
 
All dwelling types are included. For-sale-by-owner, auctions, and other non-MLS transactions are not included. Land, commercial units, and multiple dwelling units are also excluded.

 

Why So Many People Fall in Love with Homeownership

Chances are at some point in your life you’ve heard the phrase, home is where the heart is. There’s a reason that’s said so often. Becoming a homeowner is emotional.

So, if you’re trying to decide if you want to keep on renting or if you’re ready to buy a home this year, here’s why it’s so easy to fall in love with homeownership.

Customizing to Your Heart’s Desire

Your house should be a space that’s uniquely you. And, if you’re a renter, that can be hard to achieve. When you rent, the paint colors are usually the standard shade of white, you don’t have much control over the upgrades, and you’ve got to be careful how many holes you put in the walls. But when you’re a homeowner, you have a lot more freedom. As the National Association of Realtors (NAR) says:

“The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.”

Whether you want to paint the walls a cheery bright color or go for a dark moody tone, you can match your interior to your vibe. Imagine how it would feel to come home at the end of the day and walk into a space that feels like you.

Greater Stability for the Ones You Love Most

One of the hardest things about renting is the uncertainty of what happens at the end of your lease. Does your payment go up so much that you have to move? What if your landlord decides to sell the property? It’s like you’re always waiting for the other shoe to drop. Jeff Ostrowski, a business journalist covering real estate and the economy, explains how homeownership can give you more peace of mind in a Money Geek article:

“Homeownership means you are the boss and have the biggest say in your lifestyle and family decisions. Suppose your kids are in public school and you don’t want to risk having them change schools because your landlord doesn’t renew your lease. Owning a home would remove much of the risk of having to move.”

A Feeling of Belonging

You may also find you feel much more at home in the community once you own a house. That’s because, when you buy a home, you’re staking a claim and saying, I’m a part of this community. You’ll have neighbors, block parties, and more. And that’ll give you the feeling of being a part of something bigger. As the International Housing Association explains:

“. . . homeowning households are more socially involved in community affairs than their renting counterparts. This is due to both the fact that homeowners expect to remain in the community for a longer period of time and that homeowners have an ownership stake in the neighborhood.”

The Emotional High of Achieving Your Dream

Becoming a homeowner is a journey – and it may have been a long road to get to the point where you’re ready to take the plunge. If you’re seriously considering leaving behind your rental and making this commitment, you should know the emotions that come with this owning a home are powerful. You’ll be able to walk up to your front door every day and have that sense of accomplishment welcome you home. 

Bottom Line

A home is a place that reflects who you are, a safe space for the ones you love the most, and a reflection of all you’ve accomplished. Connect with a local real estate professional if you’re ready to break up with your rental and buy a home.

 
As of 2/15/2024
30-year fixed: 7.03% 
15-year fixed: 6.47%
30-Year Mortgage Rates have increased very slightly since this time last week 
-------------------------------------------------------------------------------------------

“Some lenders advertise much lower rates than others. Other lenders can be "out of the market" at times. Our index attempts to capture the most prevalently quoted conventional conforming 30-year fixed rate for a loan scenario with at least 20% down and no major loan level price adjustments.”

Mortgage News Daily website ~

 
Home Valuation Tool
Client Reviews
Search Homes
 
Market Reports (By Request)
 
Scottsdale
Phoenix
Paradise Valley
Cave Creek
Carefree
Fountain Hills
Mesa
Tempe
Chandler
Gilbert
Glendale
Peoria
 

 
Dennis Carr - Realtor, GRI
Licensed in AZ and CA

480.825.2870
 
Are You Thinking of Selling or Buying?

Thank you for reading the Arizona Metro Market Report. I hope this newsletter provides value and helps you stay informed about local real estate trends.

The Phoenix metro real estate market continues to be one of the most attractive locations within the United States. An exodus from Los Angeles, Seattle, and cold climates to the Northeast has helped fuel the growth. In spite of historically high prices in Arizona, the cost of housing continues to be a bargain for many out-of-state buyers.

If you are considering buying or selling in Arizona and would like to discuss this possibility without being pressured, contact me so I can learn more about your timeline and real estate goals. Together, we will drill down and identify what's most important to you. Planning ahead and implementing a strategy for success is the most engaging and effective way to create the outcome you deserve.
Find Out More
Let's Connect on Facebook
Let's Connect on Twitter
Let's Connect on Instagram
My Website
My Bio Link
 
 

Add Comment

Open House - Village at Grayhawk!

Posted On: February 17th, 2024 6:47PM

19700 N 76th St, Scottsdale, AZ - Open Saturday from 1-4 and Sunday from 10-1

 

Open House

 
$ CLICK FOR CURRENT PRICE
2 BEDROOMS 2 BATHROOMS 0.03 acres Lot

Spacious Master En Suite, Tasteful Granite Counter tops Throughout, Gas Fireplace, and Private Patio Area. Great Market Value. Fun, Gated Resort Style Community with Gym, 3 Heated Pools/Spas, and Walking Paths. Brand New Stainless Steel Kitchen Appliances. New vinyl plank flooring in the living area along with larger baseboards that also extend down the hallway and into guest bathroom.

Add Comment

Open House in Village at Grayhawk!

Posted On: February 9th, 2024 10:51PM

19700 N 76th St, Scottsdale, AZ

Open House

 
$ CLICK FOR CURRENT PRICE
2 BEDROOMS 2 BATHROOMS 0.03 acres Lot

Spacious Master En suite, Tasteful Granite Counter tops Throughout, Gas Fireplace, and Private Patio Area. Great Market Value. Fun, Gated Resort Style Community with Gym, 3 Heated Pools/Spas, and Walking Paths. Brand New Stainless Steel Kitchen Appliances. New vinyl plank flooring in the living area along with larger baseboards that also extend down the hallway and into guest bathroom.

Add Comment