Real Estate

IS IT A GOOD TIME TO MOVE? TIPS FOR BUYERS AND SELLERS

By Frank May

If you ask a question like this to a realtor, the answer should be, “It depends. Why are you thinking of moving?” Once we know the why, then we can answer the question. Graph 2

I had a client who wanted to sell about five years ago because he thought the market had gone up so much it would soon crash (more than one person was thinking this if they had gone through 2005-2008). Nothing I could say would change his mind, so he sold and rented and waited and is still waiting. It was not a good time for him to sell.

If you are thinking of buying a bigger home here in the valley, then it is a good time because almost all of the homes are going up in value. If you are downsizing, then the same story applies. There is no need to wait for your home to go up in value because the other home you are going to be buying is going up as well. Get to where you really want to be and enjoy it as long as possible. And if you are happy where you are, great! Stay put...you live in a beautiful area of the country.

IF YOU ARE THINKING OF SELLING…

Inventory is at the lowest level since 2005 in Maricopa county for singlefamily homes. In the Upper West Side (85383), single-family homes for sale reached 413 in August compared to 482 this time last year. While this may seem like a lot of homes for sale to most, the reality is, it isn’t. To give you some perspective, below is a sales graph of active homes for sale year over year for the last five years.

Graph 1

As you can see from the graph, inventory levels continue to drop (note: the green line is 2019) creating the demand we are seeing right now.

With inventory taking a dip, this demand is driving sales prices up. Home prices are seeing a peak in the past five-year trend, shown in the graph 2.

August home sales reached a median of $383,000, jumping $18,000 from this time last year. Even with prices continuing to go up, there are still some good deals out there for buyers with homes a little less updated than others. Or you can also spend a little more upfront and get the home you desire, completely remodeled. The option is yours depending on how you want to spend your dollar.

THIS IS GREAT FOR SELLERS, BUT WHAT DOES IT MEAN FOR BUYERS?

Why would you want to purchase a home in this market? With prices continuing to rise and the interest rates incredibly low, your payment is possibly the lowest you will find for quite some time. The average rents this past month in 85383 are right around $1,951/month. If you are thinking of buying, my advice is to consult with a lender who you feel comfortable speaking with about your options. They will be happy to discuss your options and help you decide what is best for you. Your realtor should be able to connect you with a great lender who can guide you through the process as well.

As I mentioned above, you might be happy in your home and want to stay there for years. If that is the case, then I would also recommend speaking to a lender to check on whether refinancing is beneficial for you. If it is, then you could save thousands or even tens of thousands of dollars.

Essentially, now is a great time to buy, sell or refinance your home. Whether you work with me, or another Realtor, make sure you are working with someone who knows what they are doing. No one wants to schedule a surgery with a surgeon who just got out of medical school. You want someone who’s been working in their field for years. Remember, this is usually your biggest investment and someone who has experience can not only make you more money but also protect you during the process.

Frank May grew up in the valley, graduating from Northwest Christian School and NAU. He is a real estate agent with Keller Williams Realty and has been helping both buyers and sellers for 18 years.

TOP FIVE REMODELING PROJECTS THAT ADD VALUE TO YOUR HOME

By Alan Anderson BATHROOM REMODEL

As homes in Northeast Phoenix, Scottsdale and your house and updates to this space could help the surrounding Valley continue to age, many you earn more money when selling. Look for homeowners are looking at ways to stay up- stand-alone tubs and high-end mirrors with intedated. Increasing your home’s property value in 2020 grated LED lighting to continue to stay popular effectively has a lot to do with understanding the val- in 2020. Other trends include rain shower heads, ues of the modern buyer. Square footage and location frameless shower enclosures and curbless showare key, but energy efficiency and high-end finishes in ers. Homeowners can look to recoup around 66 a low-maintenance home are especially important to percent. the modern-day property buyer. Keep these top five

KITCHEN RENOVATION

Kitchens are usually the hub of the house and buyers are demanding upgraded finishes and designer touches. Look for two-tone kitchens (white with an accent of wood-stain color or accent painted finish) and more glamorous metal accents like copper, champagne bronze, glass and stone details. Depending on the scope of kitchen remodel, home owners can typically recoup costs as high as 73 percent.

ROOM ADDITION

Many homeowners are adding room additions to their homes, as it provides extra space and square footage. Look for trends in converting garages into a playroom and then building another garage, creating spa-like bathrooms and building a separate “snore” room for partners who snore. Homeowners can expect to recoup costs around 60 percent.

BACKYARD PATIO RENOVATION

Whether it’s a luxurious swimming pool and cabana, an open-air kitchen and dining area or a cozy fire pit for roasting marshmallows, you’ve likely dreamed of having one, if not all, of these amenities at your home. In 2020, we will continue to see more and more homeowners looking to include outdoor living – or better yet, a design that allows for a flowing indoor-outdoor living space – in their home design. And experts say homeowners will recoup about 59 percent of the costs. A brand new bathroom can help inspire offers on home renovations in mind as we approach 2020 and WET BAR ADDITION when it comes time to sell, you’ll be able have your A wet bar is exactly the kind of bell and whistle property hit the market with unmatched value. that many modern home buyers are looking for when they are shopping for a new home. Trending are wine coolers, ice makers, glass shelving that is

recessed into the wall and quartz countertops. Remodels that yield a good return on investment make sense as homes in the Valley continue to age. The point of a well-chosen, well-thought-out remodel is not only the comfort and beauty it will add to your lifestyle but also the value it will add to your home.

For 2020 and the coming decade, the key is to make sure your remodel is not only beautiful, but functional for years to come.

About Alan Anderson-Arlington Custom Builders:

Alan is co-owner of Arlington Custom Builders, along with his wife Brenda Southard. Together they have over 70 years of construction experience and have won numerous awards, including being recognized as one of the top remodeling contractors by Ranking AZ. The company specializes in custom home construction, kitchen and bathroom remodeling and Arizona room remodels.

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*The Wells Fargo Home Projects® credit card is issued by Wells Fargo Bank N.A., an Equal Housing Lender. Special terms apply to qualifying purchases charged with approved credit. The special terms APR will continue to apply until all qualifying purchases are paid in full. The monthly payment for this purchase will be the amount that will pay for the purchase in full in equal payments during the promotional (special terms) period. The APR for Purchases will apply to certain fees such as a late payment fee or if you use the card for other transactions. For new accounts, the APR for Purchases is 28.99%. If you are charged interest in any billing cycle, the minimum interest charge will be $1.00. This information is accurate as of 8/1/2019 and is subject to change. For current information, call us at 1-800-431-5921. Offer expires 12/31/2019. **See your independent Trane Dealer for complete program eligibility, dates, details and restrictions. Special financing offers and rebates up to $500 valid on Qualifying Equipment only. Offers vary by equipment. All sales must be to homeowners in the United States. Void where prohibited. Special financing offer expires 12/31/2019. Instant Rebate offer expires 11/15/2019.

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