Happy New Years

Wishing everyone a Happy New Year and Wonderful 2015!

Real Estate Market for Phoenix and Scottsdale

When it comes to buying a new home, there are some major parts of a home you want to make sure are in good working condition before you agree to close the deal, especially if you’re working with a budget.

Number one is the roof. It’s important that roofs be maintained by homeowners over the years. New tiles need to replace broken ones and the underlayment underneath those tiles needs to be in good condition. If a roof is neglected for years, it could mean the entire roof needs to be replaced and that will cost you thousands of dollars. So make sure the roof can is in shape to protect your biggest asset.

Number two is the air conditioning unit. It’s no secret that Arizona can get very hot for at least half the year and there is nothing worse than being stuck with an air conditioner that isn’t working or on its last legs. Make sure your home inspector gives you a good breakdown of the home’s air conditioning unit. If it needs to be replaced entirely, that will be an expense the Seller will often times expect the Buyer to pick up once the home is sold. So make sure you feel comfortable with the condition of the a/c unit before you buy the home.

Number three is the pool. Cracks and holes in plaster pools are nothing new, but can cost thousands of dollars to replace. It’s not very often a Seller will rehab a pool before the Buyer purchases the home. So if your dream home has a plaster-surface pool, make sure you find out how much it will cost to repair or maintain. It may be even less expensive to simply replace the plaster with a pebble surface for the long term. Either way, it’s an expense you need to be aware of.

Of course, there are a number of areas in the home that will need your attention over the years. But you’re avoiding some major expenses right off the bat if the roof, air conditioner, and pool are all in good shape the day you move in.

Don’t forget to check out my web site for my most recent video blogs and market updates here in Arizona.

Phoenix and Scottsdale Real Estate Market

Hey everyone. You may have noticed I was gone for a little while but I am back with a quick update on the Phoenix and Scottsdale real estate market as we head into October. There is a lot of good news to report.

Let’s start with Phoenix. Inventory, the number currently on the market for sale, has dropped since July. Although, you can expect that number to go up as we head into the sno-bird season.

The good news is that monthly home prices are on the upswing, which is nice if you’re considering selling your home. And the number of homes sold every month is also increasing from this summer.

Let’s move from Phoenix to Scottsdale. Here is where we find the Inventory is lower than this summer. But once again, that will change as we head into the busy season for real estate.

There will be more homes out there for Buyers to choose from.

More good news is that we are seeing more homes getting sold from a month ago. And the average price of those homes has increased from last month.
So after some lulls in the past three months, the real estate market is heading in the right direction once again.

If you would like to find out what is going on in your Arizona neighborhood in particular, please give me a call or shoot me an email.

And don’t forget to check out my web site for my most recent video blogs and market updates here in Arizona.

The Phoenix Real Estate Market

Hello everyone! In my last blog, I discussed the overall picture of the Phoenix Real Estate Market. This week, I thought I would take it a step further and give you a quick “snap shot” of four major cities in the Phoenix area.

To give you an idea of where we’re heading going into the Fall, these numbers are reflective of what has happened over the last 30 days.

We’ll start with Phoenix, Arizona. The number of homes currently for sale is down 4 percent from a month ago. Sales are up 6 percent.

The price per square foot of the homes sold has remained steady and the average sales price is up 5 percent. The Phoenix inventory is expected to rise as we head into the Fall season.

In Scottsdale, the number of homes on the market dropped in the last month by only 5 percent. Like Phoenix, that number will increase as we head into the Fall.

Sales are down 8 percent. And in the last 30 days, the sales price per square foot and average sales price has remained steady.

In Chandler, Arizona, the number of homes for sale has remained steady. But the number of home sales is up a whopping 18 percent from July to August.

The price per square foot for homes sales remained steady and the average sales price is on the rise, up 4 percent.

And finally, in Glendale, the Inventory is down 8 percent and home sales are up a nice 11 percent in the last 30 days.

The price per square foot has remained steady and the average sales price has dipped 5 percent.

If you would like to find out what is going on in your Arizona neighborhood in particular, please give me a call or shoot me an email. And don’t forget to check out my web site for my most recent video blogs and market updates here in Arizona.

Recapping Current Phoenix Real Estate Market Trends

Hello everyone. Labor Day Weekend in upon us, so it’s time to say good-bye to the summer of 2014 and to be honest, the Phoenix real estate market can’t say good-bye fast enough.

As we look over some final numbers, it’s not all bad news from where we were a year ago. Here’s why: the average price of a Phoenix home is up nearly 4 percent from a year ago.

After more than two years of monthly double-digit increases in home prices, price increases fell to the single-digits between April and July of this year.

So what does this mean: Home owners are seeing prices still go up….so they are putting their homes on the market. So naturally, inventory is up, 15 percent from a year ago to be exact.

However, the increase in inventory didn’t increase the number of sales. The number of homes sold in Phoenix dropped 15 percent over the past twelve months.

As we turn to the Fall, the Phoenix real estate market always sees a nice boost. As sno-birds start coming to town in the next 60 days, hotel revenue will increase, restaurants are more full and visitors start buying permanent places to call their winter home away from home.

So if you’re wondering if you should put your house on the market this Fall, when the number of Buyers out there is on the rise, be sure to give me a call or send me an email.

Buying a Phoenix Vacation Home

It’s no secret that the Phoenix are gets a huge boost in it’s economy every Fall, Winter and Spring from people living in colder climates coming down to enjoy the warmth.

Staying at a resort or hotel for an extended period of time can get very expensive for sno-birds, so it’s not surprising that many are considering buying their own place for the long term investment.

Should you decide you want to return that hotel key to the front desk for good in order to buy something, here are just a couple of things you need to consider when buying that new condo or home.

The first consideration seems fairly obvious: it’s location. Yes, we all want to find a great place that is well within our budget, but will you be happy in the neighborhood you’re going to vacation in every year.

Make sure you’re in an area that is safe and there are plenty of places close by for you to eat, shop and have fun.
A second consideration is rentability. There may be that one year you simply can’t come down to Arizona or you decide to vacation somewhere else.

Instead of leaving your place empty, a great way to earn passive income is to rent it out to someone else.
So you want to make sure your second home can be rented out and it’s a location where fellow sno-birds would want to be when they come to Phoenix for vacation.

And finally, there is maintenance. Since you may only be in Arizona only three or four months of the year at the most, making sure they place is being taken care of year round is very important.

One sure way to make sure the maintenance side is easy is buying a place in a Home Owners Association that takes care of the grounds, complex or yard for you. All you have to do is make sure things inside the house are taken care of. The phrase we like to use to describe such a home is “lock and leave ready” or “turn key”.

All you have to do is turn the key to get in and lock it up and forget it when you head home. There is a lot less to worry about when your thousands of miles away.

So to recap, when you’re thinking about buying an investment property in Arizona, three factors that should be in the forefront of your mind are location, rentability and maintenance.

If you’re curious about Phoenix investment properties, be sure to give me a call.

Remembering the Summer Blockbusters

Hey everyone. Buying or selling a house in the Arizona summer heat is never easy, let’s be honest. As active as the Phoenix real estate market is this summer, most people find it tough to be looking for a new home when the weather hits triple digits the second the clock strikes noon. They would rather be spending their free time in an air conditioned room, like a movie theater.

Every summer, Hollywood rolls out the films they hope and anticipate to be huge blockbusters at the box office. And as movie fans, we know they’re coming because the promotions of these films are never ending. In 2014, the studios are giving us Godzilla, Lucy and Into the Storm, to name a few.

As we look back over history, some of the biggest summer blockbusters include Men in Black in 1997…. Jurassic Park in 1993 and in 1999… we met a little boy who could see dead people in the movie The Sixth Sense. Personally, I’ll never forget the first Batman in 1989…. Indiana Jones and The Temple of Doom in 1984 and the force was with all of us in 1977 when Star Wars hit the theaters.

So as we step away from home values, neighborhood comparisons and buying and selling homes for just a moment, I would love to hear what was your favorite summer blockbuster of all time? What movie could you not wait to see and how many times did you see it??

Let me know by sharing your thoughts on my Facebook Business Page called Steve Russell is My Scottsdale Realtor. Search for Steve Russell is My Scottsdale Realtor and share your summer blockbuster memories.

Great Job, Tough Boss

Have a question for you today, and it’s not Real Estate related, surprisingly enough. I thought would change things up a bit. As many of you may know, the owner of the professional basketball team, the Los Angeles Clippers, is suing the National Basketball Association and his wife for the right to keep his franchise.

In case you’re not familiar with the back story, the NBA banned Clippers owner Donald Sterling from the NBA for life… back in April for racially charged comments he made about African Americans that were caught on tape and made public.

The ban essentially opened the door for Sterling’s wife to sell the Clippers to former Microsoft CEO Steve Ballmer for two billion dollars. Donald Sterling is holding up the deal by bringing his wife and NBA to court to stop the sale.

During recent court testimony, it was disclosed that current Clippers head coach, Doc Rivers, a well-respected African American coach, told the Clippers organization he would step down as coach… if Sterling remained the owner of the team.

When I heard this, it got me thinking about my past positions and bosses. So here is my question to you: If you had a job you loved and excelled at… yet your boss made politically incorrect comments or expressed beliefs you were simply uncomfortable with… could you continue working for him or her….Would you would you go find a different job…or stay in your position within his or her company…

Send me your thoughts to my Facebook Business Page… Steve Russell is my Scottsdale Realtor. Simply logon to Facebook… and search for Steve Russell is my Scottsdale Realtor. I would love to hear your thoughts!

A Quick Glimpse of the Phoenix Real Estate Market

Hello everyone. As we say good-bye to the first half of 2014, I thought I would take a look back at how the first half of this year compares to the first half of 2013; in three different real estate markets. Without bogging you down with a lot of numbers, I thought I would take a look at the trends for single family homes between two hundred and seven hundred thousand dollars in Phoenix, Scottsdale and Chandler.

Let’s look at the Phoenix real estate market first. The good news is Inventory is up 21 percent from the first half of last year to the first six months of 2014. So Buyers have more choices. However, the average sales price over the same time frame is down, but only by three thousand dollars.
In Scottsdale, the inventory is also up from a year ago, a solid 6 percent; and in more good news, Sellers saw their homes sell for an average of 5 grand more than similar homes did in 2013.

The final real estate market I’ll let you know about is Chandler. The inventory of single-family homes, priced between 200 and 700 thousand is up a whopping 28 percent from a year ago. However, people are selling their homes an average of 4 thousand grand less in the first half of 2014 than in the first half of 2013.

So what does this mean? For Sellers, your home will have more competition when it’s on the market. For Buyers, you have more houses to choose from and can be more selective. Either way, give me a call and let’s find if it’s the right time for you to buy or sell your home wherever you live in the Valley.

A Buyer’s “Wish List” for a New Home

Hello everyone. I would like to discuss with you some friendly tips when you’re just starting to look for a new home, especially if you’re new to the Phoenix area. Before I email you any potential new homes to look at or before we get into the car and see any homes in person, it’s always a good idea for you and your family to sit down and make a list of items you would like the home and neighborhood to have. For example, what area do you want to live in? Do you want to be in a neighborhood that is in walking distance to shops and restaurants? Do you need a bigger place or need to downsize? And do you want to deal with yard work or maintaining a pool?

These are the types of questions you need to ask yourself. And if you’re new to the area, what did you love about your old neighborhood in your previous city that you would like to duplicate here in Phoenix? Take the time to honestly answer these questions and then we’ll discuss your answers face to face. I’ll take your wish list and go find homes that fit what you’re looking for.

Of course, we may not be able to check off every item off your wish list, but that doesn’t mean I won’t work my hardest to meet all your needs. In the end, we will be able to focus on the homes that work best for you and your family. Besides, who wants to drive around all afternoon, looking at various homes for sale because they have a “For Sale” sign in front, with the hope that one of them may work for you? That is simply a waste of your valuable time. So when you’re working with me, be ready to discuss with me your “wants” and your “needs”. It will make looking for that new home a lot more efficient and a lot more fun.