Congratulations to our 2nd Quarter Buyers & Sellers!

Rosemary & Steve Stralser

The eternal real estate question: do I buy first or sell first? Rosemary and Steve decided to buy first once they found their perfect downtown bungalow but then had to deal with the pressure of selling quickly. Two buyers and three months later their patio home was sold and the pressure was off! They now walk to the Phoenix Art Museum, BE Coffee, Food & Stuff, and are loving their new digs and urban life!

Max Magee & Michaela Agey

Max and Michaela wrote an offer on a home sight unseen and ended up cancelling during inspection. Time was short so a quick trip to Phoenix brought another home and an inspection within one day of the accepted offer! Now they have a fabulous home in the Desert Ridge area that they are remodeling while working as an OBGYN resident at Banner University Medical Center and a dental hygienist at a north Phoenix dental practice. Max, Michaela and their two dogs are happy living in Phoenix, AZ!

Cullen Taylor & Megan Fields

Cullen and Megan just arrived in Phoenix from Indianapolis for Cullen to begin his residency at Mayo Hospital and Megan her residency at Phoenix Children’s Hospital.  They came in for just a few days and found a great home in North Phoenix. They are excited about their wrap-around patio (that they will use when it is not so hot) and the pool that they can enjoy now! Congratulations Cullen and Megan.

Jason & Ashley Santiago

Jason, Ashley, their daughter, Eve came to Phoenix, from Denver to buy their first home here. Jason has started his residency at Phoenix Children’s Hospital and Ashley is a stay-at-home mom with Eve. They have a great home in Litchfield Park so that Ashley and Eve have access to parks and lots of fun nearby. Congratulations to Jason, Ashely and Eve.

Matt Bean & Alicia Ogram

Matt and Alicia moved here several years ago to do their medical residencies and three babies later they have outgrown their home. Torn between moving to Idaho to be near family and staying in Phoenix, family won and Matt and Alicia sold their home and are now have help with the kids! We sold their home within two days, watched it fall out of escrow and then sold it again just a few hours later.  We will miss them in Phoenix!

Shannon Wallace Knell & John Knell

Shannon and John contacted us several years ago about selling their home in Cave Creek and possibly buying a home or finding land on which to build. It took almost a full year to sell their home as we dealt with many interested buyers.  Shannon and John bought an amazing lot in Stagecoach Pass and are working with an architect to build their dream home. I thank them for their patience, trust and friendship!

July 2017 Real Estate Market Update

Metro Phoenix Lease Rates Decline 11% For Certain Types of Rentals

Supply Stops Declining Between $150K-$300K

For Buyers:
Good news for buyers, listings for sale between $150K and $300K stopped declining over the past 4 weeks.  This is good news because as the summer progresses, there are fewer buyers to compete with in the marketplace which offers a seasonal relief for those still willing to brave high temperatures and scalding door knobs to view homes.  Supply is still extremely low, but this slight improvement gives as much relief as a hot breeze on a July afternoon.  It’s not much, but it’s something.  Meanwhile, luxury buyers may notice fewer properties to look at this summer as demand was higher during the Spring season and overall inventory has been dropping due to a higher number of closings and seasonal cancellations/expirations.  Expect inventory in price ranges above $500K to continue declining seasonally until settling into a stagnant level in August and early-September.

For Sellers:
There has been a lot of talk about the increased production of luxury apartments and what impact they will have on the residential real estate market.  One segment that is starting to see their influence is apartment-style condominium rentals leased through the Arizona Regional MLS.  While rents on single family homes and townhouses continue to rise, successful leases of apartment-style condominiums have dropped 11% in average rates from a high of $1.26/sf in January 2017 to $1.12/sf by June. The drop is consistent across all lease price ranges for this type of rental and is not seasonal.  Areas that have been particularly affected are Tempe, Old Town Scottsdale and the Central Corridor including Downtown Phoenix.  Considering the lack of supply for sale in affordable price ranges and the added competition from brand new apartment complexes, this may be a good time for landlords of apartment-style rentals to consider selling if they’re unwilling or unable to reduce their rental rate.

Commentary written by Tina Tamboer, Senior Real Estate Analyst with The Cromford Report
©2017 Cromford Associates LLC and Tamboer Consulting LLC