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RE/MAX National Housing Report September 2018

by Lisa Bray

RE/MAX National Housing Report September 2018

The RE/MAX National Housing Report for September 2018 showed the trends of fewer closings and stabilizing inventory continued through September, punctuated by a surprisingly big 11.6 percent year-over-year drop in home sales. At the same time, the RE/MAX National Housing Report for September 2018 posted a Median Sales Price of $241,000 that marked the 30th consecutive month of year-over-year price increases. It is the highest September price in the 10-year history of the report. To access the housing report infographic, visit: https://rem.ax/2phKHWT.

The decline in home sales year-over-year was the largest since May of 2011, as September became the seventh month of 2018 to record lower sales than 2017. Even so, year-to-date 2018 home sales resemble 2017’s.

“The big drop in September closings catches your attention. The market is clearly rebalancing as buyers and sellers continue to process the increasing interest rate environment and what that means to them,” said RE/MAX CEO Adam Contos. “The slower drop in inventory – a visible trend for nearly half a year – further illustrates the ongoing shift toward market equilibrium, and that’s healthy in the long-term.”

Active inventory dropped for the 119th consecutive month, the decline of 4.7 percent from September 2017 was the smallest year-over-year decrease since August 2014. In addition, the September year-over-year inventory drop was the fifth consecutive month in 2018 to post single-digit percent declines rather than the double-digit monthly drops consistently seen over the previous three years.

“It’s a little surprising to see prices staying so strong, but it’s hardly shocking in such a tight market,” said Contos. “The headwinds of rising prices and interest rates amid already tight inventory levels have been crimping affordability and slowing sales for most of the year, but it varies by geography.  In circumstances like these, where the market is tricky to navigate, both buyers and sellers can benefit by aligning themselves with a professional agent – a local expert who can cut through the noise and advocate on their behalf.”

Home prices rose by 5.6 percent over September 2017, more than twice the year-over-year price increase of 2.3 percent from September 2016 to September 2017. That reversed a trend seen in the previous three months, when year-over-year price increases trailed 2017’s rate of growth.

Click here to download your copy of the RE/MAX National Housing Report for September 2018. Looking to sell your Phoenix home or buy a home in Phoenix? Contact Lisa Bray today! I will be happy to provide a free market analysis of your home, and I am deeply committed to helping you reach your real estate goals on step at a time.

Lisa Bray

RE/MAX Professionals

www.LisaBray.com

602-762-3691

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“Delivering More than Just a Home”

June 2018 RE/MAX National Housing Report

by Lisa Bray

June 2018 RE/MAX National Housing Report

We’re already halfway through 2018 and the housing prices are at record highs, while inventory is at record lows and home sales are trailing 2017’s pace, according to the RE/MAX National Housing Report. June sales were 5.5 percent lower than June 2017 in the fifty-four metro areas surveyed, marking the seventh consecutive month of year-over-year declines.

Headed in the opposite direction, the June Median Sales Price of $258,500 was an all-time high in the nine-year history of the report. It was 5.1 percent higher than the $245,000 recorded last June, bringing the consecutive months of year-over-year price increases to 27. In each of the previous five years – going back to June 2013’s $193,750 – June has posted the highest Median Sales Price of the year.

“Year-over-year prices have been climbing for more than two years now, which is great news for homeowners and sellers,” said RE/MAX CEO Adam Contos. “In the hottest markets, demand is especially high because there simply aren’t that many homes for sale. The slower sales figures we’re seeing are tied to inventory more than anything else.”

Forty-two of the fifty-four metro areas reported a year-over-year drop in inventory. That years-long trend is reflected in Months Supply of Inventory dropping to 2.7 – down 8.8 percent year-over-year and the smallest figure ever recorded for June. Fewer houses for sale generally results in a faster process: Homes sold in June averaged just forty-two Days on Market – five days less than June 2017 and three days under the previous nine-year low of forty-five days.

“Lack of inventory has become a theme for the year,” Contos said. “Having fewer homes to choose from poses a challenge for buyers, who need to be ready to act decisively and quickly. Working with a full-time, professional RE/MAX agent can prepare them for that.”

To access the housing report infographic, visit: https://rem.ax/2phKHWT or click here to download your copy of the June 2018 RE/MAX National Housing Report. If you would like to sell your Arizona home or find the perfect home for sale in Goodyear, Litchfield Park, Surprise, Avondale or the surrounding Phoenix areas, please contact Lisa Bray. I will be happy to provide a free market analysis of your home, and I am committed to helping you reach your real estate goals on step at a time!

Lisa Bray

RE/MAX Professionals

www.lisabray.com

602-762-3691
Join me on Facebook!

Search the MLS Now!

“More than Just a Home”

Top 3 Home Tax Deductions to Remember Before You File

by Lisa Bray

Top 3 Home Tax Deductions to Remember Before You File


The beginning of tax filing season, and homeowners everywhere are gathering their important tax documents, and keeping their fingers crossed for some great deductions. Whether you’re a new homeowner or you’ve been in your home for years, here are the top 3 tax deductions to remember before you file.

1.) Mortgage Interest: The biggest tax break you have as a homeowner is your mortgage interest. A home mortgage interest deduction allows you to reduce your taxable income by the amount of interest paid on the loan which is secured by your principal residence. This deduction can also apply if you refinanced or own multiple properties. Visit the IRS site to learn more.

2.) Property Taxes: Because a large part of your monthly loan payment is contributed to property taxes, you’re allowed an annual deduction if you’re a taxpaying homeowner. The deduction amount is the amount you’ve paid and includes any payments made through an escrow account. Check out the IRS site for all the property tax guidelines. 

3.) Energy Efficiency Repairs: If you made green energy saving improvements, you could see more green on your taxes. Eco-friendly home improvements can allow you to qualify for an energy credit of 10 percent. These enhancements can include adding more efficient windows, energy saving heaters, adding Energy Star Appliances, and more. There are also extra credits for solar panels. You can find a complete list of green home enrichments and the tax credit criteria on the IRS site for more details.

Tax deductions and credits are just some of the bonuses of being a homeowner. I recommend that you consult a professional tax planner before you file this year. If you’re interested in buying a home in Goodyear or selling your West Valley home this tax season, please contact Lisa Bray today.

Lisa Bray

RE/MAX Professionals

www.LisaBray.com

602-762-3691

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The Top 10 Most Expensive Cities to Move to

by Lisa Bray

The Top 10 Most Expensive Cities to Move to

These days, most people who move do not relocate very far, but move within the same general area. With the presence of friends and family, a job, and familiar general surrounding, people often move to improve living conditions. Other reasons could include end of a lease, moving to be closer to work or family, to a better school district, to cut costs, or to a more suitable neighborhood, among many other reasons. 24/7 Wall St. reviewed the total cost to move within major U.S. metro areas and ranked the top twenty-five most expensive cities to move. The ranking is based on calculations by real estate data company Moving Inc. that reflect the costs of moving within the principal city of large metropolitan regions. Here are the top 10 most expensive cities to move to from their extensive list.

10.) Miami-Fort Lauderdale-West Palm Beach, FL, Average total moving cost: $4,395

9.) Boston-Cambridge-Newton, MA-NH, Average total moving cost: $4,450

8.) New York-Newark-Jersey City, NY-NJ-PA, Average total moving cost: $4,631

7.) Bridgeport-Stamford-Norwalk, CT, Average total moving cost: $4,921

6.) Washington-Arlington-Alexandria, DC-VA-MD-WV, Average total moving cost: $4,926

5.) Los Angeles-Long Beach-Anaheim, CA, Average total moving cost: $4,962

4.) San Diego-Carlsbad, CA, Average total moving cost: $5,098

3.) Oxnard-Thousand Oaks-Ventura, CA, Average total moving cost: $5,190

2.) San Francisco-Oakland-Hayward, CA, Average total moving cost: $5,302

1.) San Jose-Sunnyvale-Santa Clara, CA, Average total moving cost: $5,798

You can see the extensive list of twenty-five most expensive cities to move to here. Did your city or hometown make the list? If you’re ready to make the move and buy a home in the West Valley including Goodyear, Avondale, Buckeye, El Mirage, Estrella Mountain, Glendale, Litchfield Park, Surprise, Peoria, and Phoenix, please contact Lisa Bray today. I am deeply committed to helping you reach your real estate goals on step at a time!

Lisa Bray

RE/MAX Professionals

www.LisaBray.com

602-762-3691
Join me on Facebook!

Search the MLS Now!

“Delivering More than Just a Home”

 

April 2016 RE/MAX National Housing Report

by Lisa Bray

April 2016 RE/MAX National Housing Report

The April 2016 RE/MAX National Housing Report shows March starting off strong with a 33.4 percent jump in sales from February. Like February, March home sales appeared to be especially strong with sales that were 3.6 percent greater than sales from March 2015. In fact, the average year-over-year increase in home sales has been 4.9 percent. March home sales usually rise significantly above February sales, with an average monthly increase over the last seven years of 31.0 percent.

“It’s not always easy for homeowners to keep their finger on the pulse of their equity. This data shows homes have continued to increase in value since the depths experienced after the last recession. Those increases mean far fewer Americans have negative equity in their homes. This increases their mobility and is a positive development for all segments of the housing market,” shares Bob Walters, Quicken Loans, Chief Economist

The inventory of homes for sale remains very tight in many markets across the country, with March seeing a level that is 13.3 percent lower than a year ago, the exact same difference seen in February. At the rate of home sales in March, the National Months Supply of inventory was 3.2, down from 3.7 in March 2015. The average loss of inventory on a year-over-year basis in 2015 was 12.2 percent.

“March is marking a strong kick-off for this year’s home-selling season. After a long winter, demand for homes remains high, with large numbers of home buyers coming into the market. Last year was one of the best years in real estate in a long time, and March sales are pushing even higher. Low inventory is still a stubborn issue in many markets, but overall it doesn’t seem to be moving prices significantly higher,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.

Click here to download your copy of the April 2016 RE/MAX National Housing Report. If you would like to sell your Arizona home or find the perfect home for sale in Phoenix, please contact Lisa Bray. I will be happy to provide a free market analysis of your home, and I am committed to helping you reach your real estate goals on step at a time!

Lisa Bray

RE/MAX Professionals

www.lisabray.com

602-762-3691

Join me on Facebook!

Search the MLS Now!

“More than Just a Home”

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