On the Move: Your Monthly Lifestyle Guide June 2022
Whether your looking to escape on a romantic getaway or explore new applications for NFTs, the On the Move lifestyle guide for June 2022 curated by TheAgency has some great ideas! Read more.
The Market: Housing Market Update for 1Q 2022
The Phoenix Housing Market continues to lead the nation in year-over-year home price increases according to national and local housing market economists. The Case-Shiller 20-City Home Price Index for February 2022 showed Phoenix led the nation with a 32.9 percent year-over-year increase in home prices leading all cities in 33 months in a row. This level of price growth indicates broad strength in the housing market although inflation and increasing mortgage rates may start to impact home price appreciation.
The Cromford Report, which follows housing trends in Maricopa county indicated home prices continue to rise. The average price per square foot rose 8.9% in the 1st Quarter of 2022. Home prices are projected to continue to rise at least through June 2022. The increase is driven by investors and less by “owner-occupier” home buyers. The combination of higher home prices, competition from investors and rising interest rates reduce the purchasing power of valley residents.
The Market Update provides a closer look at the 1st Quarter of 2022 key statistics for Phoenix and neighboring cities in the Valley of the Sun. Read more publications here.
Thinking about selling? Maximizing the value of your real estate investment requires local market expertise and a thorough understanding of how to prepare your home to sell it for the highest price. Contact me today for a private consultation and property valuation while the market is still strong.
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Forbes List of Top 25 Housing Markets: 8 Cities in Arizona
Over two thousand cities were analyzed, which was then narrowed down to the 200-largest housing markets. 8 cities in Arizona including Tempe, Chandler and Gilbert where in Forbes list of 25 top housing markets. Find out which housing markets are so hot they’re ideal for flipping.
Paint it Black
Shading your walls in black may not be the first thing that comes to mind when you’re considering paint colors. But black has a daring all its own that can bring character and chicness to your space. “The result is both unexpected and incredibly sophisticated,” says Andrea Magno, a Benjamin Moore color and design expert.
“Black has an interesting effect on the walls of a room because the corners and shadows are obscured more than if a midtone or pastel color is used,” Magno says. “This can be used as a visual trick to give the space a less-defined appearance and can make a room feel a bit more expansive.”
Black walls can also bring coziness. “Dark walls coupled with dramatic lighting create an instant air of luxury and sumptuousness,” says Karen Howes, CEO and founder of London-based interior-design firm Taylor Howes.
Discover more about how you can leverage black accents in your home from RESIDE® Magazine
2019 Forecast: Existing-Home Sales to Stabilize and Price Growth to Continue
Consumers should expect home sales to flatten and home prices to continue to increase, though at a slower pace, according to a residential housing and economic forecast session at NAR’s 2018 REALTORS® Conference & Expo .
As Lawrence Yun, chief economist at the National Association of Realtors®, presented his 2019 housing and economic forecast, he was joined onstage by Lisa Sturtevant, President of Lisa Sturtevant & Associates, LLC, who discussed the importance of affordable housing in the U.S.
Much of Yun’s presentation focused on recent declines in home sales, but in the context of long-term trends to illustrate the housing market’s actual performance.
“Ninety percent of markets are experiencing price gains while very few are experiencing consistent price declines,” said Yun. “2017 was the best year for home sales in ten years, and 2018 is only down 1.5 percent year to date. Statistically, it is a mild twinge in the data and a very mild adjustment compared to the long-term growth we’ve been experiencing over the past few years.”
REALTORS® Expect Prices to Increase in Arizona
In a monthly survey of REALTORS®, respondents are asked “In the neighborhood(s) or area(s) where you make the most sales, what are your expectations for residential property prices over the next year?”
Based on the responses of approximately 3,000 REALTORS® who answered this question in the August 2018 REALTORS® Confidence Index Survey, the median expected price change in the next 12 months nationally is 2.1 percent, a slower price appreciation compared to the 4.0 percent average during the January through May 2018 surveys (2.5 percent in July 2018 and 3.0 percent in August 2017).
The chart below shows the median expected price change across the U.S. states based on the June, July, and August 2018 surveys of REALTORS®.[1] The median expected price growth ranges from no change to five percent across the states.
REALTORS® who responded to the survey expect prices to typically increase in the state at four percent in Idaho, Nevada, Utah, Arizona, Alabama, and Delaware. Read more…