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RE/MAX National Housing Report for August, 2016

by Melissa Dierks

RE/MAX National Housing Report for August, 2016 

According to the RE/MAX National Housing Report for August 2016, inventory has continued to tighten by dropping 3.0 percent lower than June and 16.6 percent lower than a year ago, resulting in a month’s supply of just 3.5. The average Days on Market dropped to fifty-three which is just one day less than the average in June and four days below last year.

“After a June jump in home sales, it's quite common to see July sales make a correction. This is a summertime pattern that we often see on a national level. Of course, one month doesn't make a trend and we still have a couple more months ahead in the traditional home-buying season. At the same time, it's important to note that, on a year-over-year basis, prices are rising at a moderate rate that's very much in line with historical averages," said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.

While there was a midsummer slowdown in sales, the national median sales price is still 4.7 percent higher this time last year, at $225,000. Click here for more information or to download your own copy of RE/MAX National Housing Report for August 2016.

If you are interested in learning what your Phoenix or surrounding metro-area home is worth, give The Regal Team a call today!

Melissa Dierks
The Regal Team of RE/MAX Professionals
7111 W Bell Road, Suite 101
Glendale, AZ 85308
(623) 229-0154
www.theregalteam.com

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Thinking of Selling? 3 Reasons Why Now Might be a Good Time

by Melissa Dierks

Thinking of Selling? 3 Reasons Why Now Might be a Good Time 

If you have been thinking of selling but not sure if now is a good time, here are 3 reasons why now might be a good time.

Low Inventory: today in Maricopa County, there are 19,674 homes available for sale in Arizona Regional Multiple Listing Service (ARMLS). This is considered low inventory for a metro-area the size of Phoenix. What does this mean to you as a seller? If there are more buyers than available homes for sale, the rules of supply and demand will apply. Or in other words, prices will be driven up by the demand of would-be homebuyers. We need more inventory to keep up with the available buyer pool!

Rent Prices are High: buyers who are renting are most likely paying more for rent than they would if they purchased a home. Nationally rent prices have gone up 15 percent in the past five years in seventy metro areas across the U.S. according to the National Association of REALTORS (NAR), and Phoenix is no exception. Many renters were forced into renting due to a short sale, foreclosure or bankruptcy. Today, more and more renters are now eligible for home financing and they are looking to own a home again.

It’s the Perfect Time to Upgrade or Downsize: while it’s true that home prices are on the rise, they are not at unaffordable prices. If you are considering a bigger, more upgraded home, now is a great time to cash in on your hard earned equity and take advantage of reasonable prices on your next home. A rise in property values means an increase in equity for many homeowners. Those who have owned their home for a longer period of time may be sitting on a pot of cash. If it’s time to consider your retirement home, you may be in a position to pay cash.

If you have been considering selling your home, now is a great time! To find out what your home is worth, contact me today for a free market analysis and a complimentary marketing plan to get your home sold for top dollar - Melissa

Melissa Dierks
The Regal Team of RE/MAX Professionals
7111 W Bell Road, Suite 101
Glendale, AZ 85308
(623) 229-0154
www.theregalteam.com

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The Regal Team: Highly Professional and Knowledgeable

by Melissa Dierks

The Regal Team: Highly Professional and Knowledgeable 

The Regal Team is proud to offer unparalleled service to their clients in the Phoenix-area real estate market. Here are a few words from a recent client on their experience with The Regal Team:

“I found Melissa on Zillow and read her wonderful reviews, so I hired her and was not disappointed. She was very responsive to all my questions throughout the process and made sure as a seller what all my options were. Melissa had my house sold within ten-days of listing with two offers. She also has great contacts to help with the closing. For example, through Melissa, I got a great deal from a handyman she knew who also did a wonderful job after the inspection. If you want a highly professional, knowledgeable real estate agent who cares about their clients, hiring The Regal Team is a no brainer. Thank you Melissa!!” - Rob H

If you or someone you know is considering a move, please call The Regal Team today!

Melissa Dierks
The Regal Team of RE/MAX Professionals
7111 W Bell Road, Suite 101
Glendale, AZ 85308
(623) 229-0154
www.theregalteam.com

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July 2016 RE/MAX National Housing Report

by Melissa Dierks

July 2016 RE/MAX National Housing Report

Just as the temperature is rising so are home sales and prices this summer. According to the July RE/MAX National Housing Report buyer demand in June showed sales above last year by 0.7 percent with an increase of 9.4 percent over May sales. There was also an inventory rate of 3.2, which is a slight improvement from the May supply rate of 3.0.

“Last year was the best we’d seen in a long time for home sales. So, it’s encouraging that sales this year are remaining above last year’s levels. Moderating prices are a good thing for this market. Homeowners are still seeing improvement in their equity, while there’s less chance of homebuyers being priced out. We have to wait out the ongoing inventory challenges, but the month-over-month stabilization we’re seeing is a very good sign,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.

 

The average was 53 Metro Areas of Days on the Market: The June average was 54 days on the market, which was down from 58 days in both May 2016 and June 2015.  

Sales Prices were up too.  Up 3.0 percent from May as well as being 2.2 percent over June 2015, the median of all 53 Metro Areas was $229,900 in June 2016. In fact, for 53 consecutive months there has been no drop in price from the previous year and the average price increase was 7.6 percent in 2015. 

Closed Transactions Year-Over-Year Change:  Closed transaction were slightly higher than June of 2015. In the 53 metro areas surveyed in June the average number of home sales was 0.7% higher than one year ago, making it 9.4 percent higher than the previous month. 

Stabilization of inventory is a positive sign, especially during the summer months. Based on the rate of home sales in June, the Month's Supply of Inventory was 3.2, which is comparable to last month and last year, with June 2016 at 3.0 and June 2015 at 3.6.  A 6.0 month supply indicates a market balanced equally between sellers and buyers.  

For the full report, click here to download your copy of the 2016 RE/MAX National Housing Report.  

If you're in the market to buy or sell your home in the Phoenix area contact The Regal Team! We have in-depth knowledge of the market and can provide you with the information you need on purchasing, selling, investing, financing and owning real estate in the Valley of the Sun!

Melissa Dierks                                                                    
The Regal Team of RE/MAX Professionals       
7111 W Bell Road, Suite 101
Glendale, AZ 85308
(623) 229-0154 

www.theregalteam.com

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Melissa Dierks
Keller Williams Professional Partners
7025 W Bell Road, Suite 10
Glendale AZ 85308
Direct: (623)229-0154
Office: (623)643-1092
Fax: (623)201-7562

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