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Fall May Be Best Time for Buyers to Move

by Melissa Dierks

A slower fall season in home buying may help more lingering home buyers to jump in.

Prices are easing somewhat. For the second month in a row, the median price of an existing home dropped. It reached $253,500 in August, after reaching a record high of $263,300 in June, according to the latest data from the National Association of REALTORS®.

Read more4 Home Maintenance Tasks to Tackle Now 

“Median sales prices typically decline a bit heading into the fall,” says Danielle Hale, realtor.com®’s chief economist. “Summer is a big time for home purchases, so that families settle in before school starts in the fall. In the fall, the types of homes that sell are smaller for people without kids. So they tend to be less expensive.”

Existing homes are proving to be a bargain compared to newer homes. The median price of a new home reached $313,700 in July, which is 23.7 percent higher than an existing home.

Home buyers may find attractive mortgage rates this fall. Mortgage rates are still under the 4 percent psychological threshold, which can be a luring incentive for borrowers. Freddie Mac reported last week that the 30-year fixed rate averaged 3.78 percent, holding steady at a 2017 low.

Studies have shown that fall can be the best time to buy. A study conducted by RealtyTrac in 2015found that October was the best month for home buyers. Purchasers in October paid 2.6 percent below the estimated market value at the time for their home, according to the analysis. In other words, buyers interested in a $300,000 home tend to see a $7,800 discount on it in the fall. Oct. 8 was found to have the best day for bargains too, with an average of 10.8 percent below estimated market value, according to the study.

Home sales in August started to decline heading into the fall season. Sales of existing homes fell 1.7 percent from July to August, but NAR mostly blamed the decrease on the limited number of listings for sale on the market.

Properties are staying on the market for less time, so buyers will need to be ready to act fast. Fifty-one percent of homes sold in August were on the market for less than a month, according to NAR. Properties typically stayed on the market for just 30 days in August.

If you'd like more information or if you're looking to buy a home in Phoenix or surrounding areas, please contact 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

Source: “Why It’s a Better Time for Buyers on a Budget to Purchase a Home,” realtor.com® (Sept. 20, 2017)

Why Are So Few Homes for Sale?

by Melissa Dierks
Why Are So Few Homes for Sale? | MyKCM

There is no doubt that the largest challenge in today’s housing market is a lack of housing inventory for sale. This challenge has been defined as an “overwhelming lack of supply,” and even a “straight up inventory crisis.”

First American just released the results of a survey which sheds light on the reasons for the current lack of supply.

The survey asked title agents and real estate professionals to identify what they believe are the top reasons for this lack of inventory in their markets. Here are the results of the survey:

  • 47% – existing homeowners are worried that they will not be able to find a home to buy
  • 26.5% – first-time buyer demand is absorbing a large share of available homes
  • 11.3% – existing homeowners’ mortgage rates are lower than the current rates
  • 10.6% – insufficient or negative equity in the home
  • 4.6% – foreign buyer demand is absorbing a large share of available homes

As the survey revealed, there is a shortage of current homeowners willing to put their homes on the market for one of three reasons (see numbers 1, 3 and 4 above).

Is this an opportunity for some homeowners?

The report on the survey explains:

“The crowd has spoken, and it seems in many markets home buyers and sellers alike are ‘imprisoned’ by the lack of housing inventory.”

That leaves a tremendous opportunity for every homeowner not facing these concerns. If you can put your home on the market today, you are subject to far less competition than at any time in recent history. That will result in your home selling quickly and for the highest possible price.

Bottom Line

While many homeowners are feeling imprisoned for multiple reasons, those who are not handcuffed by these concerns have a once in a lifetime opportunity to sell their houses at a peak selling time.

 

If you'd like more information or if you're looking to buy a home in Phoenix or surrounding areas, please contact 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

Source: Keeping Current Matters (https://goo.gl/PLkBy4)

5 Ways to Attract (and Keep) a Great Staff

by Melissa Dierks

The employees in your real estate office should be an asset to your bottom line. But that starts with good leadership from the broker or manager. 
human cutouts attracted with magnet
 

According to a 2015 Gallup poll, 50 percent of employees leave their job because of their bosses. However, employees can leave for a number of other reasons, such as opportunity, better pay, or more responsibility. Regardless, attracting and retaining a quality staff for your brokerage is not only good for the bottom line, it’s good for customer service. Here are five ways to best attract and retain great employees. 

  • Be a coach, not a dictator. We all know being a manager or owner is not an elected position. Maybe that’s why so many managers are prone to bark orders and rely on negative reinforcement. Instead, become a coach. Team coaches are still the boss, but understand that like athletes, staff need to be instructed, encouraged, praised, appreciated, and, when necessary, disciplined. The key is to prioritize your energy towards the positive tasks first.
  • Be flexible … to a point. Regardless of what some bosses think, employees do not live to work. They have lives outside of the company. A sick parent, a dentist appointment, or a child’s class field trip can all conflict with a preset work schedule. Setting policies that give freedom within established boundaries can reduce stress and allow staff to better focus on their jobs when at the office.
  • Understand the job. Managers often have a hard time understanding what employees go through on a daily basis, especially if it’s a job they’ve never held themselves. Communicating with customers, developing new marketing initiatives, and managing the transaction are all important roles staff members can play in a real estate company. Understanding employees’ daily tasks will result in more empathetic and thoughtful managers.
  • Be a problem solver. Managers need to understand that they and their staff are all on the same team. And anyone who feels part of a team naturally wants to contribute more. Helping staff solve work-related problems not only reduces down time but can also present opportunities for ineffective processes and procedures to be updated.
  • Empower others. Employees who are not sure what they are allowed to say will always say no. This can result in angry customers, lost sales, or missed opportunities. Staffers that are empowered to make decisions within a framework of guidelines will usually make the right ones. Empowerment will also lead to pride and ownership of their positions—two traits that employees will likely not want to give up.

If you'd like more information or if you're looking to buy a home in Phoenix or surrounding areas, please contact 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

Source: Realtor Magazine

7 Essentials Every Millennial Needs in Their First Home

by Melissa Dierks


champagne first homeBy Monique Serbu


 

More and more millennials are buying homes, representing around 45 percent of all purchase loans, and most first-time millennial home buyers are on a limited budget. While you may not be able to find the perfect home that checks every box on your “dream home” list, you can find a great starter house you can improve on or add to over time.

As you hunt for your first home and make the big purchasing decision, make sure your checklist of new home essentials includes the following seven musts.

1. Energy-Efficient Features

Not only is energy efficiency trendy, but it also saves you money on your power bill and reduces your carbon footprint. When viewing homes on the market, look for energy-efficient featureslike double-paned windows, solar panels, attic insulation, LED lighting, and ENERGY STAR®appliances. When you move in to your new domicile, invest in the Nest Learning Thermostat, which helps save you money on your energy bill and allows you to control your house’s temperature from your phone.

2. An Entertainment Center 

Moving from an apartment to a home means more room, so celebrate with an entertainment space. Equip a portion of your living room with a comfy couch, a big screen TV, and a stereo system. Don’t forget a TV package and a streaming stick to access your favorite channels, such as HBO and Starz, and streaming services, including Netflix and Hulu. Trust us—your friends will thank you, and your home will be everyone’s favorite hangout.

3. Smoke Alarms and Carbon Monoxide Detectors

A smoke alarm and carbon monoxide detector should be on every level of a house, especially near bedrooms. While walking through homes, check to see if a property has up-to-date smoke alarms and carbon monoxide detectors. You may want to install smart versions, like the Nest Protect, a stylish and sleek smoke and carbon monoxide alarm. The system checks its batteries and performs silent tests on a regular basis so you don’t have to.

4. A Home Security System

Burglary rates have been steadily increasing over time, but installing a security system can help you feel safer and protect your new home. If you buy a house that doesn’t have a home security system, you can easily install the necessary equipment with options such as the Scout Home Security System. You can connect a door panel, access sensor, motion sensor, video camera, and more depending on your needs.

5. A Home Improvement Magazine Subscription

Whether you like it or not, owning a home comes with a lot more responsibility than renting. You’ll occasionally spend weekends and afternoons fixing something or working on a home project. Even though just about every project type is available on the internet, subscribing to a home improvement magazine, like Better Homes & Gardens, serves as a homeowner’s initiation to all house-centric projects. Along with tips for home maintenance, you can also find inspiration for your next project in the leaves of these handy prints.

6. Wallpaper

No, we’re not back in the 1960s. Wallpaper is back and trendier than ever. If you find a home with wallpaper, don’t leave screaming. Depending on the style, you may be able to make it look modern. Or, if a room is boring and you aren’t sure how to spruce it up without breaking the bank, try a modern wallpaper trend, such as a marble pattern. If you aren’t sold on the idea, try temporary wallpapers that are easy to remove.

7. Plants

Greenery is one of the biggest home décor trends, so bring the outdoors inside with houseplants. Not only do they clean the air but they’re also inexpensive ways to decorate a room and brighten up even the darkest of spaces. For a small room, decorate with a tall cactus or fiddle leaf fig tree to make the area look bigger. Don’t have a green thumb? Try a faux plant, which only requires occasional dusting.

These must-haves are just a few to add to your checklist for an ideal dwelling. Think we missed something? Share what other essentials you think should be on every millennial’s new home list.

If you'd like more information or if you're looking to buy a home in Phoenix or surrounding areas, please contact 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

Source: Posted on  Sep 6 2017 - 11:41am  by  Housecall

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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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