NextHome Valleywide News

Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

March 18, 2021

March 2021 Market Update

44% of Sales Closed Over Asking Price
New Listing Counts Lowest in Over 20 Years

Cromford March 2021

FOR BUYERS:

44% of sales through the Arizona Regional MLS have closed over asking price in the last 30 days. The median amount over asking price for all price ranges combined is $10,000 with a range between $1 to $310,000. (I know what you’re thinking, “$1 over? What is this, ‘The Price is Right’?” In some cases, yes.)

 

While 56% of all homes still sell for at or below list price, if you have a budget between $250K-$400K, the percentage selling over list is highest at 52% with the median amount over asking at $10,000.  However even if your budget is over $400K, a significant percentage is closing over asking price.  Up to $800K, 42% have sold over list with a median escalation of $12,000-$15,000. From $800K-$1M, 30% sold over list with a median escalation of $17,000-$20,000.  From $1M-$2.5M, 20% sold over list with a median escalation of $30,000-$50,000. Over $2.5M, only 2 sold over asking price with a median escalation of $150,000.

 

Over the past 6 weeks, REALTORS® have added an average of 2,059 new listings per week to the Arizona Regional MLS.  During the same time period, an average of 2,312 contracts were accepted per week. This is what has caused the overall supply of homes to consistently drop and competition between buyers to escalate.

 

While just over 2,000 new listings per week may seem like a lot, it’s actually the lowest rate for this time of year in at least 20 years. A normal level would be considered around 2,500 new listings.

FOR SELLERS:

While supply is still 77% below normal for this time of year and demand is 17% above normal, demand has been dropping faster than supply over the last 30 days.  It’s not noticeable when one is in the midst of a contract negotiation today because sellers rarely notice when they’re getting, for example, only 15 offers instead of 25.  But consider last December demand was 35% above normal; at this rate, demand could be at a normal level in a couple months and below normal by June.  This will not cause prices to decline because there are still a miniscule number of competing listings in the MLS, but it could mean that the second half of 2021 could look different from the first, especially if there’s a temporary boost in new listings after the forbearance period ends and the foreclosure moratorium is lifted.

 

The average mortgage rate rose to 3.02% this month according to Freddie Mac.  Even though this is still considered an excellent rate, it understandably weakens the purchasing power for some buyers and reduces the affordability measure for Greater Phoenix overall.  When a family making the median income can afford less than 60% of what’s selling, demand is typically expected to suffer.  However, buyers with median incomes coming from Los Angeles and San Francisco are used to only affording 9-11% of what’s selling in their home towns, so Greater Phoenix prices look amazing by comparison.  In fact, for some coming from these areas the idea of being able to own a home at all is amazing.

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Contact the real estate experts at NextHome Valleywide in Chandler, AZ at 480-621-6828 for more information.  If you are currently looking to Buy or Sell a home in the Phoenix metro , Scottsdale or East Valley area, and are not sure where to turn . . . we can help!

  • Search for homes at Valleywide.realestate where you can find single family homes, golf and lakefront properties, 55+ communities, townhomes and much more.
  • Visit our blog at NextHome Valleywide News for a monthly Phoenix Market Update.

 

Posted in Market Updates
March 16, 2021

Keeping Seniors Safe Behind The Wheel

Giving up the car is a significant and sad event that can drastically reduce seniors’ freedom.

 

And when seniors live in inaccessible, unwalkable areas, surrendering the car also often forces them to move, even if they’d prefer to age in place.

 

Sometimes, seniors’ driving life can be extended by refreshing their driving skills and modifying cars with adaptive technology. 

 

Learn more about keeping seniors safe behind the wheel by checking out the resources from Older Driver Safety Awareness Week (https://bit.ly/3fbZmf1). Each December, the American Occupational Therapy Association will address improving senior drivers’ safety, provide insight on how best to have the giving-up-driving conversation with a loved one, and ways seniors can remain active once they do surrender the car keys. 

 

Each day AOTA will cover a different topic. They are: 

  • "Anticipating Changes That Can Affect Driving"
  • "Family Conversations"
  • "Screening and Evaluations with an Occupational Therapist"
  • "Interventions That Can Empower Drivers and Families"
  • "Staying Engaged in the Community with or Without a Car"

Additional information: 

  • CarFit (https://bit.ly/35BrVPZ) promotes safe driving among older drivers through in-person and virtual events that show seniors how to improve safety and comfort behind the wheel by making their cars "fit" them. That includes appropriately adjusting mirrors, seats, and so forth. 
  • SeniorDriving (https://bit.ly/2IJjhpk) offers resources to help seniors drive as long as possible safely.

Click Below For More Senior Guides and Information!

Posted in Senior Moments
March 15, 2021

How Walkable Is Your City?

You already know about the benefits of walking — including better heart and mental health — for seniors. 

 

According to AARP, people who live in neighborhoods with sidewalks are 47 percent more likely than residents of areas without sidewalks to be active at least 39 minutes a day.  Living in walkable communities also allows people to age in place, particularly when they no longer drive. 

 

But look around. How walkable is your city or town? And how well will it contribute to your ability to continue living there as you age? 

 

If you’re a baby boomer, now is the time to assess your community’s walkability and take steps to improve it so that when you need a walkable neighborhood, the appropriate elements will be in place. 

AARP Walk Audit Tool Kit (https://bit.ly/2OxFYQi) shows you how to conduct a community walk audit with friends, family, neighbors, and community groups. 

The kit walks you through the audit (https://bit.ly/3aokPAC), which takes about an hour, and asks you to identify roads and intersections that are dangerous for pedestrians but that can and should be safely walkable and crossable. The sections are: 

  • Crossing Streets and Intersections 
  • Sidewalks 
  • Driver Behavior 
  • Safety 
  • Comfort and Appeal 
  • Overall Ratings and Observations

For each, it tells you what to look for to make an assessment asks you to rate each section. 

The guide also talks about how to contact city officials to share findings and advocate for change and improvements. 

 

To make your case for greater walkability, one compelling statistic worth sharing with city officials and community groups comes from CEOs for Cities. It found that a one-point Walk Score (https://bit.ly/3akSlry) increase raised the value of homes by as much as $3,000.

 

Click Below For More Senior Guides and Information!

 

 

Posted in Senior Moments
March 15, 2021

Caregiving From Afar

Caring for aging loved ones is never easy, and it gets even more difficult when you’re helping from afar. During this pandemic, such long-distance arrangements have become common. 

The Wall Street Journal offers several planning strategies to help with remote caregiving. They include: 

  • Communication and technology – Technology often help seniors stay at home and remain independent longer. Even if there’s no need for “caring” technology now, put such devices — smartphones and tablets, for example — in place to get your family member familiar with navigating them. 
  • Even better, the introduction of technology is a gateway to online entertainment, books, and games, all of which can reduce loneliness and keep seniors engaged. 
  • Medical alert systems – Some kind of medical alert system may give you and your loved one peace of mind. Options range from basic alert devices to complex sensors and GPS systems. Pick the level that’s right for your circumstances. 
  • Amazon’s Care Hub, a free feature in the Alexa app, for example, lets you remotely check in on parents or loved ones.
  • Transportation – Explore transportation options, whether they’re Uber and Lyft, rideshare programs, or van service that are available in your parents’ hometown. 
  • In-home care – Finding the proper in-home care has always been a complicated business, and it’s gotten more challenging because of the pandemic. According to the WSJ article, once someone has trouble with two or more daily activities — bathing and dressing, for example — it’s a sign that a higher level of care is warranted. 

 

Start looking at local aging agency resources and get referrals on care providers from doctors, friends, and neighbors. Do your research now — before you’re in a pinch — so you understand the options and have a tentative plan lined up. 

 

Click Below For More Senior Guides and Information!

 

Posted in Senior Moments
March 4, 2021

5 Design Trends for 2021

We’ve all spent a lot more time at home over the past year. And for many of us, our homes have become our office, our classroom, our gym—and most importantly, our safe haven during times of uncertainty. So it’s no surprise to see that design trends for 2021 revolve around soothing color palettes, cozy character, and quiet retreats. Even if you don’t have immediate plans to buy or sell your home, we advise our clients to be mindful of modern design preferences when planning a remodel or even redecorating. Over-personalized or unpopular renovations could lower your property’s value. And selecting out-of-style fixtures and finishes could cause your home to feel dated quickly. To help inspire your design projects this year, we’ve rounded up five of the hottest trends. Keep in mind, not all of these will work well in every house. If you plan to buy, list, or renovate your property, give us a call. We can help you realize your vision and maximize the impact of your investment.

 1. Uplifting Colors Colors are gravitating toward warm and happy shades that convey a sense of coziness, comfort, and wellbeing. This year’s palettes draw from earthy hues, warm neutrals, and soothing blues and greens.1 While white and gray are still safe options, expect to see alternative neutrals become increasingly popular choices for walls, cabinets, and furnishings in 2021. For a fresh and sophisticated look, try one of these 2021 paint colors of the year:

  • Aegean Teal (coastal blue) by Benjamin Moore
  • Urbane Bronze (brownish-gray) by Sherwin-Williams
  • Soft Candlelight (muted yellow) by Valspar

On the opposite end of the spectrum, indigo, ruby, sapphire and plum are showing up on everything from fireplace mantels and floating shelves to fabrics and home accessories. These classic, rich hues can help bring warmth, depth, and a touch of luxury to your living space. To incorporate these colors, designers recommend using the “60-30-10 Rule.” Basically, choose a dominant color to cover 60% of your room. For example, your walls, rugs, and sofa might all be varying shades of beige or gray. Then layer in a secondary color for 30% of the room. This might include draperies and accent furniture. Finally, select an accent color for 10% of your room, which can be showcased through artwork and accessories.2

  2. Curated Collections After a decade of minimalism, there’s been a shift towards highly-decorative and personalized interiors that incorporate more color, texture, and character. Clearly-defined styles (e.g., mid-century modern, industrial, modern farmhouse) are being replaced by a curated look, with furnishings, fixtures, and accessories that appear to have been collected over time.3 This trend has extended to the kitchen, where atmosphere has become as important as functionality. The ubiquitous all-white kitchen is fading in popularity as homeowners opt for unique touches that help individualize their space. If you’re planning a kitchen remodel, consider mixing in other neutrals—like gray, black, and light wood—for a more custom, pieced-together look. And instead of a subway tile backsplash, check out zellige tile (i.e., handmade, square Moroccan tiles) for a modern alternative with old-world flair.4

  3. Reimagined Living Spaces The pandemic forced many of us to rethink our home design. From multipurpose rooms to converted closets to backyard cottages, we’ve had to find creative ways to manage virtual meetings and school. And designers expect these changes to impact the way we live and work for years to come. For example, some home builders are predicting the end of open-concept floor plans as we know them.5 Instead, buyers are searching for cozier spaces with more separation and privacy. Cue the addition of alcoves, pocket doors, and sliding partitions that enable homeowners to section off rooms as needed.4 The necessity of a home office space is also here to stay. But what if you don’t have a dedicated room? Alternative workspaces have become increasingly popular. In fact, one of the biggest trends on Pinterest this year is the “cloffice”—essentially a spare closet turned home office. Searches for “home library design” and “bookshelf room divider” are on the rise, as well.6

  4. Staycation-Worthy Retreats With travel options limited right now, more homeowners are turning their vacation budgets into staycation budgets. Essentially, recreate the resort experience at home—and enjoy it 365 days a year! Bedrooms should provide a soothing sanctuary for rest and relaxation. But this year, minimalist décor and muted colors are giving way to bolder statement pieces. To create a “boutique hotel” look in your own bedroom, start with a large, upholstered headboard in a rich color or pattern. Layer on organic linen bedding and a chunky wool throw, then complete the look with a pair of matching bedside wall lights.7 Carry those vacation-vibes into your bathroom with some of the top luxury upgrades for 2021. Curbless showers and freestanding tubs continue to be popular choices that offer a modern and spacious feel, and large-format shower tiles with minimal grout lines make clean up a breeze. Add a floating vanity and aromatherapy shower head for the ultimate spa-like experience.4

  5. Outdoor Upgrades From exercise to gardening to safer options for entertaining, the pandemic has led homeowners to utilize their outdoor spaces more than ever. In fact, backyard swimming pool sales skyrocketed in 2020, with many installers reporting unprecedented demand.8 But a new pool isn’t the only way homeowners can elevate their outdoor areas this year. The home design website Houzz recently named 2021 “the year of the pergola.” They’re a relatively quick and affordable option to add shade and ambiance to your backyard.4 Another hot trend? Decked-out, custom playgrounds for exercising (and occupying) the youngest family members who may be missing out on school and extracurricular activities.9 But don’t limit your budget to the backyard. Landscapers are reporting an increase in front yard enhancements, including porch additions and expanded seating options. These “social front yards” enable neighbors to stay connected while observing social-distancing guidelines.10

 DESIGNED TO SELL Are you contemplating a remodel? Want to find out how upgrades could impact the value of your home? Buyer preferences vary greatly by neighborhood and price range. We can share our insights and offer tips on how to maximize the return on your investment. And if you’re in the market to sell, we can run a Comparative Market Analysis on your home to find out how it compares to others in the area. Contact us to schedule a free consultation!  

Sources:

  1. Good Housekeeping - https://www.goodhousekeeping.com/home/decorating-ideas/g34762178/home-decor-trends-2021/
  2. The Spruce – https://www.thespruce.com/timeless-color-rule-797859
  3. Homes & Gardens – https://www.homesandgardens.com/news/interior-design-trends-2021
  4. Houzz – https://www.houzz.com/magazine/36-home-design-trends-ready-for-takeoff-in-2021-stsetivw-vs~142229851
  5. Zillow - https://www.prnewswire.com/news-releases/the-end-of-open-floor-plans-how-homes-will-look-different-after-coronavirus-301080662.html
  6. Pinterest - https://business.pinterest.com/content/pinterest-predicts/more-door/
  7. Homes & Gardens – https://www.homesandgardens.com/spaces/decorating/bedroom-trends-224944
  8. Reuters - https://www.reuters.com/article/us-health-coronavirus-pools/pool-sales-skyrocket-as-consumers-splash-out-on-coronavirus-cocoons-idUSKCN2520HW
  9. Realtor.com - https://www.realtor.com/advice/home-improvement/2021-design-trends/
  10. Realtor Magazine - https://magazine.realtor/daily-news/2020/12/09/4-outdoor-home-trends-that-may-gain-steam-in-2021
Posted in Real Estate Trends
July 31, 2017

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates