Phoenix Metro Real Estate and Community News

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2021 will be a great year to buy a home. Call us at 602-753-0177 to make sure you're ready for success in today's housing market.

The housing market recovery coming into the new year has been nothing short of remarkable. Many experts agree the turnaround from the nation’s economic pause is playing out extremely well for real estate, and the current market conditions are truly making this winter an ideal time to make a move. Here’s a dive into some of the biggest wins for homebuyers this season.

1. Mortgage Rates Are Historically Low

In 2020, mortgage rates hit all-time lows 16 times. Continued low rates have set buyers up for significant long-term gains. In fact, realtor.com notes:

“Given this means homes could cost potentially tens of thousands less over the lifetime of the loan.”

Essentially, it’s less expensive to borrow money for a home loan today than it has been in years past. Although mortgage rates are expected to remain relatively low in 2021, even the slightest increase can make a big difference in your payments over the lifetime of a home loan. So, this is a huge opportunity to capitalize on right now before mortgage rates start to rise.

2. Equity Is Growing

According to John Burns Consulting, 58.7% of homes in the U.S. have at least 60% equity, and 42.1% of all homes in this country are mortgage-free, meaning they’re owned free and clear.

In addition, CoreLogic notes the average equity homeowners gained since last year is $17,000. That’s a tremendous amount of forced savings for homeowners, and an opportunity to use this increasing equity to make a move into a home that fits your changing needs this season.

3. Home Prices Are Appreciating

According to leading experts, home prices are forecasted to continue appreciating. Today, many experts are projecting more moderate home price growth than last year, but still moving in an upward direction through 2021.

Knowing home values are increasing while mortgage rates are so low should help you feel confident that buying a home before prices rise even higher is a strong long-term investment.

4. There Are Not Enough Homes for Sale

With today’s low inventory of homes on the market, which is contributing to this home price appreciation, sellers are in the driver’s seat. The competition is high among buyers, so homes are selling quickly.

Making a move while so many buyers are looking for homes to purchase may mean your house rises to the top of the buyer pool. Selling your house before more listings come to the market in the traditionally busy spring market might be your best chance to shine.

Bottom Line

If you’re considering making a move, this may be your moment, especially with today’s low mortgage rates and limited inventory. Let’s connect to get you set up for homebuying success in the new year

Happy New Year from The Thompson Group

November 2020 brought 6.69 million in sales, a median sales price of $310,800, and 2.3 months of inventory. The median sales price is up 14.6% year over year, and inventory is down 1.4 months from November 2019.

Merry Christmas from all of us at The Thompson Group

You’re thinking about selling your home. Maybe you’re retiring, downsizing, or a major life event has made you consider a move. A Seniors Real Estate Specialist® (SRES®) has unique training and experience in helping home buyers and sellers in your situation.

Why ask a Seniors Real Estate Specialist® to assist you?

An SRES® understands that the decision to sell can be difficult.

Selling a home can be an emotional time, potentially involving other life decisions. An SRES® understands the issues facing older adults. By taking a no-pressure approach, they can help you navigate your choices and may be able to suggest alternatives that help you stay in your home.

An SRES® can patiently support you through each step.

Your SRES® will take the time needed to make you feel comfortable with the complex selling process. Your specialist understands the demands a sale can make on you and works hard to minimize them. They will tailor the marketing process to your specific needs, and be there when you need them.

An SRES® will stick with you throughout the entire process.

Your SRES® is interested in looking out for your best interests through all aspects of your transition, not just the sale of your home. They’ve invested time in becoming an SRES® because they enjoy working with clients in your situation and helping others.

An SRES® can draw upon a network of other professionals focused on clients age 50+.

They've already identified other helpful experts, including tax counselors, financial advisers, and estate planners who can help you understand the financial consequences of selling your home; interior staging specialists and trade contractors to get your home prepared for showings; estate sale organizers, senior moving specialists and transitional coaches to deal with post-sale issues.

An SRES® also has ties throughout the 50+ community.

They’re familiar with active adult and community service organizations in your area. Your SRES® can provide referrals to a variety of resources at the local, state, and national level, and online. They’re knowledgeable about local senior housing options and can refer you to another SRES® if you’re planning to move outside the area.

You can count on an SRES® to guide you through the process of selling your home, making the transaction less stressful and more successful.

The Seniors Real Estate Specialist® (SRES®) designation is awarded by the SRES® Council, a subsidiary of the National Association of REALTORS® (NAR).

Source: https://sres.realtor/blog/blog-home/why-turn-sres

A prospective buyer’s willingness to buy more quickly – and at a higher price – is often driven by emotion. A home that shows exceptionally well helps arouse the prospective buyer’s emotional desires for that home. First impressions count! That is why you’ll see neat, clean homes getting snatched up, while others just sit there on the market. Builders of homes spend hundreds of thousands of dollars to stage a model home properly, and they do this for good reason. Buyers will buy the perceived value of the property. Buyers buy the image and feeling that they receive from experiencing the property. 

The emotions that you, the seller, are trying to stimulate are triggered by sensory experiences. Aim for the senses - especially touch, smell, and sight. Uncluttered, clean, fresh-smelling homes sell faster and for higher prices. Try to clear your mind of any preconceived notions, then walk into your house, close the door, look around… and truly feel your house. Then consider these steps:

• Organize and de-clutter! Remove clutter from countertops, desks, and the garage. Remove excess furniture. Organize closets, drawers, storage areas. Throw away, sell or store excess! Rent a storage unit, if necessary. Clutter makes the home appear smaller and masks the home’s good points.
• Freshen up interior paint as needed. Fresh paint is the best bang for the buck. Light, neutral colors such as beige, white, or off-white have a broader appeal and can make small rooms seem larger and airier. Remove ‘tired’ or busy wallpaper. Brighten drab garage interiors, storage areas with fresh paint. Paint or stain woodwork as necessary.
• Make kitchen and bathrooms sparkle. Clean or oil cabinets, clean appliances and fixtures. Add fragrances. New color-coordinated towels are an excellent investment. Fresh looking kitchen and bathrooms will often make or break a sale.
• Clean floors and carpeting. Add carpet freshener to carpeting which is ‘tired’ or to eliminate smoking or pet odors. If you have a smoker in the house, ask that person to smoke outside and to dispose of the ’spent’ smokes in the trash.
• Make minor repairs. Tighten loose knobs, fix leaky faucets, lubricate squeaky hinges, replace filters, tighten loose banisters, repair doors and doorknobs, remove stains, and make sure your doorbell works.
• Make sure all lighting fixtures work. Add new bulbs with the highest wattage allowed to make your rooms seem brighter. Light, airy homes seem bigger and more inviting. It’s well worth the extra cost.
• Is the fireplace in good working order? Remove ashes from the fireplace and add fresh logs.
• Buy fresh, colorful indoor flowers or plants. They get a lot of mileage, and they will enhance your new home as well.
• Exterminate. One bug, dead or alive, will make a bad impression on prospective buyers. Hire a professional.

Selling your home is a process, not a single event. Getting your home ready to sell is part of that process. As you prepare to put your home on the market, make sure to pay close attention to how your home is prepared to show – it can make all the difference in the world.  

Do you need help? Contact us at www.ThompsonGroupAZ.com or 602-753-0177 to get started.

Your house is quiet again, but you’re not ready for a quiet retirement? Consider these possibilities for the next stage of life:

Cruising Lifestyle

Some retirees opt for luxury cruise ship living on a semi full-time basis, with unlimited food prepared for them, maid service, entertainment venues, exercise options, access to health care, and the ability to see the world. Between sailing stints, they often stay with family or friends, rent a short-term apartment or a long-term hotel room.

RV Living

Many empty-nesters hit the road in their own little home on wheels. Some sell the "family home" and invest in adventure, spending their golden years exploring and discovering new places one road at a time.

Working Retirement

Some people decide to continue working to supplement their retirement income, make up for a lack of retirement funds, or to keep themselves mentally challenged and physically active. When deciding to engage in a "working" retirement, whether part-time, seasonal, or full-time, evaluate your location for friendliness to older workers and retirees.

Going Global

Many retirees decide to settle down in a foreign land, an especially attractive option if a lower cost of living and medical care is desired. Mexico is quite popular among these less-expensive locations, but other Central American countries like Panama and Costa Rica are also attracting interest. 

Co-Habitats and Multi-Generational Living

Tiny houses perched in backyards and apartments crafted out of easy-access walk-out basements afford retirees privacy, with the comfort of having family nearby when needed.

It's also increasingly common for co-habitation to happen in groups of older adults who share common areas and enjoy their own private spaces with food preparation, maid service, and healthcare all onsite.

College Towns

Some mature adults prefer to return to their alma mater or another institution of higher learning. In addition to a college town environment, these areas often offer access to great libraries, the arts, swimming, and athletic facilities, and sporting events. As an added benefit, many offer free college classes to seniors.

Interest-Based Communities

Today there are as many "interest group" retirement communities as you can imagine. Chances are, if you have a particular interest (from country music to flying planes to skiing the slopes to hanging out with aging free spirits) there's a specialty retirement community eager to welcome you!

Source: https://sres.realtor/blog/blog-home/non-traditional-retirement-options