Phoenix Market Snapshot

There are a variety of opportunities in the Phoenix Real Estate Market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

The market here in Phoenix has seen better days. There is currently a weak demand for homes throughout the area, with the exception of a few pockets. Because of weak demand, the average days on market has risen to 84, from only 61 last year. Our inventory has also increased - to 4.2 months from 3.4 months at this time last year. Additionally, the listing success rate has fallen from 76% to below 70%.

The only good piece of news we have for you today is that average sales price has risen to $250,000 from $225,000. The luxury market is seeing some positive trends, as activity is still strong for homes above $2 million. While overall conditions aren't the best, we will make it through this holiday season. Homes may be sitting on the market for longer, but sellers are getting higher prices in the end. This time of the year is pretty ideal for sellers, as we typically see serious buyers in the fall and winter months.

If you have any questions regarding Phoenix real estate or need a hand navigating this tough market, give us a call or shoot us an email. We can help you make the most of these conditions!

Does Your Policy Cover These Hazards?

There are a variety of opportunities in the Phoenix Real Estate Market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

Most Arizonans aren't likely to purchase flood insurance, even after the recent torrential downpours rendered many homes and streets completely flooded and unnaccessible. Although it's not likely to happen again anytime soon, a lot of homeowner's already learned the hard way that flood insurance is not covered in your standard policy.

This got us thinking: What other kinds of disasters, that you have no control over, are not covered in standard policies. We compiled a list of 6 different potential hazards that aren't covered by traditional policies, but could lose you a lot of money if they aren't covered.

1. Mold

Mold may be covered in some policies on a limited basis, but it is probably not fully covered. Talk to your agent about what kind of mold coverage you have. 

2. Sewer Backup

This is important, as for a small extra fee of $40 or $50, you can add this to your current policy to be protected against a sewer emergency

3. Sinkholes

While sinkholes aren't common in AZ, it is required to have a standard sinkhole policy in Florida, where they are much more common.

4. Termites

With termites in Arizona, it's not a matter of if it happens to you, it's a matter of when. Most homeowner policies partially cover termite damage, but may not cover you in all termite related damages. It would be a good idea to check with your insurance agent to make sure you are covered for all types of termite damage.

5. Nuclear Accidents

Nuclear accidents aren't common occurrences, but if your insurance doesn't cover it, you could be in trouble. There is a plant nearby in the Valley.

6. Acts of Terrorism

A lot of issues with this kind of coverage came about after the Boston Marathon bombing. If you live in an apartment or condo you may have partial coverage, but you aren't fully covered if an act of terrorism destroys your home.

These are all things that you want to talk to your insurance agent about, no matter how minisucle or silly they may seem. Flood insurance in Arizona may have seemed like a bad idea until a few weeks ago. Now we have clients that are spending thousands upon thousands of dollars out of their own pocket, just to restore their homes to normal. 

If you know anybody in Phoenix that is buying or selling real estate in the next 90 days, please give us a call. We'd be glad to help out!

Teaser: Up until a few weeks ago, you probably would have though somebody with flood insurance in Arizona was crazy. Well, who's laughing now? There are actually a lot of things you have no control over that are not covered in your standard homeowner's insurance policy. To see some of the other disasters that you probably aren't covered for, check out our latest video!

Debunking Myths About Newly Built Homes

There are a variety of opportunities in the Phoenix Real Estate Market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

 There seem to be a lot of misconceptions out there about newly constructed homes, at least according to the questions we have been getting. We want to clear some of those myths up for you today so you can get a better understanding of how you should go about purchasing a newly built home. 

1. Why use a buyer's agent?

Well, hiring a buyer's agent will help you out immensely, especially with newly built homes. The builder's representative, the listing agent, is only interested in selling the home for the best price for the builder. You want someone on your side who can negotiate for you and read through that dense contract to make sure you aren't making any unfair concessions. We have relationships with these builders and know what they can and can't do in terms of a sale price. 

2. Can't you save money by not using a buyer's agent?

 This is another common misconception. We can always negotiate a much better deal for you than you can yourself. This is our profession and it's what we get paid to do. We want to get you the best possible deal.

3. Are new builds negotiable?

 Yes, some are. We want to touch specifically on spec homes, or homes that are in the process of being built or are already built. A lot of times, these homes have custom options already put in, so the listing agent will discount them to get the homes sold. 

4. Does my buyer's agent need to be present for the first visit?

 This is probably the most important tip. If you sign up with a builder right off the bat without talking to your agent first, you are waiving your right to representation. You want someone on your side to review that contract and make sure it is beneficial for you.

If you have any questions, or know someone who is looking to buy or sell real estate in the next 30-90 days, let us know. Give us a call or send us an email and we would love to help you out.