PROSPERITY & FINANCIAL MANAGEMENT 

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Feb. 26, 2019

February 2019 Market Report



List Price Reductions up 24% in Greater Phoenix, Up 42% in Some Areas

Sellers: Stop Trying to Time the Market

For Buyers:

A weak 4th quarter for sales in 2018 has resulted in 11,874 price reductions in the first 5 weeks of 2019.  That’s 24% higher than this same time last year. Price reductions on listings between $200K-$500K specifically are up 40%.  The most notable price range with a 42% increase is $200K-$250K. This may come as a surprise to some because this price range is below the median sales price of $263K.  However this area is currently a battleground of competition between traditional sellers, flip investors and new construction as inventory is up 26% and contracts are down 10%.  Flip investors acquire and sell over 50% of their inventory in this price range. New home builders increased their sales by 22% in this range last year. Traditional sellers are now under more pressure to improve the condition of their home and provide incentives for buyers in order to compete.

For Sellers:

 

This is not a good time for sellers to get caught up in timing the market so as to sell their home at the ideal “peak of price”.  While it’s understandable for sellers not to want to leave any money on the table, the reality is that price peaks don’t happen in seller markets.  They occur in balanced markets. Balanced markets are fine to sell in, but they’re not as fun or profitable for sellers as they expect; especially if their property is hard to sell due to condition or location.  As the seller market continues to weaken, it’s more important than ever for sellers to list their property while they still have the advantage of low competition, price it competitively and don’t spit on the first contract.  Buyer activity, while lower, will continue to accelerate through May. This is go time.

 

Information Courtesy of The Cromford Report

Posted in Market Updates
Feb. 14, 2019

3 Things You Must Know When Selling Your Home

When selling your home there are a myriad of things to consider. Hiring an expert realtor ensures that you not only get top dollar for your home, but also that you sell your home in a timely manner and eliminate many of the stresses and headaches that can come from the selling process if you are not appropriately prepared. But, selling your home CAN BE EASY! Here's a couple of tips to consider as you start the selling process. 



1. Disassociate, declutter, depersonalize, and tidy up! 

Once you've made the first step towards selling your home, it's important to realize that you are preparing for a business transaction. For you, this means ensuring that you get top dollar for your home and incentivize buyers with the best value. You'll need to shift your focus from selling your home to selling a house that will be someone else's home and doing whatever is necessary to make your home appealing to potential buyers. 

Remember, your house only gets one impression with buyers, and that's is its first impression. Your job is to create a house that potential buyers can see themselves living in. Start at your front door and work your way backwards clearing out or packing up personal items, "knick-knacks", any unused furniture or household items, and general clutter to make your home look more spacious. This will help potential buyers keep from getting distracted and begin picturing what the house will look like were they to buy it. 

During this process pay careful attention to closets and your kitchen (remember the age old adage "You're not selling your house, you're selling your kitchen"). Making sure closets are at least half empty and clothing is organized by like items helps buyers appreciate the space available and envision how their own items will fit. This is especially true for smaller closets. In the kitchen, make sure excess food has been cleaned out, labels on remaining food are facing forward, dishes are organized and stacked neatly, and everything appears to be in its place. 


This is a great time to begin cutting down on the packing you'll have to do once your house is sold, making your move-in much easier and more organized! It is also a good opportunity to go through your belongings and figure out what you can donate to the less fortunate. 

 


2. Don't over extend yourself on upgrades.


Small, necessary fixes are always advised but you don't need to go all out. Things like a fresh coat of paint, new hardware for doors and cabinets and ensuring that all those leaky faucets are fixed will help you get top dollar. Major renovations before selling can be exhaustive and may not always provide the best return. If you want to do a little bit more, consider replacing one appliance in your kitchen with a nice fancy stainless steel appliance. Buyers are likely to notice this and it leaves the impression that all of your appliances are nice. 

When it comes to paint, try to choose a neutral color so that perspective buyers can envision the home as a fresh canvas. Adding a fresh coat to things such as your front door, garage, and the houses trim can go a long way to improving the curb appeal of your home as well. 

One thing you absolutely must do is replace any burnt out or dim light bulbs and attend to broken doors, tracks, and leaks. Buyers are viewing your home and inspecting it for any potential headaches and addressing small items such as these can go a long way to improving the odds of your home selling. 

3. Choosing the right realtor. 

When Selling your home there are a lot of factors to consider. A proper pricing strategy is perhaps one of the most important. While many companies offer online estimates, the fact remains that the only way to create a proper pricing strategy is for a qualified agent to examine it and take into consideration improvements, necessary repairs, and amenities.

Pricing your home correctly insures a steady stream of buyers and having a qualified real estate agent to handle multiple bids and the personal aspect of dealing with buyers. You'll also want to make sure that your agent has the experience necessary to differentiate between window shoppers and serious buyers, negotiate without giving away too much of your homes equity and handle any criticisms about your home or the work you've put into it. 

Perhaps the most import reason to hire a qualified real estate agent is that they will possess the necessary legal knowledge to make sure that your listing handles fair housing standards adequately as well as making sure that any contracts that are drawn up, or that you enter into, are protecting you throughout the process. 

Let's face it, there's no one more qualified to alleviate the burden of home selling, ensure you get top dollar, and sell in the timeliest fashion than a real estate agent. The right agent will also be there to walk you through the process with valuable knowledge and insight that only comes from years of experience. 

Posted in BLOG
Feb. 12, 2019

February 2019 Newsletter

 
 
 
 
February is Client Appreciation Month!

At the Monaghan Group we 
delighted to be so much more than just your Real Estate Agent. We take pride in working diligently to bring value to the lives of our clients and our community. Whether you are buying or selling your home we are there for you, every step of the way, to help you make informed decisions that will benefit you the most.
But, it doesn't stop there! Throughout the year we offer classes on financial management, goal setting and personal mission development for teenagers and your young adult children, market reports (so that you know how your home investment is doing!), special offers, fun events and so much more! Why? Because for the Monaghan Group, our clients are clients for life! We value relationships, empowerment, community, and results! Our service to you doesn't end with your home purchasing experience.
 
 
 

Enjoy A Valentine's Day Dinner On The Monaghan Group - Enter To Win a $75 Gift Card to Firebirds!

Valentine's Day is quickly approaching! We love our clients so much that we're giving you the chance to win a $75 Gift Card to Firebirds! 

Entering is Simple: 

To Enter - Text Your Name and "Valentine Giveaway" to (602) 380-4937

or

Click on THIS LINK and enter to win! 

 
 
 
A BIG WELCOME TO OUR NEWEST AGENT
The Monaghan Group is proud to introduce you to our newest Buyer's Agent, Patrick Orozco! 

Patrick, who has his BBM in Business Management, brings over 14 years of valuable Real Estate knowledge, and a history of dedication to serving clients, to the team.

Patrick is known not only for his professionalism, but also his friendly demeanor and ability to help clients feel at ease throughout the buying process. 

His No. 1 priority is to make sure that clients of the Monaghan Group have the best experience with Real Estate ever!
 
 
 
Clarity is POWER!
 
List With Us In February And Get FREE Professional Window Cleaning! 
List your home with us during the month of February and we'll pay for a cleaning professional to come clean your windows! 

Give us a call to set up an appointment with our Listing Professional! 


(602) 308-4660
 
 
 
 
January Market Report
 
Mortgage rates remain steady for the short term after dropping in the first few weeks of January.  Mostly, the drop has been fueled by the Federal Reserve signaling fewer increases to the Federal Funds Rate in 2019.  This signals the Fed remains committed to economic growth and the drop has been welcome after rates in the 5's became normal in 2018.  Look for stability in 2019. 
For Buyers: buying is still a good option over renting if only to stabilize
one’s monthly housing expense.
For Sellers: For those wondering if it’s still a good time to sell, the answer is “yes”... for now.
 
 
 
Giving Where We Live
Join us as we support the West Valley Mavericks. The Mavericks' charter is to advance charity, culture, community, and commerce in the west valley of Phoenix. The group’s membership hails from a diverse set of trades and professions and includes all manner of backgrounds and philosophies. 

The Shindig is a party you attend with your bags packed. All guests are entered in a drawing to depart from the party in a 
private flight to Las Vegas for a two night stay in first class accommodations on the strip! 
 
 
 
Posted in BLOG
Feb. 6, 2019

January 2019 Market Report



Greater Phoenix Buyer Contracts Down 15%

It’s Still a Good Time to Sell… For Now

For Buyers: The monthly average interest rate rose to 4.64% in December 2018, up 0.69% from the previous December’s 3.95%. For buyers who will purchase at the current median sales price of $260,000, that equates to approximately $100 added to their monthly payment compared to last year. Buyers averaged 1,845 square feet at this price; nearly 100 square feet smaller than if they had purchased last year. It doesn’t help matters by renting either. As single family homes appreciated 8.1% per square foot, single family lease payments also rose 8.6% during the same time frame. With that, buying is still a good option over renting if only to stabilize one’s monthly housing expense. Sale prices will continue rising in the first half of 2019, but at a slower rate and they’re not expected to decline at this juncture. Instead, buyers may see a little more flexibility from sellers in the form of repairs, closing costs, and possibly interest rate buy-downs in the higher price ranges.

For Sellers: The market continues to favor sellers entering into 2019, but not nearly as much as it did at the beginning of 2018. Supply is still 34% below normal compared to 36% below normal this time last year. It’s buyer demand that has shifted as buyers grapple with affordability and concerns about an overvalued market. Demand at this time last year was measured 1% above normal; today it’s 13% below normal. While it may feel like a buyers market compared to the last four years, it is far from one. Greater Phoenix is still in a seller’s market, however it’s weaker out of the gate. This means there is still more demand than supply, but multiple offers will not be as common, there will be fewer sales overall and scenarios will vary widely depending on price range. Demand could change in either direction depending on interest rates, however for the time being buyers and sellers have to play the hand they’ve been dealt. For those wondering if it’s still a good time to sell, the answer is “yes” for now.

Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report ©2019 Cromford Associates LLC and Tamboer Consulting LLC

Posted in Market Updates
Dec. 13, 2018

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When you work with me, you benefit from one of the largest, most profitable real estate datasets in the world.

That means you gain instant insights into what’s going on from a hyperlocal perspective, in a snap!

Get Your Instant Home Value Snap by clicking on the LINK and sending us your Address or Zip code!

  •  Get Neighborhood Market Reports
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  • Know How Long A Home Is On The Market
  • Access To Any Changes on Active Listings
  • Get Hyperlocal Data For Your Neighborhood
Posted in BLOG, Market Updates
Nov. 1, 2018

November Real Estate Market

What this means for you...  When you find your dream home, don't wait to make an offer!

 

  • Listing Inventory is flattening slightly

  • Prices still continue to increase due to inventory rates.  

  • "Balanced Market" is 5-7 months supply of inventory. 

  • Anything less than 5 months is considered a "Sellers Market".  

  • Anything over 7 months is a "Buyers Market".  

  • We are currently at 3.1 Months Supply which means there are more buyers in the market than homes for sale.  

 

Today's National Average Mortgage Rates are 4.87%

Get a no-cost loan and up to $1000 Back at closing

Posted in Market Updates
July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

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!

Get Local Market Reports Sent Directly to You

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