az: 2017 Hot Building Markets
- 10/11/17 08:17 AM
I love to see us growing!!! As we near the end of the 2017 year, lets take a look at the hottest building markets across America. We see many changes from 2016 to 2017. The new number one rank is held by Dallas, which was previously held by Houston in 2016. The Dallas - Fort Worth - Arlington, Texas area used to have 48.5 percent of the market share in 2016 but now holds the top spot in the nation. Now we see the Houston - The Woodlands - Sugar Land, Texas are ranking in as the number two city for new … (2 comments)
The number one reason why mortgage applicants get rejected: they are carrying too much debt relative to their monthly incomes. In the mortgage world, this is called a debt to income ratio. For millennials that are early in their careers, they are having to stretch every month to pay rent and their other bills.
Fannie Mae, the country’s largest source of mortgage money, eased it’s debt to income (DTI) requirements. This ease of requirements opened the availability to potential home buyers across America. Fannie Mae raised its … (0 comments)
az: Growth in Phoenix Continues
- 10/04/17 04:19 PM
Sunny Phoenix ranks fourth on BUILDER’s list of the country’s fastest growing markets in the country this year for good reason: Phoenix ended 2016 with its best year for sales and volume since 2006. Phoenix was expected to have price gains of 5.9% and sales growth of 7.2% for 2017. With a tighter new home market, steady growth in sales and price increases, with less foreclosures, Phoenix is living up to its expectations.
With the giant gain of job growth in Phoenix, (the tech industry seeing the largest boom), the multifamily market in the area is gaining traction as many people … (0 comments)
az: Multi-Generational Homes: The New American Dream
- 09/18/17 02:13 PM
What is a multi-generational home? The word itself seems to define its meaning and the U.S. Census Bureau defines multi-generational homes as any home that has more than two generations living under the same roof. Although this generally means grandparents, adult children, and grandchildren living in one household, they do vary in all shapes, sizes, and definitions. As a unit, they function together. Typically, there are multiple sources of income for the household, making finances easier for each member of the unit. Separately, each household may be able to financially afford small homes. Together, they can afford a larger nicer home. Additionally, … (0 comments)
az: Millennials: Thanks for the Increase in Home Sales
- 09/18/17 02:03 PM
Millennials make up about 83.1 million people in the U.S. Even as the number of sales underperformed for the beginning part of 2017 as potential homebuyers were unsure of the economic stability of the nation, millennials proved the weary forecast of home sales for 2017 wrong. Many experts were predicting that the uncertainty of the stability of America's economic future would deter the masses from making home purchases; millennials proved them wrong. Home sales increased each quarter this year when compared to last year, making a rise in home sales year to date. An increase of home purchases is directly linked to the … (0 comments)
az: Homeowners Confident to Sell; Renters Confident to Rent
- 09/14/17 06:52 PM
Last year, only 61 percent of homeowners thought it was a good time to sell their homes. At the beginning of 2017, that number rose to 69 percent. Now, 71 percent of homeowners think that now is a good time to sell, even as Americans have a lowered confidence in the economy as a whole.
Surprisingly, a survey also revealed that fewer renters think it’s a good time to buy a home. . . even though there see continuous job gains in the economy as a whole, people are becoming less confident about the economy and their financial situations currently. People are … (0 comments)
az: Economic Growth Thanks to Asian Immigrants
- 09/07/17 03:05 PM
As the population of Arizona continues to grow, a large amount of the Phoenix population are Asian immigrants. Arizona is second in the nation for Asian population growth. Properties that were once considered to be undesirable have been turned into hot commodities of vibrant economic centers by Asian entrepreneurs. Immigrants from Asia are either coming directly to Arizona or they're arriving here after struggling in California and New York. Businesses have begun and stayed near other family-owned-and-operated businesses creating an Asian mecca. Mekong Plaza was once a struggling 100,000-square-foot mall with a tattered Target building. The first three years were a … (2 comments)
az: Wanna Sell Your Home?
- 09/04/17 09:06 AM
Inventory of homes that are for sale fell in May 2017 at a record breaking pace. It seems that people are now moving less, which is putting a strain on the tight inventory market and a high demand for new construction. Even as we're seeing a shift in the market for homes being sold, the value of homes continues to gain (7.4 percent since last year according to the Zillow Home Value Index). Not only are home values rising, but rent is rising as well. Large metropolitan areas are seeing the biggest increase in rental prices (cities like Seattle and Sacramento were … (1 comments)
az: What's Up With National Home Prices?
- 08/23/17 01:11 PM
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index registerd a 5.5% annual gain in April, down from 5.6% last month, S&P Dow Jones Indices reported Tuesday. The 10-City Composite annual increase came in at 4.9%, down from 5.2% the previous month. The 20-City Composite posted a 5.7% year-over-year gain, down from 5.9% in March. Before seasonal adjustment, the National Index posted a month-over-month gain of 0.9% in April. The 10-City Composite posted a 0.8% increase and the 20-City Composite reported a 0.9% increase in April. After seasonal adjustment, the National Index recorded a 0. 2% month-over-month increase. The 10-City Composite posted a … (0 comments)
az: Higher Demand for Home Buying as Conditions Get Better
- 08/17/17 04:16 PM
With the job market operating at a full capacity and mortgage rates being low, now is both a buyers and sellers market. . . as long as they choose to act quickly. In May 2017, the National Unemployment rate was 4.3 percent, according to the U.S. Bureau of Labor Statistics. For the U.S., this meets the definition of full employment across the nation. (When the unemployment rate falls below 4.7 percent, the labor market is determined to be at a full capacity.) Back in March 2017, the unemployment rate fell to 4.5 percent for the first time since late 2007. Additionally, the average interest … (1 comments)
az: An Economic Dream Come True Through an Airport
- 08/11/17 12:24 PM
It's amazing how the former U.S Air Force base has transformed over a few decades to become an economic stronghold for the Arizona region. In 2013, Arizona State University did a study of the economic impact the airport has made annually to our area. The airport has an annual impact of $1.3 billion and supports more than 10,000 jobs. Recently, a major announcement was made Allegiant Air: They're expecting to bring 200 high-wage jobs to the area along with eight new non-sop destinations. Allegiant Air is the airport's major commercial airline. With this announcement, the economy will feel a positive impact even … (0 comments)
az: Arizona is a Leading Tech State
- 08/03/17 07:37 PM
When looking at Arizona's position within the technology community nationally, Arizona is consistently top ranked. Cyberstates 2017 did a report based on the Computing Technology Industry Association’s analysis of 2016 data from the U.S. Bureau of Labor Statistics, the U.S. Bureau of Economic Analysis, Emsi and other sources. Including over 2,000 member companies and 3,000 academic and training partners, CompTIA is the world's leading technology association. Arizona is ranked in the top ten list of all states for contributing to their own overall economy through technology. Similarly, Arizona ranked in the top ten of states for actual tech occupational jobs across all … (1 comments)
az: Phoenix Job Market Ranked Among Top 10 in 2017
- 07/18/17 03:36 PM
According to a report by commercial real estate firm Marcus & Millichap, Phoenix is expected to see 2.8 percent job growth in 2017. This is up from 1.5 percent in 2016. As we look at the U.S. job growth as a whole, it is expected to be up 1.4 percent for 2017. Last year, the job market across the U.S. posted 1.5 percent gains, according to the MMI report. Eight cities are projected to have a higher job growth than the Phoenix area. 1) Orlando at 4.5 percent2) Fort Lauderdale at 4.3 percent3 & 4) Seattle and Salt Lake City at 3.4 percent5) Oakland … (0 comments)
az: City of Phoenix Selling Over 656 City Owned Properties
- 07/06/17 07:55 PM
An internal review conducted by the city of Phoenix has revealed surprising information; hundreds of vacant lots. There have been many widespread voices concerned with Phoenix's management (or lack thereof) of properties.
A large portion of the city's land remains vacant. There are over 1,400 vacant individual properties covering 2.3 square miles; these have a combined assessed value of more than $150 million. Each city owned piece of land is also a piece of property the city is not collecting taxes from.
Local residents complain that the empty dirt parcels create problems with illegal dumping, dust, and weeds, resulting in the … (0 comments)
az: Rent Prices Increasing in Arizona
- 07/06/17 07:42 PM
In the past year, Phoenix rent prices have increased more than 5 percent, according to Apartment List's Phoenix Rent Report. Across the state, a trend of rental increases seems to be following suit as well.
One-bedroom apartments have a median rent of $870 in Phoenix. Two-bedroom apartments are around $1,300. This is a price difference of $430 for one additional bedroom.
When renters were asked about the level of satisfaction with their rent, most gave an "average" or "above average" ranking. This gave Phoenix a B- satisfaction grade overall. The survey asked renters details about their satisfaction with their rent pricing … (0 comments)
az: Renters Would be Buyers if Down Payments Were Lower
- 06/24/17 08:23 AM
Zillow conducted a new survey that determined that 70 percent of current renters would become home buyers if they had a down payment available. A mortgage payment is less costly than the rising rent payments.
Renters in this study stated that finding funds for a down payment is the largest obstacle deferring them from home ownership; ranking higher than current debt, job security, and the inability to qualify for a mortgage.
There are possibilities of being able to put as little as 3 percent down on a mortgage loan, however this would also come with a higher interest rate as well. … (1 comments)
According to the Mortgage Bankers Association, mortgage applications for new home purchases have increased 6.7 percent, compared to March 2016. From February 2016 to February 2017, this is a 23 percent increase of mortgage application for new home purchases. (No adjustment for typical seasonal patterns was made for these statistics.)
Across the country, MBA’s Builder Application Survey tracks mortgage application volume. This data, when pulled together from various resources, is able to give an estimate of new home sales volumes throughout the country. The … (2 comments)
az: Shortage in Southern California Increases Homebuyers in AZ
- 05/21/17 09:45 AM
With the housing shortage in Southern California that continues to increase home and rental pricing, more California residents are looking for opportunities further inland; even to Arizona.
About 75,000 more people left Los Angeles County in 2016 than moved to the county from elsewhere in the United States, according to U.S. Census Bureau data. Orange County is resembling the same trend. In Orange County, the median price for a home is $645,000, which is still higher than Los Angeles County.
Millennials and people with lower or middle class incomes are trying to break away from the high pricing demands of Southern … (0 comments)
az: Renting Rates in Phoenix Not Rising Fast
- 05/21/17 09:37 AM
For metro Phoenix, renters are feeling the ease of finally being able to take a deep breath. From back in 2015, apartment leasing / renting options have increased almost 8 percent in pricing. To react to this boom, apartment complexes are in the high demand to be built.
An apartment building boom is hitting the Valley and central Phoenix. In the central Phoenix area alone, about 4,000 apartments are planned or in progress for 2017. As one can imagine, this has hit the economy in the area in a great way.
For the Scottsdale area having more apartment options has helped … (0 comments)
az: Fannie Mae Shows Consumer Confidence Increasing
- 05/21/17 09:29 AM
For the first time in five months, consumer confidence has increased, according to the Home Purchase Sentiment Index. As of February 2017, this score increased 5.6%, up to 88.3% satisfaction. Incredibly, this is up 5.6% from February of 2016 as well.
Part of this increase could be that the respondents are also reporting household income increases for the past year. Americans are expecting for home prices to go up and for mortgage rates themselves to go down.
As millennials begin to surge the housing market, their increase in job confidence and income gains have quickly increased the home buying market. These … (0 comments)
Buying a home is the largest investment most people make in their lifetime. Assisting people in achieving their real estate goals is our PASSION and the motto that we work by is providing "Service That Exceeds Your Expectations".
I love to see us growing!!!
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