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Homie’s Greater Phoenix, AZ Housing Market Update November 2020

The local Arizona housing market has been hot nearly all year long. As we get closer and closer to the year’s end, will the trends continue? We checked out all the stats for Arizona’s market during November. Check out what we found out!

Monthly Sales

According to data from the ARMLS ® from November 1, 2020 to November 30, 2020, monthly sales in the Phoenix metro area rose significantly from where they were at this same time last year. With a +27.4% year-over-year increase, sales landed at 8,886 for the month.

While this number is a slight drop from the previous month of October, the -8.3% month-to-month decrease in sales is in line with the typical slow down in the market as the year starts wrapping up.

Monthly sales graph

Data retrieved from ARMLS®.

List Price

At $453.9K, November saw a +6.4% year-over-year increase in average list price. Median prices also rose. With a +10.0% increase from November 2019, the median list price in November was $330K.

List Price Graph

Data retrieved from ARMLS®.

Sale Price

Average sale prices increased by +18.0% between November 2019 and November 2020, landing at $418.7K. With a slightly smaller jump, median sale prices still rose significantly with +16.8% year-over-year increase. The November median sale price was $331.0K.

As forecasts predicted, these numbers are slightly lower than sale prices in October of this year. The average sale price was -1.5% lower than that of October and the median sale price was -1% lower. For next month, the average sale price is projected to increase, while the median sale price is expected to have another small decrease. Check back next month to see how these forecasts turn out.

Sales Price Graph

Data retrieved from ARMLS®.

Days on Market (DOM)

While many metrics in the market slowed down this November compared to the previous month, the Average Cumulative Days on Market did not. This number continues to steadily drop, showing homes are being sold more and more quickly. Landing at 41, the Average DOM saw a 2-day decrease from October of this year and a 17-day decrease from November of last year.

Graph of Average Days on Market

Data retrieved from ARMLS®.

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A Message From Sales and Operations Manager, Wayne Graham

Going into December, inventory is 28.2% lower than it was a year ago. In fact, some areas are experiencing record low levels of inventory. However, In contrast to the record low levels of inventory, we’re seeing record-high levels of sales. Demand increased by 27.4% between November 2019 and November 2020. Low supply and high demand are one of the surest guarantees of rising sales prices.

But even though prices are rising, according to the National Association of Realtors Housing Affordability Index it is still very affordable to buy a home in Phoenix compared to historical market trends. This is still possible because of extremely low-interest rates. So overall, home affordability is still in a good historical place in the Phoenix area.

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The post Homie’s Greater Phoenix, AZ Housing Market Update November 2020 appeared first on Homie Blog.

Source: homie.com

Homeowners OK with Appraisal Process, But That’s Changing: Survey

A new Javelin/ServiceLink survey finds that more than one-third of consumers who recently bought, sold or refinanced their homes expressed a willingness to use

Source: themortgageleader.com

3 Big Reasons Your Home Offer Was Rejected—and How To Play It Right Next Time

handing over keysNatee Meepian/Getty Images

For first-time home buyers, finding the perfect place to settle down is hard enough. But then to have the offer you’ve made on it rejected? You might be tempted to start reconsidering this whole homeownership thing altogether.

But hold on! Having your home offer rejected doesn’t have to mean it’s back to renting. In fact, if you play your cards right, you might just be able to turn that rejection around—or at least learn from the experience and come back a stronger candidate the next time.

The most important aspect of a rejected offer is understanding why it was rejected, and for that we turned to the experts. Here are a few common reasons your home offer might have been rejected, and a few helpful tips on what you can do about it.

3 common reasons sellers reject home offers

Home offers are rejected for myriad reasons. Here are some of the most common ones, as explained by the experts.

1. Your offer was too low

The first and most obvious reason your home offer could have been rejected is if the dollar amount didn’t meet the seller’s expectations. This might mean your offer was insultingly low, or that it was just low compared with other offers.

Often, buyers “believe the best way to start a negotiation is with an offer that’s lower than what they’re willing to pay,” says Colby Hager, owner of CapstoneHomebuyers. “This can work, but it can also backfire. When a seller is considering multiple offers, the low offer seems less serious and could indicate further negotiating headaches down the road.”

Keep in mind that sellers are looking for a good deal just as much as you are, and you should plan on working with your real estate agent to make sure the sellers at least feel like they’re getting one.

2. Your earnest money deposit was too ‘cheap’

If there’s one part of the offer you shouldn’t cheap out on, it’s the earnest money deposit. This deposit (also called an EMD or “good faith” deposit) basically signifies how interested you are in the home and that you plan on moving forward with the deal, all the way to its closing.

“Believe it or not, there are buyers who get cold feet and walk away from a transaction days before closing,” says Shannon Hall, broker and owner of Dwellings by Rudy & Hall. “The EMD should be enough to let a seller know you’re very interested, and also uncomfortable with the idea of leaving it on the table.”

Since many contracts stipulate that a seller can keep the earnest money deposit when a buyer walks at the last minute, you should feel certain about the house—and then convey this certainty by leaving a significant deposit.

Hager recommends putting down at least 1% of the purchase price to show sellers you mean business.

3. You asked for too many contingencies

Sellers don’t just want the best price for their home; they also want the easiest deal—which means no complications.

“Sellers like the least number of contingencies,” stresses Hall.

“But that’s not to say that a buyer should waive the due diligence period,” she adds. “Make it shorter, but don’t waive it. And if you need multiple contingencies, that’s fine; but look for a home that’s been on the market for at least 30 days.”

Since sellers are generally more willing to make concessions on a home they’ve been trying to sell for several weeks, this is a good approach to take if you’re a picky buyer with multiple contingencies.

“Sellers also don’t like to give away their money to help someone get into a home,” says Hall.

Make your deal an easier and more appealing one for sellers by sticking to the fewest number of contingencies possible, getting due diligence done quickly, or targeting homes that have been on the market for longer.

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Watch: 5 Things You Should Never Do When Buying a Home

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What to do if your home offer is rejected

The first step is understanding why the offer was rejected in the first place.

“If an offer was rejected, a buyer can try again, depending on the reason it was rejected,” explains Karen Parnes, broker and owner of NextHome Your Way.

“If you need a certain home sale contingency, for instance, and can’t remove it, then move on,” Parnes says. “But if you can pay more and the market warrants it, resubmit a better offer.”

How to avoid future home offer rejections

Although rejection is sometimes unavoidable, there are things you can do to increase your chances of making a successful home offer.

For instance, “a buyer should come into the market already aware that he or she will have competition,” Hall says.

In addition to putting your best foot forward, you should be sure you’re working with an agent who has the skills to close the deal.

“A good real estate agent can help by guiding the buyer on the expected norms of offers in their area,” says Hager.  “A real estate agent will also know the market and help you figure out if starting with a lower offer is advisable—or if a strong offer out of the gate will get the best results.”

One final bit of advice: Work with an agent who understands seller interests.

“The buyer’s agents who most often win the day are the ones who reach out to sellers before submitting an offer,” says Hager. “They have the best chance of not being rejected because they took the time to understand the seller’s situation.”

And if your home offer still gets dismissed, don’t be too disappointed. In a seller’s market, “buyers are bound to have their offers rejected,” says Parnes. “Homes are coming off the market quickly, and sellers’ expectations are high.”

If your offer gets rejected, work with an agent to fix it or simply move on to the next home. Then make an offer the seller can’t resist.

The post 3 Big Reasons Your Home Offer Was Rejected—and How To Play It Right Next Time appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

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