Real news on real estate

By Jay McCall, GRI, SFR, SGSB

OV Statistics
The median price in June of homes sold was $292,000, this is an increase of 8% over June, 2016 and also an increase of 1% over prior month of May 2017. (The median price is based on the value mix of homes sold in comparable time periods and may or may not show a trend. Active inventory was 272 in June of this year, down 5% from 2016. Oro Valley had 93 properties under contract in May of 2017, 16% above April 2016. The majority of Oro Valley price ranges continue as a seller’s market. Overall homes priced above $700,000 remain a buyer’s market.

Buying
Taking into account the highly competitive market facing the buyer in many price ranges, consider this idea. With preapproval in hand, look at the homes that have been on the market for a while.  Investigate why. There may be legitimate reasons: bad location, structural problems or a seller is just unrealistic with price. However, there may not be significant reasons why the home has not sold. It may not be “move in ready” but may just need paint and polish and minor “elbow grease”.  Be flexible, be creative and you may find a real deal.

Selling
Whether it was in high school or in college, you may have learned about supply and demand.  A best example is today with demand out stripping supply on existing and new homes for potential buyers. Good news for sellers, but bad news for buyers while many are priced out of the market as home prices accelerate The low supply is having buyers delay home searches as demand pushes home prices beyond affordability, especially for first-time buyers.

Looking
If you are looking and can afford to look, where do you look?  Statistics continue to show that buyers search online for a home. Only 16% search using newspapers.  Make sure when you employ an agent to sell your home, that broad based capability to place online is available.  Studies also show that 51% of buyers actually purchased the home they found online; 34% found their new home from a real estate agent; 8% yard sign; and 1% from newspapers.

Difficulty
Attempting to sell your home on your own has become more difficult, although always a choice. If you do, be prepared to deal with (1) home inspectors who work for the buyer and usually find some problems with your home; as well as (2) separate inspector for the roof; and (3) having documents that show the cost of  improvements prepared for an appraiser. In addition (4) maybe an attorney, (5) having to deal with a buyer’s agent representing the best interest of their client and (6) buyer wanting to save money the same as any owner wanting to save.

Good News
Many states saw a boost in the American Dream Index (base of 100). Nevada ranked highest at 110.8; Arizona was 102.9, with neighboring New Mexico at 106.9 while California only moved to 101.0.  The lowest states ranged 96.7 for Connecticut, 98.1 for Maryland and 98.0 for Mississippi. Overall the average of 101.8 rose for the fourth straight month as gains in goods-producing jobs, building permits and a decrease in unemployment claims and mass layoffs were compared to prior year.
Jay McCall is a real estate consultant at Berkshire Hathaway HomeServices Arizona Properties.  His career experience spanning banking, mortgages and real estate offers knowledgeable and professional service. He is reached at: jmccall415@msn.com   


Jay McCall is a real estate consultant at Berkshire Hathaway HomeServices Arizona Properties.  His career experience spanning banking, mortgages and real estate offers knowledgeable and professional service. He is reached at: jmccall415@msn.com   

Jay McCall is a real estate consultant at Berkshire Hathaway HomeServices Arizona Properties.  His career experience spanning banking, mortgages and real estate offers knowledgeable and professional service. He is reached at: jmccall415@msn.com