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Phoenix Metro monthly housing stats ending 8/14/14

Troy Reeves received the ARMLS monthly statistics for the Phoenix metro area as of August 14, 2014.  The report included commentary by Tom Ruff of The Information Market.

Please read Tom Ruff’s commentary below;

For the last year I’ve been faced with the challenge of seeking new ways to describe a real estate market that has been uninspiring but consistent. As we report data for July 2014, I’m faced with the same challenge, how to repackage boring.

There were no surprises in July with the median sales price, average sales price or total sales volume. They all came in as expected. The ARMLS Pending Price index for July 2014 projected a 1% rise in the median sales price to $197,000, an average sales price of $249,200 with a projected sales volume around 6,600. The final numbers were $197,000, $249,700 and 6,775 respectively. The reason I point out the accuracy of our projections is simply to say our market is and has been quite “dependable.”

The charts for July speak for themselves shouting more of the same with only a couple minor expectations. The most interesting change comes under the heading of new inventory. For the second consecutive month, first in June and now July, we’ve seen the lowest total of new listings for each of these months respectively in the 14 years ARMLS has been reporting this data. This possible trend, if it continues, will have significant implications moving forward. One final point to consider when viewing the numbers this month — we are now through “our season.” History tells us sales volume will decline each month through November as was the case in July. Sale volume in July was 6.2% lower than June.

Real estate is a cyclical business, and our current phase just turned one year old this past week. A cycle by its very definition is a repeated sequence of events. The characteristics of our present phase include flat prices, tepid demand, and typical supply. Sales volume figures and sales price data receive the bulk of media attention each month, while very few pundits discuss the dramatic improvement we’ve seen in the composition of our sales. There has been a measurable shift away from a market
once dominated by distressed sales and investor purchases to a much healthier more traditional market.

While I’ve struggled with new ways to describe this maturing phase where sales volume is less than desirable but where the quality of these sales is improving, our journalistic friends this month had no such problems. In July I saw several reports where the mundane numbers of the past few months were packaged into something truly astonishing.

Our current housing market is not perfect by any means, but I do believe we’re continuing faithfully down the long path of recovery, showing subtle and consistent improvement each month. We are definitely not the ugly picture the articles above paint. Time and time again in STAT we’ve described 2014 as being a transitional year, a year in which we move closer to a normal, robust and sustainable housing market. In a recent report, Doug Duncan, a senior vice-president and chief
economist at Fannie Mae stated, “We have always believed that for the housing recovery to be considered robust, we will need strong and sustained full-time job and income growth. Recent data indicating the creation of more than 200,000 jobs over each of the last six months, combined with this month’s improvement in the share of consumers reporting significantly higher household income than a year ago, does provide some reason for optimism. If these trends continue, they could lead to some upside in housing in 2015.

As mentioned earlier, the Pending Price Index (PPI) projected the median sales price in July to be $197,000, with the actual median price coming in at $197,000. Our sales volume projections also came in as expected with sales volume in July lower than in June. In August the median sales price is projected to fall to $194,900. Let’s not jump to rash conclusions if the median price falls as expected. When the median sales price rose from February through June we not only cautioned against interpreting these increases as rising home values but we also suggested the median home price would retreat later in the year, most likely in August. Home prices have been stable, remaining flat for the last 12 months. Sales volume will be lower in August than July with expected sales volume to be around 6,350.

monthly salesNew InventoryTotal InventoryActive UCBmonths supplyNew list pricesSales PriceSales Price ForecastForeclosure pendingDistressed SalesAvg Days on Market

Protecting your home from water damage

Benjamin Franklin once said, “An ounce of prevention is worth a pound of cure.” This age-old axiom is very applicable when it comes to preventing water damage within your home. Water damage can affect your home’s value, increase costs, and cause a decline in indoor air quality. There are several ways you can prevent water damage by inspecting and maintaining the systems in your home that involve water.

There are three main water-involved systems in your home – piping, washing machine hoses, and water heaters.

Piping
It is good to know what type of piping your home has. Different pipe type develop different problems and challenges as they age. At the time of your home purchase if you had a home inspection, the home inspection report will tell you what type of piping your home has. If you don’t have an inspection report, a licensed plumber can do an inspection for you
The U.S. Department of Housing and Urban Development provides the following plumbing lifespan guidelines.
Supply Pipes:
Brass – 40 to 70 years
Copper – 50+ years
Galvanized Steel – 20 to 50 years
Drain Lines:
Cast Iron – 75 to 100 years
Polyvinyl Chloride (knows as PVC): Indefinietly

Pipes can be older than the lifespans listed above, and doesn’t necessarily mean they need to be replaced. If well maintained, they may last longer. If poorly maintained, or if you have hard water, then they may fail sooner. With proper care, the majority of pipe materials will last for decades.

Pipeline mazeWashing Machine Hoses
A broken water supply hose accounts for more than half of water damage insurance claims related to washing machines. These claims can be very costly, with the average claim running more than $6,000. If unattended, a burst washing machine hose can spill hundreds of gallons of water an hour, causing a significant amount of damage in a very short amount of time.
There are various reasons washing machine hoses break, including:
Age:
Materials:
Improper Installation:

washmachine hosesWater Heaters
According to a study by the Institute for Business and Home Safety, one of the leading causes of water damage claims in residential properties is water heater malfunctions.
The study also found the following:
• 69 percent of water heater failures were due to leaking or burst tanks.
• The chance of leaking or failure rises steeply in water heaters that are more than five years old.
• Nearly 75 percent of all water heaters fail before they are 12 years old.
• Very few water heaters last longer than 10 to 12 years.

Eventually every water heater will need to be replaced due to weakness developed over time. The useful lifespan of a water heater ranges from about five to ten years, but this depends on how high the mineral content is in your water, the intensity of use, and how well you maintain the water heater. Though you may be put off by the cost of purchasing and installing a new water heater when it seems your current one is working just fine, keep in mind that waiting until after a failure has occurred may cost more as you will then have to deal with the cost of repairing water damage as well.

hot water heaterJustifying Risk of Damage to Your Home
Taking Benjamin Franklin’s advice and spending some time on prevention will save you a lot of time, money, and trouble in the long run.

It’s a good idea to know where the water shut-off valves are in your home so you can easily turn off the water source in the event of a leak or problem. It is recommended that if a problem does occur, immediately remove standing water and all moist materials. Take action to prevent further damage when possible. Acting quickly will help minimize damage which means less time and expense for repairs.

Troy Reeves and the Reeves Team try to share as much information that we come across. We want you to continue to enjoy the home you purchase through us.

Have a bucket list? Here are some things to add to it!

Gilbert is known as a big city with a small town feel.  Below a few things that you must visit while in Gilbert.

1. Gilbert Days – Everyone loves a parade but if you haven’t experienced the rest of the town’s signature Western heritage celebration, then it’s time to pony up to Gilbert Days. The November week-long celebration starts off with a Pony Express ride. The celebration barrel racing, a rodeo, a dance and a parade. Troy Reeves & The Reeves Team have sponsored the parade for many years. Click on the link above to see some of the excitement.

parade

2. Cosmo Dog Park – Cosmo Dog Park is worth visiting even if you don’t have a dog. One of the most popular parks in Gilbert, the park offer a lake for dogs to play in and several fenced areas for them to run in along with doggie drinking fountains, wash stations, an obstacle course. There are also fun items for humans a well such as walking paths, benches to enjoy the scenery and tables to enjoy lunch with your furry child.

CosmoDogPark 2

3. Big League Dreams Park – Don’t have time to visit Yankee Stadium and Wrigley Field? You can see a version of them at the Big League Dreams park. There are eight-diamond baseball stadiums featured in scaled-down renditions of both parks. The complex is home to several outdoor youth baseball and softball games. The park is open year-round and features a 20,000-square-foot indoor soccer pavilion, flag-football fields, batting cages and the Stadium Club restaurant.

field of dreams

4. Heritage District (Downtown Gilbert) – Visit Gilbert’s Heritage District where history meets entertainment and modern restaurants and breweries are all over the area. There are several new restaurants opening a few expanding. Let’s not forget the Hale Centre Theatre that puts on wonderful plays throughout the year

eating

5. Freestone Park – The city’s popular park – Freestone Park offers 65 acres with a lake, baseball fields, basketball courts, skating park, playgrounds and a miniature train. The park offers several picnic ramadas, a carousel, a mini Ferris wheel, waterless wave runners, concessions, and so many picturesque, secluded spots that it’s ideal for family photos and romantic strolls.

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These are just a few of the many destinations Gilbert has to offer for entertainment yet still gives you a small town feel.

Please contact Troy Reeves & The Reeves Team if would like some additional information on all that Gilbert has to offer.

Back to School – Can you believe it’s that time already?

As the temperatures are still rising and it sure feels like summer, it is actually time for school to start.

Chandler students returned to school this week. Gilbert and Mesa will start the beginning of August.

Back to school

Have you been thinking with the start of a new school year that you would like to it in a new home?

Schools have often played a factor in Real Estate. Parents want the best for their children and often having them attend a specific school is a main decision factor on where they purchase a home.

You often hear of parents having to try to obtain boundary exceptions so their child can attend the same school that friends are. Why worry about having to obtain that approval? Why not just find a home within that schools boundaries?

school boundariesNow is the time to start that search, Troy Reeves & The Reeves Team are here to help you find the perfect house to start the new school year off in.

Buying-A-Home

4 factors that can influence selling your home

With the hope of selling your home for the highest price possible, there are a few factors to consider when putting your home on the market.

Location – Buyers take many factors into consideration when purchasing a home. Location being one of them. Buyers may look at what’s been happening in the community as far a recent sales activities. Local schools may also be a factor they are considering. With today’s gas prices location of their new home to their place of employment could also play a factor.

Location, Location, Location

Many buyers look at what the community has to offer as far as amenities and distance to shopping, eating and entertainment. If there is enough to do by either walking or riding a bike, buyers will see it as a plus to save on having to use a car. Buyers also take into consideration if the location has an negative features; poor views, to close to the freeway, large power lines, industrial nearby or possible noise from trains or planes.

Floorplan – While buyers tour homes they are visualizing how their belongings will fit in the rooms and how many rooms they truly need. Gone are the days when buyers are looking for big with lots are rooms. Today’s buyers are thinking more about what they “really” need and not so much on what they may think they want. Recently we posted a blog about de-cluttering and getting your home ready for sale. More and more people are realizing they don’t need a lot of things and a lot of space. Click here for the blog about clutter.

floorplan

Floorplans are a key factor when choosing the right home. Having a spacious floorplan can make even a smaller home look larger. Why have too many small bedrooms when you could have fewer larger size ones.

Wear and Tear – Buyers hope to get the most for their money. When making an offer on a home, buyers are more likely to submit a better offer when the home looks move in ready.Historic homes can be worth as much as new homes if they are maintained properly and show their value. It can also be helpful when maintaining homes and upgrading them that the seller provide the paperwork showing what was done. Buyers like to see as much documentation on the home improvements as possible.

Renovation – Sellers need to make wise renovations, it is possible to make too many renovations. Over doing it can actually hurt the property’s value. You want to keep consistent with the other homes in your subdivision with the same square footage. Take into consideration when it’s time to sell, your home will be compared to the other models with the same square footage in your area.

renovation

Thinking about selling? Give Troy Reeves & The Reeves Team a call. We can stop by and give you suggestions to get your house ready and share with you the price that homes like yours are currently selling for.

When homes aren’t selling!

A successful real estate transaction requires team work between the realtor and the seller. It becomes frustrating when both parties are not on the same page as to what it is going to take to get the home sold.

When a seller is not willing to take advise on what needs to happen to get their home sold it can take the home longer to sell. As the market becomes increasingly competitive as more homes are listed, it is important for your home to stand out above the rest. With buyers having more homes to look at,  they begin to notice more defects in homes and draw their attention to homes that stand out above the others.

Here are some helpful tips that will make your home stand out about the rest:

Light & Bright – Open those blinds, pull back the curtains and turn on some lights. Enhance lighting in the rooms help show off your rooms and by opening the curtains buyers will see the beautiful scenery outside your windows. Also keep in mind that you would not want to show off clutter or storage or a wall that may be on the other side of the window.

Stage & De-clutter –  Have a garage/yard sale and get rid of what you had planned on before moving. The more spacious your garage and rooms look the more buyers feel the spaciousness of your home.  Click here for a blog we recently posted on staging.

before & after staging

Smells – When potential buyers tour your home you want them to walk in and go… Wow it smells nice in here. The last thing you want to hear is that they smell pet orders, smoking or cooking odors. Don’t overdo it either, keep the aroma pleasant and not overwhelming.

Decor – Think about adding some fresh paint before listing. Often buyers are put off by bright or dark colors when touring homes. The dark colors often make a room seem smaller in size. Also, consider touching up door frames and the front door. Remember the front door is the first impression buyers get of your home. Click here for a recent blog we posted about updating your front door.Landscaping. As potential buyers arrive at your home the first impression is going to be of your landscaping. As we mentioned in an earlier blog (click here) temperatures are rising and you want to try and keep your plants looking a fresh as possible. Try to keep up on the mowing and trim any overgrown plants.

plants

$$ Price $$ – With inventory on the rise and home values decreasing having the right list price is a major factor to take into consideration when thinking about how fast you want your home to sell. As buyers are shopping the market they want the best deal. Watch your subdivision and see what your neighbors are doing. We set up our sellers on an automatic e-mail so they see what is happening in their neighborhood.

Troy Reeves & The Reeves Team want to make your selling experience a happy one. We offer our clients many suggestions that will help them get their home sold as quickly as they want for the best price possible.

Make your house ready to sell

People love touring model homes to see how the rooms are decorated to get ideas for their current homes.

Why not take some of those “staging” ideas and use them when you decide to put your home on the market?

You would be surprised just by looking around your home how many items you probably already own that put in the right location can make the room show ready to sell.

You want to make your home inviting and help potential buyers feel welcome. The more they enjoy the tour of your home, the more they might consider purchasing it.

Where to begin in getting your home ready to show? Go Room by Room.

before & after staging

•  Do you have a room that seems to be where everything ends up? That might be the place to start. Get that room back to what it is intended for. (Guest room, or Den).

• Step back and look around each room if you feels it looks cluttered, remove items. Spacious rooms seem to receive a better response from potential buyers than small rooms.

• Neutral colors on the wall is something else to take into consideration. Buyers often don’t have a paint allowance within their home purchase budget. Not everyone enjoys bright or dark colors on the wall. You can still have some color throughout the home with the use of throw pillows, tablecloth or towels.

staging

• A few other suggestions in getting the home model ready, have the blinds open and lights on to show the brightness of the home. It helps to have the mindset that your pickiest relative is coming to visit and will look at the ceiling fans, baseboards and door frames. You would be surprised living in the desert where dust seems to land and settle.

Troy Reeves & The Reeves team are here to help you get your home sold in the quickest manner possible. When we meet with sellers we often give them suggestions on both interior & exteriors that could be “spruced up” to help get the home sold.

A successful real estate sales transaction involves both the agent & the seller working as a team to get the home sold. The Reeves Team is here to guild you through every step of the transaction.

What are some of the reasons folks are moving?

Moving

The U.S. Census Bureau reported the other day that among the 36 million people who moved between 2012 and 2013, 5 percent said the most important reason for moving was to be closer to work or for an easier commute.
Another 8 percent cited the desire for cheaper housing.

The most common reasons for moving in 2013 were wanting a new or better home/apartment, other housing reasons and family reason.

For people who moved from one county to another, moving because of a job-related reason rose with the distance of the move: 23 percent of moves less than 50 miles and 48 percent of those 500 miles or more.

Other highlights mentioned in the article were:
• Men were more likely than women to move for job-related reasons.
• Better-educated people were more likely to move for job-related reasons than those with lower levels of education.
• Married respondents were the least likely to move for family-related reasons.
• Moves within the same area were typically for housing-related reasons, while long distance moves and moves from abroad were more for job-related reasons.
• Several individual reasons, such as change of climate, health reasons and natural disaster, were each cited as the main reason for moving by fewer than 1 percent of householders.

The data are analyzed by a range of demographic characteristics, including age, sex, race, origin, educational attainment, marital status, labor force status, type of move and distance moved. These national-level data were collected by the 2013 Current Population Survey’s Annual Social and Economic Supplement.

Have you been thinking about moving? Troy Reeves & The Reeves Team would love to assist you with that move. Our website relocateaz.com allows you to search homes that are listed. We also have resources that will also you to look at properties all over the world. Buying a home can be a stressful experience. You want to make sure you have the right person by your side to help guide you through every step of the transaction.

Drones in the the real estate market?

Looking for that special marketing tool to make your listing stand out from others?

Starting thinking about photos taken from a drone powered camera. As unmanned aircraft become more widely available, some real-estate agents have started to use drones to sell listings.

drone camera

Real-estate agents often will go the extra mile to achieve top marketing ideas for their business.

As drones are becoming more costly available, agents have started to use them in their
marketing. Using the drones allows the agent to obtain aerial photos and video of not only the property but surrounding areas. Giving their client another visual prospective in their decision making.

DCIM100GOPRO

As technology progresses and buyers are often looking for properties all over the world agents need to be one step ahead and offer them the ability to see not only the front & interior of the property, but the surrounding area as well.

DCIM100GOPRO

Currently the FAA does not allow unmanned aircraft to be used for commercial purposes. The National Association of Realtors has advised members not to use unmanned aircraft to market properties until the FAA issues rules. There is hope that those rules be out by the end of this year.

Troy Reeves & The Reeves Team would love to hear your thoughts as a real estate agent if you would consider using drones in your business.

As a potential real estate client, would you enjoy having the opportunity to view video or photos of a property and area that you are interested in?

Please share your thoughts with Troy Reeves & The Reeves Team.

TopGolf to build second Valley facility in Gilbert

More exciting news!

Troy Reeves & The Reeves Team has just learned that TopGolf International Inc. out of Dallas Texas will open an indoor/outdoor entertainment center in Gilbert, AZ.

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The site is due to open early next year! TopGolf is in the process of building a 65,000-square-foot center at The San Tan Village Parkway in Gilbert.

The facility will offer competitive golf games for a variety of skill levels incorporating technology. The facility will also offer extensive food and beverage menus.

The tri-level facility will include private event space and 102 climate-controlled hitting bays that can host up to six players at one time.

golf 1

The valley of the sun has a reputation as a golf haven coupled with its climate and economy make the region ideal for TopGolf centers.

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