It's a crazy housing market in the Goodyear area right now!  We are in what a lot of people are referring to as an extreme seller's market.  A seller's market arises when the demand for housing exceeds the housing supply.  In a seller's market, the seller has the power.  In today's market, they have extreme power because there is a lack of housing inventory as well as a high demand from home buyers.   

So how can you buy a home when there is so much competition and not a lot of homes to choose from?  1st, find someone to be your advocate and help you through the process.  Then keep in mind the following things:

• Time is of the essence, you will need to act fast when a property hits the market.  
• Be prepared, you will need to submit an offer quickly and it must include a pre-qualification or loan approval form from your mortgage bank.  To beat the competition you need to present yourself as a strong buyer that won't cancel due to not being able to complete your mortgage financing.  
• Submit a clean offer, remember that the seller has the upper hand and this is not the time to ask the seller for assistance with paying your closing costs, it's not the time to ask for special terms or conditions, it's not the time to ask for a specific closing date, and it's not the time to ask for repairs. 
• Expect to pay over the listing price on the MLS.  The majority of the time full-price list offers are not even being considered by sellers.  Competitive buyers are offering over list price.  That means if you are getting financing, you may need to come in with some cash.  It's important to have a great lender to help you figure out the best way to financing your new home.
• Give the seller the terms that they want.  Determine what is most important to you, but your Realtor should find out what is most important to the seller so you can create an appealing offer. 
• Be patient because you will most likely need to make offers on more than one property.  This process can be frustrating if you don't know what to expect.
• Stick to what is important to you, don't offer on a property you don't like because of lack of inventory.  Don't settle on a home unless you need a property to live in right away.
• Be prepared for a low appraisal.  Demand is pushing up the prices, but homes still have to appraise for the buyer's lender to complete the financing process. The majority of buyers are offering over market value for a home and then agreeing to pay a certain amount of money over the appraised value if the appraisal comes in lower than the agreed-upon purchase price.  For example, if the agreed purchase price in the purchase contract is $330,000 and the home only appraises for $310,000, buyers are letting the sellers know upfront how much of the gap or deficit they will cover in cash.
• Complete a Discovery Tour with your Realtor.  If you don't need to move into a home right away, complete a discovery tour to get a feel for the homes in your target neighborhood.  If you are from out of state, it will be important to tour the neighborhoods as well.  We will tour homes without the intention of making an offer, but to discuss the things you should be looking for.  When the time is right, and the right property hits the market, you will have a solid understanding of the process, if you want to put an offer in on that property, and if you do submit an offer, what to expect next.
• Start working with a Realtor months before you are ready to buy.  Your Realtor can get you ready for the process and also keep an eye out for any properties that will be hitting the market soon.  

I'm available to help you get a game plan together for when you are ready to make a move in the Goodyear/Litchfield Park area.  I grew up in Old Litchfield and I currently live in Goodyear, so I've seen this area grow and change throughout the years. Contact me today to schedule a time to chat:  623-252-9350.  Or respond to this email.

I look forward to hearing from you!

When will the bubble pop?

Properties are flying off the market in Goodyear and the surrounding area!  Sellers are receiving multiple offers and selling their homes over market value.  The housing market is hot in most of the US.  The big questions on everyone's minds:  Is this another bubble?  When will it pop?

Most experts agree that we are not currently in a bubble.  Mark Stapp, the director of Arizona State University W.P. Carey School of Business's real estate program recently stated to 12 News that "This is not a bubble.  This is not gonna all of the sudden pop."  

I bet you are thinking but wait, the prices have increased drastically, the market just can't sustain this and prices are going to drop.  There are, however, numerous factors that keep us from being in a bubble.

1. There is a housing shortage.  When supply is low and buyer demand is high, then the housing prices increase.  During the last bubble, we had too much inventory.  Currently, we are about 14 million homes short nationwide.  

2. People are flocking to Arizona.  We've always attracted new residents, but right now there is a high influx of people moving to the Goodyear area.  Paired with the low inventory of homes available, the high demand for housing is causing prices to increase.

3.  Rates are historically low.  Leading to the last housing market crash, buyers were getting adjustable-rate mortgages at low rates, but then the rates on their mortgage adjusted, their payments increased, and they could no longer afford the house payment.  Buyers today are locking in awesome rates for 30 years!

4.  We do not have a large number of homeowners with subprime loans. Defaults on subprime loans contributed to the crash.  Lending restrictions are much more stringent now and you can't get "no income not assets" loans anymore.  100% financing, or no money down, is also much harder to find.  You need the traditional 3 C's, Credit (credit score, Capacity (debt to income ratio), and Collateral (down payment). 

5.  Most homeowners have equity.  During the housing crash, people owed more money on their homes than their property was worth.  In today's market, most homeowners are sitting on equity, in other words, their home is worth more than what they owe to the mortgage company.  People with equity in their homes are less likely to walk away.  During the last housing crash, the large number of foreclosures that flooded the market helped contribute to the drop in prices.  

While there isn't a housing bubble waiting to burst, most believe that we will see the prices cool off a bit.  But will that affect the hot market in the Phoenix area with so many people moving here? That is another big question.  We would have to have a lot of houses hit the market for that to happen...

Looking to buy a home in the next 6 months to a year?  It's not too early to get a game plan together for buying a new home.  In today's competitive market, it's more important than ever to be prepared BEFORE you start viewing houses.  I'm here to help set you up for success, feel free to call me at 623-252-9350 to set up a phone call.  

Goodyear, Arizona, is a thriving community located just outside of Phoenix. It’s gained a lot of popularity since the 90s when many residential communities began construction, and many people relocated to the quiet city. It’s the fastest-growing suburb near Phoenix, so there are plenty of new faces looking for exciting things to do in the area. 

1. The Goodyear Community Park. This park is an excellent destination for people from all over the state, as it’s considered one of the best in Arizona. The community park has it all. From April to October, the splash park is the perfect place for kids to cool off from the Arizona heat. There are various sports courts and fields, sand volleyball courts, a dog park, playgrounds, a skate park, BBQs for public use, and more. It’s a popular place for people to have a nice picnic, bring the family, or just enjoy the beautiful weather. 
2. Goodyear Ballpark. For sports fans, the Goodyear Ballpark hosts the Cleveland Indians and the Cincinnati Reds training camps each season, which fans can attend. Phoenix has all four major sports league teams, so it’s easy to go see a professional game about half an hour away. For non-sports fans, the ballpark hosts various events and festivals throughout the year. Every Halloween, there is a fall festival for children in costumes. In November, the Veterans Day tribute is hosted in the stadium. Other events include holidays and car shows. 
3. Estrella Star Tower. Estrella is the largest residential area in Goodyear, and the master-planned community has a lot to offer. The Estrella Parkway leads to the Estrella Star Tower down a walking path. The tower has a spiral design that looks like the milky way, and it’s designed to fit in with the nature surrounding it. The tower is the perfect spot to see amazing views of the landscape, stars, and the sunset. There is a river and a waterfall nearby, and residents can climb the 50ft tower to take it all in and feel the peacefulness. 
4. Estrella Lakeside Amphitheater. If you’re a fan of live shows and theater performances, the Estrella Lakeside Amphitheater is one of the best venues to do it in. The backdrop of the lake and mountains in the distance is the icing on top of the cake. Each year, the venue hosts Goodyear’s Lakeside Music Festival in the spring, which welcomes new local artists in partnership with West Valley Arts Council. Another popular event that has become a regular show is Ballet Under The Stars, performed by Ballet Arizona. The show welcomes in the autumn weather, and the show is free. 
5. The Bible Museum. Whether you are religious, like to learn about religions, or just enjoy history, the Bible Museum is a wealth of information. It’s attached to a local hotel, so you can visit anytime, but it’s only staffed from 9 am to 4 pm during the weekdays. Tours are also available to be booked in advance. There is an extensive collection to view, so it’s worth a stop for those who love to learn. 
6. Arizona Challenger Space Center. Previously located in Peoria, in October 2017, it relocated to Goodyear. The center offers outreach programs for students, but there are guided tours for adults with plenty to see and do. Hold a real meteorite, take a ride in the Earth-Space-Transport-Module, and so much more. 
7. Mountain Ranch Marketplace. Since 2010, The Mountain Ranch Marketplace has been serving the Goodyear area. The designated Gold Certification for sustainability from LEED shopping center has been the hub of shopping and dining in the area. There are plenty of plans for its continued expansion, so there’s always something new to see. 
8. Estrella Foothills Community Park and Pump Track. Take your bike between bowls, mounds of dirt, humps, and loops around the community park. The park opened in 2015 and was built by volunteers, and Goodyear residents have been having fun ever since. There are three different courses to cater to all experience levels. Visitors must follow the track rules, but everyone is welcome. 
9. Lakeside Grill. A local favorite, this restaurant is a must-try when in the Goodyear area. Located inside the Starpointe Residents Club, everyone is welcome to grab a bite to eat here. With both indoor and patio dining options, patrons can either sit by the fireplace and enjoy a hearty meal or sit in the sun and enjoy the lake view and breeze from the water. The grill has excellent customer service, fantastic food and is open seven days a week. 
10. Elevate Trampoline Park. There’s something for everyone at the Elevate Trampoline Park. Whether you want to bring the family or want to get together with many friends, it is a lot of fun. There are basketball hoops, rock climbing, foam pits, ninja courses, and so much more. You’ll have a blast. 
11. Corral West Adventures. If you want to explore Arizona’s natural beauty by horseback, Corral West Adventures offers a fun way to explore the Sonoran Desert. It is perfect for a family adventure, date night, or fun thing to do with friends, it is the perfect activity for the day. They hold plenty of events, and there are numerous trails to explore. You can learn how to care and tend to the horses, have a cowboy cookout around the campfire, and much more. 
12. South Lake Park. One thing to know about Arizona is the number of beautiful parks to enjoy. South Lake Park is a serene and peaceful park on the shore of South Lake. It’s highly recommended to visit during the sunset. There’s a path around the perimeter of the park to go for leisurely walks or a jog, and the path leads to North Lake. There are sports fields and courts to play a game of basketball, tennis, or volleyball. There are plenty of spots to have a picnic, feed the ducks, or just admire the scenery. Kids can play on the shaded playground for hours. 
13. Wildlife World Zoo, Aquarium, and Safari Park. The accredited zoo is home to Arizona’s most extensive exotic animal collection. There are plenty of group events, fun days, and education programs. The zoo has rides for kids to have extra fun, and there are over 125 acres of park to enjoy and restaurants on-site to pick up a snack or grab lunch. 
14. Ground Control. Ground Control is a restaurant that offers eclectic cuisine that is inspired by travel. Visitors can grab a cup of the best coffee from around the world, craft beers, and so much more. They serve breakfast, lunch, and dinner, so you never have to miss a fantastic meal. They also have house-made gelato for dessert, which is never a bad idea. The restaurant is well-known for its beverage selection, so try out some world-class beer, spirits, cocktails, or wine. 
15. Life Time Climb. Located at the Palm Valley Life Time Fitness Gym, the climbing wall is accessible to members and visitors. If you’re a seasoned climber or brand new to climbing, or you like to visit a variety of locations, Life Time Climb is a great option. It’s also an excellent spot for a birthday party or a fun day out with friends. They have all the gear you need, and there are plenty of events and classes to enjoy for newbies. 
16. Estrella Mountain Regional Park. Since 1954, the Estrella Mountain Regional Park has been a gathering place for residents and has so much to offer. It spans over 20,000 acres, and the public park is located between Goodyear and Phoenix and was initially part of the Maricopa County Park system. The park offers views of the desert, mountains, different environments, and wetlands. It’s located where the Gila and Agua Fria Rivers. There is a grass picnic area that is one-of-a-kind in the region that is over 65 acres of space. There are miles of hiking, horseback riding, and biking trails. Golf lovers can hit the green on the golf course. There are public fishing areas, sports fields, and much more. 
17. Hawaiian Experience Spa. Take a time out at the Hawaiian Experience Spa. The Ibach family launched this incredible spa in 2007 with the goal of bringing traditional Hawaiian treatments to Phoenix. There are locations around the metro area, including Goodyear. Goodyear is the largest location with the most services, with 2,600 square feet of space, including showers, treatment rooms, massage rooms, and a full lounge with a complimentary tiki bar. There are various services, including rejuvenation, facials, sauna, and steam rooms to help you relax. 
18. Brass Armadillo Antique Mall. The popular antique mall in Goodyear is considered the Phoenix West location and opened in 2012. There are many locations throughout the Great Plains and Southwest, indicating the popularity. It has over 55,000 square feet of incredible finds and antiques. It’s one of Arizona’s largest professionally-operated antique malls. There are plenty of rare finds that are one-of-a-kind that you’ll only find here. Daily vendors come to sell their goods, and the community offers events, workshops, and seminars. 
19. Adventures of a Lifetime ATV. Located outside of Goodyear in Wickenburg, Arizona, this is a must-see adventure when in the area. Whether you want a fun day with the kids or a group of friends, go off-roading in the ideal terrain. There are tours available, overnight wilderness trips, and so much more. Each client receives proper training with practice before they’re allowed to go off on their own. 
20. North Lake. Located near South Lake, close to the Estrella Mountain Ranch, North Lake is a scenic place to walk or jog. There are trails available for hiking and biking as well. 
21. Golf Club of Estrella. Located within the master-planned Estrella, the Golf course was designed by Jack Nicklaus II. He is the son of the professional golf legend. It’s considered one of the top 20 courses in Arizona by Golfweek Magazine. Surrounded by the Sierra Estrella Mountains, the course offers a challenging game and incredible views. It offers some of the best-conditioned course facilities in the world. The course offers public play, but visitors can book private events. There are often corporate gatherings and tournaments held here. There’s also an incredible restaurant on-site with delicious meal options for breakfast, lunch, or dinner. For those interested in a resort-style fun-filled day, the Golf Club of Estrella is the perfect place to be. 
22. Southwest Specialty Foods. Since 1986, Southwest Specialty Foods was launched by Jeff Jacobs and has since become the area’s best specialty food retailer. Known for their hot sauce line, Señor Jakes Barbecue Sauces. Over 200 products for the store are manufactured in Goodyear, including jerky snacks, sauces, salsas, and seasonings. The company has a public gift shop for visitors to pick up some treats and gift items. They can also sample all the items in the store. 
23. Bella Luna Ristorante. This upscale classic and contemporary Italian restaurant is home to the perfect date night in Goodyear. With a focus on locally-sourced ingredients, everything is made fresh in-house. Some of the most popular menu items include the veal oscar, surf and turf, spaghetti and meatballs, broccoli rabe, shrimp Bella luna, and much more. There are daily happy hour specials and something for everyone. Be sure to book a reservation. 
24. Saddle Mountain Brewing Company. Jacob and Laura Hansen launched the Saddle Mountain Brewing Company out of love for aviation and craft beer. Starting as homebrewers, the brewery started as a distributor of Taildragger craft brews. All of their types of beer have aviation and military-related names. Saddle Mountain was Goodyear’s first production brewery, and it pioneered the re-writing of liquor ordinances to allow micro-breweries. They are open daily and have a great menu with delicious appetizers, nachos, and artisan pizzas. 
25. Oasis Bagels. If you want something a little more low-key, Oasis Bagels is a casual cafe with delicious traditional-style bagels that are hand-rolled and kettle boiled daily. There are specialty breakfast and lunch menu items, including sandwiches, steel-cut oatmeal, omelets, and much more. You can grab a hot or cold-brewed coffee, pastries, cakes, and donuts. Grab a quick breakfast on the run or sit and get some work done in this charming spot. 

Related Post: The Ultimate Guide to Moving and Living in Goodyear, Arizona

5 Inspiring Home Design and Remodeling Trends for Goodyear Homeowners in 2021

We’ve all spent a lot more time at home over the past year. And for many of us, our homes have become our office, our classroom, our gym—and most importantly, our safe haven during times of uncertainty. So it’s no surprise to see that design trends for Goodyear area homes in 2021 revolve around soothing color palettes, cozy character, and quiet retreats.

Even if you don’t have immediate plans to buy or sell your home, we advise our clients to be mindful of modern design preferences when planning a remodel or even redecorating. Over-personalized or unpopular renovations could lower your property’s value. And selecting out-of-style fixtures and finishes could cause your Goodyear home to feel dated quickly.

To help inspire your design projects this year, we’ve rounded up five of the hottest trends.  Keep in mind, not all of these will work well in every house in Goodyear. If you plan to buy, list, or renovate your property, give us a call. We can help you realize your vision and maximize the impact of your investment.

1. Uplifting Colors

Colors are gravitating toward warm and happy shades that convey a sense of coziness, comfort, and wellbeing. This year’s palettes draw from earthy hues, warm neutrals, and soothing blues and greens.¹

While white and gray are still safe options, expect to see alternative neutrals become increasingly popular choices for walls, cabinets, and furnishings in 2021. For a fresh and sophisticated look, try one of these 2021 paint colors of the year: 

• Aegean Teal (coastal blue) by Benjamin Moore
• Urbane Bronze (brownish-gray) by Sherwin-Williams 
• Soft Candlelight (muted yellow) by Valspar 

On the opposite end of the spectrum, indigo, ruby, sapphire, and plum are showing up on everything from fireplace mantels and floating shelves to fabrics and home accessories. These classic, rich hues can help bring warmth, depth, and a touch of luxury to your living space.

To incorporate these colors, designers recommend using the “60-30-10 Rule.” Basically, choose a dominant color to cover 60% of your room. For example, your walls, rugs, and sofa might all be varying shades of beige or gray. Then layer in a secondary color for 30% of the room. This might include draperies and accent furniture. Finally, select an accent color for 10% of your room, which can be showcased through artwork and accessories.²

Goodyear, Arizona is a city outside of Phoenix that continues to gain popularity because of the climate, amenities, and endless list of things to do. As part of the Phoenix Metro Area, Goodyear is a picturesque city that has beautiful homes, great schools, and a healthy job market. For parents who are looking at the Goodyear area, there are plenty of amazing elementary schools for your children to attend. Here are some of the top options.  

January 2021 Market Report Commentary

Goodyear, Arizona, is located in the Phoenix Metropolitan Area, and it’s a laidback, relaxed place that many people are excited to relocate to. The city is thriving, as it’s home to some of the state’s best employers, it’s a safe community, and has access to excellent schools. The neighborhoods are thoughtfully-designed with a variety of home prices, so there’s something for everyone in Goodyear. Parents looking to choose Goodyear as their next home will feel confident choosing the community because of the excellent education resources. Here are the best high schools in Goodyear, Arizona. 

View All Homes For Sale in Goodyear, Arizona >>>

Goodyear, Arizona, is one of the most exciting communities near Phoenix. With the booming economy and real estate markets, the city is thriving more than ever. Goodyear has a reasonable cost of living, beautiful homes, excellent amenities, and thoughtfully-planned neighborhoods that fit a range of budgets. With seven months of sunshine, Arizona is an invigorating place to call home. Goodyear offers residents a healthy mix of condos, townhomes, single-family homes, estate homes, and gated communities, both older and newly constructed. There’s something for everyone in Goodyear. All of the communities are raved about, but here are the best neighborhoods to call home in Goodyear, Arizona. 

View All Homes For Sale in Goodyear, Arizona >>>

The New Normal: A Strong Housing Market in Goodyear Expected to Continue into 2021

What a crazy year this has been!  A lot of people are wondering, will the housing market in the Goodyear area continue to be strong?

“2020 will be known for a lot of things, and a record-breaking year for real estate will certainly be one of its more unexpected legacies,” prominent economist Daryl Fairweather said.¹ And he’s right: most of us would have expected the housing market to suffer from circumstances like a once-in-a-hundred-years pandemic and historic inventory shortages. 

But, rather than a slowdown, we are continuing to experience a surprisingly robust real estate market across the country, as well as here in Goodyear. And experts estimate that these conditions are likely to last well into the new year. Fannie Mae Senior VP and Chief Economist Doug Duncan predicts that existing home sales will ultimately “be up a percent or more in 2021.” He believes home prices will continue to rise due to limited inventory, but he is confident the Federal Reserve will keep interest rates low into the future, which will be “very good for households.”²

Market conditions like fewer available listings, changing criteria for desired homes, and record-low mortgage rates are changing the way people buy and sell homes, most likely in a lasting way. But this sustained activity, even in the uncertainty that is 2020, proves that our country still views real estate as a sound investment. The only question now is how you can take advantage of the housing market’s “new normal.” 

FEWER LISTINGS EQUALS A SELLER’S MARKET IN GOODYEAR

Inventory, meaning the number of homes for sale, is at a record low across the country. The National Association of Realtors (NAR) reports there are fewer homes on the market today than the association has seen in data going all the way back to 1982.³ Currently, the total housing inventory is about 1.47 million units, which is a decline of 19.2% from one year ago.⁴

Experts do predict some relief on the horizon. MarketWatch had previously anticipated housing starts would occur at a pace of 1.45 million and building permits would come in at a pace of 1.52 million.⁵  But it turns out that the market exceeded expectations: compared with last year, housing starts are up 11%, and permitting for new homes occurred at a seasonally-adjusted annual rate of 1.55 million. That represents a 5% increase from August and an 8% increase from a year ago.  Buying a new construction home can be a great option for buyers right now.  New homes are being built in Goodyear, Avondale, Litchfield Park and Buckeye.

For now, the fact that there are fewer listings creates an advantageous housing market for sellers. There are several reasons why. 

For one, buyers have to act fast to snap up available homes. As a result, most properties that come on the market stay for an average of just 21 days before they are sold.⁶ “That is the fastest ever recorded in our monthly series,” says NAR Chief Economist Lawrence Yun.

Another benefit is that sellers are enjoying higher net returns on their listings. This is thanks to the tough competition for homes, which often results in bidding wars between buyers. Nationwide, the median home price in September rose to $311,800. That translates to about $40,000 (15%) more than just a year ago.⁷ 

This seller’s market is not simply a product of the pandemic. In fact, in the country’s top 100 metro markets, inventory has been dwindling since the first quarter of 2020.⁸ This means that even with increased construction, buyers can’t simply wait for things to go back to normal before reentering the market. Rather, all signs indicate that this is the new normal in the Goodyear, Litchfield Park, Avondale, and Buckeye area.

What It Means for Homeowners: 

These higher home prices show that buyers are willing to spend more on a home right now than they did last year. So, if there ever were a time to list for top dollar—and expect to receive asking price quickly—that time is now. Ask us for a free consultation of your home’s value today.

What It Means for Homebuyers:

Due to low inventory, buyers could easily find themselves in a bidding war. Time is of the essence in a seller’s market, so you’ll need to get your financing in order and be preapproved for a loan before you begin your home search. We can connect you with a trusted mortgage professional to get you started.

BUYERS IN GOODYEAR BENEFIT FROM LOW MORTGAGE RATES AND A BIGGER PLAYING FIELD

Don’t worry, homebuyers. This “new normal” of real estate has benefits for you too. 

For example, people used to base their next home purchase on how far the commute was to work or in which public school district it was. But now, thanks to the pandemic shifting the locus of jobs and work, they are free to consider what they need from a home to make it a place they truly want to be in as they work, teach, exercise, cook, and live.

Often, this equates to needing more space in different types of areas. Realtor.com consumer surveys show that people are desiring quieter neighborhoods, home offices, updated kitchens, and access to the great outdoors.⁹ The search for these criteria is driving residents out of densely populated metropolitan areas and into the suburbs.¹⁰ And this exodus from cities is good news for buyers: it opens up more possibilities for inventory that they could not have considered pre-pandemic. 

Another advantage for buyers is the record-low mortgage rates. The average rate for a 30-year fixed-rate mortgage hit a record low in mid-October when rates fell to 2.81%. That’s the lowest since Freddie Mac began conducting the survey in 1971 and well below last year’s 3.69%.¹¹ Similarly, a 15-year fixed-rate mortgage can be had for as low as 2.35% compared to 3.15% a year ago.

Thanks to these rates, buyers are afforded the opportunity to buy nearly $32,000 more home than they could one year ago while keeping their monthly payment the same.¹² So even though home prices are high now, it is currently more affordable to buy a home now than it was last year.

If you want to take advantage of these rock-bottom mortgage rates, you need to act fast. Though rates are projected to stay low, housing economists predict that the window of opportunity to get the best rate could be closing in the coming months. Mike Fratantoni, chief economist at the Mortgage Bankers Association, said he expects the average rate on a 30-year mortgage to rise to 3.5% by the end of 2021.¹³

What It Means for Homeowners:

Record-low mortgage rates offer you the opportunity to lower your monthly payment—or even take out some equity—with a refinance. With those additional funds, you could even choose to invest in a second home in a new desirable location. Reach out to me for a referral to a trusted mortgage professional or an agent in those markets. 

What It Means for Homebuyers:

The time is now to determine how much home you can comfortably afford and make a plan to find it. I can set up a search for you to find homes that best meet your new needs, even if they’re in neighborhoods you wouldn’t have considered before.  We can also site down and get a game plan together for getting you in a new home with the least amount of stress.

A RECORD-SETTING YEAR FOR HOME SALES IS JUST THE BEGINNING

Despite the seemingly adverse buyer conditions, 2020 experienced a 14-year high number of home sales, NAR reports. Existing-home sales, which include single-family homes, townhomes, condominiums and co-ops, rose 9.4% in September to a seasonally adjusted annual rate of 6.54 million.¹⁴ That’s a 21% increase from a year ago! 

Every region of the country has seen a surge in sales activity. According to George Ratiu, senior economist for Realtor.com, part of the reason for these continued sales is that the pandemic has created a paradigm shift in the patterns of real estate.¹⁵ For example, housing needs are typically resolved by late summer and early fall to coincide with the commencement of the new school year. With homeschooling and remote work, however, buyers have been freed to continue their home search into the traditionally slow winter months.

Another reason for the robust market is that Millennials are finally putting their money into homeownership. According to the U.S. Census Bureau, the homeownership rate for 25-to-34-year-olds rose to 40.7% by the end of last year.¹⁶ This is significant because Millennials, the generation of people in their mid-20s to late-30s, currently surpasses Baby Boomers as the nation’s largest living adult generation. As the remaining percentage of this group starts investing in homes in the near future, demand will persist.

All of these factors indicate that the housing market is poised to remain strong as we head into the new year. And as Jonathan Woloshin, head of U.S. real estate at UBS Global Wealth Management, believes, they could “buoy the housing market for years to come.”¹⁷ 

What It Means for Homeowners:

It’s tempting to believe that homes will basically sell themselves in a market like this. But we’re still seeing properties that are overpriced and under-marketed sit unsold. I can help you optimize the process of selling your home so you can get the best possible offer with the best terms.

What It Means for Homebuyers:

Preparation is key to success in a seller’s market like this, but don’t let yourself become paralyzed. I am here to answer your questions and offer sound advice to guide you through all the options that are available to you.  Together we can get a game plan together that will help you beat out the competition.

REAL ESTATE IS A SAFE BET

Your other investments might have been on roller coasters this year, but the real estate market has been steady, competitive, and strong throughout. That makes it a good choice for your financial future.

National real estate numbers can give us a pulse on the market, but real estate happens in our own backyard. As your local market experts, we can help you understand the finer points of the market that impact sales and home values in your own neighborhood. 

If you’re considering buying or selling a home before the new year or in early 2021, contact me now to schedule a free consultation. I’ll work with you to develop an actionable plan to meet your goals. You can use my contact form, email me at cinda@cindarose.com or give me a call/text at 623-252-9350.  I look forward to hearing from you!  It's my goal to set you up for success!

Sources:

1. Redfin -
   https://www.redfin.com/news/housing-market-news-september-2020/
2. Housing Wire - https://www.housingwire.com/articles/fannie-maes-doug-duncan-offers-his-predictions-for-2021/

1. CNBC – https://www.cnbc.com/2020/10/22/september-existing-home-sales-jump-9point5percent.html

1. NAHB – http://eyeonhousing.org/2020/10/existing-home-sales-surge-despite-record-low-supply

1. MarketWatch – https://www.marketwatch.com/story/new-home-construction-slows-slightly-in-august-driven-by-pullback-in-multifamily-starts-2020-09-17

1. National Association of Realtors – https://www.nar.realtor/newsroom/existing-home-sales-soar-9-4-to-6-5-million-in-septembeBusiness Insider - https://www.businessinsider.com/how-2020-broke-the-housing-market-inventory-could-run-out-2020-9

1. Forbes -https://www.forbes.com/sites/petertaylor/2020/10/11/covid-19-has-changed-the-housing-market-forever-heres-where-americans-are-moving-and-why/#74e7355761fe 

1. Realtor.com –
   https://www.realtor.com/research/top-consumer-home-features-coronavirus/ 
2. Wealth Advisor – https://www.thewealthadvisor.com/article/covid-19-has-changed-housing-market-forever-heres-where-americans-are-moving-and-why
3. Washington Post -https://www.washingtonpost.com/business/2020/10/15/30-year-mortgage-rate-drops-record-low/

1. Forbes – https://www.forbes.com/advisor/mortgages/buying-a-home-low-mortgage-rates/

1. BankRate - https://www.bankrate.com/mortgages/refinance-window-could-close-soon/

1. National Association of Realtors – https://www.nar.realtor/newsroom/existing-home-sales-soar-9-4-to-6-5-million-in-september

1. Forbes -https://www.forbes.com/sites/petertaylor/2020/10/11/covid-19-has-changed-the-housing-market-forever-heres-where-americans-are-moving-and-why/#74e7355761fe

1. TD Economics – https://economics.td.com/us-falling-mortgage#:~:text=The%20homeownership%20rate%20among%20millennials,47.7%25%20at%20a%20comparable%20age.&text=This%20means%20that%201.4%20million,that%20of%20the%20older%20generation

1. Axios Media -https://www.axios.com/real-estate-market-819e3c85-3765-4014-91c0-b545be6d5935.html

Located just west of Phoenix, Goodyear is a city of around 75,000 residents. It’s an exciting place to be, as those who call Goodyear home have access to all the action of Phoenix, the annual events and attractions in the city, and all the outdoor activities you could ask for. Moving to Goodyear is an easy decision for those who want to live in a smaller city with fantastic amenities. 

Those who call Goodyear home have a high quality of life. It’s a safe city with a lot to offer, and around 84% of citizens recently rated their lives in Goodyear as very positive. It was ranked in the top ten best places to live in the country by 27/7 Wall Street. 

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