{"id":633,"date":"2016-08-12T04:21:26","date_gmt":"2016-08-11T23:21:26","guid":{"rendered":"https:\/\/nohasslelistingblog.com\/?p=633"},"modified":"2016-08-12T04:21:26","modified_gmt":"2016-08-11T23:21:26","slug":"home-values","status":"publish","type":"post","link":"https:\/\/nohasslelistingblog.com\/?p=633","title":{"rendered":"Home Values"},"content":{"rendered":"<p>As we have discussed in previous articles, the 2016 market has fragmented in to 3 very distinct markets \u00e2\u20ac\u201c based almost <a href=\"https:\/\/nohasslelistingblog.com\/2016\/08\/home-values\/travis-graphic-for-june-2016-s\/\" rel=\"attachment wp-att-635\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-635\" src=\"https:\/\/nohasslelistingblog.com\/wp-content\/uploads\/2016\/08\/travis-graphic-for-june-2016-s.png\" alt=\"travis graphic for june 2016 s\" width=\"400\" height=\"328\" srcset=\"https:\/\/nohasslelistingblog.com\/wp-content\/uploads\/2016\/08\/travis-graphic-for-june-2016-s.png 400w, https:\/\/nohasslelistingblog.com\/wp-content\/uploads\/2016\/08\/travis-graphic-for-june-2016-s-300x246.png 300w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><br \/>\nexclusively on price.\u00c2\u00a0 Understanding the supply\/demand equation in each of these price points will guide savvy sellers and agents as to the strategies best suited to that market.\u00c2\u00a0 Not surprisingly, the appreciation is equally reflected in each of these distinct markets.<\/p>\n<p>The Cromford Report recently published appreciation comparisons in each of these price points by quadrants in the valley.\u00c2\u00a0\u00c2\u00a0 This reflects comparing the portion of the first quarter of 2016 to the corresponding portion of 2015.<\/p>\n<p>Starting first with Phoenix and the North Valley on single family homes, Michael Orr reports (Bold italics):<\/p>\n<ul>\n<li><strong><em>Homes under $250,000 &#8211; average rise of 10.6% in $ per sq. ft.<\/em><\/strong><\/li>\n<li><strong><em>Homes between $250,000 and $500,000 &#8211; average rise of 3.9% in $ per sq. <\/em><\/strong><\/li>\n<li><strong><em>Homes over $500,000 &#8211; average rise of 1.6% in $ per sq. ft. <\/em><\/strong><\/li>\n<\/ul>\n<p>Then comparing the Northeast Valley (Scottsdale, Fountain Hills, Rio Verde) you will see lower appreciations rates.\u00c2\u00a0 This can be attributed to the preponderance of luxury homes (which are in plentiful supply) and the utter lack of homes under 250K where the greatest appreciation is occurring in the valley.<\/p>\n<ul>\n<li><strong><em>Homes under $500,000 &#8211; average rise of 5.8% in $ per sq. ft.<\/em><\/strong><\/li>\n<li><strong><em>Homes between $500,000 and $1,000,000 &#8211; average rise of 0.0% in $ per sq. ft.<\/em><\/strong><\/li>\n<li><strong><em>Homes over $1,000,000 &#8211; average fall of 2.2% in $ per sq. ft.<\/em><\/strong><\/li>\n<\/ul>\n<p>Turning to the Southeast Valley, single family homes followed the same general pattern:<\/p>\n<ul>\n<li><strong><em>Homes under $250,000 &#8211; average rise of 9.0% in $ per sq. ft.<\/em><\/strong><\/li>\n<li><strong><em>Homes between $250,000 and $500,000 &#8211; average rise of 3.1% in $ per sq. ft.<\/em><\/strong><\/li>\n<li><strong><em>Homes over $500,000 &#8211; average fall of 3.3% in $ per sq. ft.<\/em><\/strong><\/li>\n<\/ul>\n<p><strong><em>The small rise in pricing for homes over $500,000 is a better performance than the outer areas of the valley.<\/em><\/strong><\/p>\n<p><strong><em>Turning our attention to the West Valley single family market, we see even more contrast between the low and high end of the market.<\/em><\/strong><\/p>\n<ul>\n<li><strong><em>Homes under $250,000 &#8211; average rise of 10.4% in $ per sq. ft. between Feb &#8211; Apr 2015 and Feb &#8211; Apr 2016<\/em><\/strong><\/li>\n<li><strong><em>Homes between $250,000 and $500,000 &#8211; average rise of 1.2% in $ per sq. ft.<\/em><\/strong><\/li>\n<li><strong><em>Homes over $500,000 &#8211; average fall of 5.0% in $ per sq. ft.<\/em><\/strong><\/li>\n<\/ul>\n<p>What do these statistics mean for sellers?\u00c2\u00a0 Clearly the strategies for selling a home vary depending on the area and price point.\u00c2\u00a0 Sellers in the 250K and under category have strong bargaining power with buyers and likely have more flexibility as to condition issues and concessions to buyers.\u00c2\u00a0 Multiple offers are common at this price point \u00e2\u20ac\u201c requiring a strong agent strategy for successfully maximizing this opportunity to get every penny.\u00c2\u00a0 Between 250K-500K, sellers still retain a slight advantage over the buyers \u00e2\u20ac\u201c but not nearly the power the under 250K sellers have.\u00c2\u00a0 Condition issues are more likely to need to be addressed by these sellers and they may or may not receive multiple offers.\u00c2\u00a0 Typically the first 3 weeks on the market is vital to these sellers as far as defending their value.\u00c2\u00a0 The over 500K market &amp; luxury market is unquestionably suffering with an abundance of supply \u00e2\u20ac\u201c causing sellers to have to compete with superior condition and strategic pricing and marketing.<\/p>\n<p>Whatever the price point or location, we are happy to counsel our clients on maximizing their net.\u00c2\u00a0 As always we are here to help you make the best selling (or buying) decisions for your situation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As we have discussed in previous articles, the 2016 market has fragmented in to 3 very distinct markets \u00e2\u20ac\u201c based almost exclusively on price.\u00c2\u00a0 Understanding the supply\/demand equation in each of these price points will guide savvy sellers and agents as to the strategies best suited to that market.\u00c2\u00a0 Not surprisingly, the appreciation is equally [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-633","post","type-post","status-publish","format-standard","hentry","category-home-values"],"_links":{"self":[{"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/posts\/633","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=633"}],"version-history":[{"count":2,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/posts\/633\/revisions"}],"predecessor-version":[{"id":637,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/posts\/633\/revisions\/637"}],"wp:attachment":[{"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}