National Home Sales Reach Highest Pace in a Decade

The economy has been booming for the past few quarters, with a strong stock market and high employment numbers. This has led to an increase in demand for homes. According to Lawrence Yun, chief economist for the National Association of Realtors, “Move-up buyers with considerable down payments and those with cash made up a bulk of the sales activity last month.” There is a greater supply of homes at the upper end of the market, which is good news for buyers looking to upgrade their current home. However, inventory woes continue for first-time buyers.

First-Time Buyers Priced Out of the Market
With fewer lower-priced homes on the market and home prices appreciating rapidly in many regions of the country, more and more first-time buyers are finding themselves priced out of the market. With mortgage rates anticipated to rise next year, home affordability could be severely impacted. According to Yun, “The increase in homebuilder optimism must translate to significantly more new construction in 2018 to help ease these acute inventory shortages.”

Who Is Buying?
With the shortage of lower-priced homes on the market, it comes as no surprise that first-time buyers accounted for only 29 percent of all sales in November, down from 32 percent posted both a month ago and a year ago. For all of 2017, first-time buyers represented only 34 percent of home buyers. Twenty-two percent of all sales in November were cash, up from 20 percent a month ago and 21 percent a year ago, matching the highest market share since May. Most cash sales are made by individual investors and account for 14 percent of all transactions, up one percentage point from a month ago and unchanged from a year ago. “The elevated presence of investors paying in cash continues to add a layer of frustration to the supply and affordability headwinds aspiring first-time buyers are experiencing,” adds Yun. Demand from first-time buyers is only expected to rise in the coming year, with a healthy job market and rising wages. But these buyers will not be able to gain a toehold in the market unless there is an increase in the number of smaller, affordable homes available for sale.

Strong Sales
Existing-home sales climbed for the third month in a row. In November, sales reached 5.81 million, an increase of 5.6 percent from a month ago and 3.8 percent from a year ago. Sales haven’t been this strong in almost 11 years. According to NAR, the last time sales set a pace this rapid was back in December 2006, with 6.42 million existing homes sold. Every region—with the exception of the West—posted an increase in sales activity in November.

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Three Simple Tips for Home Decorating Success

Even if it’s your dream to have an elegant, classy home, it’s easy to get overwhelmed looking at picture-perfect homes on Pinterest or in magazines. If you want to redecorate your home but don’t know where to start, here are three simple tips for successful decorating:

1. Start Neutral, Then Slowly Add In Colors and Patterns

Beginning with a neutral color palette creates a more sophisticated space right from the start and allows room for growth. Choose a bright neutral shade such as white, cream, or light gray for the walls, then build the room around it. Select bolder colors carefully and reserve them for statement pieces such as large artwork or a sofa; this will make the room pop without overwhelming the space.

2. Choose Statement Artwork and High, Wide Curtains to Make a Room Look Larger

There is a common misconception that smaller artwork and window treatments will make a small room look larger. While it may seem contrary to nature, the opposite is true. A single focal piece of artwork fills the room, making it appear larger, while a cluttered gallery wall actually makes the room look smaller. The same principle applies to curtains. Choose curtain panels larger than the windows they’re covering and hang them higher.

3. Choose Well-Proportioned Rugs

A rug is a pricey upgrade; however, it’s a worthwhile investment that will boost the aesthetic of your home, and with the proper care it can stick around for many years. Instead of guessing what size rug will work best in a given space, use painter’s tape to map out potential rug dimensions in the room. When you’re happy with the placement, measure the tape. Once you know what size will work best, you’ll be motivated to find the right rug in the right size and resist the urge to size down a few feet to save some money. Bringing a sophisticated touch to your home takes time and often a bit of trial and error. Gather lots of paint samples and test them on small sections of different walls to determine which colors will work best in which room. If you aren’t happy with a rug or piece of art in the living room, try it in the entryway or a bedroom instead. Making a couple of switches can create a significant difference in the overall aesthetic.
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Debunking Down-Payment Myths

The National Association of Realtors (NAR) describes difficulties with down payments as “what many consider the greatest barrier to homeownership.” And according to the NAR, there are a lot of misconceptions surrounding down payments. Perhaps the misconceptions shouldn’t be all that surprising, though. Following the market crash of a decade ago, no down-payment home loans disappeared. Potential home buyers began accepting that they’d have to put 20 percent down. As the economy and housing market rebounded, lenders weren’t as tightfisted. Minimum credit scores to qualify for a mortgage began dropping. And so did down-payment requirements. Many people don’t have to put 20 percent down to buy a home. In fact, statistics show that the majority of home buyers don’t do this. The NAR lists the 20-percent fallacy among its four biggest myths surrounding down payments. Here are the other three DOWN-PAYMENT MYTHS:

1. Low down-payment programs are only for first-time buyers. There are first-time buyer incentives that offer help in several areas, including down payments. And all the promotion and pushing of first-time buyer programs may lead some to believe that buyers of their second or third homes don’t qualify for down-payment assistance when, in fact, they do.

2. It’s difficult to qualify for down-payment assistance. Again, there are programs for lower-income home buyers that help them with a home purchase. But there are down-payment assistance programs for even those who make over the local median income.

3. You can’t use grants, gifts, or loans. Some of these rules vary from lender to lender, but plenty of lenders allow home buyers to use gifts from family members and grants toward a down payment. Also starting to become more popular are no-interest loans that help toward down-payment funds and aren’t due until the house is sold. There are also online resources that help explain down-payment assistance. The housing department in each state shares information online about loan and grant programs that are available. The Federal Housing Administration and Department of Housing and Urban Development sites are also worth checking out.
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Perks of Selling or Buying a House over the Holiday Season

Spring is often considered the best time of year to sell. Families can find their dream house, make their purchase, and move in all before the new school year starts. But there are perks for home buyers and sellers who decide to list at the end of the year.

Perks for Sellers

Since most sellers wait until spring to list their home, there are typically fewer homes available for sale over the winter holidays, which means less competition. If sellers price their home competitively and stage it right, they can make their house stand out from the sparse crowd, catching the attention of more buyers.

When You’re Selling . . .

You can still celebrate the holidays but keep it simple. Instead of hosting a large party, invite a few family members and friends for a quiet dinner in, or head to a restaurant to keep your kitchen tidy and open-house ready. When decorating, remember that not everyone celebrates the same holidays in the same way. Stick to more neutral decorations that transcend any religious event like candles and winter flowers such as paper whites and poinsettias. Whatever decorations you use, keep them to a minimum so your house remains the center of attention.

Perks for Buyers

Despite the limited selection, buyers can also benefit from purchasing over the winter holiday season. Often a homeowner will put their house on the market in winter because they can’t or won’t wait until spring―that is, they need an immediate sale. Buyers who purchase during the winter holidays might find sellers more willing to negotiate on price or contract terms.

When You’re Buying . . .

Buying a house is stressful enough without the added pressure of celebrating a family holiday at the same time. To enjoy the season, prepare for your purchase in advance. Before you start your home search, figure out what type of home you want and where it should be located. Decide on a budget and get pre-approved for a mortgage. And don’t RSVP “yes” to every party invitation you receive; you will need to keep some time available for viewing homes with your agent. 
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Mary@PlattTeamAZ.com

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Check These Fall Maintenance Items Off Your To-Do List

Now that summer is gone and fall is here, it’s time to start your autumn to-do list. Here are some great fall projects:

Plant Beautiful Fall Blooms

Late summer and early autumn are perfect times to plant late-blooming flowers. Whether you accent

your front porch with hanging baskets or line your front walkway with colorful blooms, you can

enjoy gardening well into the fall season. 

Improve Your Outdoor Lighting

Autumn means longer nights and shorter days and is an ideal time for a lighting upgrade. If you have been meaning to add a spotlight above the front door, or if you long for a stone pathway lined with low-maintenance solar lights, fall is the perfect time to complete these projects.

Touch Up Your Exterior Paint

You do not have to repaint your home’s exterior to give your property the protection it needs. Just check for peeling and chipping paint and do your own small touch-ups. A few timely touch-ups now will protect your home and extend the life of the original paint job.

Clean Out Your Gutters

Debris can collect in gutters, which keeps rainwater from drain- ing properly. Once the water backs up, it can run onto the roof and down the siding, causing damage to the home. Clearing the gutters and redirecting water downspout extensions so water drains at least three to four feet away from the foundation can keep these things from happening. If you don’t feel comfortable on a tall ladder, you can hire a professional to clean and check the gutters.

Turn Your Ceiling Fans to Run Clockwise

In the summer, your ceiling fans are such a wonderful way to help keep your home cool. But did you know ceiling fans are also a great way to enjoy warmer air when the days get cooler? Run- ning your ceiling fans clockwise creates an updraft while simultaneously pushing down warm air from the ceiling.

Swap Out Your Furnace Filter

Fall is the perfect time to give your heating system a tune-up, and changing out the filters is a good place to start. You may also want to schedule a professional inspection and cleaning to keep your furnace running at peak efficiency all season long.

Clues in the Attic: Fall Roof Checkups Made Easy

"Roofs actually create an insulated barrier that helps trap heat inside, and most attic spaces are located right below them,” says Jason Joplin, program manager of the Center for the Advancement of Roofing Excellence, “That makes them perfect for spotting potential problem areas and damage without worrying about falling off a ladder."

Here’s What to Look for While up in the Attic:

• Water Leaks: After a rainstorm, shine a flashlight into the attic to check not only for dripping water and condensation but also for water stains on the ceiling, walls, and floors. All signal that H2O is finding its way beneath your roof’s shingles or behind its flashings.

• Ventilation: “Think of the attic as the lungs of the house,” advises Joplin. “It has to be able to breathe in order to function properly.” Which is to say, vents stuffed with debris need to be cleared.

• Animal Damage: Call a pest-control pro if you spot any of these telltale signs: nests, droppings, and gnawed wood, wires, or insulations. 

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Mary@PlattTeamAZ.com

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How to Know If a House Is a Good Investment

You want to find a house that is not only a comfortable fit for your family, lifestyle, and budget but also, ideally, a solid invest- ment. When you purchase an investment-worthy home, you’ll have the option to rent it out, draw on your equity, or sell it for a profit when your family is ready to move on to a different house. Here are some tips for determining if a specific house is a good financial investment:

Average Days on Market (DOM) Is Low
Keep an eye on the average DOM for your area. If the average is steadily decreasing over time, with buyers snapping up houses more and more quickly, then it is more likely that a house in that area will be a sound investment. If, on the other hand, most houses seem to be lingering until listings become stagnant because supply outstrips demand, you may want to consider a different neigh- borhood or even a nearby town for your home purchase. You may get a good deal under these circumstances, but your home value is unlikely to increase anytime soon, and if you need to sell in the near future you may end up taking a loss.



Located in an Up-and-Coming Neighborhood or Growing Market
Sometimes the ideal home investment is in a neighborhood that used to be a little rough around the edges but has recently become more popular. This scenario often leads to getting a good deal now and a quickly appreciating home value in the near future, a true win-win situation. Your home will be safe and comfortable for your family and you won’t have to spend a fortune. Neighborhood features to look for that show your home will only become more desirable to prospective renters or buyers in upcoming years include the following:

• Gourmet grocery stores, trendy coffee shops, farm-to-table restaurants, and boutiques
• Good public and private schools
• High degree of walkability and cycling trails

Growing markets are also a sign of a good investment. Is the home in an area with low unemployment and great job opportunities? Are more businesses moving to your city? This is not only great news for your family in the short term (since it means excellent job prospects if you decide to switch companies or careers) but also bodes well for your home’s value increasing. 
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Three Reasons Now Is a Great Time to List Your Home for Sale

Housing market conditions are challenging for buyers in many parts of the country; sellers, meanwhile, are finding the market favorable. Inventory levels are low and sales prices are high. In some markets, multiple offers have become prevalent. And in a blow to first-time buyers everywhere, fewer affordable homes are coming onto the market. Despite all this, existing-home sales climbed in the month of May; every region except the Midwest posted month-over-month and year-over-year sales increases.

1. Low Inventory

According to Lawrence Yun, chief economist for the National Association of Realtors (NAR), “Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.” In May, 1.96 million existing homes were available for sale, an inventory increase of 2.1 percent from a month earlier. However, for the past 24 months, inventory has fallen year over year, and May was no exception: inventory was 8.4 percent lower than last year. At the current sales pace, the current housing stock could last only 4.2 months, down from 4.7 months a year ago.

2. Selling Quickly

Due to the inventory shortages, homes are not sitting on the market for long. In May, the time it took for a home to go from listed to sold was on average 27 days. This is the shortest time frame recorded since NAR began tracking the number of days on the market in May 2011. Of all the homes sold in May, 55 percent were on the market for less than 30 days, another all-time-high record.

3. Prices Up

With high demand and low inventory, home prices climbed to a record-breaking high. In May, the median existing-home price reached $252,800, a 5.8 percent increase from a year ago. This is the highest recorded median sales price, overtaking June 2016’s peak of $247,600. What’s more, this is the 63rd month in a row of year-over-year sales gains. According to Yun, “Home prices keep chugging along at a pace that is not sustainable in the long run.” Unless the market sees an increase in the number of listings in the affordable price range, housing affordability may be affected. 
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Mary Platt • Designated Broker

(602) 618-6764 • Mary@PlattTeamAZ.com

www.SilverAllianceRealtyAZ.com

www.SilverAllianceAZHomeSearch.com

Planning for Solar? Follow These Steps

Residential solar panel installations are on the rise in the United States—according to the US Department of Energy, more than one million American homes have had solar panels installed as of May 2016. However, utilizing solar energy for your home only makes financial sense if the panels can generate electricity for less than what you are paying your utility company. That means that while living in a sunny location is key, your state’s utility costs are also a factor. Before you schedule a solar installation assessment, answer these basic questions to help you determine if solar is a good fit for your home:

• Does your roof have unobstructed, clear access to sunlight for most of every day?
• Is there ample roof space or an area large enough to mount the system? 

• Is the investment worth it?
• Can you meet requirements for local permits?

Selecting the Right System

Evaluate your energy consumption patterns before selecting your solar system components, so you can choose the appropriate photovocaic (PV) system size for your home, and help reduce your overall electrical use. Begin by performing a load analysis, which should include:

• Recognizing your current consumption trends
• Examining your utility bills for the past year
• Calculating your energy consumption

A Grid-Connected or Stand-Alone System?

A grid-connected PV system uses power from your utility’s grid when it does not produce enough energy. When your system produces excess electricity, your utility provider is required to buy it. With net metering, your provider pays retail price for excess power that you send back through the grid.

Choose a stand-alone PV system if:
• You live in a remote location and it would be more cost-effective.
• You are planning to install a hybrid electric system that also uses a small wind electric system.
• You have minimal power needs.

Before purchasing a system, research city or county permit requirements. These will include an electrical permit, building permit, or both. Most PV providers will roll the permit prices into the complete system price.

For more information about solar installation in your community, contact the North American Board of Certified Energy Practitioners to locate a certified solar installation professional. 
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Mary Platt 
Designated Broker
(602) 618-6764
Mary@PlattTeamAZ.com

Always Start Your Home Search With Pre-Approved Financing

Today’s real estate market moves swiftly. Often, buyers find they need to act quickly to avoid missing out on their perfect home. In today’s market, sellers are receiving multiple offers, allowing them the luxury of choosing an offer that’s to their exact liking. So, what can buyers do to increase their chances of enticing sellers with their offers?

The Benefits of Mortgage Pre-Approval

Pre-approved financing gives buyers a significant edge over those whose competing offers do not have a mortgage preapproval letter.  For home sellers, an offer that’s accompanied by a pre approval letter shows that the buyer is serious. The seller (and the seller’s agent) sees that the buyer has done his or her homework and is ready to purchase the home as quickly and as smoothly as possible. When faced with two similar offers, the offer backed by mortgage pre-approval is almost universally preferred. For buyers, beginning a home search by getting pre-approved for a mortgage provides even more benefits. Your pre-approval gives you a firm budget to work with, saving you from the heartache of falling in love with a home that’s outside your financial reach. 

Additionally, having pre-approved financing sets you on track for a smoother home purchase. Pre-approved buyers close more quickly and are less likely to come up against unexpected delays or difficulties.  The process of buying a home is stressful and has many stages.  Taking these steps in the proper order is the best way to minimize your stress.

How Much House Can You Afford?

Buying a home doesn’t begin with looking at the area’s real estate listings. It begins, as with most things, with financing. With a mortgage pre-approval in hand, you’ll know what you can afford. Much of the waiting involved in choosing and obtaining a loan will be behind you as you search for your perfect home. You’ll still have a short wait when your actual loan goes through underwriting. However, as long as you don’t make any changes to your financial status, the loan application process is much shorter if you’ve already been pre-approved. Best of all? By being pre-approved when you make an offer on a home, you’ve given that offer its best chance to be accepted. In today’s fast-paced real estate market, that’s no small advantage. 

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Home Improvements You Can Do in 24 Hours or Less

Sprucing up your home doesn’t have to take up a lot of time. To help you spring into warm-weather home improvement, here are six simple projects that take 24 hours or less to accomplish:

• Pressure Wash Siding and Walkways. Power washing exterior home areas makes siding and walkways look fresh.

• Organize Your Mudroom. Whether it’s a formal mudroom or a corner of the entryway, every house has a spot where shoes, backpacks, and other personal items collect. Organize that area with hooks for hanging and cubbies or shoe racks for storage.

• Add a Wow Factor to Your Entryway. Large planters with hardy, bright blooms add curb appeal when positioned on either side of the front door.

• Spruce Up the Deck for Summer Enjoyment. A refinished deck looks great and doesn’t have to be a lot of work. SuperDeck® from Sherwin-Williams goes on fast and easy and protects the integrity of your wood deck.

• Update Kitchen Cabinets. Add new knobs to give your cabinets a face-lift.

• Swap Pillows and Throws. Switching out pillows and throws is a great way to give seasonal flare to your living room décor.
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What's Up With Mortgage Rates?

Mortgage rates nationwide are starting to rise after several years of record-low rates. What does this mean for home buyers and sellers? Here are a few points to consider:

The Real Estate Market Remains Strong

Real estate remains an excellent investment, and real estate markets across the country are consistently strong. In many local markets there is high demand but low inventory, and buyers are quickly snapping up homes despite rising rates. While buyers may have plenty of competition, it also means they can feel confident in their real estate investment, especially when buying in a part of the country where housing is in demand.

Mortgage Rates Are Still Affordable, Historically Speaking

While current rates are higher than they were at this time last year, they’re still considered quite affordable from a historical perspective. Rates are expected to remain under 5 percent for the foreseeable future, as they have been for the past ten years. Compare today’s average mortgage rates to the average rate of 5.67 percent in 1996, or the whopping 10.13 percent average in 1990, and you can easily see that current and projected rates are still quite affordable by most objective standards.

Rates Are Expected to Rise in 2017

Most experts expect that rates will either rise slightly in 2017 or fluctuate slightly over the course of the year. Many experts think mortgage rate averages in 2017 will hit the 4.5 percent mark, with some predicting average rates inching up closer to 5 percent. If you plan to buy a home later in the year, you may want to keep these ballpark estimates in mind when figuring out your home budget. And remember these are just guesstimates; nothing is set in stone.

Buyers Can Still Get Great Rates

Although mortgage rates are rising, it’s still possible for individual buyers to negotiate and find lower rates. This sometimes involves “buying down” your mortgage, which means paying additional money upfront to take points off your mortgage rate. The general idea is to pay more money now to save money on your mortgage over time. This can make a lot of sense if you have extra cash on hand and plan to hold on to your home for a long time. Keep in mind that if mortgage rates go down in the future, you can always refinance your loan to get a lower rate and reduce your payments or get more favorable loan terms. 
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Strong Home Sales in 2016, but a Lack of Inventory in 2017

Despite affordability issues and low inventory, 2016 had the best existing-home sales in a decade. At 5.45 million sales, existing-home sales haven't set a pace this fast since 2006, when sales reached 6.48 million; in comparison, sales in 2015 topped out at 5.25 million. According to Lawrence Yun, chief economist for the National Association of Realtors (NAR), "Solid job creation throughout 2016 and exceptionally low mortgage rates translated into a good year for the housing market."

In Demand, but Low Supply
Sales in the last month of the year were soft. Existing-home sales fell in December to 5.49 million, dropping 2.8 percent, but sales were still 0.7 percent higher than a year earlier. Low inventory combined with high mortgage rates and home prices took their toll on December's sales. Inventory in the last month of the year fell by 10.8 percent to 1.65 million existing-homes available for sale; at the current sales pace, this is enough inventory to last only 3.6 months. A year ago, supply levels would have lasted 3.9 months. This is the 19th month inventory has fallen year over year. What's more, this is the lowest inventory level recorded since NAR began tracking the housing supply in 1999. Unfortunately, housing construction is still stuck at recessionary levels. Unless more is done to address regulatory issues, new home construction will not be able to address the demand that will arise from current population and economic growth trends. As a result, housing affordability for both buyers and renters will continue to be a concern.

What You Don't Know Can Cost You
Many home buyers are in the dark when it comes to down payments. NAR's Profile of Home Buyers and Sellers recently asked non-owners how much of a down payment was needed to purchase a home. A surprising 87 percent believed more than 10 percent of the purchase price was needed; in reality, down payments for first-time buyers have come in at 6 percent for the past three years. Repeat buyers typically have a down payment of 14 percent. This disconnect between the actual down payment required and the amount buyers think they need may lead to a lack of confidence among first-time buyers. "There are mortgage options available for creditworthy borrowers with manageable levels of debt and smaller down payments," according to William E. Brown, president of NAR. This is good news for the 87 percent of non-homeowners who would one day like to buy their own home. While low inventory and high home prices have made home buying a challenging goal, it's not as far out of reach as first-time buyers believe.

Regional Breakdown

Northeast - Existing-home sales annual rate of 760,000; a decrease of 6.2 percent from November but an increase of 2.7 percent from December 2015.

Midwest - Existing-home sales annual rate of 1.28 million; a decrease of 3.8 percent from November but an increase of 2.4 percent from December 2015.

South - Existing-home sales annual rate of 2.25 million; while unchanged from November, it is an increase of 0.4 percent from December 2015.

West - Existing-home sales annual rate of 1.2 million; a decrease of 4.8 percent from November but an increase of 1.6 percent from December 2015.

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When you are ready to buy or sell real estate in Arizona give Silver Alliance Realty a call - We make buying and selling your home simple.

Mary Platt • (602) 6186764 • Mary@PlattTeamAZ.com

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Why Is Location So Important in Real Estate?

Why Is LocationSo Important in Real Estate?

Location should be your first consideration when purchasing a new home. And your second. And your third. The reasoning behind this advice is simple: In some locations, homes are desir- able. In other areas, they are not. Desirable homes receive a higher demand from potential home buyers, which means you should be able to sell your property quickly. And since high demand pushes up prices, you should also be able to sell it at a good price.

Why Choose the Best Location over the Biggest House?

What is it about location that makes it so vital to your real estate selection? Put simply: it’s the one variable that is out of your control. The layout, condition, and amenities of any home can be changed with a little money and imagination. You can even change the size of your house with the right permissions. The one thing you can’t change? The property’s location. This is why real estate agents advise their clients to buy the worst house on the best street̶you can always add value later by fixing up the property. In the meantime, you get all the community and resale benefits of a premium location.

Location Affects Quality of Life

Location is important because “home” is more than just the physical structure where you eat and sleep. The neighborhood and surrounding community have a big impact on your quality of life. For example, most people have to work, but if there are no major employers in the area, or if the public transportation is lacking, getting to work will be unnecessarily hard. You might find bargains in these areas, but the trade-off is time spent on your daily commute. For most people, time is a priceless commodity for which they are willing to pay, so a more expensive property closer to work is preferable.

Access to Jobs, Schools, and Entertainment

Well-located properties typically have good transportation infra- structure and are located near a concentration of jobs. Other sought-after attributes include a top-rated school district, low crime, and access to shops, restaurants, and entertainment. When you buy a home in a location with these features, it’s usually a solid long- term investment. A premium location is always more expensive, so for tight budgets some form of compromise is inevitable. The advice remains the same, though: always buy in the best location you can afford.

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