Silver Alliance Realty

Tuesday, February 13, 2018

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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Silver Alliance Realty is here to help you with all your real estate needs.
We make buying and selling your home SIMPLE!

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Mary Platt

Designated Broker

(602) 618-6764

Tuesday, February 6, 2018

Update From Your Broker

Hello Family and Friends,

As we begin 2018, I’d like to update you on the trends we saw throughout 2017, explain statistics collected by the Arizona MLS, and give insight into what we can expect in the upcoming months. The Arizona housing market in 2017 was strong and steady, 2018 looks to be even better! Our housing trends are best described in three groups. For homes at the low price point, $200,000 or less, the market was favorable for sellers which resulted in higher sales price and fewer days on market. With the higher priced homes, $800,000 and above, it was a buyer’s market. Homes in this group spent longer time on the market and buyers were able to negotiate more in their favor. The middle-price point homes were a combination of both a sellers’ and buyers’ market depending on the price and condition of the home. The 2017 housing market in this price range was definitely a push-pull market with sellers trying to push the sales prices higher and buyers better educated on home values trying to pull down prices. It was an active housing market! In fact, by the end of June we were experiencing the third highest sales volume in the 17 years that the ARMLS STATs group have been reporting sales numbers.

Financing

In 2017, there were 113,367 homes sold in Maricopa Country. This is a 7% increase from 2016. Two noticeable changes took place with conventional and FHA loans. The 2017 ARMLS Statistics Report outlines that “there were 8,819 more conventional loans and 3,283 fewer FHA loans made in 2017 compared to 2016. Cash buyers accounted for 21.8% of all purchases in 2017 compared to 21.9% in 2016. Translation: the same percentage of buyers are financing their purchases as in 2016. Of those financing their home purchases, a greater percentage of homebuyers chose conventional financing over FHA.” One possible explanation is that buyers using conventional financing with low down payments and having to pay the required mortgage insurance can have that mortgage insurance removed after reaching 20% equity in the home. FHA financing does not offer this option.

Interests Rates

After a year of lower interest rates we are now seeing the Federal Reserve pushing up the rates. Recently our buyers have received quotes on mortgage rates up to 4.625% .

Foreclosures

Foreclosure numbers are not talked about as much as they used to be, however they are still just as important. There were 25.6% fewer foreclosures in Maricopa County in 2017 than in 2016.

There are a couple reasons for this. “First, buyers are more qualified and putting large amounts down on their purchases in 2017. Second, last year we saw 8% overall appreciation rates from December 2017 to December 2016. And lastly because banks are following consistent and well based loan standards. The pool of bad loans during the bubble will eventually dry up, however, the lingering effects are still present.” (2017 ARMLS Statistics Report)

Sales Volume

Our market has followed a similar, positive trend for about the last 4 years. We continue to see declines in foreclosures and increasing average home price. The sale of newly built homes increased 14.4% from December 2016 to December 2017. According to NAHB Chief Economist Robert Dietz, “As the overall economy strengthens, owner-occupied household formation increases, and the supply of existing home inventory tightens, we can expect the single-family housing market to make further gains this year.”

Pricing

The average sales price increased 9.5% from 2016 to 2017 .

2018 – The Year Ahead

In 2018, we will see that low inventory numbers will lead to higher prices. Higher prices partnered with rising interest rates will even out demand and bring a comparable or lower sales volume number than in 2017. We can also expect homes buyers to become continuously better qualified. Personally I believe if interest rates continue to go up this will compromise the purchasing power of the buyers and will affect the average sales price in 2018.

One thing is certain in our world – people will make life changes and will need to buy or sell homes. Give me a call at (602) 618-6764 if you are contemplating a change and need real assistance this coming year.

Your Real Estate Broker,

Mary

Silver Alliance Realty is here to help you with all your real estate needs.
We make buying and selling your home SIMPLE!

Contact Silver Alliance Realty

Mary Platt

Designated Broker

(602) 618-6764

Thursday, January 25, 2018

Five Reasons to Get a Professional’s Advice When Selling Your Home

If you’re thinking of placing your home on the market and selling it yourself to save money, you could be setting yourself up for frustration and financial loss. Here are some compelling reasons why DIY is best left to home improvements when it’s time to sell your house:

1. Pricing Your House Correctly

One of the most important real estate listing strategies is pricing your home according to an accurate

comparative market analysis or a CMA. Professional listing agents know which recently sold homes to include in your CMA and which ones to exclude. They have access to the freshest data and the insight to select the variables most relevant to your property.

2. Getting More Qualified Customers to View Your Property

Getting foot traffic—that’s what’s important in selling your home. When you have a higher quantity of prequalified buyers showing up at your open house and buyers’ agents showing their clients your property, you’ll have a higher chance of entertaining competitive bids.

3. Choosing the Best Offer

When those offers do come in, do you know which one deserves top ranking? Are you skilled in working with agents to motivate buyers to make a competitive deal? Some offers look brilliant at face value when the true “contender” might not measure up to the untrained eye. When you contract with a professional listing agent, you’ve got experience on your side.

4. Facing the Challenges of Closing

You’ve accepted an offer and are in the inspection process. Your buyer has come to you with requests for repairs. When do you push back, and when do you comply? Your real estate professional will work with their counterpart to make sure the deal gets done to everyone’s satisfaction and without robbing you of your potential profits at closing time.

5. Selling Your House for the Highest Price

The 2016 Profile of Home Buyers and Sellers, a study done by the National Association of Realtors, found that sellers who used a real estate agent sold their homes on average at $60,000 higher than owners who didn’t have the help of a professional agent. That’s a lot of money, especially when you consider the effort and resources a listing agent saves homeowners when they represent your listing.

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Silver Alliance Realty is here to help you with all your real estate needs.
We make buying and selling your home SIMPLE!

Contact Silver Alliance Realty

Mary Platt

Designated Broker

(602) 618-6764

Monday, January 8, 2018

Month-Over-Month Home Sales Increase Despite Low Supply

Unemployment levels are down and wages are slowly starting to rise, which is making home ownership an affordable reality for more potential buyers. But the ongoing housing inventory shortage is leading to higher home prices, making it difficult for those potential buyers to afford their dream homes.

Low inventory isn’t just leading to an increase in home prices, though, it’s also putting downward pressure on existing-home sales. Supply shortages resulted in a decline in year-over-year closings for the second straight month.

Existing-home sales reached 5.51 million in October, down 0.9 percent from a year ago. However, this is the strongest month-over-month sales pace since June. What’s more, all four regions of the country recorded increases in sales activity in October.

Fewer For Sale Signs

By the end of October, therewere 1.8 million existing homes on the market; this is a drop of 3.2 percent from a month ago and a staggering 10.4 percent from a year ago. For 29 months in a row, inventory levels have fallen year over year. At the current sales pace, unsold inventory would supply the housing market for a meager 3.9 months. In comparison, a year ago, unsold inventory represented a 4.4-month supply.

Fast Sales

An average property spent 34 days on the market in October. This time is unchanged from a month ago and seven days less than October 2016. Of all the homes sold in October, 47 percent were sold in less than a month. In areas with a healthy job market, homes were being sold at an even quicker pace. And all listings, according to Lawrence Yun, chief economist for National Association of Realtors, “continue to go under contract typically a week faster than a year ago. With the seasonal decline in inventory beginning to occur in most markets, prospective buyers will likely continue to see competitive conditions throughout the winter.”

Regional Home Sales

Northeast - Existing-home sales annual rate of 740,000; an increase of 4.2 percent from September 2017 and unchanged from October 2016.

Midwest - Existing-home sales annual rate of 1.31 million; a slight increase of 0.8 percent from September 2017 and a decrease of 1.5 percent from October 2016.

South - Existing-home sales annual rate of 2.16 million; an increase of 1.9 percent from September 2017 and a decrease of 1.8 percent from October 2016.

West - Existing-home sales annual rate of 1.27 million; an increase of 2.4 percent from September 2017 and 0.8 percent from October 2016.

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Silver Alliance Realty is here to help you with all your real estate needs.
We make buying and selling your home SIMPLE!

Contact Silver Alliance Realty

Mary Platt

Designated Broker

(602) 618-6764

Tuesday, December 5, 2017

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.
Article by Any Presentations

Silver Alliance Realty is here to help you with all your real estate needs.
We make buying and selling your home SIMPLE!

Contact Silver Alliance Realty

Mary Platt

Designated Broker

(602) 618-6764