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First Time Home Buyer | Blog

Thursday, November 17, 2022   /   by Kristie Rodricks

Metro Phoenix Residential Real Estate Market Update November 2022

Market Update:
Listings have INCREASED
Listings under contract have DECREASED
Median sale price has INCREASED
Closing have DECREASED
Days on market Is over 37 days
Only have 82 days worth of inventory

One-by-One, Most Cities in Greater Phoenix Succumb to a Buyer’s Market

44% of October Sales Involve Seller Paid Concessions to Buyer

For Buyers:

Greater Phoenix as a whole has been in a balanced market since August, but is expected to glide into a buyer’s market by mid-November. Buckeye, Maricopa and Queen Creek entered a buyers market in July. Surprise, Chandler, Gilbert and Tempe followed in August. Goodyear, Peoria and Avondale joined in September with Mesa and Goodyear falling in line by October. Phoenix is expected to succumb this month within a matter of days. The only holdouts remain in the Northeast Valley cities of Paradise Valley, Fountain Hills, Cave Creek and Scottsdale.

The 2022 peak of price was achieved in May, which was the result of c ...

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  first time home buyer, buying a house in az, market update, phoenix market update, gilbert realtor, homebuyer tips, homeowner tips

Thursday, August 11, 2022   /   by Becky Trujillo

Phoenix Metro Residential Real Estate - August

Seller-Paid Closing Cost Assistance Coming Back
This Price Point is Declining the Fastest in Greater Phoenix

For Buyers:
Good news for buyers, the number of closings with seller-paid closing costs rose 27% in July compared to June equating to 7% of all closings for the month. That may not sound like much, but that’s the highest it’s been since March 2021. Prior to 2020, the established baseline for seller-paid closing cost assistance averaged 25-28% of MLS sales and over the past 15 months the average has been just 3-4.5%. The increase is expected to continue as large cash-based investors have pulled back their acquisitions, leaving many sellers to cater to normal buyers once again. For most of 2021 and the first part of 2022, buyers had very little time to decide on a property before it went under contract. Last May, half of all homes that went under contract were on the market for only 7 days or less. This month homes are on the market a median of 21 days prior to C ...

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Tuesday, July 26, 2022   /   by Kristie Rodricks

Top 10 mistakes to avoid once under contract.

You are under contract on your dream home you are done right?

Getting your offer accepted is not the end of the home buying process. If you’re not careful, that dream home can quickly become a missed opportunity.

Over the years we have seen many buyers make these mistakes after they’ve gone into contract on their dream homes.

Follow these 10 Commandments of buying and you will make the process that much easier!

1. Don’t change jobs, become self-employed, or quit your job.
2. Don’t buy a new car, van or truck - you may end up living in it!
3. Don’t use any charge cards or let your accounts fall behind.
4. Don’t spend any money you have set aside for closing.
5. Don’t omit any debt or liabilities from your loan application.
6. Don’t buy any furniture even if the payment is deferred until closing.
7. Don’t allow any additional inquiries on your credit except for insurance purposes.
8. Don’t make any larg ...

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  first time home buyer, sacrifices to buy a home, saving to buy a home, buyer tips, buying a house in az, gilbert realtor, homebuyer tips

Wednesday, April 4, 2018   /   by Bret Johnson

The Myths and Facts of Buying a Fixer-Upper Property

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Here are five myths people often assume about buying fixer-upper properties and the facts behind those myths. 

Myth #1: You’ll make a killing by buying a home tens of thousands of dollars below its market value, administering a little TLC to it, and then selling it. 
Fact: Home sellers price fixer-upper homes at a value that’s roughly equivalent to the amount of work that’s needed to make the necessary repairs. This means that adjusting the style of a fixer-upper or making some higher-end updates might make it difficult for you to recoup the money you put into it, because you may go overboard for what the market will bear. Sellers aren’t dumb—they won’t accept less money for their home so that you can make some updates to it. They’ll only price the home for however much it will take to make necessary repairs and bring the home back to its ...

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Thursday, March 22, 2018   /   by Bret Johnson

The Top 6 Most Expensive Mistakes Homeowners Can Make

Selling a home? Get a free home value report
Buying a home? Search all homes for sale

Here are the six most expensive mistakes you can make while owning a home: 

1. Using incandescent light bulbs. Using incandescent light bulbs costs you about $180 for the lifespan of each bulb, whereas a CTL light bulb will only cost you $40 throughout its lifespan, and an LTE bulb will only cost you $30. Updating your light bulbs early in your homeownership tenure can definitely save you money over time. 

2. Ignoring leaky faucets. One drop per second from a leaky faucet over the course of a year equals 30,000 gallons of water wasted—the equivalent of 180 showers. Get your leaky faucets fixed, and you’d be surprised how much money you can save on water. 

3. Using incorrect or dirty air filters. A dirty or incorrectly sized air filter forces your HVAC system and/or furnace to work much harder during its lifespan. Buy some cheap air filters and just change the ...

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