Phoenix/Scottsdale Real Estate Market March Update – February 2019 Stats

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Here is the Phoenix/Scottsdale area Monthly Real Estate Market Report for March 2019, which shows 6,489 homes sold in the month of February compared to 7,046 homes in February 2018. This is a 7.9% decrease for the number homes sold year over year, but an increase of 15.7% from last month! The market has increased seasonally and remains strong with the average sale price is up 6.0% year over year. And the amount of listed homes is up by 10.0% to 19,233 from 17,319 in February 2018. Demand is gaining strength going into Spring when the market is strong seasonally. And sales activity had been constrained by the lower supply of listed homes but the number of listed homes has come up from a 5+ year low. The average days on market is down 9.5% from February 2018 to just 67 days.

Click here to see the full February 2019 Market Report & Statistics

Give us a call or text us at 480-754-9477 or 480-754-9077 and let us know if you’re thinking about buying or selling a home this Spring, as the strong market continues to be good for both buyers and sellers, or if you have questions about this information. And don’t forget to explore our website AzDreamHomesScottsdale.com to see Scottsdale area homes and more helpful articles. – Chris & Cheryl Park

Phoenix/Scottsdale Real Estate Market February Update – January 2018 Stats

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Here is the Phoenix/Scottsdale area Monthly Real Estate Market Report for February 2019, which shows 5,474 homes sold in the month of January compared to 6,198 homes in January 2018. This is a 11.7% decrease for the number homes sold year over year. The market has slowed seasonally but does remain strong with the average sale price is up 3.9% year over year. And the amount of listed homes is up by 9.1% to 19,338 from 17,441 in January 2018. Demand slowed a bit at years end but remains strong going into February/March when the market improves seasonally. And sales activity has been constrained by the lower supply of listed homes. Supply of listed homes has come up from a 5+ year low. The average days on market is down 5.8% from January 2018 to just 66 days.

Click here to see the full December 2018 Market Report & Statistics

Give us a call or text us at 480-754-9477 or 480-754-9077 and let us know if you’re thinking about buying or selling a home this Winter, as the strong market continues to be good for both buyers and sellers, or if you have questions about this information. And don’t forget to explore our website AzDreamHomesScottsdale.com to see Scottsdale area homes and more helpful articles. – Chris & Cheryl Park

Phoenix/Scottsdale Real Estate Market January Update – December 2018 Stats

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Here is the Phoenix/Scottsdale area Monthly Real Estate Market Report for January 2019, which shows 6,508 homes sold in the month of December compared to 7,204 homes in December 2017. This is a 9.7% decrease for the number homes sold year over year. The market has slowed seasonally but remains strong with the average sale price is up 5.9% year over year! And the amount of listed homes is up by 3.5% to 17,745 from 17,128 in December 2017. Demand has slowed seasonally but remains strong going into January/February when the market improves seasonally. And sales activity is still constrained by the lower supply of listed homes. Supply of listed homes is just off a 5+ year low. The average days on market is down 3.2% from December 2017 to just 62 days.

Click here to see the full December 2018 Market Report & Statistics

Give us a call or text us at 480-754-9477 or 480-754-9077 and let us know if you’re thinking about buying or selling a home this Winter, as the strong market continues to be good for both buyers and sellers, or if you have questions about this information. And don’t forget to explore our website AzDreamHomesScottsdale.com to see Scottsdale area homes and more helpful articles. – Chris & Cheryl Park

Barrett-Jackson 2019

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Do not miss the 48th Annual Barrett-Jackson Collector Car Auction at Westworld Scottsdale January 12-20th. While driving through McDowell Mountain Ranch this week, you may notice the many historical and luxury cars in town for the auction, and it’s hard not to notice the big white tents as you are driving by the 101 and Frank Lloyd Wright. I’m always amazed to think under the tents is millions of dollars in auto sales every January.

Barrett-Jackson was established in 1971 and headquartered in Scottsdale. They are recognized for offering only the finest selection of quality collector vehicles, outstanding professional service and unrivaled sale success.

More than 1,800 cars and 1,600 car collector items will be on display for all to enjoy! Even if you’re not a car fanatic, there is plenty to do with more than 200 exhibitors and over 70 food vendor locations offering a wide variety of dining options. There will also be interactive exhibits from over 100 sponsors, and don’t forget the people watching! Visit Barrett-Jackson to view schedule of events, tickets and family day information.

Phoenix/Scottsdale Real Estate Market December Update – November 2018 Stats

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Here is the Phoenix/Scottsdale area Monthly Real Estate Market Report for December 2018, which shows 6,642 homes sold in the month of November compared to 7,187 homes in November 2017. This is a 7.6% decrease for the number homes sold year over year. The market has slowed seasonally but remains strong with the average sale price is up 6.3% year over year! And the amount of listed homes is down by 0.2% to 18,413 from 18,448 in November 2017. Demand has slowed seasonally but remains strong going into January when the market improves seasonally. And sales activity is still constrained by the lower supply of listed homes. Supply of listed homes is just off a 5+ year low. The average days on market is down 6.4% from November 2017 to just 59 days!

Click here to see the full November 2018 Market Report & Statistics

Give us a call or text us at 480-754-9477 or 480-754-9077 and let us know if you’re thinking about buying or selling a home this Winter, as the strong market continues to be good for both buyers and sellers, or if you have questions about this information. And don’t forget to explore our website AzDreamHomesScottsdale.com to see Scottsdale area homes and more helpful articles. – Chris & Cheryl Park

Phoenix/Scottsdale Real Estate Market November Update – October 2018 Stats

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Here is the Phoenix/Scottsdale area Monthly Real Estate Market Report for November 2018, which shows 7,325 homes sold in the month of October compared to 7,410 homes in October 2017. This is a 1.2% decrease for the number homes sold year over year, but an increase of 3.7% from last month! The market remains strong with the average sale price is up 12.8% year over year! And the amount of listed homes is down by 3.8% to 18,511 from 19,235 in October 2017. Demand continues to remain strong into Fall, even with sales activity constrained by the lower supply of listed homes. Supply of listed homes is just off of a 5+ year low. And the average days on market is down 13.9% from October 2017 to just 56 days!

Click here to see the full October 2018 Market Report & Statistics

Give us a call or text us at 480-754-9477 or 480-754-9077 if you’re thinking about buying or selling a home this Fall/Winter, as the strong market continues to be good for both buyers and sellers, or if you have questions about this information. And don’t forget to explore our website AzDreamHomesScottsdale.com to see Scottsdale area homes and helpful articles. – Chris & Cheryl Park

What You Need To Know Before Buying A Horse Property

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If you have a horse, or multiple horses, there are plenty properties in the Carefree, Cave Creek, Rio Verde and North Scottsdale to chose from.  Most horse properties are located in unincorporated areas without HOA’s restrictions but there are still various guidelines and regulations that you need to be aware of if you are considering purchasing a horse property.

The issues you should consider are if proper proper permits have been filed by prior/current owners or there is a judgement filed against the property by a bank, a lien holder, or even a level of government. Unless you take the time to investigate and research a piece of property prior to purchasing it, you could find yourself with great financial implications as well as legal issues. 

The areas of Carefree, Cave Creek, Rio Verde Foothills, or Scottsdale are within Maricopa County. The county in itself has ordinances and restrictions based on where the property is situated. While Maricopa County is ultimately the authority in approving land usage. Carefree and Cave Creek municipalities have their own restrictions in addition to the ones in place by the county. 

County Islands – The Unincorporated Land In Maricopa County

 “County Islands”, are the unincorporated Maricopa County” are areas in Maricopa County that aren’t subject to the municipality’s overlays, unless, the property is situated in a specific incorporated area.  These properties are only restricted to Maricopa County, which the Maricopa County Flood Control District could be included. Properties that fall within a floodplain will have a Maricopa County Floodplain overlay.

The zoning of North Scottsdale horse property focuses primarily on setbacks and covered roof area percentages which pertains to square footage overall. Another factor is the number of residential structures located on a zoned property and its usage.  The Maricopa County Zoning Ordinances will provide all Information that relates ordinances, setbacks, use, and zoning.

The Water Issues in North Scottsdale 

Horse property in the Cave Creek area is on municipal water and is known to have significant water issues.  The water supply in other areas may be either hauled in or come from a water well production, dependent on how deep the water is below the ground, the quality of the water, and the water table.

The Floodplain of North Scottsdale 

Maricopa County has areas suitable for horse property are subject to floodplain and floodway, and as such there are additional restrictions regarding building horse arenas, horse barns, horse fencing as well as homesites.  For example, erecting a fence across a floodway requires you to obtain a engineer’s report that determines the flow of water as well as the height and type of the fence structure to be put built. 

The Soil of North Scottsdale

Horse properties in North Scottsdale Arizona area of Maricopa county vary between locations.  The Rio Verde Foothills for example, soil type is stated to as “decomposed granite”, a combination of clay and a fine gravel. When dry, it is hard and slick like concrete, but when wet, becomes gooey. Areas of North Scottsdale have this type of soil, which can be an issue for horses because it does not offer sound footing. Sound footing is needed for those raising horses for barrel racing, cutting, jumping, roping, or working cow horse.  Water is required to minimize dust, compact the dirt and maintain evenness of the ground. Therefore, the water issues combined with the soil in this area both need to be considered when buying land for horse usage.

The Regulations of North Scottsdale 

In regard to buying property for horse use, there are overlays of Maricopa County regulations in Carefree, Cave Creek, Phoenix, and Scottsdale municipalities. Before purchasing property in these areas to use for horses, investigations and research are recommended, which is something we can help you with.

Are you looking to buy a horse property?  Contact Us today!

 

Market Value Versus Assessed Value. What’s the Difference?

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scottsdale townhome photoIt’s important to understand what your home is worth. Knowing your homes value gives you an idea of how much you could receive if you sold the property.  It also plays a part in determining how much property tax you’ll be required to pay.  There are different valuations of a home’s worth and you should understand the difference between market value and assessed value. 

Market value is used to determine how much a buyer would be willing to pay for your home. An appraiser determines market value and is usually hired by your lender. Market value is a vital tool in helping to decide what price to list a property for. Often sellers want to list based on what they feel a buyer should want to pay. However, it is better to list a property based on current market conditions. Market value is based on recent sales of similar homes in the area, along with other factors. 

Assessed value puts market value in the context of property taxes and is based on the laws of the state or county in which you live. Assessed value is calculated as a percentage of the market value of the property. Assessed value is determined by an assessor’s office. Some offices have databases open to the public for you to see the history of your property, as well as what information what factored into its assessment. 

Have more questions about your home’s value? Feel free to send us your questions!  We are always willing to  answer any of your questions so that you can feel comfortable with the home buying or selling process! Contact Us

Click here to get your free home value estimate

Dividing Real Estate Assets When Unmarried Couples Split

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When the more traditional couple, aka married folks, divorce and go their separate ways, the process of dividing up the property is dictated by the law, for the most part. But what about those who choose to live together without the legal binds of marriage, which is approximately 14 percent of those in the age group of 25 to 34 years. 

And many of those 14% have more than divvying up the dishes, linens, and CD collection. They plunged in together and purchased a house. The rules for this situation is different, so if you find yourself considering cohabitation without a walk down the aisle and that legal piece of paper, here are some things you should know if that relationship doesn’t hold. 

Dividing Real Estate Assets – The Difference When You’re Not Married

There are options for married couples that divorce when it comes to dividing property such as a house or other real estate. For instance, one spouse can buy the other spouse’s part, or the property can be sold outright, and the profit is split. If the couple can’t come to an agreement, the court can make the decision for them and force a sale. 

However, the court doesn’t have much jurisdiction when it comes to unmarried homeowners, if the property is equally owned by the unmarried couple. This means that both names need to be on the title. Who paid the most of what is irrelevant.  If one person is determined not sell, it is a problem for the other person to resolve, not a divorce court.

So, what happens if one of the persons agrees to buyout the other person? This can be an expensive move because the transferring of assets also entails tax issues. For a married couple getting a divorce, this is a tax-free transaction. It is recommended that the unmarried couple seek the advice of an accountant and determine what the taxes are before making this decision. 

How Can Unmarried Couples Protect Themselves? 

Because there are legal complications such as that discussed earlier, experts advise for unmarried couples have a written agreement in place before making a major purchase like a house. Yes, this can take the romance out of the relationship, but it is the best way for both parties to protect themselves.

Today, a handshake just isn’t enough if an unmarried couple decides to buy a home as a couple. In just about every state, any agreement made regarding real estate, must be a written agreement. It doesn’t need to be a formal document drawn up by a lawyer either. It can be a simple one-page agreement that states how the property will be divided if the relationship ends. 

This type of contract is referred to as a “Cohabitation Agreement,” and it should state at the minimum the following:

  • If the relationship ends, how will the real estate be divided? Options are selling the property and divide the proceeds, or one person buy the other person’s part. 
  • Determine what percentage of each party will receive of the profits when the property sells
  • If the two parties can’t come to an agreement at the time of the split, how will those disputes be handled? Before going to court, seek the services of an unbiased mediator is the less expensive route.

What If There Isn’t A Cohabitation Agreement?

If no written agreement is drawn up between an unmarried couple prior to buying a home, it can become an expensive and long legal battle.  The legal fees alone can reach $25,000 and upward quickly and can even be more than the property is worth. With that being said, it would be less expensive to have a lawyer draw up the agreement prior to making the purchase. 

Of course, for one person to bring up the cohabitation agreement can be a delicate time, which is why more unmarried couples buying a home together won’t bring the subject up. It can be an awkward situation for a couple, but the future is unknown and protecting one’s self is key to these things. By mapping out how things will be done and stating who owns what ahead of time is only wise. 

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Phoenix/Scottsdale Real Estate Market October Update – September 2018 Stats

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Here is the Phoenix/Scottsdale area Monthly Real Estate Market Report for October 2018, which shows 7,054 homes sold in the month of September compared to 7,496 homes in September 2017. This is a 5.9% decrease for the number homes sold year over year. But the market remains strong with the average sale price is up 7.8% year over year, while the amount of listed homes is down by 9.5% to 16,877 from 18,645 in September 2017. Demand continues to remain strong going into the Fall, even with sales activity constrained by the lower supply of listed homes. Supply of listed homes is near a 5+ year low. And the average days on market is down 12.2% from September 2017 to just 58 days!

Click here to see the full September 2018 Market Report & Statistics

Give us a call or text us at 480-754-9477 or 480-754-9077 if you’re thinking about buying or selling a home this Fall/Winter, as the strong market continues to be good for both buyers and sellers, or if you have questions about this information. And don’t forget to explore our website AzDreamHomesScottsdale.com to see Scottsdale area homes and helpful articles. – Chris & Cheryl Park