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Buying Vs. Renting

by The Russo Team

Buying Vs. Renting

Despite rising rental rates, buying a home still cost less than renting. Here’s why:   

Rental rates have been rising for the last few years and are continuing to increase across the country. These sharply rising rates are steadily making renting a more expensive option than buying a home. That’s why you’ll notice that monthly rental payment costs are trumping monthly mortgage costs.

Owning a home give buyers an advantage of cost saving tax breaks that renters do not have access to.  Home owners can deduct mortgage interest, property taxes, a percentage of energy efficient upgrades, and more.

According to the Rent vs. Buy Report from Trulia, buying costs less than renting in all 100 large U.S. metros. In fact, homeownership is thirty-eight percent cheaper than renting nationally according to Trulia Chief Economist, Jed Kolko. Low mortgage rates have made homeownership more affordable.

If you’re ready stop renting and buy a home in Phoenix, please contact The Russo Team today. We’ll help make your home buying experience the best it can be!

Frank Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com
602-864-1200

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June 2018 RE/MAX National Housing Report

by The Russo Team

June 2018 RE/MAX National Housing Report

We’re already halfway through 2018 and the housing prices are at record highs, while inventory is at record lows and home sales are trailing 2017’s pace, according to the RE/MAX National Housing Report. June sales were 5.5 percent lower than June 2017 in the fifty-four metro areas surveyed, marking the seventh consecutive month of year-over-year declines.

Headed in the opposite direction, the June Median Sales Price of $258,500 was an all-time high in the nine-year history of the report. It was 5.1 percent higher than the $245,000 recorded last June, bringing the consecutive months of year-over-year price increases to 27. In each of the previous five years – going back to June 2013’s $193,750 – June has posted the highest Median Sales Price of the year.

Forty-two of the fifty-four metro areas reported a year-over-year drop in inventory. That years-long trend is reflected in Months Supply of Inventory dropping to 2.7 – down 8.8 percent year-over-year and the smallest figure ever recorded for June. Fewer houses for sale generally results in a faster process: Homes sold in June averaged just forty-two Days on Market – five days less than June 2017 and three days under the previous nine-year low of forty-five days.

“Year-over-year prices have been climbing for more than two years now, which is great news for homeowners and sellers,” said RE/MAX CEO Adam Contos. “In the hottest markets, demand is especially high because there simply aren’t that many homes for sale. The slower sales figures we’re seeing are tied to inventory more than anything else. Lack of inventory has become a theme for the year. Having fewer homes to choose from poses a challenge for buyers, who need to be ready to act decisively and quickly. Working with a full-time, professional RE/MAX agent can prepare them for that.”

Visit: https://rem.ax/2phKHWT to access the housing report infographic, or click here to download your copy of the June 2018 RE/MAX National Housing Report. Looking to sell your Phoenix home or buy a home in Phoenix this summer? Contact The Russo Team today and receive a complimentary analysis of your home’s approximate present value on the market today. Your complete satisfaction with our service and representation is always our number one priority! – Frank

Frank Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

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Have You Explored the Roosevelt Row Arts District?

by The Russo Team

Have You Explored the Roosevelt Row Arts District?

Have you explored the Roosevelt Row Arts District? If you want to support local art and culture in the historical downtown Phoenix area, then you’ll definitely want to add that to your to-do list this summer. Also known as RoRo by the locals, the Roosevelt Row Arts District is a walkable, creative district in the urban core of downtown Phoenix that is nationally known for its arts and cultural events, award-winning restaurants, galleries, boutiques and live music. Roosevelt Row begins at 7th Avenue and extends east to 16th Street. On the north side it begins at Interstate 10 and extends south to Fillmore Street.

Once a run-down area filled with abandoned buildings and former crack houses, talented local artists begin utilizing the space for affordable studio and gallery space. And thanks to the arts becoming a major factor in the revitalization of the area, the Roosevelt Row Arts District has since re-emerged as one of the most dynamic areas in downtown Phoenix.

This fantastic district is fostering an urban renewal with rehabilitated bungalows and new infill projects, and connects downtown Phoenix to historic neighborhoods including F.Q. Story, Willow, Roosevelt, Historic Roosevelt and Grand Avenue just to name a few.

Even if you’ve been here before, there’s always a variety of activities, artists, and festivals to entertain even the most seasoned signs of downtown Phoenix visitors and natives. For more info and upcoming events happening in the Roosevelt Row Arts District, visit http://www.rooseveltrow.org. And for more local events happening in the signs of downtown Phoenix area, please contact the Russo Team today.

Frank Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

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May 2018 RE/MAX National Housing Report

by The Russo Team

May 2018 RE/MAX National Housing Report

Have you heard? Homes sold faster in May than at virtually any other time in the past decade, according to the latest RE/MAX National Housing Report. Low inventory and high demand in May cut Days on Market to 46, the second-lowest monthly number in the nearly 10-year history of the report.

May home sales topped April sales by 14.5 percent, and were down by 2.8 percent from May 2017. The median sales price of $251,673 was up 7.8%. To access the housing report infographic, visit: https://rem.ax/2phKHWT.  By comparison, homes averaged five more days on the market (51) in May 2017, 12 more days (58) in May 2016 and 18 more days (64) in 2015.

“Even with low inventory and the Federal Reserve raising interest rates, homes are going from ‘for sale’ to sold 28 percent faster than three years ago,” said RE/MAX CEO Adam Contos.

With eleven metro areas increasing the median sales price year-over-year by double digits, May is still a seller’s market, and homebuyers should expect to compete with other buyers when they are ready to make an offer on a home.

“Be prepared — that’s my message to potential homebuyers in this summer selling season,” added Contos. “Make sure you are pre-approved with a lender, try to make a clean offer with no contingencies and, if possible, consider offering favorable concessions to the seller such as a flexible closing date. Pairing today’s real estate technology with the guidance of a professional RE/MAX agent, can help you find the right home.”

 The average Days on Market for homes sold in May 2018 was 46, down six days from the average in April 2018, and down five days from the May 2017 average. The number of homes for sale in May 2018 was up 4 percent from April 2018, and down 9.5 percent from May 2017.

Based on the rate of home sales in May, the Months Supply of Inventory remained unchanged from April 2018 at 2.5, and slightly decreased compared to 2.6 in May 2017. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In May 2018, all 54 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market. For more information or to download a copy of the  May 2018 National Housing Report click here.

Looking to sell your Phoenix home or buy a home in Phoenix this summer? Contact The Russo Team today and receive a complimentary analysis of your home’s approximate present value on the market today. Your complete satisfaction with our service and representation is always our number one priority! – Frank

Frank Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

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Spring 2018 RE/MAX National Housing Report Reflects Home Sale Increase

Home sales increased 2.3 percent year-over-year in April 2018 in the face of record low inventory and the second-highest median sales price in the nine-year history of the RE/MAX National Housing Report. To access the housing report infographic, visit: https://rem.ax/2phKHWT.   

“If 2018 is like recent years, we’re only two months away from home prices peaking — we’re already seeing some impressive prices moving up in markets throughout the U.S.,” said RE/MAX CEO Adam Contos. “As we head into summer, we’ll watch several housing markers like home starts, mortgage applications and sales price to gauge the effect they’ll have on inventory across the country — the good news is that the rate of sales helps accommodate a shrinking inventory and buyers can still find opportunities.”

The $243,000 Median Sales Price was a record for April and was second only in report history to $245,000 in June 2017. In each of the last five years, June has produced the year’s highest Median Sales Price, with July or August posting the second-highest monthly price each year.

Thirty-eight of the fifty-three markets in the report posted more sales than in April 2017, while the 2.5 months supply of inventory tied March as the lowest ever, in the history of the report. The average Days on Market in April was fifty-two — that’s five days less than April 2017 and a RE/MAX National Housing Report record for the month.

In April 2018, the median of all 53 metro Median Sales Prices was $243,000, up 3.0 percent from March 2018 and up 7.5 percent from April 2017. The number of homes for sale in April 2018 was up 3.4 percent from March 2018, and down 11.3 percent from April 2017. Based on the rate of home sales in April, the Months Supply of Inventory remained at 2.5 from March 2018, and decreased compared to April 2017 at 2.8. A 6.0-months supply historically indicates a market that’s balanced equally between buyers and sellers. In April 2018, all 53 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market. Please click here to download a copy of the most recent RE/MAX National Housing Report.

Looking to sell your Phoenix home or buy a home in Phoenix? Contact The Russo Team today and receive a complimentary analysis of your home’s approximate present value on the market today. Your complete satisfaction with our service and representation is always our number one priority!

Frank Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com
602-864-1200

Search the MLS Now!

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3 Ways to Avoid Home Improvement Scams

by The Russo Team

3 Ways to Avoid Home Improvement Scams

Each spring and summer, professional home improvement scammers roam the U.S. in search of victims. Scams include everything from offering unbelievable deals that end up with hidden fees to using low-quality materials and not doing quality work. If you’re in the market for making big repairs to your property this season, here are 3 ways to avoid home improvement scams.

1.) Do Your Research: Before you pick a company for your home improvement project take the time to do your research. This includes price matching, reading online reviews, calling at least three verifiable references and checking reputable sites such as the Better Business Bureau for any issues or concerns. 

2.) Get Everything in Writing: Keeping a paper trail is essential for avoiding home improvement scams. It’s important to communicate your needs and get a written contract that lists the specific work to be done, costs, materials to be used, start and completion dates, and warranty information on products and installation. Read the fine print carefully and do not permit work before signing it.

3.) Pay with a Credit Card: Cash may be king, but when it comes to paying for services it may be best to pay with a credit card. Doing so will ensure that you have protection against scammers. If you pay with a credit card, your credit card company can work with you to dispute the charge if you end up working with a dishonest contractor or technician who asks you to pay up front then leaves before the project is finished or does not complete what was promised. 

If you do your research, get everything in a contract and use a form of payment that can be disputed if needed, you’re more likely to avoid home improvement scams. For more homeowner tips or if you’re looking to buy a home in Phoenix, please contact The Russo Team today!

Frank Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

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April 2018 National Housing Report

by The Russo Team

April 2018 National Housing Report

If you are looking for a new home, chances are you’re not finding many homes on the market. If you’re a seller, you have likely noticed the value of your home is rising — no matter what part of the country you live in. According to the April 2018 RE/MAX National Housing Report, home prices continued to climb year-over-year for the twenty-fourth consecutive month in March, while home sales continued to decline for a fourth consecutive month, making it a seller’s market in most regions of the country.

“Homebuyers shouldn’t be discouraged by the record-breaking numbers — even with higher prices and closed transactions, this March marks the second-highest in sales in the history of the RE/MAX National Housing Report,” said RE/MAX CEO Adam Contos. “It’s more important than ever to work with an experienced RE/MAX agent who is invested and involved in their community. They are dialed into the nuances of a neighborhood, making your home search or sale easier and quicker. We also look at the Days on Market as another indicator of tight inventory and the national average stands at 60 days. That’s four days less than a year ago and another March record-breaker.” “

Of the fifty-four metro areas surveyed in March 2018, the overall average number of home sales increased +36.6 percent compared to February 2018 and decreased -5.3 percent compared to March 2017. In March 2018, the median of all fifty-four metro Median Sales Prices was $236,000, up +3.2 percent from February 2018 and up +4.9 percent from March 2017. The average Days on Market for homes sold in March 2018 was sixty, down two days from the average in February 2018, and down four days from the March 2017 average. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed. To access the housing report infographic, visit: https://rem.ax/2phKHWT or click here to download a copy of the RE/MAX April 2018 National Housing Report

Looking to sell your Phoenix home or buy a home in Phoenix? Contact The Russo Team today and receive a complimentary analysis of your home’s approximate present value on the market today. Your complete satisfaction with our service and representation is always our number one priority!

Frank Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

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Stunning Sun City Grand Golf Course Property for Sale

by The Russo Team

Stunning Sun City Grand Golf Course Property for Sale

This is it! Situated on a quiet cul-de-sac, this stunning Sun City Grand golf course property for sale features three bedrooms, two baths and is move-in ready! The professionally designed, modified floor plan is perfect for entertaining. The spacious kitchen features new granite counter tops with two areas accommodating eight to ten bar stools, pull-out shelves in the cabinets, new stainless sink and faucet, stainless steel GE Appliance package and a wine fridge. The Master bath and guest bath both feature new sinks, a marble counter top and upgraded lavatory faucets.

New plank tile flooring is beautifully laid throughout main living areas and third bedroom, and patterned carpet is in the master bed and guest bedroom. The Interior laundry area features additional pantry storage and marble top desk or prep area. Other great features included are a newer air conditioner, hot water heater and garage door opener.

Watch the sun rise and set from your backyard. Sitting on the seventh hole of the Granite Falls South Course, this home features panoramic fairway views from the south facing patio. Outdoor space also includes paint in and out, chiseled travertine front walkway, back patio Flagstone, and stone wall accents. Bonus features include an extended garage, water softener, filter and reverse osmosis system as well as tasteful landscape lighting and a computerized drip system for easy lawn maintenance.

This is easily one of the nicest three bedroom homes you will find in Grand! Contact The Russo Team to schedule a private showing to view this stunning Sun City Grand gem located at 16519 W ARROYO Court, Surprise, AZ today!

Frank Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

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Top 3 Most In-Demand Home Upgrades in 2018

by The Russo Team

Top 3 Most In-Demand Home Upgrades in 2018

Planning a remodel? Updating your home with savvy new upgrades to enhance your lifestyle and make home life even easier is on many to-do lists for homeowners this year. Here are the top 3 most in-demand home upgrades in 2018.

1.) Matte Finishes: Matte will be major in 2018, especially in the kitchen. “The next new trend in surfaces are unique textures such as linen granite and hammered basalt tiles—both in a modern matte finish,” says Sarah Stacey of Sarah Stacey Interior Design in Austin, Texas. Matte appliances will also come on strong next year.

2.) Tank-less Water Heaters: Saving money and energy is a priority every year, but more people will be installing tankless water heaters in 2018. These devices provide only “as-needed” hot water, at a rate of about two to five gallons per minute. They’re available in both gas and electric models, and because they’re smaller than traditional tanks, they’re also great if you want to save space.

3.) Guest Suites: Extended families living under one roof are becoming more common—and that may now mean the addition of an in-law suite (complete with small kitchen, full bath, and bedroom). To keep elder loved ones safe and comfortable, these suites include slip-proof flooring, fewer stairs, and wider doorways to accommodate wheelchairs.

Which of these top 3 most in-demand home upgrades would you add to your home? To stay abreast of current real estate trends or if you’re in the market to buy or sell your Phoenix home, please contact The Russo Team today!

Frank Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

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Welcome to the Roosevelt Row Arts District

by The Russo Team

Welcome to the Roosevelt Row Arts District

Looking to support local art and culture in the historical downtown Phoenix area? Welcome to the Roosevelt Row Arts District! Known as “RoRo” by the locals, the Roosevelt Row Arts District is a walkable, creative district in the urban core of downtown Phoenix that is nationally known for its arts and cultural events, award-winning restaurants, galleries, boutiques and live music.

Once a run-down area filled with abandoned buildings and former crack houses, talented local artists begin utilizing the space for affordable studio and gallery space. And thanks to the arts becoming a major factor in the revitalization of the area, the Roosevelt Row Arts District has since re-emerged as one of the most dynamic areas in downtown Phoenix.

This fantastic district is fostering an urban renewal with rehabilitated bungalows and new infill projects, and connects downtown Phoenix to historic neighborhoods including F.Q. Story, Willow, Roosevelt, Historic Roosevelt and Grand Avenue just to name a few. Roosevelt Row begins at 7th Avenue and extends east to 16th Street. On the north side it begins at Interstate 10 and extends south to Fillmore Street.

Even if you’ve been before, there’s always a variety of activities, artists, and festivals to entertain even the most seasoned Phoenix natives. For upcoming events happening near the Roosevelt Row Arts District or if you’re interested in buying a home in the signs of downtown Phoenix area, please contact The Russo Team today.

Frank Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

Search the MLS Now!

Join us on Facebook and Twitter

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The Russo Team
RE/MAX Professionals
7111 West Bell Rd. Ste 101
Glendale AZ 85308
602-864-1200
602-739-2727
Fax: 623-643-1008

RE/MAX Professionals. Each office independently owned and operated.