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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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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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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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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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Professional, Prompt and Patient

by The Russo Team

Professional, Prompt and Patient

The Russo Team has helped our clients buy and sell over 5,000 homes for over thirty years in the Valley of the Sun. We’ve proudly built a foundation of success with repeat and referral business. Here’s what one of our clients had to say about their selling experience, and why they’ll be using The Russo Team again.

“Alex and I wanted to thank you for all of your help in selling our home in Arizona. We had a few REALTORS to pick from and immediately knew you would be the perfect agent to use after our initial meeting. You were by far more professional and more prompt than the others we met. We were thrilled with all of your ideas on listing our house and we were so pleased when we received multiple offers on our house two days after it went on the market. We appreciate all of your hard work and your patience with our relocation and thank you for keeping us in the loop on everything going on with our house. We will definitely be passing your information onto our friends back in Phoenix and will certainly recommend that they contact you when they are in need of a REALTOR. Thank you again for taking such good care of our house and for making the whole process seamless and stress-free.”Amy and Alex E

Looking to buy or sell your Phoenix home? The Russo Team is professional, prompt and patient will support you every step of the way to make your real estate experience better than you could have ever expected. Contact The Russo Team today if you want unparalleled service in the Greater Phoenix, Arizona real estate market. Your complete satisfaction with our service and representation is our first priority! –Frank

Frank Russo

Russo Team

RE/MAX Professionals

www.RussoTeam.com

602-864-1200

Search the MLS Now!

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4 Successful Staging Hacks to Sell Your Home Today

by The Russo Team

4 Successful Staging Hacks to Sell Your Home Today

If you’re like most homeowners trying to sell your Phoenix home you’ll find you’re competing with lots of other listings, sometimes even in your own neighborhood. One of the best moves you can make before you show your home is to implement home staging. For those who don’t know, staging is the art of making your home look more appealing to potential buyers and can be the beneficial extra touch that moves buyers to strike now. Here are 4 successful staging hacks to sell your home today.

1.) Spruce up Curb Appeal: The outside of your property is the first thing buyers will see, so it’s important to make a good first impression. You’ll want to make certain your walkways are well lit and free of debris and spider webs.  Spraying for weeds is also important, especially if your home features a desert landscape or a nicely maintained lawn. If you don’t have time to focus on the outdoors, don’t be afraid to enlist the help of an affordable landscaper.

2.) Wonderful Windows: Nothing opens up a room more than beautiful, natural lighting. If you take the time to clean the windows in your home, you’ll allow more light in which makes rooms seem brighter and more open. As an added bonus, clean windows can show off a beautiful desert or mountain view.

3.) Declutter: Clutter is a home’s worst enemy. It makes a space seem smaller and can distract homebuyers from nice features. Anything from too many pictures on the wall to stacks of mail can turn potential buyers off. Start small by going room to room removing unnecessary items from view and storing them away. A tidy, de-cluttered home can help a potential buyer better visualize their own furniture in the space.

6.) Powerful Paint: If these walls could talk, they should definitely have good things to say about your home. Patching, repairing, and touching up scrapes is crucial, and a fresh coat of paint can make the difference between your home selling or sitting on the market. Peeling paint outdoors should absolutely be addressed. Want to make a statement the moment a buyer pull ups to the curb? Try adding a new coat of paint to the front door and adding a new welcome mat to invite would be buyers into their new prospective home.

Implementing these 4 successful staging hacks to sell your home today can help give you a great edge over other listings. If you are looking to sell your Phoenix home or would like more information about what it takes to sell your property, 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

RE/MAX May 2016 National Housing Report

by The Russo Team

RE/MAX May 2016 National Housing Report 

The 2016 home-buying season is just beginning and the real estate market is already off to a good start! April sales saw a 7.5 percent increase over March and a 3.2 percent rise over April last year according to the RE/MAX May 2016 National Housing Report. The Median Sales Price in April was $215,000, which was 5.4 percent higher than one year ago.

The inventory of homes for sale remains very tight in many markets across the country, with the April inventory 15.2 percent lower than April 2015. At the rate of home sales in April, the national Months Supply of Inventory was 3.2, down from 3.7 in March. While inventory remains much lower than last year, there are signs of stabilization month-to-month. Based on the rate of home sales in April, the Month’s Supply of Inventory was 3.2, which is nearly identical to last month and last year, 3.7 and 3.6 respectively.
 
“Even though inventory remained tight, April still saw a demand for homes at a level higher than one year ago. Homebuyers realize that interest rates are historically low and mortgage accessibility appears to be improving along with the overall economy. Price increases make it possible for homeowners to feel comfortable selling, but they aren’t at a level that keeps first-time buyers out of the market,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.
 
Click here to download a copy of the RE/MAX May 2016 National Housing Report. If you’re ready to buy a Phoenix home or sell your Arizona home, 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
The Russo Team
RE/MAX Professionals
www.RussoTeam.com
602-864-1200

Search the MLS Now!
Join us on Facebook and Twitter

3 ways to stage your home for sale

by The Russo Team

3 ways to stage your home for sale

If you’re like most homeowners trying to sell your Phoenix home in this booming seller’s market, you may find you’re competing with other listings in your neighborhood. One of the best ways to make your home stand out among the competition is to stage it. Staging is the art of making your home look more appealing to potential buyers and can be the beneficial extra touch that persuades buyers to buy now! Here are 3 ways to stage your home for sale.

1.) Cute Curb Appeal: The exterior of your home is the first thing buyers will see, so it’s important to make a good first impression. You’ll want to make certain your walkways are well lit and free of debris and spider webs.  Spraying for weeds is also important, especially if your home features a desert landscape or a nicely maintained lawn. Want to make a statement the moment a buyer pull ups to the curb? Try adding a new coat of paint to the front door and adding a new welcome mat to invite would be buyers into their new prospective home.

2.) Windows that Wow: Nothing opens up a room more than beautiful, natural lighting. If you take the time to clean the windows in your home, you’ll allow more light in which makes rooms seem brighter and more open. As an added bonus, clean windows can show off a beautiful desert or mountain view.

3.) Cut Clutter: Clutter is a home’s worst enemy. It makes a space seem smaller and can distract homebuyers from some of your home’s nicer features like spacious closets or an open great room plan. Anything from too many pictures on the wall to cluttered kitchen countertops to stacks of mail can turn potential buyers off. Start small by going room to room removing unnecessary items from view and storing them away. A tidy, de-cluttered home can help a potential buyer better visualize their own furniture in the space.

Whether you start small or use all 3 ways to stage your home for sale any time you invest on making your home look more appealing can help give you a great advantage in today’s seller’s market. If you’re ready to sell your Phoenix home, 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

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

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