Scottsdale AZ Real Estate & Lifestyle

Live Better in Scottsdale - eXp Realty

Heather Tawes Nelson

Things to do in Scottsdale – Late April 2019

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– Scottsdale Events in Late April –

Scottsdale Events April 2019

Here is part two for things to do in and around Scottsdale in April. The first post covered early April, and now here are some ideas for the rest of the month.

  • Bugs. BIG Bugs at the Phoenix Zoo – Through April 28th – This exhibit that features 21 enormous, animatronic bugs is almost at the end of its run. Be sure to visit the Zoo before the 28th to marvel at these big bugs!
  • Wicked – Through May 5th – This popular adaptation with characters from the Wizard of Oz is at the ASU Gammage Theater.
  • Electric Desert at the Desert Botanical Garden – Through May 12th – If you have not had a chance to experience Electric Desert, we highly recommend attending before it ends on May 12th. The desert becomes the backdrop for multi-sensory sound and light shows all over the garden.
  • Nirvana Food and Wine Festival – April 24th – 28th –  This multi-date event frequently sells out the different events offered due to its popularity. Local and celebrity chefs alike host tasting events, dinners and more.
  • Junk in the Trunk Vintage Market –  April 26th – 28th – This fun vintage market with live music will be back at WestWorld. Over 150 vendors and artisans will have their offerings for sale. Food trucks will also be there in case you need to fuel up.
  • Harry Potter and The Phoenix Symphony – April 26th – 28th – Enjoy Harry Potter and the Goblet of Fire on the screen while The Phoenix Symphony plays the live score.
  • Canvas and Couture – April 27th – Taliesin West is hosting this event that benefits the Scottsdale Artists’ School. Enjoy lunch and drinks followed by an impressive fashion show.
  • Larry Fitzgerald’s Celebrity Softball Game – April 27th – This is the 9th year this family-friendly event will be taking place, Larry and celebrity friends will be on site for autographs and what is sure to be an entertaining softball game. Bring canned food to donate and be entered for prizes. A separate VIP party after the game will also take place.

This is only a small list of things going on around the Valley. Feel free to add any others in the comments.

 

Scottsdale AZ Single Family Home Sales – March 2019

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– March 2019 Scottsdale Homes for Sale and Home Sales –

We saw Scottsdale home sales activity increase quite a bit in March as we hit the peak of high season.

SCOTTSDALE HOME SALES ACTIVITY – MARCH 2019

Below are the sales figures we track each month:

– Single-family homes for sale – Orange Line – How many homes were for sale at the end of the month.*
– Under contract, but accepting backup offers (UCB) – Gray Line – How many homes were in UCB status at the end of the month.*
– Pending home sales – Yellow Line – How many home sales were pending at the end of the month.*
– Home Sales – Blue Line – The number of homes sold during the month.

MARCH 2019 RESULTS

Scottsdale home sales March 2019

  • Scottsdale Homes for Sale: The number of homes for sale was up slightly at the end of March to 1,982.
  • UCB (Under contract, accepting backup offers): UCB contracts were up to 336, a 20.9% increase over February
  • Pending Homes Sales in Scottsdale: Pending sales also saw a healthy jump to 332, a 15.3% increase over the prior month.
  • Scottsdale Home Sales: Home sales came in above 400 for the first time in 2019. This is still trailing from where we were last year at this time, but we could see momentum pick up in April.

This next section contains information on two more sales metrics that we track on a monthly basis.

Scottsdale real estate March 2019

The first metric compares sales activity to the month prior. As you can see, March home sales in Scottsdale were up 23.1% over February.

The second metric looks at what homes sold for on average compared to their average list prices. In March, it was 96.3%, meaning that buyers on average saw a 3.7% discount off of asking prices.

*Figures for active homes for sale, UCB sales and pending sales are based on the numbers at the end of the month.

Search Scottsdale AZ Homes for Sale

Here is a sampling of some of the homes on the market, or click the link above to see all of the homes for sale.

Curious about your buying power? 

 

Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2019. Information deemed reliable, but not guaranteed. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2019 Heather Tawes Nelson | Joyce Tawes

What’s Your Home Buying Power?

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If you’re in the market for a new home or investment property, one of the first questions you’ll probably ask is, “How much house can we afford?” Many buyers become so caught up in how much they can afford that they don’t realize their total buying power—that is, the total amount of purchasing potential they actually have.

What’s Your Home Buying Power?

 

 

Buying Power Defined

Your buying power is comprised of the total amount of money you have available each month for a mortgage payment. This means the money you have each month after fixed bills and expenses. Any money you’ve saved for a down payment, the proceeds from the sale of your current home, if applicable, and the amount of money you’re qualified to borrow all impact your buying power as well. When you take all of this into account, you may find you are able to purchase a larger home or a home in a more desirable neighborhood, or you might realize you should be looking for homes in a lower price range.

 

What About Housing Affordability?

Housing affordability is a metric used by real estate experts to assess whether or not the average family earning an average wage could qualify for a mortgage on the average home.1 Although this figure is essential to creating a comprehensive overview of the real estate market, it’s not a factor you should consider in your home search. What may be considered affordable to you based on your income and other factors may be different than what’s affordable to the average buyer.

 

Why Buying Power Matters

A common misunderstanding is that a home’s list price determines whether or not you can purchase it. Although it’s important to look at the price tag, it’s essential to consider what your monthly payment will be if you own the home.

After all, the purchase price won’t include the housing-related expenses such as annual property taxes, homeowner insurance, associated monthly fees and any maintenance or repairs. Instead, you need to figure out what your monthly payments will be. This will prevent you from overestimating or underestimating your buying power. After all, you have to live with your monthly budgeted payments, not the sales price.

Once you have clarity on your buying power, you’ll be able to focus on the home you want, instead of settling for a home because you feel it’s the only one you can afford. It will also prevent you from becoming “house poor,” a common term for someone who’s put all their money toward the down payment, leaving them nothing left over outside of their monthly house payment. Both scenarios can negatively impact the lifestyle you want to live.

Understanding your buying power can help you get the home you want without sacrificing the lifestyle you desire.

If you haven’t sold your current home yet, a Comparative Market Assessment (CMA) will give you a general idea of how much you may get for your home based on what other homes have sold for in your area. Contact our team for a FREE CMA!

 

Calculating Your Buying Power

You might be wondering, “How do I know what my buying power is?”

Buying power is calculated by adding the money you’ve saved for a down payment and/or the money you made from selling your home (minus fees and mortgage payoff) to all of your sources of income and investments that could be used to make your monthly payment.

Make sure to include your monthly pay, commissions or tips, dividends from investments, payments from rental properties or other monthly income you receive as well as the loan amount you’re willing to finance and qualify for.

Most lenders advised buyers to spend no more than 35 to 45 percent of their pretax income on housing, meaning all of your income and sources of revenue prior to paying taxes. Make sure you factor in not only your mortgage payment, but also property tax and home insurance to the cost of housing.2 However, other financial experts advise spending no more than a very conservative 25 percent of your after-tax income on your housing expenses.2  Whether you plan to spend the average, play it conservative or split the difference is up to you.

Traditionally, mortgage lenders have targeted the ideal housing expense amount to be a ratio of 28 percent or less.3

However, these figures bring up an important point: you don’t have to spend all of your savings and available monthly income on a mortgage payment. It’s important to set money aside for regular home maintenance, unexpected repairs and monthly fees, such as a condominium or homeowners association fee.

While the above ratios are commonly accepted, a lender will look at your total financial picture when they decide how much they’re willing to lend. It may be tempting to take out a large loan in order to purchase the home of your dreams, but keep in mind the less money you have to borrow, the stronger your buying power may be.

 

4 Things That Impact Buying Power

  1. Credit score. A great score can help you lock into a lower interest rate.
  1. Debt-to-income ratio. The lower the ratio, the better the risk you may be to lenders as long as you have an established credit history.
  1. Assets, including the documentation of where the money for the purchase is coming from and the mix of your investments.
  1. Down payment. The more you’re able to put down, the less you will have to borrow. With a down payment of 20 percent or more, you won’t have to purchase private mortgage insurance (PMI) and you may also be able to negotiate a lower interest rate.

 

How to Save for a Down Payment

If you’re thinking of buying a home one day, one of the first steps to take is to start saving for a down payment. Here are some tips to make saving easier.

First-time buyers:

  1. Set a savings goal. One way to figure out how much to save is to use the average sales price for homes that are similar to what you want and figure out your target down payment percentage. For example, if homes are selling for $200,000 in your area and you want to put 20 percent down, you’ll have to save $40,000. Set a goal to save that amount within a specific time frame; just keep in mind the longer you save, the more the average selling price will change. Although the majority of buyers saved for six months or less, 29 percent of all buyers (and 31 percent of first-time buyers) saved for more than two years for a down payment.4 
  1. Cut back on expenses. Review your monthly expenses and look for ways to save. Twenty-nine percent of buyers cut spending on non-essential items and 22 percent cut spending on entertainment while they were saving for a home.4 Think about items you can live without or cut back on temporarily while you’re saving. 
  1. Look for ways to boost your income. Get a side job or sell items online or at a garage sale to increase your income in a short amount of time. Be sure to save any windfalls you get, including your annual income tax refund or work bonuses. 
  1. Check out home-buying programs. Your state, county or local government may offer special programs, such as grants, for first-time buyers to use. 
  1. Ask your family. Thirteen percent of all buyers, and 24 percent of first-time buyers, were given money from family or friends to use toward the down payment of their home.4

Repeat buyers:

More than 52 percent of repeat buyers used the proceeds from the sale of their primary residence toward the down payment on their next home.4 Similarly, 76 percent tapped into their savings accounts.4 If you’re thinking of buying another home, here are more ways to save more money, in addition to the tips listed above:

  1. Rent a room. If you have an income flat (or mother-in-law unit) attached to your home, rent it out and channel the income into a high-interest savings account.
  1. Make your money work for you. If you don’t plan to buy for at least five years, invest it and let the compound interest work for you. Discuss this option with your financial planner or broker to see if this is ideal for you and your goals. 
  1. Tap into your 401(k). If you have a 401(k) plan, you may be allowed to borrow a portion of it, the lesser of up to $50,000 or half of its value, for your down payment. Remember, it’s a loan so you’ll have to pay it back. If you leave or lose your job before you’ve repaid the loan, you’ll have between 60 to 90 days to repay the balance or face stiff taxes and penalties.

 

If you want to buy an investment property

Whether you’re buying a second home or a rental property, here are a couple of tips to save for a down payment.

  1. Tap into your equity. If you’ve paid off or paid down your mortgage on your primary home, you may be able to tap into your equity to purchase another property. Contact your lender to learn more about a HELOC (home equity line of credit) or a home equity loan.
  1. Get a partner. Find a friend or relative who’s willing to purchase property with you. Typically, you’ll split the costs and profits equally. Just make sure to work with an attorney to create a partnership agreement to fit your situation.

 

Work Out Your Buying Potential

What’s your buying potential? Fill out this worksheet to get an estimate.

Housing Expense Ratio:
1. Monthly income before taxes $
2. Multiply line 1 by 0.28 X 0.28
3. Monthly mortgage payment (PITI) should not exceed this amount = $
4. Monthly income before taxes $
5. Multiply line 4 by 0.36 X 0.36
6. Total monthly payments on all debts (including mortgage) should not exceed this amount = $
7.  Subtract the total monthly payments on all outstanding debts (e.g., car loans, credit cards, student loans, etc.) – $
8. The monthly mortgage payment should not exceed this amount $
9. Look at line 3 and line 8. The lower figure is an estimate of the maximum mortgage payment in consideration of your income and debts. $
10. Multiply line 9 by 0.80 X 0.80
11. This equals the portion of your mortgage payment that is the principal and interest only $
12. Use the table below to see the size of the loan you may be able to obtain with this monthly mortgage payment.

Source: Iowa State University Extension, What is your house-buying power?


Monthly Payment on 30-Year Fixed Rate Mortgage

Loan amount 3% 3.5% 4% 4.5% 5% 5.5% 6%
$50,000 211 225 239 253 268 284 300
$75,000 316 337 358 380 402 426 450
$100,000 421 449 477 506 536 568 600
$150,000 632 674 716 759 804 852 900
$200,000 842 898 954 1012 1072 1136 1200
$250,000 1052 1123 1193 1265 1340 1420 1500
$300,000 1263 1347 1431 1518 1608 1704 1800

 

Didn’t see your desired loan amount? Use the table below to estimate your monthly payment (principal and interest) per $1,000 of your loan. To figure out an estimated loan payment, multiply the factor by the number of thousands in the amount of your mortgage.

For example, if you intend to borrow $400,000, with a loan term of 30 years at 4% interest, multiply 4.77x 400 = $1,908 per month.

Interest Rate 15-Year Term 30-Year Term
Monthly Payment Monthly Payment
3% 6.90 4.21
3.5% 7.14 4.49
4% 7.39 4.77
4.5% 7.64 5.06
5% 7.90 5.36
5.5% 8.18 5.68
6% 8.44 6.00

Source: HSH.com https://www.hsh.com/mopaytable-print.html)

 

Don’t forget to factor in property taxes and insurance. These are often added to your principal and interest of your mortgage payment—the money used to pay down the balance of your loan and the charge for borrowing the money. Since these numbers vary, contact your county assessor’s office for the current property tax rate and your insurer for a home insurance quote. Once you have these figures, divide each by 12 to estimate how much they’ll add to the above payment amounts.

 

Do you want a clearer picture of your buying power? Would you like to see what kind of homes you can get with your buying power? Give us a call!

 

Sources:

  1. National Association of REALTORS https://www.nar.realtor/topics/housing-affordability-index/methodology
  2. Moneyunder30.com https://www.moneyunder30.com/percentage-income-mortgage-payments
  3. Credit.com https://www.credit.com/loans/mortgage-questions/how-to-determine-your-monthly-housing-budget/
  4. National Association of REALTORS, 2016 Profile of Home Buyers and Sellers
  5. Iowa State University Extension, What is your house-buying power? https://store.extension.iastate.edu/product/pm1460-pdf
  6. HSH.com https://www.hsh.com/mopaytable-print.html

Should You Buy a New or Existing Home?

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Maybe your dream home has the intricate details that you usually find only in older construction – the front porch with a swing, mature citrus trees in the back yard, and vintage touches.

Or maybe your dream home has all the conveniences of modern living – an open floor plan in the living and dining spaces, large windows, connected, “smart” appliances and security systems, and minimalist design elements.

Whether you go for a brand new construction or an existing home, both types of properties have their pros and cons when it comes to purchasing. What type of home is right for you will depend on which factors are most important for your lifestyle.

Buy a new or resale home

Design your dream home with new construction

If you’re making a home purchase that’s still in the pre-construction phase, you may be able to customize many of the details and finishes. Many home builders will give you the option to add design elements that will give you the exact dream home you desire. If it’s a new subdivision, you may even be able to pick which lot you like best.

Very early in the building process, you may have more room to customize. For example, if the walls aren’t complete, you may be able to add extra outlets in each of the rooms or custom wiring for surround sound in the media room. Perhaps you could move the laundry room to the top floor instead of the basement.

Later in the building process, you may be able to add your pick of countertops, an island, and custom cabinets in the kitchen. Your master bathroom could be upgraded with a steam shower, spa tub, and European fixtures. You will want to check with the builder to understand which features are included, and which ones will cost extra.

 

New homes save money with fewer repairs and more efficiency

Once your home is complete, all you’ll need to do is move in. New appliances will be under warranty for a few years if they need repairs, and will likely work well for several years without needing fixes. Often, new construction is under a builder’s warranty, so any repairs needed in the first year should be covered.

New homes often contain energy-efficient and green appliances, like high-efficiency stoves, refrigerators, washing machines, heaters, or air conditioning units. These energy-saving appliances, along with good insulation and energy-efficient windows, will help you save money on monthly utility bills.

New homes also often use new building materials that require less maintenance so you won’t need to spend as much to maintain your new home.

If you customized your home during pre-construction, you won’t need to spend any money on renovations or upgrades for several more years. You can just enjoy your new home and not worry about saving for major home projects.

 

What you need to do to make a good new home purchase

Before you put in your offer, do some research on the builder. Do they have a good reputation? What else have they built? Did their other new properties have issues such as poor construction or unfinished details?

The model homes are always beautifully designed and picture perfect. However, they tend to include a number of upgraded elements. So know that when you are quoted the price the home, it is the base model pricing. Any upgrades or changes to the design will cost extra and you will need to have money in your budget for them. Also, in many communities, you will need to pay extra for landscaping packages that are not included in the base price.

After you explore the home options in the community, come back to the neighborhood to see what it’s like at different times of the day. Walk around in the daylight and in the evening, and see if you can envision yourself living there.

You may also need to be flexible with your move-in date. Builders will only be able to let you move in if they can meet their construction schedule. If the wiring is delayed, the walls can’t be finished. And because there are so many construction tasks that are dependent on the completion of prior tasks, schedules tend to slip.

 

Get more variety and established neighborhoods with an existing home

With existing homes, you will get more variety in home styles, as different types of construction have gone in and out of style throughout the decades. Within one neighborhood, you may be able to find a mix of different styles like tract style, ranch or split-ranch, or contemporary homes.

Existing homes are situated in established neighborhoods, which may have more amenities nearby that a new home in a brand new subdivision may not have. Your new neighborhood may have restaurants, cafes, and boutiques within walking distance or a short drive.

You might also have access to more supermarkets, dry cleaners, discount stores, and gas stations nearby. An established neighborhood might have a nice park, running path, or playground for the kids to enjoy. You might also be closer to a library or the post office.

 

Resale homes can be a less expensive purchase

If you’re considering a resale home, you may be able to get into a beautiful, unique property at a lower purchase price than a new home.

There are many more resale homes available than there are new homes — according to the National Association of Homebuilders.  You may have more room to negotiate the selling price of the home if there is a larger inventory of similarly priced homes. With brand-new construction, you won’t likely be able to have the same kind of negotiating power.

Before putting a home on the market, sellers often make home renovations or remodel parts of their homes to make them more attractive to buyers and to potentially increase the sales price. If the resale home has a brand new, modern kitchen, an updated bathroom, or even a new roof or upgraded windows, you could end up getting a home that’s comparable to new construction without having to pay the potentially more expensive new home list price.

Between conducting a home inspection and reading through the sellers’ disclosures regarding the home, you will get a sense of issues and what repairs are needed or imminent. Knowing the track record on your potential home will help you avoid purchase mistakes and you’re much less likely to end up with a property that has a rotting roof, dangerous electrical wiring, or a crumbling foundation. With a new home, you could end up with incomplete construction or major issues that you didn’t know about because they weren’t yet documented.

 

What you need to do to make a good resale purchase

Before you go too far down the road of purchasing a home, you need to protect yourself by first having the home inspected. A good home inspector will document the flaws he or she finds, no matter how small they appear. If the inspector finds any major problems, like foundation cracks or leaky roofs, you may be able to negotiate and get the seller to either fix them or reduce the selling price.

Even if the inspection doesn’t uncover any major issues, you will need to expect the unexpected. Older homes will eventually need replacement appliances, a new air conditioning unit, or a plumbing repair. As long as you know that before you buy a resale home, you can financially plan for surprise repairs.

With an older home, you may want to eventually remodel parts of it. Will you be happy living in your house while you’re doing major work on the living room or the kitchen? If you know that it would disrupt your lifestyle too much, you may want to consider whether you really want to buy an older property.

 

Whether you choose to buy a new home or an existing home, the best way to get started is to speak with your trusted real estate professional. We have access to both new properties and resale homes that may fit your goals and can suggest neighborhoods that will serve your needs.

How to Amp Up The Resale Value of Your Home

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Whether you’re putting your home on the market this year or in the next five years, it is a smart decision to start building your home’s resale value now. Here are some ways to create a comfortable home while making it easier to put more money into your bank account on closing day.

Increase the resale value of your home

Small Maintenance and Repairs

If you think that home maintenance on the weekends is a  waste of your time and energy, think again. The small chores you do around your home can prevent it from losing value. Neglecting small maintenance and repairs can cause 10% of your home’s value to walk out your door and slip through your windows. Many appraisers claim that homes showing little to no preventative maintenance can depreciate a home’s value from $15,000 to $20,000.

A study conducted by researchers at the University of Connecticut and Syracuse University shows that regular maintenance boosts your home value by about 1% per year. However, ongoing maintenance costs offset that value, which means that regular maintenance actually slows down your rate of depreciation. Furthermore, because homebuyers tend to notice needed repairs upon buying a new home, proactive maintenance lets the potential home buyer know that he or she will not have to spend extra money to maintain the basics. This makes your home more attractive, and thus more likely to get higher priced offers.

Maintaining the basics can cost you little money and certainly some effort, but there’s a way to accomplish this very important activity. This article by HouseLogic, for example, shows you how to keep home maintenance below $300 a year.  Planning ahead will also help make maintaining your home easier. Most professional appraisers and real estate agents can recommend a proactive maintenance schedule that includes:

  • Keeping enough cash on hand to replace systems and materials
  • Creating and following a maintenance schedule
  • Planning a room redo every year
  • Keeping a notebook of all your maintenance and repairs
  • Purchasing a home warranty to help cover big-ticket items

 

Landscaping

The Virginia Cooperative Extension at Virginia Tech published a study that shows landscaping can increase a home’s value up to 12%.  The study claims that a home valued at $150,000 could increase its value between $8,250 and $19,050 with the addition of landscaping. Particular landscape elements add different value. For instance, landscape design can increase your home’s value by 42%, plant size can increase your home’s value by 32%, and diversity in plants can increase your home’s value by 22%.

 

COST VERSUS VALUE 2019

The Cost Versus Value report from Remodeling.HW.net is a great annual resource for homeowners to see where their dollars will go the furthest when making updates and upgrades around their homes.  I have linked to the 2019 Phoenix metro Cost Vs. Value report, but you can download the same report for your neck of the woods via their website. The average costs and values used below are from this report.

Garage Door Replacement

At first, you might not think that your garage door increases the value of your home. However, your garage door distinguishes your home from the other homes on your block. As the largest entryway of a house, garage doors get noticed first because they’re the focal point of your home. If you want to quickly increase the resale value of your home, you need to make the most of this space. (Note:  Many HOA’s have specific design guidelines about garage doors. Please make sure to investigate this before embarking on your project!)

Some interesting things being done with garage doors include:

  • Increased Size: Bigger garage doors help homes stand out more, and homeowners can do more creatively with them.
  • Bold Colors: Bright and bold colors now can complement the color of your home, or you can build a concept around the color of your home.
  • Faux Wood: You can install fiberglass or steel garage doors that look like wood garage doors. This gives your home a new level of sophistication.
  • Windows: Large windows on your garage door improve the aesthetic of your home, and provide light into your garage so that it’s no longer a dark space.

 More importantly, a garage door replacement will cost you around $3,562 and add $3,661 to the value of your home; that’s a return on your investment of 102.8%.

 

Replacing Windows

Replacing your windows is another way to save energy and increase your home’s resale value. Replacing your old windows with energy-saving models will beautify your home, keep it comfortable, and ease the workload of your HVAC system. According to HGTV, you’ll see a reduction in your utility bill by 7% to 15%.

If you’re selling your home, you could expect about a 72% recoup of your investment. The two types of replacement windows that fetch the best return are vinyl and wood.

 

Remodeling Your Kitchen

Kitchen remodeling can get expensive, but small renovations can make your home more buyer friendly. Changing your kitchen’s texture and color using a matte finish and neutral colors such as putty or grey enhances your home’s resale value. Because matte finishes have transitional qualities, your potential home buyer can easily match his or her stainless steel or black and white appliances. Also, refinishing cabinetry, or switching to Energy Star™ appliances can provide a look you like and as well as some pizzazz.

Flow is important to any interior design of a home. If you feel that your kitchen hinders a good flow, change it. A small investment to knock out a non-structural wall or remove a kitchen island creates space and provides a flow that buyers love.

A minor kitchen remodel can cost you $21,818 while putting $16,038 of resale value into your home; that’s a 73.5% payback on the project. If you want to do a major kitchen model, this can cost you about $64,000 and put about $40,500 of resale value into your home, which is only about a 63% payback on the project. Therefore, consider a minor kitchen remodel first.

 

Adding Stone Veneer

Many Phoenix and Scottsdale homes have lovely stonework on their exteriors. In terms of cost versus value, this is a good one. Adding manufactured stone veneer to your home will cost about $8,800 and will add about $7,400 in value. This is an 84% return on your investment.

 

Bathroom Addition or Remodel

Likewise, carefully consider adding a bathroom or remodeling your bathroom.

Doing smaller projects like switching out your frosted glass shower doors for clear glass doors, cleaning the grout, replacing the shower and floor tiles, switching out your sink or toilet, or replacing your sink and shower fixtures can cost you little money and make an impact.

Adding a bathroom can get expensive, but it can reduce congestion during hectic times and provide your guests with a bathroom. Consult with your real estate agent or a local appraiser before deciding whether a full remodel or addition is right for your situation.

While a bathroom remodel will cost you about $19,665 with a return on investment of about 66%, a bathroom addition will cost you about $45,000 with a return on investment of about 61%. Therefore, it’s best to do your due diligence before committing to a large bathroom project or addition.

 

Your Needs and Buyers’ Wants

If you need or want to renovate your home, be sure to consider how those changes will affect its appeal to future buyers. Knowing design trends will give you the opportunity to make changes to your home based on where your needs and your potential buyer’s desires intersect, thus increasing your property’s resale value drastically.

Designers and design websites provide great ideas when you’re brainstorming home renovations. Keep in mind as you research, however, that you don’t want to sacrifice your needs for a comfortable home just for the sake of what you think a future buyer will want!

Before you begin making any changes to your home, consult your real estate agent. Real estate agents, because we are constantly working with new buyer clients, have insider insight into what home buyers are looking for now and in the foreseeable future. We’ll be able to help you make smart choices when remodeling or renovating your home and can recommend professionals to help you get the job done.

If you think you might want to remodel or renovate your home in the near future, or if you are just curious about other ways you can increase its resale value, please reach out to us!

Things To Do in Scottsdale – Early April 2019

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– Scottsdale Events in Early April –

Things are still in full swing in and around Scottsdale. Since there are so many to cover, I am splitting this post into two.

  • Electric Desert – Now – April 12th – Watch the desert come alive during this stunning light and sound installation at the Desert Botanical Gardens.
  • Mummies of the World – April 1st – 30th – The Arizona Science Center is hosting this exhibit that includes 40 mummies from all over the world as well as other historical artifacts.

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  • “Point of View” Art Experience – April 5th – July 21st – This interactive and immersive art experience will debut at Scottsdale Fashion Square.  There will be light-based works as well as a virtual reality installation.
  • Run the Runway – April 6th – This is the seventh year people of all ages can run down the runway at the Scottsdale Airport in the name of charity. There is a 10K race, 5K walk or run and a 1-mile kids course. Proceeds will go to Playworks Arizona.
  • Phoenix Home & Garden Magazine’s 2019 Garden Tour – April 6th – Tour stunning gardens, outdoor living areas and landscapes and meet with master gardeners and landscapers on this self-guided tour.
  • Cultural Connections at OdySea – April 6th – This free afternoon Rhythms of the World event will take place at OdySea and will feature drumming performances from all over the globe.
  • Carefree Community Block Party – April 6th – Carefree is hosting its second Community Block Party. Head on over to Easy Street to enjoy camaraderie with your community and meet local business owners. There will be a dunk tank, a lemonade stand, splash pad and beer and wine garden and much more!
  • Sunday A’Fair – April 7th – This is the last Sunday A’Fair of the season at the Scottsdale Civic Center Mall. Bring a blanket, a picnic and enjoy live music and art for sale. There will also be food and drink for purchase.
  • Phoenix Film Festival – April 4th – 14th – The Phoenix Film Festival returns to the Harkins Scottsdale 101 for another year. It will screen almost 300 films from all genres plus there will be seminars, parties and more.
  • Sip of Scottsdale Artwalk – April 11th – Stroll the streets of Old Town and visit art galleries. While you enjoy the art, enjoy samples of various Arizona wines.
  • Disney on Ice – April 11th – 14th – Bring the family to the Talking Stick Resort Arena to see all of their favorite Disney characters. You can plan on seeing everyone from Ariel to Lightning McQueen.
  • Scottsdale Culinary Festival – April 13th – 14th – This fun event will take place over the weekend at the Scottsdale Civic Center Mall. There will be lots of restaurants, food trucks and beverages offered as well as live entertainment and culinary demonstrations.
  • Party for the Planet – April 13th – The Phoenix Zoo will be celebrating Earth Day with Party for the Planet. Not only will you get to see all of the Zoo’s animals, you will also learn about how you can learn more about how to be more “green” and help the planet. There will also be an opportunity to recycle your old textiles and the zoo will get a monetary donation based on the weight of the items recycled.

As always, these are just a few of the events coming up in and around Scottsdale in early April. Please feel free to add any others in the comments section.

Scottsdale AZ Luxury Home Market – February 2019

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– Scottsdale Luxury Home Market Performance for February 2019 –

Scottsdale Luxury Home

We saw some of the seasonal momentum pick up in February. Home sales and pending sales were up at the end of the month.

This analysis covers the past twelve months of sales activity in the Scottsdale luxury home market. All of these homes are priced at $1 million or more and we have broken the information down into four price bands to show more detail.

Each month we track the following things:
Active – The number of homes on the market at the end of the month.
UCB (Under Contract Accepting Backup Offers) – The number of homes that were under contract, but still accepting backup offers at the end of the month.
Pending – The number of pending sales at the end of the month.
Sold – How many homes sold.


– FEBRUARY 2019 –

Scottsdale Homes Priced Between $1,000,000 – $1,499,999

Scottsdale Homes for Sale between $1 and $1.5 million February 2019

– Active Scottsdale Homes on the Market: Inventory was down slightly to 300 homes.
– UCB Scottsdale Home Sales: There were 31 homes in UCB status at the end of this month. This is a 34.8% healthy jump over January.
– Pending Scottsdale Home Sales: Pendings were up to 24, making this the third month in a row of increases.
– Scottsdale Homes Sold: Sales were also up to 36, a 12.5% increase month over month.
– Sales Price to Listed Price: 94.4% – On average, buyers saw a discount off of list price of 5.6%.

Scottsdale Homes Priced Between $1,500,000 – $1,999,999

Scottsdale Homes for Sale between $1.5 and $2 million February 2019

– Active Scottsdale Homes on the Market: Inventory was down slightly in this price point and ended the month at 240.
– UCB Scottsdale Home Sales: The number of UCBs jumped to sixteen. This is well ahead of the 12 month average of 11.
– Pending Scottsdale Home Sales: Pending sales ended the month at 15.
– Scottsdale Homes Sold: Home sales were up 25% over January and closed out the month at 15.
– Sales Price to Listed Price: 96.4% – On average, buyers saw a discount off of list price of 3.6%.

Scottsdale Homes Priced Between $2,000,000 – $2,999,999

Scottsdale Homes for Sale between $2 and $3 million February 2019

– Active Scottsdale Homes on the Market: The number of homes for sale in this price point was up again at the end of the month.
– UCB Scottsdale Home Sales:  UCB contracts were up to thirteen, well ahead of the 12 month rolling average.
– Pending Scottsdale Home Sales: Pending contracts were up to seventeen, the second highest we have seen in the past year.
– Scottsdale Homes Sold: Eight homes sold in February, which is the same as what we saw in January.
– Sales Price to Listed Price: 93.1% – On average, buyers saw a discount off of list price of 6.9%.

Scottsdale Homes Priced $3,000,000+

Scottsdale Homes for Sale over $3 million February 2019

– Active Scottsdale Homes on the Market: Inventory was up slightly at the end of February,
– UCB Scottsdale Home Sales: UCBs fell quite a bit to seven. However, this is still ahead of the 12 month average.
– Pending Scottsdale Home Sales: Pending home sales were fantastic and the highest we have seen in the past year. It will be interesting to see March’s sales figures for this price point.
– Scottsdale Homes Sold: Home sales also were fantastic. Eight homes sold in February, tying with the second highest sales month in the past year.
– Sales Price to Listed Price: 82.6% – On average, buyers saw a discount off of list price of 17.4%

If you would like additional detail on home sales activity, please visit our Scottsdale Luxury Home Market Reports page and click on the downloadable “Scottsdale Market Trends” report.

Search Scottsdale Luxury Homes for Sale

Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 3/1/2019 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This blog represents the opinion of the author. No warranties expressed or implied.
Copyright ©2019 Heather Tawes Nelson | Joyce Tawes

Phoenix and Scottsdale AZ Luxury Condo Sales – February 2019

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– Luxury Condo Sales in Scottsdale and Phoenix – February 2019 –

 

Scottsdale Waterfront Condos for Sale Scottsdale AZ
The Scottsdale Waterfront Residences

February saw sales activity for the Scottsdale and Phoenix luxury market perk up as the new year started.

Scottsdale luxury condo market February 2019

ACTIVE LISTINGS AT THE END OF FEBRUARY

The number of luxury condos for sale in Scottsdale and Phoenix jumped by eight by the end of the month, with seven of the new additions located in Scottsdale.

The highest priced condo was a unit that came onto the market last month. This penthouse at the Scottsdale Waterfront Residences was for sale for $3,795,000. It had 3,940 square feet, three bedrooms and three and one-half bathrooms.

The lowest priced condo was also a repeat from last month. This Hotel Valley Ho condo had one bedroom, two bathrooms and 1,586 square feet. It was on the market for $1,047,000.

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

At the end of February, there were two luxury condos with UCB status and they were both located in Scottsdale.

Scottsdale UCB Condos

  • The Landmark Condominiums – This condo is a carryover UCB from January and had three bedrooms and bathrooms and 4,471 square feet. It was on the market for $2,500,000.
  • Envy Residences – This 2,449 square foot unit at Envy had two bedrooms and two and one-half bathrooms. It was listed for $1,625,000.

*UCB status means a condo has an accepted contract, but that the seller has requested that they accept backup offers. Most times you will see this status when the contract is in the inspection/due diligence period.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

At the end of February, there were five condos in pending status. All but one were located in a community currently under development and all of these are carryovers from January.

  • Optima Camelview had a pending sale that has been in this status for a while. This luxury condo had two bedrooms, two and one-half bathrooms and 1,955 square feet. Its asking price was $1,000,000.
  • ICON at Silverleaf  – ICON is currently under development so these units will remain pending for the foreseeable future:
    • Three bedrooms, three and one-half bathrooms, 3,170 square feet. Listed for $2,174,000.
    • Three bedrooms, three and one-half bathrooms, 3,170 square feet. Listed for $2,174,000.
    • Three bedrooms, three bathrooms, 3,170 square feet. Listed for $2,074,000.
    • Three bedrooms, three bathrooms, 3,170 square feet. Listed for $2,074,000.

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Three sales took place in February.

Scottsdale Condo Sales

  • Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms and 2,319 square feet. It had been listed for $2,350,000 and sold for $2,325,000.
  • The Landmark – Three bedrooms, two and one-half bathrooms and 3,744 square feet. It had been listed for $2,240,000 and sold for $2,175,000.

Phoenix Condo Sales

  • Esplanade Place– Two bedrooms, two and one-half bathrooms and 3,003 square feet. It had beem listed for $1,390,000 and sold for $1,301,000.

 

Learn More About Phoenix and Scottsdale Luxury Condos

Search Phoenix and Scottsdale Luxury Condos for Sale

Disclaimer:  Days on market figures are cumulative days on market. Information herein deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 3/1/2019 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. Information deemed reliable, but not guaranteed.  There may be new condo inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2019 Heather Tawes Nelson | Joyce Tawes

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