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Scottsdale AZ Single Family Home Sales – July 2017

August 5, 2017 By Heather Tawes Nelson

– July 2017 Scottsdale Homes for Sale and Home Sales –

As July wrapped up, we saw the anticipated decrease in sales activity in Scottsdale that should continue for the next several months.

SCOTTSDALE HOME SALES ACTIVITY – JULY 2017

Below is a chart that covers the past twelve months of real estate activity in Scottsdale. We are tracking four different items:

– Single-family homes for sale are shown with the red line.*
– Under contract, but accepting backup offers (UCB) are shown with the green line.*
– Pending home sales are shown with the purple line.*
– Home Sales are shown with the blue line.

JULY 2017 RESULTS

Scottsdale Homes for Sale: The number of homes on the market dropped by 8% to 1,479. This is the lowest they have been in the past 12 months.
UCB (Under contract, accepting backup offers): UCB homes were up one to 208. This is lower than what we saw in the high season, but still a solid performance.
Pending Homes Sales in Scottsdale: Pending home sales fell to 271, about where we saw them last year at this time.
Scottsdale Home Sales: There were 413 homes sold in July. This comes in just under the 12 month average of 435 sales.

In this next section, we have two more sets of data related to the Scottsdale real estate market.

The Percent Change chart compares month-over-month performance for each of the four sales statuses we are tracking. So, looking at Homes Sold, you can see July came in 22.5% lower than June.

The Sales Price to List Price section is just that – what homes sold for in relation to what the were being listed for. In July, we came it at 96.2%, so on average, buyers received a 3.8% discount off of list price.

July was what we anticipated, a slower sales month. However, it still posted decent numbers. Looking at pendings and UCB’s we should have a similar, but slightly slower month in August.

*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.

Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 8/1/2017. 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 © 2017 Heather Tawes Nelson | Joyce Tawes

Home Loans: The 20% Down Myth

August 1, 2017 By Heather Tawes Nelson

– The Myth of 20% Down for a Home Loan –

Today’s post is a guest post from Phil Wright, a lender with Nova Home Loans in Scottsdale.

For many years, potential homebuyers have been put off or scared of purchasing a home because they have heard that they are required to put 20% down in order to purchase a home. This is a MYTH that has been around for many of years and it is 100% false.

I home loans photo n today’s world of home buying, you have the option to purchase a home with little to no money down. Although your monthly mortgage payments will be a little bit higher if you are not putting a larger sum of money down, you are still able to purchase a home with no money down if you can meet the criteria. From there, you would simply start making your monthly mortgage payments after closing on your home.

Depending on the lender you use, you will have multiple loan programs available to you. You simply will need to take the time to sit down with your lender to find the best loan program; one that fits your needs and wants for your new home.

And, depending on the state you live in, you may also be eligible to receive down payment assistance from your state to help with a home purchase.

Did you know that in Arizona, there are two down payment assistance programs that will help home buyers with up to 5% of the loan amount for down payment and closing cost charges?

The challenge is that many people still believe they need 20% down and are not aware that these programs exist.

We are here to help educate people on this subject and answer questions. Please don’t hesitate to reach out to us, we are more than willing to help!

Contact Information:
Phil Wright NMLS:1178837
Nova Home Loans
6720 N. Scottsdale Rd. #160
Scottsdale, AZ 85253
Cell: 480-828-8604
Office:480-500-3016
Email: Phil.Wright@novahomeloans.com

Disclaimer: Information deemed reliable, but not guaranteed. Not all loan products are available to all consumers. Loan product availability can vary with things like creditworthiness, the availability of that loan within a geographic location, and other factors. To see what options are available to you, please contact a professional lender.

Photo by nikcname

Things to Do in Scottsdale – August 2017

July 29, 2017 By Heather Tawes Nelson

– Scottsdale Events August 2017 –

Although we are well into the summer/monsoon season, there are still plenty of fun things to do in and around Scottsdale.

Here are some ideas for things going on in August:

Night Lights at Taliesin West – Friday Evenings in August – Explore the grounds of Taliesin West at night and come away with a new perspective.
Desert Botanical Garden Flashlight Tours – Thursdays and Saturdays through September 2nd – Come enjoy the beautiful desert gardens at night. Explore and discover nocturnal desert animals and more. Don’t forget your flashlight!
Scottsdale ArtWalk – Thursday Evenings – The Scottsdale ArtWalk is a great way to explore Old Town Scottsdale’s galleries and support the artists they are displaying. ArtWalk happens every Thursday from 7PM to 9PM.
Get Animated at the Arizona Science Center – August 1st- September 4th – Interested in animation or have a budding artist? This hands-on exhibit covers all of the aspects of the animation process and the technology employed today.
Neil Diamond– August 4th – Neil Diamond is celebrating 50 years of performing and touring. Come see the legend perform his many, many hits from over the years.
Cars & Coffee Scottsdale Motorsports Gathering – August 5th – Come get your car fix and start your day off with some coffee at the Scottsdale Motorsports gathering. Cars of all makes, models and years will be on display.
Don McLean – August 5th – The iconic McLean will be performing his well-known music at the Talking Stick Resort.
Diana Krall – August 9th – Diana Krall will be performing music from her new album and some other hits at Symphony Hall in Phoenix.
Steve Martin and Martin Short – August 13th – Looking to laugh? These two legendary comedians will present “An Evening You Will Forget for the Rest of Your Life,” which will include stand-up, video clips, discussions and more.
Inspiracion Flamenca at the Scottsdale Center for the Performing Arts – August 18th – Come see an impressive display of flamenco. The dances, costumes and music will be fantastic.
Fitz’s Supper Club Charity Event – August 28th – This fundraiser put on by Larry Fitzgerald is in its 9th year. Fitzgerald, some Arizona Cardinals teammates and other celebrities will be your servers for a four-course meal at Dominick’s Steakhouse.

As always, this is just a few of the many things going on in and around Scottsdale in August. Please feel free to add any others in the comments section.

Disclaimer: Information deemed reliable, but not guaranteed.

Where to Eat in Scottsdale: Tomaso’s When in Rome

July 25, 2017 By Heather Tawes Nelson

– Scottsdale Dining at Tomaso’s When in Rome –

North Scottsdale has a new dining option that comes with a long history in the Valley. Tomaso’s, the Camelback institution for high-end Italian dining that has been in operation since 1977, now has a sister restaurant further north.

Located on Scottsdale Road, just north of Pinnacle Peak, Tomaso’s When in Rome opened over the summer. The space itself is open and is decorated with scenes of Rome and columns throughout. The staff is very friendly and accommodating.

We started with an order of the Frittura di Calamari (Fried Calamari), which was excellent and we really enjoyed the flavorful accompanying red sauce.

For entrees, we opted for pasta and fish. The first pasta was a Linguine con Vongole, which was a generous serving of linguine with steamed clams in the shell. The other pasta was a traditional Fettucini alls Carbonara. It was another generous serving and was delicious.

The final entrée we ordered was Salmon with Lemon Caper Butter Sauce. The pan seared salmon paired beautifully with the lemony sauce. It was served with vegetables and a tasty potato cake.

The wine list was varied and had lots of excellent options at all price points.

There were plenty more items on the menu that we wanted to try and plan to do so over our next few visits.

And, if you are looking for something lighter, Tomaso’s When in Rome offers an All Day Happy Hour at the bar. In addition to $7 per glass wine specials and discounted cocktails and beers, there is also a great bar menu offering things like Bruschetta, a few types of pasta, meatballs and more.

More Information:
Tomaso’s When in Rome
23655 N Scottsdale Rd, Suite 120
Scottsdale, AZ 85255
(480) 404-6085
Website

Open for Lunch Monday through Friday – 11:30AM – 4PM
Open Daily for Dinner – 4PM – 10PM
All Day Happy Hour at the Bar

Scottsdale AZ Luxury Home Market – June 2017

July 22, 2017 By Heather Tawes Nelson

– Scottsdale AZ Luxury Home Market Performance for June 2017 –

This is a monthly report that analyzes the luxury home market in Scottsdale. In this report, we are taking a look at homes that were listed for $1 million or higher. In order to provide more detailed information, I split these homes into four categories based on price point.

In each category, you will find the following information:

Active – The number of homes for sale at the end of the month.
UCB (Under Contract Accepting Backup Offers) – How many homes were under contract, but accepting backup offers at the end of the month.
Pending – The number of pending homes sales at the end of the month.
Sold – How many homes sold during the month.

– JUNE 2017 –

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

– Active Scottsdale Homes on the Market: Inventory fell into the 270’s by the end of June. This is similar to where it was last year at this time.
– UCB Scottsdale Home Sales: The number of UCB homes dropped to 21, the lowest we have seen since we started tracking this metric.
– Pending Scottsdale Home Sales: Pending home sales fell a little bit to 32, but they were still strong and higher than the 12 month average.
– Scottsdale Homes Sold: An incredible 53 homes sold in June. This is much higher than we have been seeing.
– Sales Price to Listed Price: 95.5% – On average, buyers saw a discount off of list price of 4.5%.

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

– Active Scottsdale Homes on the Market: The number of homes for sale in this price point fell to 185.
– UCB Scottsdale Home Sales: The number of UCB homes stayed strong at 12, coming in at the 6 month average.
– Pending Scottsdale Home Sales: Pending sales were down, but this is in comparison to two very strong sales months in April and May.
– Scottsdale Homes Sold: Twenty-four homes sold in this price range, well ahead of any other month in the past year.
– Sales Price to Listed Price: 94.8% – On average, buyers saw a discount off of list price of 5.2%.

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

– Active Scottsdale Homes on the Market: Inventory fell quite a bit to 151 homes at the end of June.
– UCB Scottsdale Home Sales: UCB homes stayed level with 8 homes.
– Pending Scottsdale Home Sales: Pending sales were also level with 10.
– Scottsdale Homes Sold: An impressive eleven homes sold in June, making this the second highest sales month in the past year (tied with April.)
– Sales Price to Listed Price: 90.6% – On average, buyers saw a discount off of list price of 9.4%

Scottsdale Homes Priced $3,000,000+

– Active Scottsdale Homes on the Market: Inventory in this price point fell to 110, similarly to where we saw it this time last year.
– UCB Scottsdale Home Sales: There were three homes in UCB status.
– Pending Scottsdale Home Sales: Three homes were pending at the end of June. This is what we saw in May as well.
– Scottsdale Homes Sold: Six homes sold, which is a very strong performance for this price range.
– Sales Price to Listed Price: 90.1% – On average, buyers saw a discount off of list price of 9.9%.

Scottsdale’s luxury home market had another great month with spectacular sales in the under $3 million price point. Homes priced $3 million and above also had a very good month.

UCB and pending home sales were down, so I anticipate July will be a little slower.

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 7/1/2017 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 © 2017 Heather Tawes Nelson | Joyce Tawes

Quick Video Update of the Scottsdale Real Estate Market – June 2017

July 18, 2017 By Heather Tawes Nelson

– June 2017 Scottsdale Housing Market Video –

June 2017 – Video

Here is a one-minute video overview of the Scottsdale, Arizona real estate market for the month of June.

Active Listings

This first snapshot takes a look at the number of homes on the market in Scottsdale on a month-over-month basis.

At the end of June, inventory had dropped 12% compared to the end of May.

This is also a comparison of the number of homes for sale, but on a year-over-year bases.

The number of active homes at the end of June 2017 was 17% lower than at the end of June 2016.

Median List Price for Scottsdale Homes

Now we will move onto the median listing price of homes. The median tells us where the exact middle of Scottsdale home prices falls. Here, exactly half of all homes are priced higher and half of all homes are priced lower.

June’s median list price was $839,900. This is up quite a lot from June 2016’s $765,000.

Days on Market

Days on Market (DOM) gives us an idea of how quickly (or not) homes are selling. A higher DOM indicates a longer time to sell and a lower DOM means homes are moving more quickly.

June’s DOM was 107. This is up from May 2017’s 98 days and up 3% from June 2016’s 104.

Median Sales Price for Scottsdale Homes

This time we are looking at the median sales price of these homes.

Scottsdale’s median home sale price came in at a little over $565,000 in June 2017. This is higher than May 2017’s $529,000 and June 2016’s $515,000.

Number of Homes Sold

This last section covers the number of homes sold.

This top snapshot compares year-over-year sales.

There was a 5% increase in home sales in Scottsdale between June 2017 and June 2016.

This lower snapshot compares month-over-month sales.

After a very strong May, June 2017 came in with 4% fewer sales. However, this was still a strong sales month.

We hope that you found this video and commentary helpful as you gather more information to make smart informed real estate decisions.

For more Scottsdale real estate information or if you have any questions about the local area, feel free to contact Joyce at (480) 209-7843 or Joyce@LiveBetterinScottsdale.com.

Click to watch other videos on our Live Better in Scottsdale YouTube Channel

Disclaimer: Data deemed to be accurate, but is not guaranteed.

Assessed Value vs Market Value of Your Home

July 15, 2017 By Heather Tawes Nelson

What is the Difference Between My Home’s Assessed Value and Market Value?

Understanding a home’s true market value is about more than pictures, software assessments, and price-per-square-foot. Whether you’re a current homeowner thinking of selling or are house-hunting, it’s crucial you understand what factors affect home valuation. By partnering with a local market expert, sellers will avoid pricing their house out of the market (the kiss of death in real estate) and buyers will ensure they get a good deal on their next home.

So, how do you accurately calculate a home’s value? After all, the value a home is assigned by its town or county and the one it’s given when it’s listed are often dramatically different from one another. Which one is accurate and what does it all mean? Read on to learn more.

Assessed Value vs Market Value: What’s the difference?

When it comes to home value, you’ll often hear two terms, assessed value and market value. We get questions all of the time about this and which one homeowners should use when trying to figure out how much their home is truly worth.

A home’s assessed value is often the lower number of the two, and is the value given by your municipality or county. Investopedia defines assessed value as “the dollar value assigned to a property to measure applicable taxes.”¹ Although property tax laws vary, assessors commonly arrive at this number by taking into account the following:

What comparable/similar homes are selling for in your area.
The value of recent improvements.
Income from renting out a room or space on the property.
How much it would cost to rebuild on the property.

A home’s market value, or Fair Market Value, is the price a buyer is willing to pay or a seller is willing to accept for a property. A skilled real estate professional will arrive at the value using a variety of metrics, including:

External characteristics, such as lot size, home style, the condition of the home and curb appeal.
Internal characteristics, such as the number of rooms and their size, the type and condition of the heating or HVAC system, the quality and condition of construction, the flow of the home, etc.
The sales price of comparable homes that have sold in your area.
Supply and demand; that is, how many buyers and sellers are in the area.
Location; that is, the quality and desirability of your neighborhood and other community amenities.

Why are these values often so different? An assessor usually estimates your property’s market value during a reassessment or if you make a physical change or improvement to it.² As a result, a property may not be reassessed for many years. While your home’s market value may fluctuate with the market, your home’s assessed value is more likely to remain steady.³

What Determines a Home’s Value?

You’ve likely heard the motto of real estate: “Location, location, location.” This means a home’s value relies on its location. While the home and structures on the property will likely depreciate over time, the land beneath it tends to appreciate. Why? Land is in limited supply and a growing population puts increased demand on the housing supply. As a result, values increase.⁴

Other factors that affect your home’s value include the function and appearance of the property, how well the home and other structures are maintained and whether the home is a lifestyle property, such as a ranch style with mountain views or beach bungalow.

Ultimately, the best indication of a home’s value is the overall supply and demand of the market. This is why we recommend you partner with a real estate professional who takes all of these factors—the assessed value, local market conditions, home features and someone who has physically walked through and experienced your home— into consideration to determine the most accurate market value.

How to determine if a property is comparable to yours.

Both assessed value and market value are partially determined by the sales price of similar, or comparable, homes in the area. To determine if a home is comparable to yours, look for the following characteristics:

Lot size
Square footage
Home style or similar architecture
Age
Location

While you may not find a home with the same exact characteristics as yours, you’ll likely find a few that are close. To account for any disparity, adjust the sales prices of the comparable properties. Look at the differences between your property and the one in question and determine if the differences increased or decreased the sales price and by how much.

For example, if your home has two bathrooms and a similar home only has three, estimate how much that extra bathroom increased the sale price of the similar home. Or, in many cases in Arizona, the home willl have a pool. If your home does not, the value would need to be adjusted accordingly. The adjusted sale price is the estimation of what the property would sell for if the properties were exactly the same.²

Where can you find comparable sales?

Fortunately, you can find comparable home sales in a variety of places.²

Your local assessor’s office is able to provide a list of recent sales you can browse and compare or a sales history of a particular house, home style or neighborhood.
Your municipality – Many cities keep local sales information in their offices or post it online.
Online databases, such as a real estate database.
Your local newspapers may offer some real estate information in the form of quarterly sales reports in the business or real estate sections of the newspaper.
Our office – We regularly do Comparable Market Analysis of homes in our local area.

How to calculate your home’s value.

By answering a few questions about your home, property and the local market, you can begin to estimate your property’s value. We’ve also included a worksheet for you below…

Home Value Questions:

When was your home last assessed?
What was its CMA assessment value?
What is your area’s average sales price?
What is your area’s average price/square foot?

Structure:

Is the architecture and exterior structure of the home consistent, superior or inferior to other homes in the area?
Does the era or genre (Modern, Victorian, Ranch, Cottage, etc.) add a premium based on current design trends?
How does the floor plan and room size proportions of the home compare to other homes on the market?

Interior Structure:

How does the kitchen compare to others on the market?
- Updated or outdated
- Floor plan
- Appliance packages
How does the Master Suite compare to others on the market?
- Size
- First/second floor
- Updated or outdated
- Access to Master Bath
How does the Master Bath compare to others on the market?
- Updated or outdated
- Shower and bath
- Flooring

Outside Areas:

Are there views, outdoor living areas or recreational areas?
- Pools
- Ponds
- Patios
- How do the landscaping and hardscaping compare to the market? (e.g., elements such as walkways, patios, decks, etc.)

Overall Condition of Home

Does the home need some repairs to compete with other homes?
Does the home need to be staged? How does it show?
Are curb appeal projects necessary to be consistent with others on the market?

Home Assessment Worksheet

If you want to accurately assess a home’s value, it’s crucial to know about the market activity of our local area. We can help! Give us a call or get in touch to get the scoop on the local market. We are always happy to help, whether you are considering selling or simply just want to get a firm idea of your home’s current value.

Sources: 1. Investopedia https://www.investopedia.com/terms/a/assessedvalue.asp

2. New York State Department of Taxation and Finance https://www.tax.ny.gov/pubs_and_bulls/orpts/mv_estimates.htm

3. Realtor.com https://www.realtor.com/advice/sell/assessed-value-vs-market-value-difference/

4. Investopedia, https://www.investopedia.com/articles/mortgages-real-estate/08/housing-appreciation.asp?lgl=myfinance-layout

Scottsdale Public Art and the Scottsdale Firehouse in Troon

July 11, 2017 By Joyce Tawes

– Scottsdale Public Art in Troon –

One of the most interesting and beautiful aspects of Scottsdale, Arizona is the public art one sees all over the city. Keep in mind that Scottsdale is 31.3 miles from the north to the south and 11.8 miles wide. And Scottsdale Public Art has placed artwork from the top to the bottom of the city.

I was visiting the George “Doc” Cavalliere Park in Troon this morning and noticed an extremely interesting piece of sculpture dangling from the side of Station 14 of the Scottsdale Fire Department. The piece, named “The Mountain Climber” was created in 1971 by Alan “Dale” Wright who was a prolific and renowned sculptor and artist in the Scottsdale area.

The piece was acquired by Mr. Flip Weber, a local businessman, who had it on the side of his business office at the corner of Pima Road and McDowell Road for many years. He also had another piece by Dale Wright named “Icarus Falling.” Icarus was in the pond in front of his building and The Mountain Climber was on the wall. Mr. Weber donated both pieces to the city around 2002 and the Mountain Climber was installed on the Firehouse in 2012. Mr. Wright also has a magnificent sculpture called “Don Quixote” that sits in the lagoon area in front of Scottsdale City Hall.

It’s worth a trip to go by the Firehouse and see this magnificent sculpture. The firehouse is located at the entrance to the George “Doc” Cavalliere Park at 27775 N Alma School Parkway, Scottsdale AZ 85262. While you are there, don’t miss the park itself which is a piece of artwork itself. It is a great place for a short hike, it has a fabulous playground for youngsters, plus playing fields as well as basketball courts.

Interested in learning more about the permanent art displayed around Scottsdale? Here is a list of the various installations from Scottsdale Public Art I am sure you have seen a few of them as you have traveled around town!