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Scottsdale AZ Luxury Home Market – April 2022

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– Scottsdale Luxury Home Market Performance for April 2022 –

Luxury homes in April continued to perform well and again we saw buyers paying over list price in almost every price point. The great news for buyers is that we saw a healthy and very needed jump in inventory in April.

In this report, we look at home sales activity of homes with list prices of $1 million or more. And since various price points perform differently, we pulled the results and split them into four price bands.

We look at the following sales metrics on a monthly basis:
Active – The number of homes for sale at the end of the month.
UCB (Under Contract Accepting Backup Offers) – The number of homes under contract, but still accepting backup offers at the end of the month.
Pending – The number of pending sales.
Sold – How many homes sold during the month..

– April 2022 –

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

Scottsdale Homes for Sale between $1 and $1.5 million April 2022

– Active Scottsdale Homes on the Market: There was another large jump (35.2%) in the number of homes for sale in April. This is fantastic news for buyers.
– UCB Scottsdale Home Sales: The number of UCBs was up by one at the end of the month.
– Pending Scottsdale Home Sales: Pending sales fell slightly, but were still well ahead of the 12 month average of 60.
– Scottsdale Homes Sold: Home sales clocked in at 118, the third-highest we have seen them in the past twelve months.
– Sales Price to Listed Price: 104.4%- On average, buyers paid a 4.4% premium over list price.

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

Scottsdale Homes for Sale between $1.5 and $2 million April 2022

– Active Scottsdale Homes on the Market: We also saw a healthy 32.4% jump in inventory in this price point. Again, this is great news for buyers.
– UCB Scottsdale Home Sales: UCBs hit their highest level in the past year in April. There were 36 UCBs at the end of the month, coming in 44.4% higher than March.
– Pending Scottsdale Home Sales: Pending sal
– Scottsdale Homes Sold: Sales we
– Sales Price to Listed Price: 105.7% – On average, buyers paid a 5.7% premium over list price.

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

Scottsdale Homes for Sale between $2 and $3 million April 2022

– Active Scottsdale Homes on the Market: Inventory in this price point was up 23.4% over March.
– UCB Scottsdale Home Sales: UCB contracts were the highest we have seen in the past year.
– Pending Scottsdale Home Sales: The number of pending sales fell in April after a gangbuster March performance.
– Scottsdale Homes Sold: Home sales fell as well, coming off of an incredible March. However, sales were the second-highest we have seen them in the past year.
– Sales Price to Listed Price: 100.4% – On average, buyers paid a 0.4% premium over list price.

Scottsdale Homes Priced $3,000,000+

Scottsdale Homes for Sale over $3 million April 2022

– Active Scottsdale Homes on the Market: Inventory reached its highest level in the past year for this price point.
– UCB Scottsdale Home Sales: The number of UCBs fell slightly, but they were tracking well ahead of the 12 month average.
– Pending Scottsdale Home Sales: The number of pending sales fell as well, but remained very high. This was the second-highest we have seen pending in the past year.
– Scottsdale Homes Sold: In April, sales were the highest we have seen in the past year. Very impressive.
– Sales Price to Listed Price: 98.6% – On average, buyers saw a discount of 1.4% off of list price.

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 5/1/2022 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 ©2022 Heather Tawes Nelson | Joyce Tawes

The One Thing Every Homeowner Needs To Know About a Recession

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The One Thing Every Homeowner Needs To Know About a Recession | MyKCM

A recession does not equal a housing crisis. That’s the one thing that every homeowner today needs to know. Everywhere you look, experts are warning we could be heading toward a recession, and if true, an economic slowdown doesn’t mean homes will lose value.

The National Bureau of Economic Research (NBER) defines a recession this way:

“A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion.”

To help show that home prices don’t fall every time there’s a recession, take a look at the historical data. There have been six recessions in this country over the past four decades. As the graph below shows, looking at the recessions going all the way back to the 1980s, home prices appreciated four times and depreciated only two times. So, historically, there’s proof that when the economy slows down, it doesn’t mean home values will fall or depreciate.

The One Thing Every Homeowner Needs To Know About a Recession | MyKCM

The first occasion on the graph when home values depreciated was in the early 1990s when home prices dropped by less than 2%. It happened again during the housing crisis in 2008 when home values declined by almost 20%. Most people vividly remember the housing crisis in 2008 and think if we were to fall into a recession that we would repeat what happened then. But this housing market isn’t a bubble that’s about to burst. The fundamentals are very different today than they were in 2008. So, we shouldn’t assume we’re heading down the same path.

Bottom Line

We’re not in a recession in this country, but if one is coming, it doesn’t mean homes will lose value. History proves a recession doesn’t equal a housing crisis.

Phoenix and Scottsdale AZ Luxury Condo Sales – April 2022

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– Luxury Condo Sales in Scottsdale and Phoenix – April 2022 –

Things picked up again in April for the luxury condo market in Scottsdale and Phoenix. New contracts were up as well as actual sales. Pending sales are the highest we have seen due to several communities that are still under construction.

In this report, we examine the sales activity of luxury condos in our local market. All of these condos had list prices of one million dollars or more. 

ACTIVE LISTINGS AT THE END OF APRIL

The number of units for sale dropped again. April closed out with forty units for sale, which is quite a bit lower than the fifty-four condos for sale at the end of February. 

The highest-priced unit is located in the new development called Ascent at the Phoenician. This unit has three bedrooms, three and one-half bathrooms and is 3,996 square feet. It was listed for $4,850,000.

On the lower-priced side, there were two units listed for $1 million each. The first was a one bedroom and bathroom with 806 square feet in Optima Camelview.

The other unit million dollar unit was in Scottsdale’s Eagle’s Pass and had three bedrooms and bathrooms and 2,386 square feet. 

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

UCB contracts doubled between March and April. At the end of the month, there were 10 UCB contracts. Eight of them were located in Scottsdale.

UCB Condos in Scottsdale

  • Landmark Condominiums – Three units went into UCB status in April. 
    • Three bedrooms and bathrooms, 3,045 square feet. Asking price was $1,600,000.
    • Two bedrooms, three bathrooms, 2,690 square feet. Asking price was $1,699,000.
    • Four bedrooms and bathrooms, 4,065 square feet. Asking price was
      $2,499,000.
  • Optima Camelview
    • Three bedrooms, two bathrooms, 1,710 square feet. Asking price was $1,375,000.
    • Three bedrooms, two bathrooms, 1,727 square feet. Asking price was $1,500,000.
  • Optima Kierland
    • Two bedrooms, two and one-half bathrooms, 1,579 square feet. Asking price was $2,149,000.
    • Two bedrooms, two and one-half bathrooms, 1,980 square feet. Asking price was $2,250,000.
    • Three bedrooms and bathrooms, 2,018 square feet. Asking price was $3,195,000.

UCB Condos in Phoenix

  • Fairway Lodge at the Biltmore – Three bedrooms, two and one-half bathrooms, 2,376 square feet. Asking price was $1,500,000.
  • Esplanade Place – Three bedrooms and bathrooms, 3,334 square feet. Asking price was $2,175,000.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Pending sales climbed to forty-two by the end of April. This is the highest we have seen this figure. Forty of them were located in Scottsdale and a vast majority of them were in communities being built including Seven in Desert Mountain, The Reserve and Ascent at the Phoenician.

Scottsdale Pending Luxury Condos

  • Optima Kierland
    • Two bedrooms and bathrooms, 1,657 square feet. Asking price was $1,195,000.
    • Two bedrooms, two and one-half bathrooms, 1,579 square feet. Asking price was $1,750,000.
    • Three bedrooms, two bathrooms, 1,763 square feet. Asking price was $1,770,000.
  • The Reserve – This community is under construction.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,004,500.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,011,500.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,012,450.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,016,000.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,026,500.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,063,000.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,159,000.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,271,450.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,279,900.
  • Ascent at the Phoenician – This is another fantastic development underway.
    • One bedroom, one and one-half bathrooms, 1,698 square feet. Asking price was $1,475,000.
    • Two bedrooms, two and one-half bathrooms, 1,847 square feet. Asking price was $1,600,000.
    • Two bedrooms, two and one-half bathrooms, 2,374 square feet. Asking price was $2,050,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,285,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,395,000.
    • Three bedrooms, three and one-half bathrooms, 3,867 square feet. Asking price was $3,975,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,100,000.
    • Three bedrooms, three and one-half bathrooms, 3,945 square feet. Asking price was $4,950,000.
  • Seven at Desert Mountain – This community is also under construction.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,505,002.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,530,700.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,536,004.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,612,768.
    • Two bedrooms, three and one-half bathrooms, 2,702 square feet. Asking price was $1,705,300.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,774,200.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,787,350.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,809,900.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,835,850.
  • ICON in Silverleaf
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,900,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,500,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,700,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,175,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,200,000.
    • Three bedrooms, four bathrooms 3,157 square feet. Asking price was $3,350,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $6,900,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,700,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,718,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $8,350,000.
  • Main Street Place – Three bedrooms, three and one-half bathrooms, 4,122 square feet. Asking price was $2,795,000.

Phoenix Pending Luxury Condos

  • One Lexington – Two bedrooms, two and one-half bathrooms, 2,288 square feet. Asking price was
    $1,295,000.
  • Fairway Lodge at the Biltmore – Three bedrooms, two and one-half bathrooms, 2,376 square feet. Asking price was $1,425,000.

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Sales were up to fourteen in April compared to March’s eleven luxury condo sales. Twelve of the fourteen sales were in Scottsdale.

Scottsdale Luxury Condo Sales

  • Seven at Desert Mountain -Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,515,800 and it closed at list price.
  • Main Street Place  – Two bedrooms, two and one-half bathrooms, 2,537 square feet. Asking price was $1,953,500 and it closed for $1,800,000.
  • Plaza Lofts at Kierland – Two bedrooms and bathrooms, 1,592 square feet. Asking price was $1,395,000 and it closed for $1,275,000.
  • Scottsdale Waterfront Residences
    • Two bedrooms, two and one-half bathrooms and 2,469 square feet. Asking price was
      $2,375,000 and it closed for $2,234,445.
    • Two bedrooms, two and one-half bathrooms and 2,265 square feet. Asking price was
      $2,212,500 and it closed for $2,100,000.
    • Two bedrooms and bathrooms, 1,457 square feet. Asking price was $1,150,000 and it closed for list price.
    • Three bedrooms, three and one-half bathrooms and 2,503 square feet. Asking price was
      $2,462,500 and it closed for $2,450,000.
    • Three bedrooms, three and one-half bathrooms, 2,503 square feet. Asking price was $2,700,000 and it closed for $2,500,000.
  • Optima Camelview
    • Two bedrooms, two bathrooms, 1,463 square feet. Asking price was $1,395,000 and it closed $1,300,000.
    • Two bedrooms, two bathrooms, 1,692 square feet. Asking price was $1,335,000 and it closed for list price.
    • Three bedrooms, two bathrooms, 2,129 square feet. Asking price was $1,299,000 and it sold for $1,255,000.
    • Three bedrooms, two bathrooms, 1,826 square feet. Asking price was $1,199,900 and it sold for $1,160,000.

Phoenix Luxury Condo Sales

  • Portland on the Park – Three bedrooms and bathrooms, 1,941 square feet. Asking price was $1,200,000 and it sold for list price.
  • Portland on the Park – Two bedrooms, two and one-half bathrooms, 2,185 square feet. Asking price was $1,575,000 and it closed for $1,440,000.

 

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 5/1/2022 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 ©2022 Heather Tawes Nelson | Joyce Tawes

How Today’s Mortgage Rates Impact Your Home Purchase

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How Today’s Mortgage Rates Impact Your Home Purchase | MyKCM

If you’re planning to buy a home, it’s critical to understand the relationship between mortgage rates and your purchasing power. Purchasing power is the amount of home you can afford to buy that’s within your financial reach. Mortgage rates directly impact the monthly payment you’ll have on the home you purchase. So, when rates rise, so does the monthly payment you’re able to lock in on your home loan. In a rising-rate environment like we’re in today, that could limit your future purchasing power.

Today, the average 30-year fixed mortgage rate is above 5%, and in the near term, experts say that’ll likely go up in the months ahead. You have the opportunity to get ahead of that increase if you buy now before that impacts your purchasing power.

Mortgage Rates Play a Large Role in Your Home Search

The chart below can help you understand the general relationship between mortgage rates and a typical monthly mortgage payment within a range of loan amounts. Let’s say your budget allows for a monthly mortgage payment in the $2,100-$2,200 range. The green in the chart indicates a payment within that range, while the red is a payment that exceeds it (see chart below):

How Today’s Mortgage Rates Impact Your Home Purchase | MyKCM

As the chart shows, you’re more likely to exceed your target payment range as mortgage rates increase unless you pursue a lower home loan amount. If you’re ready to buy a home, use this as your motivation to purchase now so you can get ahead of rising rates before you have to make the decision to decrease what you borrow in order to stay comfortably within your budget.

Work with Trusted Advisors To Know Your Budget and Make a Plan

It’s critical to keep your budget top of mind as you’re searching for a home. Danielle Hale, Chief Economist at realtor.com, puts it best, advising that buyers should:

“Get preapproved with where rates are today, but also consider what would happen if rates were to go up, say another quarter of a point, . . . Know what that would do to your monthly costs and how comfortable you are with that, so that if rates do move higher, you already know how you need to adjust in response.”

No matter what, the best strategy is to work with your real estate advisor and a trusted lender to create a plan that takes rising mortgage rates into consideration. Together, you can look at your budget based on where rates are today and craft a strategy so you’re ready to adjust as rates change.

Bottom Line

Even small increases in mortgage rates can impact your purchasing power. If you’re in the process of buying a home, it’s more important than ever to have a strong plan. Let’s connect so you have a trusted real estate advisor and a lender on your side who can help you strategize to achieve your dream of homeownership this season.

Quick Video Update of the Scottsdale Real Estate Market – April 2022

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– April 2022 Scottsdale Housing Market Video –

Here is a one-minute video overview of the Scottsdale, Arizona real estate market that covers the month of April.

April 2022 – Video


Scottsdale Active Listings

Scottsdale homes for sale April 2022

The low number of homes on the market is the biggest challenge for buyers. The demand is there, but the homes are not.

Inventory fell 15% between April 2021 and April 2022. This is a trend we have been seeing for a while. What is good is that in April, it was not as severe a drop we have seen with other months.

On a very positive note, inventory rose by 14% between the end of March and the end of April.

Median List Price for Scottsdale Homes

Scottsdale homes median list price April 2022

The median list price tells you the exact midpoint of home prices. One half will be higher and one half will be lower.

April’s median list price came in at $1.55 million. This is very slightly down from March’s $1.56 million, but a bit ahead of last April’s $1.45 million.

Days on Market

Scottsdale homes days on market April 2022

This next image looks at how quickly (or not) homes are selling. It is called Days on Market or DOM. If you see a high number, homes are taking longer to sell. And if you see a lower number, homes

If the DOM is a high number, then it is taking longer for homes to sell. If the DOM is a low number, things are selling more quickly.

The Days on Market for April was 32 days. This is also where it was in March. If you compare it to April 2021, there was a 14% decrease in Days on Market.

Median Sales Price for Scottsdale Homes

Scottsdale homes median sales price April 2022

Now we will look at the median sales price of homes in Scottsdale in April.

April’s median sales price was $1.1 million, which is where it came in for March as well. However, it is quite a bit higher that April 2021, when the median sales price was only $867K.

Number of Homes Sold

Finally, we will cover home sales activity in April.

Comparing home sales in April 2022 to April 2021, sales fell by 24%. I feel a big factor in this decline is the lack of homes for sale, which is holding the market back.

Scottsdale Home Sales April 2022 versus 2021

And if we look at April compared to March, sales were down 6%. Again, I believe inventory played a role here as well.

Scottsdale home sales March versus April 2022

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.

Interested in other stats for our market? Visit our Real Estate Market Update page.

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

5 Ways to Write a Winning Offer in Today’s Real Estate Market

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5 ways to write a winning offer

Our nation is in the midst of a serious housing crunch. Last year, a lack of inventory and soaring prices left many would-be homebuyers feeling pinched. But now, with interest rates climbing, many of them are also feeling desperate to lock in a mortgage—which has only added fuel to the fire.1

Fortunately, if you’re a buyer struggling to find a home, we have some good news. While it’s true that higher mortgage rates can decrease your purchasing budget, there are additional ways to compete in a hot market.

Yes, a high offer price gets attention. But most sellers consider a variety of factors when evaluating an offer. With that in mind, here are five tactics you can utilize to sweeten your proposal and outshine your competition.

We can help you weigh the risks and benefits of each tactic and craft a compelling offer designed to get you your dream home—without giving away the farm.

 

1.  Demonstrate Solid Financing

The reality is, no one gets paid if a home sale falls through. That’s why sellers (and their listing agents) favor offers with a high probability of closing.

Sellers particularly love all-cash offers because there’s no chance of financing issues cropping up at the last moment. But don’t despair if you can’t pay cash for your home. According to the National Association of Realtors, only about 1 in 4 home purchases are all-cash deals, which means the vast majority are financed with a mortgage.2

If sellers are assured that financing will come through, buying with a mortgage doesn’t have to be a big disadvantage. The most important step you can take as a buyer is to get preapproved before you start looking for homes. A preapproval letter shows sellers that you are serious about buying and that you will be able to make good on your offer.

It’s also important to consider the reputation of your lender. While sellers may not know or care about a lender’s reputation, their agents often do. Some lenders are much easier to work with than others, especially if you are pursuing certain types of mortgages like FHA or VA loans.3 If so, you’ll want a lender who specializes in these types of mortgages. If you’re unsure who to choose, we are happy to refer you to reputable lenders known for their ease of doing business.

2.  Put Down a Sizeable Deposit

Buyers can show sellers that they’re serious about their offer and have “skin in the game” by putting down a large earnest money deposit.

Earnest money is a deposit held in escrow by a title company or the seller’s broker or lawyer.  If the purchase goes through, it is applied to the down payment and closing costs—if the sale falls through, the buyer may lose some or all of that deposit.

While an earnest money deposit is typically around 1-2% of the sale price, offering a higher deposit can help demonstrate to the buyer that you are serious about the property.4 However, this strategy can also be risky. We can help you determine an appropriate deposit to offer based on your specific circumstances.

 

3.  Ask for Few (or No) Contingencies

Most real estate offers include contingencies, which are clauses that allow one or both parties to back out of the agreement if certain conditions are not met. These contingencies appear in the purchase agreement and must be accepted by both the buyer and seller to be legally binding.5

Common contingencies include:

  • Financing: A financing contingency gives the buyer a window of time in which to secure a mortgage. If they are unable to do so, they can withdraw from the purchase and the seller can move on to other buyers.
  • Inspection/Due Diligence: An inspection contingency gives the buyer the opportunity to have the home professionally inspected for issues with the structure, wiring, plumbing, etc. This also gives buyers the time to investigate the neighborhood, schools (if applicable) and any other external items that may be important to them. Typically, the seller may choose whether or not to remediate any issues with the home; if they do not, the buyer may withdraw from the contract.
  • Appraisal: Most lenders will not offer a mortgage on a home that costs more than it’s worth. An appraisal contingency gives the buyer an opportunity to get the home professionally assessed to ensure that its value is at or above the sales price. If an appraisal comes in low, the seller may be asked to renegotiate the contract.
  • Sale of a prior home: Some buyers cannot afford to purchase a new home until they sell their previous one. If the buyer is unable to sell their current home within a specified window of time, this contingency enables them to withdraw from the contract without penalty. 

Since contingencies reduce the likelihood that a sale will go through, they generally make an offer less desirable to the seller. The more contingencies that are included, the weaker the offer becomes. Therefore, buyers in a competitive market often volunteer to waive certain contingencies.

However, it’s very important to make this decision carefully and recognize the risks of doing so. For example, a buyer who chooses to waive a home inspection contingency may find out too late that the home requires extensive renovations, or a buyer who waives the appraisal may risk their mortgage falling through if they cannot come up with the additional funds to bridge the appraisal gap. If you back out of a home purchase without the protection of a contingency, you could lose your earnest money deposit.6 We can help you assess the risks and benefits involved.

4. Offer a Flexible Closing Date and/or Leaseback Option

When it comes to selling a house, money isn’t everything. People sell their homes for a wide variety of reasons, and flexible terms that work with their personal situations can sometimes make all the difference. For example, if a seller is in the process of planning a significant move, they may prefer a longer closing timeline that gives them time to find housing in their new location.

Similarly, short-term leaseback options, in which the sale is completed but the seller retains the right to rent the home for a specified period of time, can be compelling.7 These arrangements enable the seller to use the money from the sale of their home to purchase their next house. A leaseback agreement also makes it possible for them to avoid moving twice when their next home is not yet ready to occupy.

Flexible closing dates and leaseback options can provide a powerful advantage for first-time homebuyers. If you have a month-to-month or easily transferable lease, for example, you may be able to offer a more flexible timeline than a buyer who is simultaneously selling their existing home.

Of course, the value of these terms depends on the seller’s situation. We can reach out to the listing agent to find out the seller’s preferred terms, and then collaborate with you to write a compelling offer that works for both parties.

5. Work With a Skilled Buyer’s Agent

In this ultra-competitive real estate market, one of the greatest advantages you can give yourself is to work with a skilled and trustworthy real estate professional. We will make sure you fully understand the process and help you submit an appealing offer without taking on too much risk on your part.

Plus, we know how to write offers that are designed to win over both the seller and their listing agent. The truth is, listing agents play a huge role in helping sellers evaluate offers, and they want to work with skilled buyer’s agents who are professional, communicative, and courteous.

Once your offer is accepted, we’ll also handle any further negotiations and coordinate all the paperwork and other details involved in your home purchase. The best part is, you’ll have a knowledgeable, licensed advocate on your side who is watching out for your best interests every step of the way.

 

Helping You Get to the Right Offer

In many cases, a competitive offer doesn’t need to be all-cash, contingency-free, or significantly above asking price. But if you’re serious about buying a home in today’s market, it’s important to consider what you can do to sweeten the deal.

If you’re a buyer, we can help you compete in today’s market without getting steamrolled. And if you’re a seller, we can help you evaluate offers by taking all the relevant factors into account. Contact us today to schedule a free consultation.

 

Sources:

  1. National Association of Realtors –
    https://www.nar.realtor/newsroom/pending-home-sales-dwindle-4-1-in-february
  2. National Association of Realtors –
    https://www.nar.realtor/newsroom/existing-home-sales-fade-7-2-in-february
  3. Forbes –
    https://www.forbes.com/advisor/mortgages/housing-crisis-tips/
  4. com –
    https://www.realtor.com/advice/finance/earnest-money-deposit-mistakes-buyers-make/
  5. Bankrate –
    https://www.bankrate.com/real-estate/contingency-clause/
  6. Home Buying Institute –
    https://www.homebuyinginstitute.com/mortgage/risks-of-waiving-a-contingency/
  7. com –
    https://www.realtor.com/advice/sell/what-is-a-rent-back-agreement

Scottsdale AZ Single Family Home Sales – April 2022

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– April 2022 Scottsdale Homes for Sale and Home Sales –

Things cooled off a bit for the Scottsdale real estate market in April. Sales activity was still very strong, but it was a little slower than last month. And the best news of all is that we ended the month with a jump in inventory!

SCOTTSDALE HOME SALES ACTIVITY – APRIL 2022

Every month we track the four items below:

– Single-family homes for sale – Orange Line – The number of homes actively for sale at the end of the month.
– Under contract, but accepting backup offers (UCB) – Gray Line – The number of UCB contracts there were at the end of the month.*
– Pending home sales – Yellow Line – The number of pending sales there were at the end of the month.*
– Home Sales – Blue Line – The number of home sales that took place that month.

APRIL 2022 RESULTS

Scottsdale home sales april 2022
  • Scottsdale Homes for Sale: Inventory has been climbing since January of this year. On a very positive note for buyers and the market in general, the number of homes for sale at the end of April was up 23.1% over the end of March.
  • UCB (Under contract, accepting backup offers): UCB contracts were up in April after trending lower during the first part of 2022.
  • Pending Homes Sales in Scottsdale: Pending sales cooled off slightly, closing the month out at 379.
  • Scottsdale Home Sales: The number of home sales fell by about 5% compared to March. However, this was still a decent performance.

This next section has two more sales metrics that we track monthly:

Scottsdale real estate market April 2022

Percent Change Month Over Month – Here, we compare the performance of a given month to the month that directly proceeded it. For example, the number of UBC contracts was up 5% between March and April.

Sales Price to List Price – This next sales metric looks at home prices and what homes sold for. In a balanced market, you would typically see an average discount off of asking prices, but in this market, buyers on average paid a premium of 2.7% over list price for homes.

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

Curious about your buying power? Click on the link to learn more.

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 5/1/2022. 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 © 2022 Heather Tawes Nelson | Joyce Tawes

Scottsdale AZ Luxury Home Market – March 2022

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– Scottsdale Luxury Home Market Performance for March 2022 –

March was a very strong month for the sale of luxury homes. Sales in all of the price points we track were up and homes that were listed for less than $3 million were selling above list price on average. In many cases, contracts and sales activity were the highest we have seen in the past year.

All of the homes in this analysis were on the market for $1 million or more. And to show greater detail, we have broken the results into four price bands.

Each month, we look at the following four things:
Active – How many homes were for sale at the end of the month.
UCB (Under Contract Accepting Backup Offers) – How many homes were under contract, but still accepting backup offers at the end of the month.
Pending – How many homes were in pending status.
Sold – The number of home sales that month.

– March 2022 –

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

Scottsdale Homes for Sale between $1 and $1.5 million March 2022

– Active Scottsdale Homes on the Market: It was thrilling to see inventory increase in this price range. The number of homes for sale jumped 33% compared to the end of February.
– UCB Scottsdale Home Sales: UCB contracts were again down by one in March. With the new inventory on board, I expect to see this number increase in April.
– Pending Scottsdale Home Sales: Pendings remained stable between February and March.
– Scottsdale Homes Sold: Home sales saw an incredible 33% jump over the previous month. 124 homes sold in March, making it the highest sales month of the past year.
– Sales Price to Listed Price: 103.5%- On average, buyers paid a 3.5% premium over list price.

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

Scottsdale Homes for Sale between $1.5 and $2 million March 2022

– Active Scottsdale Homes on the Market: Thankfully, the number of homes for sale jumped (43.5%) in this price range as well.
– UCB Scottsdale Home Sales: The number of UCB contracts was down in March, most likely due to inventory pressure.
– Pending Scottsdale Home Sales: Pending sales were up again and March came in with the highest number of spending in the last year.
– Scottsdale Homes Sold: Sales were up slightly, closing out the month at 57.
– Sales Price to Listed Price: 102.2% – On average, buyers paid a 2.2% premium over list price.

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

Scottsdale Homes for Sale between $2 and $3 million March 2022

– Active Scottsdale Homes on the Market: March was the second month in a row where we saw inventory go up. The increase was modest, but it is a positive sign.
– UCB Scottsdale Home Sales: After a large increase in February, UCB’s were down in March.
– Pending Scottsdale Home Sales: Pending sales posted their highest number in the past year and came in well above the 12 month average.
– Scottsdale Homes Sold: Home sales were up over 25% compared to February and this was the second-highest sales month of the past year.
– Sales Price to Listed Price: 102.3% – On average, buyers paid a 2.3% premium over list price.

Scottsdale Homes Priced $3,000,000+

Scottsdale Homes for Sale over $3 million March 2022

– Active Scottsdale Homes on the Market: Inventory fell off a little in March, but we ended the month on par with the 12 month average.
– UCB Scottsdale Home Sales: UCB contracts were up again and posted the most UCBs we have seen in the past year.
– Pending Scottsdale Home Sales: Pending sales soared to 65. The next closest month was November 2021 when there were 49 pending sales. Wow.
– Scottsdale Homes Sold: Sales in the $3 million and above range also posted the highest month we have seen.
– Sales Price to Listed Price: 97.1% – On average, buyers saw a discount of 2.9% off of list price.

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 4/1/2022 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 ©2022 Heather Tawes Nelson | Joyce Tawes

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