Scottsdale AZ Real Estate & Lifestyle

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Scottsdale Real Estate Market

Scottsdale AZ Single Family Home Sales – November 2021

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-November 2021 Scottsdale Homes for Sale and Home Sales –

Home sales rebounded in November, up 12.5% over October. And while UCB contracts fell, pending sales were up slightly.

SCOTTSDALE HOME SALES ACTIVITY – NOVEMBER 2021

Every month, we track the four sales metrics below:

– Single-family homes for sale – Orange Line – How many homes were on the market 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 homes were pending at the end of the month.*
– Home Sales – Blue Line – How many homes sold over the course of the month.

NOVEMBER 2021 RESULTS

Scottsdale home sales November 2021
  • Scottsdale Homes for Sale: Inventory fell by over 15% between October and November. This is bad news for buyers as we desperately need more homes for sale.
  • UCB (Under contract, accepting backup offers): The number of UCBs fell to 263, a 6.8% drop over the previous month.
  • Pending Homes Sales in Scottsdale: The number of pending sales has stayed mostly level for the past three months.
  • Scottsdale Home Sales: As I mentioned at the beginning, home sales rebounded by over 12% in November, outperforming the past three months.

There are two more sales metrics we look at on a monthly basis.

Scottsdale real estate market November 2021

Percent Change Month Over Month – The top chart compares the current month’s activity to the month prior. For example, the number of active listings was down 15.8% over the previous month.

Sales Price to List Price – The bottom chart measures how much homes are selling for compared to asking prices. On average, homes sold for 99.6% of list price in November which means buyers were not getting much of a 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.

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 12/1/2021. 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 © 2021 Heather Tawes Nelson | Joyce Tawes

Don’t Believe Everything You Read: The Truth Many Headlines Overlook

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Don't Believe Everything You Read: The Truth Many Headlines Overlook | MyKCM

There are a lot of questions right now regarding the real estate market as we head into 2022. The forbearance program is coming to an end and mortgage rates are beginning to rise.

With all of this uncertainty, anyone with a megaphone – from the mainstream media to a lone blogger – has realized that bad news sells. Unfortunately, we’ll continue to see a rash of troublesome headlines over the next few months.

To make sure you aren’t paralyzed by a headline, turn to reliable resources for a look at what to expect from the housing market next year.

There are already alarmist headlines starting to appear. Here are two recent topics you may have seen in the news.

1. Foreclosures Are Spiking Today

There are a number of headlines circulating that call out the rising foreclosures in today’s real estate market. Those stories focus on an overly narrow view on that topic: the current volume of foreclosures compared to 2020. They emphasize that we’re seeing far more foreclosures this year compared to last.

That seems rather daunting. However, though it’s true foreclosures have been up over the 2020 numbers, it’s important to realize that there were virtually no foreclosures last year because of the forbearance plan. If we compare this September to September of 2019 (the last normal year), foreclosures were down 70% according to ATTOM.

Even Rick Sharga, an Executive Vice President of the firm that issued the report referenced in the above article, says:

“As expected, now that the moratorium has been over for three months, foreclosure activity continues to increase. But it’s increasing at a slower rate, and it appears that most of the activity is primarily on vacant and abandoned properties, or loans in foreclosure prior to the pandemic.”

Homeowners who have been impacted by the pandemic are not generally the ones being burdened right now. That’s because the forbearance program has worked. Ali Haralson, President of Auction.com, explains that the program has done a remarkable job:

“The tsunami of foreclosures many feared in the early days of the pandemic has not materialized thanks in large part to the swift and decisive foreclosure protections put in place by government policymakers and the mortgage servicing industry.”

And the government is still making sure homeowners have every opportunity to stay in their homes. Rohit Chopra, the Director of the Consumer Financial Protection Bureau (CFPB), issued this statement just last week:

“Failures by mortgage servicers and regulators worsened the impact of the economic crisis a decade ago. Regulators have learned their lesson, and we will be scrutinizing servicers to ensure they are doing all they can to help homeowners and follow the law.”

2. Rising Mortgage Rates Will Slow the Housing Market

Don't Believe Everything You Read: The Truth Many Headlines Overlook | MyKCM

Another topic that’s generating frequent headlines is the rise in mortgage rates. Some people are expressing concern that rising rates will negatively impact the housing market by causing home sales to dramatically decline. The resulting headlines are raising unneeded alarm bells.

To counteract those headlines, we need to take a look at what history tells us. Looking at data over the last 20 years, there’s no evidence that an increase in rates dramatically forces sales to come to a halt. Nor does home price appreciation come to a screeching stop. Let’s look at home sales first: The last three times rates increased (shown in the graph above in red), sales (depicted in blue in the graph) remained rather consistent. It’s true that sales fell rather dramatically from 2007 through 2010, but mortgage rates were also falling at the time. The next two instances showed no meaningful drop in sales.

Don't Believe Everything You Read: The Truth Many Headlines Overlook | MyKCM

Now, let’s take a look at home price appreciation (see graph below): Again, we see that a rise in rates didn’t cause prices to depreciate. Outside of the years following the crash, prices continued to appreciate, just at a slower rate.

Bottom Line

There’s a lot of misinformation out there. If you want the best advice on what’s happening in the current housing market, let’s connect.

Scottsdale AZ Luxury Home Market – October 2021

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– Scottsdale Luxury Home Market Performance for October 2021 –

October was a mixed bag in terms of sales performance. We saw pending contracts increase in some price ranges and decrease in others. Sales were up in three of the four price bands.

This analysis looks at luxury home sales in Scottsdale. These homes were listed for $1 million and above. To show more detail, we broke the data into four different price bands.

Each month, we track the following four 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 under contract, but still accepting backup offers at the end of the month.
Pending – The number of pending sales.
Sold – How many homes sold over the course of the month.

– October 2021 –

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

Scottsdale Homes for Sale between $1 and $1.5 million October 2021

– Active Scottsdale Homes on the Market: The number of homes for sale fell for the fourth month in a row.
– UCB Scottsdale Home Sales: UCBs rebounded in October to 60. This is ahead of the 12 month average.
– Pending Scottsdale Home Sales: Pending sales were back up to 57 after a few months with less activity.
– Scottsdale Homes Sold: Home sales dropped 27.3% after a strong September. However, UCBs and pendings are up, so I anticipate this number to increase in November.
– Sales Price to Listed Price: 98.9% – On average, buyers saw a discount of 1.1% off of asking price.

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

Scottsdale Homes for Sale between $1.5 and $2 million October 2021

– Active Scottsdale Homes on the Market: Inventory in this price point was down again to 52.
– UCB Scottsdale Home Sales: UCBs fell to the lowest level we have seen in the past twelve months, with the exception of August.
– Pending Scottsdale Home Sales: Pending sales also saw a decrease, coming in at the second lowest we have seen them in the past year.
– Scottsdale Homes Sold: Sales rebounded by 18.4% over September. However, with lower UCB and pendings in the pipeline, this should fall again in November.
– Sales Price to Listed Price: 99.0% – On average, buyers saw a discount of 1% off of asking price.

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

Scottsdale Homes for Sale between $2 and $3 million October 2021

– Active Scottsdale Homes on the Market: The number of homes for sale were up slightly over September. But if you contrast this with November 2020’s 136 homes for sale, you can really see the lack of inventory.
– UCB Scottsdale Home Sales: UCB contracts were up slightly to 26. They have been trending in this range since April.
– Pending Scottsdale Home Sales: Pending sales saw a significant drop in October, coming in at the lowest we have seen in the past year.
– Scottsdale Homes Sold: Sales were up slightly in October, closing out at 31.
– Sales Price to Listed Price: 98.2% – On average, buyers saw a discount off of list price of 1.8%.

Scottsdale Homes Priced $3,000,000+

Scottsdale Homes for Sale over $3 million October 2021

– Active Scottsdale Homes on the Market: Inventory was up slightly by the end of the month and it was just below the 12 month average.
– UCB Scottsdale Home Sales: UCBs were up by one by the end of the month.
– Pending Scottsdale Home Sales: Pending sales fell slightly, but still posted the second-highest performance of the past year.
– Scottsdale Homes Sold: Sales were up yet again in October, posting three months of gains.
– Sales Price to Listed Price: 95.5% – On average, buyers saw a discount off of list price of 4.5%.

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 11/1/2021 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 ©2021 Heather Tawes Nelson | Joyce Tawes

Phoenix and Scottsdale AZ Luxury Condo Sales – October 2021

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– Luxury Condo Sales in Scottsdale and Phoenix – October 2021 –

October was another strong sales month. We also saw some much-needed inventory come onto the market.

This report will take a look at Scottsdale and Phoenix’s luxury condo market. All of these homes were listed for $1 million and above.

ACTIVE LISTINGS AT THE END OF OCTOBER

At the end of August, there were only thirty-three luxury units for sale. By the end of October, this number was up to forty-two which is good news for buyers.

The highest-priced condo for sale has held this spot for a few months. Located in The Residences at 2211 Camelback, this renovated unit comes with four bedrooms and bathrooms and 5,500 square feet. It was on the market for $4,295,000.

The lowest-priced luxury condo for sale is new to the market. Located on the fourteenth floor of Crystal Point Condominium, this home has three bedrooms, two bathrooms and 2,718 square feet.

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

At the end of October, there were only three UCB contracts, versus the eight we saw at the end of September. They were all located in Scottsdale.

UCB Condos in Scottsdale

  • SOHO Condominiums – Three bedrooms, two and one-half bathrooms, 2,365 square feet. Asking price was $1,250,000.
  • Optima Kierland – Two bedrooms, two and one-half bathrooms, 1,535 square feet. Asking price was $1,259,000.
  • Seven at Desert Mountain – Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,550,215.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Fifteen of the seventeen pending sales at the end of October were in Scottsdale. Of these, twelve were in Seven at Desert Mountain which is currently under development.

Scottsdale Pending Luxury Condos

  • The Reserve – Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,016,000. This community is under construction.
  • Landmark Condominiums – Three bedrooms, two and one-half bathrooms, 3,054 square feet. Asking price $1,250,000.
  • Seven at Desert Mountain
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,495,000.
    • 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 $1,515,800.
    • 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.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,868,410.
  • Optima Kierland
    • Two bedrooms and bathrooms, 1,257 square feet. Asking price was $1,024,900.
    • Three bedrooms, two bathrooms, 1,781 square feet. Asking price was $1,200,000.
    • Three bedrooms, two bathrooms, 1,907 square feet. Asking price was $1,250,000.

Phoenix Pending Luxury Condo

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

There were eight sales in October with the majority of them located in Scottsdale.

Scottsdale Luxury Condo Sales

  • There were three units in Optima Kierland
    • Two bedrooms and bathrooms, 1,366 square feet. Asking price was $1,149,000 and it sold for $1,135,000.
    • Two bedrooms, two and one-half bathrooms, 2,000 square feet. Asking price was $1,590,000 and it sold for $1,520,000.
    • Three bedrooms, three bathrooms and 2,309 square feet. Asking price was $1,525,000 and it sold for list price.
  • Landmark Condominiums – Three bedrooms, two and one-half bathrooms, 2,630 square feet. Asking price was $1,300,000 and it sold for list price.
  • Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms, 2,041 square feet. Asking price was $1,495,000 and it sold for $1,465,000.
  • Plaza Lofts at Kierland – Two bedrooms and bathrooms, 1,664 square feet. Asking price was $1,290,000 and it sold for $1,230,000.
  • Optima Camelview – Three bedrooms, two bathrooms, 1,902 square feet. Asking price was $1,295,000 and it sold for $1,225,000.

Phoenix Luxury Condo Sales

  • Fairway Lodge at 8 Biltmore – Two bedrooms, two and one-half bathrooms, 2,376 square feet. Asking price was $1,275,000 and it sold for list price.


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 11/1/2021 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 ©2021 Heather Tawes Nelson | Joyce Tawes

Should I Update My House Before I Sell It? [INFOGRAPHIC]

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If you are thinking about selling, you might also be thinking about doing some updates to try and get top dollar. 

But what upgrades are worth it and which ones should you skip? You might be surprised at which projects get the highest payback and which ones may not provide the best value. 

Also, what kind of market you are in can also help with the decision. For instance, in Scottsdale and the Greater Phoenix area, you may want to hold off at the moment.

Should I Update My House Before I Sell It? | MyKCM

Some Highlights

  • If you’re deciding whether you should make updates before you sell your house, lean on your agent to be your guide.
  • If the market is flooded with houses for sale, updates may be necessary for your house to stand out. In our current sellers’ market, the added expenses might not be worth it.
  • Let’s connect so you have expert advice on which updates are important in today’s market.

P.S. And if you DO decide to go ahead and make upgrades, why not do them a while before listing your home so that you can enjoy them before you sell! 🙂

Quick Video Update of the Scottsdale Real Estate Market – October 2021

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– October 2021 Scottsdale Housing Market Video –

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

October 2021 – Video

Scottsdale Active Listings

Scottsdale homes for sale Ocotober 2021

Nothing has really changed with respect to the number of homes for sale. We are still in a very low inventory status and minimal relief is in sight.

October ended with 557 homes for sale, compared to the 597 homes for sale at the end of September, a 16% drop. And when you look at year-over-year, inventory is down by 49%.

Median List Price for Scottsdale Homes

Scottsdale homes median list price October 2021

If you are not familiar with the median list price, it simply means that of the homes for sale, one half are priced higher and the other half are priced lower. It is a midpoint.

The median list price of homes in October was $1.3 million. This is up over September’s $1.1 million as well as October 2020s $1.15 million.

Days on Market

Scottsdale homes days on market October 2021

Days on Market (also referred to as DOM) is a quick and easy metric to see how quickly homes are selling in a given market or segment of the market. As you would expect, a low DOM indicates homes are selling at a more brisk pace and conversely a high DOM indicates it is taking longer for things to sell.

The DOM was 41 days in September and it dropped to 37 days in October. If we compare this to October of last year, Days on Market has dropped by 42%. This is good for sellers, but it makes things more challenging for buyers who are facing a lot of competition.

Median Sales Price for Scottsdale Homes

Scottsdale homes median sales price October 2021

Now we will take a look at the median sales price of homes versus the median list price.

October’s median sales price was $900K. This is an improvement from September’s $850K and also much higher than October 2020’s $741K.

Number of Homes Sold

This last section covers home sales in Scottsdale. The top image is a year-over-year comparison and the lower image is a month-over-month comparison.

Scottsdale Home Sales October 2020 versus 2021

The number of homes that were sold was down 28% compared to October 2020. I would attribute some of this decrease to the much lower inventory and price appreciation.

Scottsdale home sales September and October 2021

Month-over-month home sales saw a 10% decrease .

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.

New Build or Existing Home: Which One Is Right for You?

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New Build or Existing Home

Homebuyers today are facing a huge dilemma. There simply aren’t enough homes for sale.1

Nationwide, there were 1.27 million active listings in September, down 13% from the previous year. According to the National Association of Realtors, that’s about 2.4 months of inventory, which is far less than the six months that is generally needed to strike a healthy balance between supply and demand.2

In Scottsdale, listings were down 47% between September 2020 and September 2021! And there was only 1.2 months of inventory available for single family homes.

Given the limited number of available properties, if you’re a buyer in today’s market, you may need to expand your search to include both new construction and resale homes. But it can feel a little like comparing apples to oranges.

Let’s take a closer look at some of the factors you should take into account when choosing between a new build or an existing home.

 

TIMEFRAME

How quickly do you want (or need) to move into your next home? Your timeframe can be a determining factor when it comes to choosing between a new build or resale.

New Build

If you opt for new construction, you may be surprised by how long you have to wait to get the keys to your new digs. Currently, many home builders are dealing with unique challenges brought on by the COVID-19 pandemic, including rising costs, labor and material shortages, and shipping delays. While historically it took around five to six months to build a home, many builders are now reporting construction timelines closer to a year or more.3

Many new home communities in and around Scottsdale have waitlists for new lots to open up as they try and keep up with demand. 

These issues have led some builders to cancel contracts or raise the price on unsuspecting homebuyers long after agreements were signed. Unfortunately, this scenario can throw a major wrench in your moving plans and significantly delay your timeline.

To minimize these types of surprises, it’s crucial to have a real estate agent represent you in a new home purchase. We can help negotiate to see if we can get better contract terms and advise you about the potential risks involved.

Existing Home

If you’re in a hurry to move into your next residence, then you may want to stick to shopping for an existing home.

You can typically move into a resale home as soon as you’ve closed the deal. The average time it takes to close a home purchase is around 51 days, but it can vary based on loan type and market activity.4

If you need to move even sooner, it’s sometimes possible to close faster, especially if you’re a cash buyer. In fact, many sellers prefer a quick closing, so it can give you an advantage in a competitive market.

 

LOCATION

 From commute to construction to amenities, there’s a lot to consider when choosing your next neighborhood.

New Build

With a brand-new home, you’re more likely to move into a neighborhood that’s located on the edge of town and is still undergoing development.5 This could mean a longer commute and ongoing construction for some time.

However, new developments can also offer a lot of amenities that appeal to modern homebuyers. Water features, hike-and-bike trails, tot lots, and dog parks are just a few of the enhancements we’re seeing pop up in master-planned communities across the country. And some feature new schools and their own urban-like centers with restaurants, retail, and office space.6

Existing Home

An existing home is more likely to be located closer to town in a neighborhood with established schools, more businesses and a deeply-rooted community. As a result, you may find the neighborhood’s trajectory to be more predictable than an up-and-coming area.

But the amenities may be lacking and the infrastructure dated when compared to newer communities. And while some homebuyers love the charm and eclectic feel of an older neighborhood, others prefer the sleek and cohesive look of a newer development.

 

MAINTENANCE

Are you a DIY enthusiast, or do you prefer a low-maintenance lifestyle? Set realistic expectations about how much time, effort, and money you want to devote to maintaining your next home.

New Build

When you build a home, everything is brand new. Therefore, in the first few years at least, you can expect less required maintenance and repairs. A 2019 survey found that millennials’ homebuying regrets often came down to maintenance issues, rather than other concerns.7 So if you would rather spend your weekends exploring your new neighborhood than fixing a leaky faucet, you may be happier buying a turnkey build.

That doesn’t mean, though, that a new home will be entirely maintenance-free. In fact, depending on the builder, you could find yourself repairing more than you expected. Some home builders have reputations for shoddy construction and subpar materials, so it’s important to choose one with a solid reputation. We can help you identify the quality builders in our area.

Existing Home

No matter how good a deal you got when you purchased it, you could come to regret buying an older home if it costs you heavily in unexpected maintenance and repairs. According to HomeAdvisor’s yearly True Cost report, home renovations have grown more expensive in recent years. For example, installing a new HVAC system could cost you $5,371 on average. And you can expect to pay nearly double that amount ($9,375) for a new roof.8

Fortunately, there are ways to prepare for these large expenditures. We always recommend that our buyers hire a certified home inspector, whether they buy a new or existing home. Once we have the inspector’s report, we can negotiate with the seller on your behalf for reasonable repairs or concessions.

 

ENVIRONMENTAL IMPACT

 On a quest for greener living? If so, there are several factors to consider when deciding on your next home.

New Build

There’s a growing demand for energy-efficient housing, and many builders are rising to the challenge. Nearly 1 in 4 homes built in 2020 received a HERS (Home Energy Rating System) Index Rating by the Residential Energy Services Network. A HERS rating provides an index score that compares the newly-built home to those that were standard in 2006. The more energy-efficient the home is, the lower the score it receives.11

The average home rated in 2020 was 42% more efficient than those built in 2006 and 72% more efficient than a typical home built in the 1970s.11 So if energy efficiency is a top priority, a new home with a low HERS rating may be a good choice. You can also look for one that’s ENERGY STAR Certified, which means it meets a series of strict efficiency guidelines set by the Environmental Protection Agency. In 2020, only 7.9% of homes built in the U.S. received this designation.12

Existing Home

Of course, a basic tenant of sustainable living is: reduce, reuse, recycle. And since a resale home already exists, it automatically comes with a lower carbon footprint. Research has also shown that remodeling or retrofitting an older home is often greener than building one from scratch.13

With some energy-conservation effort and strategic upgrades, environmentally-conscious consumers can feel good about buying an existing home, as well.

 

DESIGN

Open floor plan? Kitchen island? High ceilings? Must-have design features could drive your decision to build or buy resale.

New Build

With a new home, you can bet that everything will look shiny and perfect when you move in. Builders tend to put a lot of emphasis on visual details and follow the latest design trends. For example, newly-built homes are likely to feature an open floor plan, central kitchen island, and 9+ foot ceilings, which are must-haves for many modern buyers. They are also unlikely to feature carpet on the main level or laminate countertops, both of which have lost mass appeal.14

However, some buyers complain of the cookie-cutter feel of new homes since they are often built with a similar aesthetic. That doesn’t mean, though, that you can’t incorporate your own style. We can help you negotiate custom features and upgrades to personalize the space and make it feel like your own.

Existing Home

In some of the most coveted neighborhoods, an older home with classic styling and character can be highly sought after. But unless the previous homeowners have invested in tasteful updates, an existing home is also more likely to look dated.

While some buyers prefer the traditional look and character of an older home, others crave something more modern. If that’s the case, we can help you find a resale home that has already been updated or one that leaves enough room in your budget to renovate it to your liking.

 

WHICHEVER PATH YOU CHOOSE, WE CAN HELP

When it comes to choosing between a new build or an existing home, there’s no one-size-fits-all answer. There are numerous factors to consider, and you may have to make some compromises along the way. But the homebuying process doesn’t have to feel overwhelming.

We’re here to help. And in many cases, our homebuyer guidance and expertise are available at no cost to you! That’s because the home seller or home builder may compensate us with a commission at closing.

Some new-construction homebuyers make the mistake of visiting a builder’s sales office or even purchasing a home without their own real estate representative. But keep in mind, the builder’s agent or “sales consultant” has their best interests in mind—not yours.

We are knowledgeable about both the new construction and resale home options in our area, and we can help you make an informed decision, negotiate a fair price, and avoid mistakes that can cost you time and money. So give us a call today to schedule a free, no-obligation consultation—and let’s start searching for your next home!


Sources:

  1. Reuters –
    https://www.reuters.com/world/us/us-existing-home-sales-fall-august-inventory-declines-2021-09-22/
  2. National Association of Realtors –
    https://www.nar.realtor/newsroom/existing-home-sales-ascend-7-0-in-september
  3. KFVS 12 –
    https://www.kfvs12.com/2021/09/22/covid-19-pandemic-affects-delivery-rate-building-materials/
  4. Rocket Mortgage –
    https://www.rocketmortgage.com/learn/time-to-close-on-a-house
  5. Real Assets Adviser –
    https://irei.com/publications/article/master-planned-communities-changing-u-s-housing-trends-favor-investors-can-benefit/
  6. Builder Online –
    https://www.builderonline.com/land/development/5-master-plan-trends-home-buyers-gravitate-toward-today_o
  7. Bankrate –
    https://www.bankrate.com/real-estate/homebuyer-regret-survey-may-2021/
  8. Home Advisor –
    https://www.homeadvisor.com/r/true-cost-report/
  9. Roofing Calculator –
    https://roofingcalculator.com/news/how-long-do-roofs-last
  10. Plumbing and Mechanical Engineer –
    https://www.pmengineer.com/articles/94873
  11. National Association of Home Builders –
    https://nahbnow.com/2021/10/nearly-1-in-4-new-homes-in-2020-was-hers-rated/
  12. EnergyStar –
    https://www.energystar.gov/newhomes/energy_star_certified_new_homes_market_share
  13. Advanced Materials Research – https://www.researchgate.net/publication/271358381_Comparative_Study_of_New_Construction_and_Renovation_Project_Based_on_Carbon_Emission

National Association of Home Builders –
https://nahbnow.com/2020/04/most-likely-and-unlikely-features-in-a-new-single-family-home/

Scottsdale AZ Single Family Home Sales – October 2021

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-October 2021 Scottsdale Homes for Sale and Home Sales –

The number of homes that sold in October was down from September. However, new contract activity was strong. Inventory took another hit, so that could constrain future sales activity.

SCOTTSDALE HOME SALES ACTIVITY – OCTOBER 2021

We track the following four items every month:

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

OCTOBER 2021 RESULTS

Scottsdale home sales October 2021
  • Scottsdale Homes for Sale: The number of homes for sale fell 10% to close out the month below 500 homes on the market.
  • UCB (Under contract, accepting backup offers): UCBs contracts saw a nice 12.8% jump between September and October.
  • Pending Homes Sales in Scottsdale: Pending sales were more or less level compared to the previous month.
  • Scottsdale Home Sales: The numer of sold homes fell to 435. This is the lowest we have seen this figure in the past year.

The next two charts give us additional insight into the Scottsdale real estate market.

Scottsdale housing market October 2021

Percent Change Month Over Month – Here, we compare the performance of each of the four metrics to the performance of the previous month. For instance, home sales were down 11.7% in October compared to September.

Sales Price to List Price – Here we are looking at the average sales prices of homes compared to the average asking prices. In October, it was 98.5%, which means homes, in general, are selling close to what they were on the market for.


*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 11/1/2021. 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 © 2021 Heather Tawes Nelson | Joyce Tawes

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