Is My House Losing Value?

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The true realization of value in your home only takes place when you sell the home and have the check in your hand. So, if you are watching Zillow estimates and the number is going down but you don’t plan on selling, the numbers are not meaningful. For those who are considering selling, as of late, you may have seen a small dip in the value of your home on automated valuation systems. If you purchased your home over a year ago in the Phoenix area, this small dip is not enough to offset the gains you’ve seen since purchasing.  Year-to-date, we’ve seen about 9% appreciation across the valley. If you’ve owned for a long time, your home is almost undoubtedly worth far more than you paid for it. Don’t get too hung up on weekly or monthly changes. Only get concerned with value when you decide to sell, and when you do decide to sell, rely on a trusted agent for an opinion of value, not just what the computers say.  

The value of a house in Arizona can be influenced by various factors such as:

  1. Location: The desirability of the neighborhood, proximity to schools, public transportation, shopping centers, and amenities can all impact the value of your house.
  2. Economic conditions: The state of the local and national economy can impact the real estate market and affect the value of your home.
  3. Condition: The overall condition of your house, including the age of the roof, HVAC system, and appliances, as well as any necessary repairs or updates, can affect its value.
  4. Supply and demand: The number of homes for sale in your area and the number of buyers looking to purchase a home can affect the value of your house.
  5. Interest rates: Fluctuations in interest rates can impact the affordability of buying a home, which can in turn impact the value of your home.

It’s important to keep in mind that the real estate market can be unpredictable, and changes in property values can vary depending on local market conditions. Staying informed about the local real estate market trends and keeping your home well-maintained can help preserve its value. Additionally, consulting with a local real estate agent or appraiser can provide valuable insights into the current market value of your home.

How Do I Sell My House Fast?

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In any home sale, price is the absolute most critical component that will dictate the speed of the sale. As I like to say, the pricing continuum in real estate is irrefutable: Price too high and you can expect little to no activity and no offers. Price in line with comps and you are likely to get good activity and potentially an offer. Price below the comps and you will likely sell quickly and with the potential for multiple offers, which could push your sale price above comps. Overpricing is the number one factor that can extend your listing period. Price can fix any issue you have with your home. For instance, if it needs a coat of paint, price it accordingly. The pool needs to be resurfaced, price the home accordingly. The roof is shot, price that in. 

Here are some tips on how to sell your house fast:

  1. Set a realistic price: Setting a competitive and realistic price can attract more potential buyers and increase the chances of a quick sale.
  2. Declutter and stage your home: A clean and well-staged home can help potential buyers envision themselves living in the space. Remove personal items, clean and organize each room, and consider hiring a professional stager.
  3. Enhance curb appeal: First impressions matter, so make sure your home’s exterior looks inviting. Consider painting the front door, planting flowers, and maintaining the lawn and landscaping.
  4. Use professional photos and videos: High-quality photos and videos can attract more buyers and give them a better sense of the property before scheduling a showing.
  5. Work with an experienced real estate agent: A knowledgeable real estate agent can help you price your home, market it effectively, and negotiate with potential buyers.
  6. Be flexible with showings: Make your home available for showings at different times to accommodate potential buyers’ schedules.
  7. Consider offering incentives: Offering incentives such as closing cost assistance or a home warranty can make your home more attractive to buyers.

It’s important to keep in mind that the real estate market can be unpredictable, and there’s no guaranteed way to sell your house fast. However, following these tips can help increase your chances of a quick and successful sale.

What Is My House Worth?

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Automated valuation systems are oftentimes what people rely on to get a sense of the value of their home. Think Zillow “zestimate” or similar products. The problem with such products is that they rely on algorithms, not actual human analysis. An excellent way for you to find the value of your home is to have an experienced real estate agent visit your home in person and provide you with comps after the visit. The visit will allow them to view your home, soak it in, and then go back to their office and run comps based on what they saw and felt in person. Running comps is as much of an art as it is a science and good agents will analyze not only what similar homes in the area are selling for, but how they think potential buyers will emotionally respond to your home. After all, buying a home is a mix of logic and emotion for buyers and the emotional quotient is something that automated valuation systems cannot account for. Ultimately, the VERY best way to see what your house is worth is to list it on the open market and see what a buyer is willing to pay for it.    

The value of a house can be influenced by many factors, including:

  1. Location: The desirability of the neighborhood, proximity to schools, public transportation, shopping centers, and amenities can all impact the value of your house.
  2. Size and layout: The square footage and number of bedrooms and bathrooms can affect the value of your home. Additionally, the layout and flow of the house can also impact its value.
  3. Condition: The overall condition of your house, including the age of the roof, HVAC system, and appliances, as well as any necessary repairs or updates, can affect its value.
  4. Upgrades and amenities: Upgrades such as new flooring, countertops, and appliances, as well as amenities like a pool, a home theater, or a finished basement, can all impact the value of your house.
  5. Recent sales of comparable properties: The recent sale prices of similar homes in your area can provide insight into the current market value of your house.

Overall, determining the value of a house is a complex process that requires careful consideration of all these factors and more. It’s always best to consult with a real estate professional or appraiser for an accurate estimate of your home’s value.

Contact us today for your FREE Comparitive Market Analysis (CMA)

Looking To Sell? Here’s How To Properly Price A Home

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Many homeowners are struggling to price their homes in this unpredictable real estate market. With interest rates rising post-pandemic, the housing market is finally cooling down. Experts report that the pending prices of homes dropped 8.6% in June.* Sellers may be hoping  they can match comparable home prices from their neighborhood from the past year, however, those data points are no longer an accurate depiction of the market. Still, there is a strong demand for homes.

Properly pricing your home impacts how long the listing stays on the market, negotiations and ensuring you get paid the maximum value the home is worth. There are several variables to look at when determining how to price a home, such as the city or neighborhood you are selling in, square footage, the number of bedrooms and bathrooms, curb appeal and the age and condition of the home.

The top recommendation is to hire an expert in the industry, a real estate agent. The current housing market is experiencing fluctuating prices and having a real estate agent guide you through these changes is key. It can be easy to personally research comparable homes in your area and you may formulate a price that you believe seems fair, but there are numerous other factors that can change pricing. Some homes have different features and upgrades that can allow for a higher sale price while others may be lacking a particular feature that could lower a sale price. A real estate agent will have access to all details of a home and draft a sales price that doesn’t sell you short or seem unreasonable to knowledgeable buyers. Working with a real estate agent will also lend an experienced hand in negotiating with a buyer and their agent. 

When looking at comps, or homes sold nearby, research how much they were sold for, but more importantly when they were sold. Home prices have declined in the last few months due to inventory and interest rates rising. If you work with a real estate agent, they’ll be providing you with a comparative market analysis, which includes home details, days on the market, and final sale price. 

Find the top selling points of your home’s location and factor it into your selling price. Selling points could include nearby schools, community Parks and programs, distance or convenience to shopping and entertainment centers, crime rates, proximity to busy roads or freeways and so on.

Properly staging your home is another important way to make good first impressions for potential buyers. It can also lead to a faster sale. Buyers touring the home should be able to easily imagine themselves living there. This is also the right time to showcase the best features of your home. You can either hire a staging service or your real estate agent may be able to help. 

The Phoenix Metro housing market is expected to continuously change over the next months and if you plan on selling, be open to the ever-changing real estate climate. Create an offer that aims to sell high yet is still competitive.

Phoenix Arizona is Now a Top 10 Buyer’s Market – Here’s What That Means for You

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The Phoenix housing market is shifting, and if you’re thinking about buying or selling, now is the time to pay attention. According to the Knock Buyer-Seller Market Index, Metro Phoenix has moved from a strong seller’s market to one of the top 10 buyer’s markets in the country. But what does that really mean for you? Let’s break it down.

If You’re Looking to Buy a Home in Phoenix

Good news—this shift is in your favor! Here’s why:
✅ More Homes to Choose From – There are more listings, so you have better options.
✅ Less Competition – Fewer bidding wars mean you won’t have to overpay.
✅ Better Deals & Negotiation Power – Sellers are more open to price cuts, closing cost help, and other perks.
✅ More Affordable Housing – A great opportunity for first-time buyers, retirees, and those relocating to Phoenix.

If you’ve been waiting for the right time to buy, this could be it.

If You’re Thinking About Selling

While the market is shifting, that doesn’t mean you can’t sell at a great price. Phoenix home values are still strong, but sellers need to adjust their strategy:
🔹 Price Your Home Right – Overpricing can cause your home to sit on the market too long.
🔹 Make Your Home Stand Out – High-quality photos, staging, and marketing are more important than ever.
🔹 Be Ready to Negotiate – Buyers have more leverage, so expect offers with requests for concessions.
🔹 Target the Right Buyers – Many people are moving to Phoenix from expensive cities—highlight what makes your home a great fit for them.

The key to selling successfully in this market is working with a skilled agent who knows how to position your home effectively.

Why Are People Moving to Phoenix?

Phoenix continues to attract homebuyers for several reasons:
🌞 Affordable Cost of Living – Lower home prices compared to cities like LA or Seattle.
💼 Strong Job Market – Growth in tech, healthcare, and remote work opportunities.
🏞 Great Weather & Outdoor Lifestyle – Year-round sunshine, hiking, and golf.
🏡 Retirement-Friendly – No state income tax on Social Security.

Need Help Navigating the Market? Let’s Talk!

Whether you’re buying or selling, having the right strategy is crucial in a shifting market. As a local real estate expert, I can help you:
✔ Find the best home deals and secure great financing.
✔ Market your home effectively to attract serious buyers.
✔ Make confident real estate decisions with expert guidance.

Thinking about making a move? Let’s chat and create a plan that works for you!

Don’t Miss Out on this Opportunity! Contact Us Today: CLICK HERE —> YES I WANT MORE INFORMATION!

📞 623-219-6014 📧 JV@VergaraRealEstate.com 🌐 VergaraRealEstate.com

Get in touch with us now! Schedule a real estate homebuyer consultation or real estate seller consultation HERE! Learn how we can help you achieve your real estate, real estate home buying & real estate selling goals in Phoenix, Arizona.

Jose Vergara Phoenix Arizona Realtor With The Vergara Real Estate Group, Powered by HomeSmart

Arizona Is No. 2 State For Commercial Real Estate Development

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to commercial real estate development, Arizona is the second highest ranking state in the U.S. for overall contributions of real estate to state GDP of $91.3 billion, $41.2 billion in direct spending, $37 billion in personal earnings, and 661,000 jobs supported in 2022, according to a new report. Here’s what is driving the state:

• Warehouse: Arizona ranks #3 behind Florida and Texas

• Industrial (includes manufacturing): Arizona ranks #2 behind Texas

• Retail: Arizona ranks #10

The data is from “Economic Impacts of Commercial Real Estate, 2023 U.S. Edition” published annually by the NAIOP Research Foundation.

Nationally, the impact of new commercial real estate development in the U.S. continues to grow.

The combined economic contributions of new commercial building development and the operations of existing commercial buildings in 2022resulted in direct expenditures of $826.9 billion and the following impacts on the U.S. economy:

• Contributed $2.3 trillion to U.S. gross domestic product (GDP).

• Generated $831.8 billion in personal earnings.

• Supported 15.1 million jobs.

“The data in the report are strong economic indicators of commercial real estate development investment, job growth, and subsequential contributions to the U.S. economy,” said Marc Selvitelli, CAE, president and CEO of NAIOP. “Our success could be met with headwinds as inflation, workforce constraints and higher interest rates create uncertainty. Our Research Foundation, legislative team and education will keep our members and industry professionals informed on these issues and offer resources as the industry navigates potentially choppy waters.”