Why is Arcadia in Phoenix so popular?

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By: Amy Gerrish

 

I moved to the Phoenix metro when I was 20 years old. The first neighborhood to stand out to me was Arcadia. In fact, my first job was at the Subway on 44th St & Indian School, trust me, that plaza looked nothing like it does today. It was run down, but so very busy.  In fact, Alice Cooper used to come in and order sandwiches from me. Yeah, that is my one claim to fame.

But why is Arcadia so popular? Unlike the rest of the flavor of the outlying metro with it’s cookie cutter suburbia,  Arcadia is rich in eclectic 50-60’s era modern homes, larger yards, greener, tree lined streets that just abosulutely scream this place is home.

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As far has homes for sale in Arcadia, it is divided up by the larger mansionesque homes and then there is Arcadia Lite, for those that don’t need something quite as large.

EAT. DRINK. DO ARCADIA

Aside from the homes that make up the neighborhood, Arcadia also has great views along with easy access to  Camelback Mountain, which is the center point of the Phoenix Metro.  There are great restaurants and shops nearby: The Capital Grille, Postino Wine Bar, Le Grande Orange & Chelsea’s Kitchen. This neighborhood has been dearly loved for the 20 years that I have lived in Phoenix and probably won’t ever lose it’s popularity.

More Arcadia Homes to check out: 

 

Investors and Vacation Home Buyers adding a boost to the Phoenix Market

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The National Association of Realtors recently released their 2016 Investment and Vacation Home Buyers Survey. The survey revealed many characteristics of both vacation home purchasers and investors. Two weeks ago, we posted on the vacation home market. Today, we want to concentrate on the investor real estate market.

The survey revealed that investment-home sales in 2015 jumped 7.0 percent to an estimated 1.09 million from 1.02 million in 2014.

Investors: More Sales and Higher Prices | Simplifying The Market

Lawrence Yun, NAR’s chief economist discussed the increase in the number of sales:

“Despite a smaller share of distressed properties coming onto the market, investment purchases reversed course in 2015 after declining for four straight years. Steadily increasing home prices and strong rental demand appear to be giving more individual investors assurance that purchasing real estate will diversify their portfolios and generate additional income if they decide to rent out the home.”  

Phoenix home Prices Are Also Up

The price paid by investors also increased in 2015 by 15.3%.

Investors: More Sales and Higher Prices | Simplifying The Market

Tomorrow, we will be providing an infographic that will highlight the other findings about investors from the survey.

Do you have a single story home you might want to sell?

PARKSIDE

We have client looking for a single story home. They will consider Mesa or Gilbert.  Their criteria:

Built 2006 or newer
Around 2000sf
Single Story
Swimming Pool
Upgraded flooring, kitchen, etc..
Location: Mesa/Gilbert

If you think you have a home that meets this criteria please get in touch with us.

Agritopia Down Payment Assistance

Agritopia Down Payment Assistance

Down Payment & Closing Cost Assistance – Homesmart’s The Phoenix Metro Group is a Home Program 101 Specialist

Down Payment Assistance & Low Down Programs available.
Closing Cost Assistance – Closing costs with the Home in 5 program with FHA
Teachers, Military, Police, Fire & Health Care & More

Find out which programs you qualify for:

Phoenix Home Prices are up! But there is a challenge.

Phoenix Home Prices Are Up…but there is a Challenge
By Amy Gerrish
Appraisal-Challenges-STM

Phoenix home prices continues to climb and are projected to increase by about 5% over the next twelve months. That is great news for anyone who owns a home. However, it could present a challenge for a family trying to sell their house.

If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that closed recently) to defend the sales price when performing the appraisal for the bank.

The National Association of Realtors (NAR) recently released information revealing just how prominent the challenge is in today’s market.

Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal).

Home Prices Are Up…but there is a Challenge | Simplifying The Market

And the challenge is deepening…

Every month, Quicken Loans measures the disparity between what a homeowner believes their house is worth as compared to an appraiser’s evaluation in their Home Price Perception Index (HPPI). Here is a chart showing that difference for each of the last 12 months.

Home Prices Are Up…but there is a Challenge | Simplifying The Market

As we can see the difference has increased each of the last two months.

Bottom Line

Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). With escalating prices, the second sale might be even more difficult than the first. If you are planning on entering the housing market this year, let’s meet up so I can guide you through this, and any other obstacle that may arise.

Get Your Phoenix Home Value

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Amy Gerrish
Direct/Text: 480-294-8680
amy@phoenixmetrogroup.com

Tempe Town Home Under $175,000

TEMPE AZ: Another home that qualifies for our buyer assistance program! Get into a home for $3,000 down? Programs are…

Posted by The Phoenix-Metro Group on Thursday, December 17, 2015

Zillow Reviews

Reviews on Zillow

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“Very kind and friendly. Loved how she is always adapting to your needs. Amy fought for us in making our dreams of owning our home true. She worked to … more
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“This review is based solely on Amy Gerrish. She just completed the 2nd transaction for me. I bought a home and then she has just sold it. I have … more
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602-428-5745 The Phoenix Metro Group

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THE PHOENIX METRO GROUP IS BROKERED BY HOMESMART

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Marie Phelps

Phoenix Metro Group Owner.
Marie Phelps has been a Realtor for over 9 years. When you work with the Phoenix Metro Group, Marie will be the one handling your file. She makes sure all the i’s are dotted and t’s are crossed. The amount of paperwork and document checking in a real estate transaction can be overwhelming. She is there to make sure your file moves along smoothly and accepted by the broker.
marie@phoenixmetrogroup.com

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Amy Gerrish

Phoenix Metro Group Owner.
Amy Gerrish has been a Realtor for over 7 years. When working with the Phoenix Metro Group Amy helps oversee the transaction, marketing your home for sale and helps the agents negotiate the best deal for you.
amy@phoenixmetrogroup.com

Why “Instant Home Value” tools can be inaccurate

Instant home value tools are a great tool to give you an idea of what your home is worth. They usually pull closings accessed from public records that are either in your neighborhood or the same zip code.

outdoor wallpaperThe reasons why this can cause inaccuracies:

Home values include more than the average of past sales. There are many variables that need to be considered when getting accurate value. The biggest thing is comparing your home vs what has sold and adjusting accordingly. This is something that computers can’t really do and an educated human can help you get a more accurate value. 

  • Single story vs 2 story homes – depending on your local market, one may be worth more. In a market where the demographics include an older generation, then single stories will have more value because the demand will be higher.
  • Actual condition of your home – if your home has a long “honey do” list hung up on your fridge then you can almost guarantee that your home is not going be worth at the top of the market. Home buyers that pay top dollar like homes that are move in ready, not a fixer upper.
  • Upgrades can bring more value – comparing your kitchen with the granite counters and 42″ cherry cabinets to the one with vinyl counters will likely give your home a boost in market value.
  • Back yard and lot size – landscaping plays a big role in areas where outdoor living is important. The extra work in a nice patio, built in BBQ or swimming pool can make your home more salable and get you a price at the top of the market.

Fill out the form below to to get a comprehensive market report by a Phoenix Metro Group human staff member.

Also, Instant Home Valuations are a good place to start, you can get one here.