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One of the Fastest Ways You Can Build Wealth - Buy a Home

1/28/2021

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One of the Fastest Ways to Build Wealth - Buy a Home

Build wealth by buying a home
Homeownership has always been the first rung on the ladder leading to household wealth. As Freddie Mac recently posted:

​“Homeownership has cemented its role as part of the American Dream, providing families with a place that is their own and an avenue for building wealth over time. This ‘wealth’ is built, in large part, through the creation of equity…Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”
​
Home equity is the difference between the current market value of your house and the amount you currently owe on your mortgage. To estimate your equity, subtract your mortgage balance from the market value of your home.

You can find what you owe on your mortgage by looking at your last monthly statement or by contacting your lender. If you need help determining the current market value of your home, contact a local real estate professional.

Is homeownership truly a better path to wealth than renting?

Some argue that renting eliminates the cost of property taxes and home repairs. Every potential renter must realize that all the expenses the landlord incurs (property taxes, repairs, insurance, etc.) are already baked into the rent payment – along with a profit margin. You don’t save money by renting.
​

As proof of this, First American broke down the net worth of homeowners and renters by income categories. Here are their findings:
Homeowner Net Worth
Only one income category ($127-192K) has a higher net worth for renters over homeowners. Every other category shows that being a homeowner leads to greater accumulated wealth.

According to the latest Homeowner Equity Insights Report from CoreLogic, the average homeowner gained $17,000 in equity in just the last year. In Arizona, the average equity gain for homeowners was $28,000, 65% higher than the national average. Here’s a breakdown of the year-over-year equity gain by state:
Equity Gain in the US
When can you cash in on your housing wealth?

​
Your home equity is part of your total wealth as a homeowner. The two most common ways homeowners can leverage their wealth are:
  • Selling
  • Refinancing

Selling: When you decide to sell your home, the equity you’ve built over time will come back to you in the sale. For example, if you paid off your $200,000 mortgage and sold your home for $350,000, you would receive $150,000 after closing.

Refinancing: You can refinance your current mortgage and take out some of the equity you have accumulated. With today’s historically low mortgage rates, you may be able to take out substantial cash and keep your monthly payment the same. Thankfully, homeowners today are doing this responsibly and not repeating the same mistakes made in 2006-2008 when some cashed out their entire equity to purchase luxury items like new cars, lavish vacations, etc.

How can these options help homeowners?

During these difficult times, many households are struggling with their housing expenses. Homeowners, because of their equity, have better alternatives. Odeta Kushi, Deputy Chief Economist at First American, recently explained that homeowners financially impacted by the pandemic will not necessarily be faced with foreclosure:
​
“The foreclosure process is based on two steps. First, the homeowner suffers an adverse economic shock…leading to the homeowner becoming delinquent on their mortgage. However, delinquency by itself is not enough to send a mortgage into foreclosure. With enough equity, a homeowner has the option of selling their home, or tapping into their equity through a refinance, to help weather the economic shock.”
​
What might the future bring?

​
Most experts are calling for home prices to continue appreciating going forward. The Home Price Expectation Survey, a survey of a national panel of over one hundred economists, real estate experts, and investment & market strategists, indicates appreciation will continue for at least the next five years. Using their annual projections, the graph below shows the equity build-up a purchaser would potentially earn by buying a $300,000 home this January:
Growth in household wealth
Bottom Line
​
Home equity, for most Americans, is the quickest way to build household wealth. That wealth gives homeowners more options during good times and in difficult situations.

​
If you’re ready to buy or sell – or maybe both – reach out to a local real estate professional to put your plans in motion. With low mortgage rates leading the way, it’s a great time to take advantage of your position in today’s market.

If you’re thinking of selling, many buyers may be eager to find a home just like yours. Reach out to a local real estate professional today to make sure you can get your house in on the action this summer.


If you’re thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. A trusted real estate professional can answer your questions and help you determine your next steps.

Feel free to reach out to me if you have any questions about the home buying process in the East Valley. Just give me a call/text at 602-295-6807 and I will be glad to help.

"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Serving the Phoenix Metro, and East Valley cities including Chandler, Gilbert, Tempe, Mesa, Phoenix, and Ahwatukee

Troy Erickson Realtor  |  3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | TroyEricksonRealtor@gmail.com

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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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Four Expert Views on the 2021 Housing Market

1/16/2021

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Four Expert Views on the 2021 Housing Market

2021 Real Estate Outlook
The housing market was a shining star in 2020, fueling the economic turnaround throughout the country. As we look forward to 2021, can we expect real estate to continue showing such promise? Here’s what four experts have to say about the year ahead (click on the link of each expert to see their complete report).

Lawrence Yun, Chief Economist, National Association of Realtors (NAR)
“In 2021, I think rates will be similar or modestly higher, maybe 3%…So, mortgage rates will continue to be historically favorable.”
​

Danielle Hale, Chief Economist, realtor.com
 “We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels.”
​

Robert Dietz, Senior Vice President and Chief Economist, National Association of Home Builders (NAHB)
“With home builder confidence near record highs, we expect continued gains for single-family construction, albeit at a lower growth rate than in 2019. Some slowing of new home sales growth will occur due to the fact that a growing share of sales has come from homes that have not started construction. Nonetheless, buyer traffic will remain strong given favorable demographics, a shifting geography of housing demand to lower-density markets and historically low interest rates.”
​

Mark Fleming, Chief Economist, First American
“Mortgage rates are expected to remain low for the foreseeable future and millennials will continue forming households, keeping demand robust, even if income growth moderates. Despite the best intentions of home builders to provide more housing supply, the big short in housing supply will continue into 2021 and likely keep house price appreciation flying high.”
​

Bottom Line

Whether you’re ready to buy or sell a home in 2021, if you’re planning to take advantage of the market this winter, contact a trusted real estate professional to learn about the opportunities available in your local market.

If you’re ready to buy or sell – or maybe both – reach out to a local real estate professional to put your plans in motion. With low mortgage rates leading the way, it’s a great time to take advantage of your position in today’s market.

If you’re thinking of selling, many buyers may be eager to find a home just like yours. Reach out to a local real estate professional today to make sure you can get your house in on the action this summer.


If you’re thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. A trusted real estate professional can answer your questions and help you determine your next steps.

Feel free to reach out to me if you have any questions about the home buying process in the East Valley. Just give me a call/text at 602-295-6807 and I will be glad to help.

"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Serving the Phoenix Metro, and East Valley cities including Chandler, Gilbert, Tempe, Mesa, Phoenix, and Ahwatukee

Troy Erickson Realtor  |  3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | TroyEricksonRealtor@gmail.com

Troy Erickson Realtor LinkedIn
Troy Erickson Realtor Facebook
Troy Erickson Realtor twitter
Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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Tempe AZ Real Estate Market Report - December 2020

1/13/2021

1 Comment

 

Tempe AZ Real Estate Market Report - December 2020

The average sales price of homes in Tempe increased a couple thousand to end the year at $439,876, after dropping in November from a 2020 high of $449,203 in October. The average sold price per square foot also inched up to to $229/sf. Days on market has increased for the fourth straight month, from an all-time low of 31 in August, up to 45 DOM for December.
Tempe AZ Homes For Sale
Tempe home sales are significantly higher than in December of last year, up 40.0%, which I believe may have something to do with the COVID-19 pandemic extending the summer home sales season, and the continued high demand for homes in the Phoenix Metropolitan area.
 
The number of new listings is down -9.4% from December of last year, and the number of active listings is also down -18.5% from December of last year.
 
The lack of listings continues to drive demand and home prices higher, so if listings continue to be less than previous years, expect home values to continue to increase.
 
With that said, median home values in Tempe have increased an average of 15.1% since December of 2019. With interest rates remaining around 3.0%, there are still more buyers looking to purchase heading into the winter.
​
​>>Click here to see all Tempe Arizona Homes For Sale<<

​For more detailed stats on the Tempe Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.
Tempe AZ Real Estate Market Report - November 2020
When you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me so we can put your plans into motion. With low mortgage rates leading the way, it's a great time to take advantage of your position in today's market.
​
​
If you're thinking of selling, many buyers will be eager to find a home just like yours due to the low inventory of available homes for sale. Reach out to me today to make sure you can get your house in on the action.

If you're thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
Homes for sale in Tempe, AZ
Feel free to reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.

"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Serving the Phoenix Metro, and East Valley cities including Chandler, Gilbert, Tempe, Mesa, Phoenix, and Ahwatukee

Troy Erickson Realtor  |  3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | TroyEricksonRealtor@gmail.com

Troy Erickson Realtor LinkedIn
Troy Erickson Realtor Facebook
Troy Erickson Realtor twitter
Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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Ahwatukee AZ Real Estate Market Report - December 2020

1/12/2021

1 Comment

 

Ahwatukee AZ Real Estate Market Report - December 2020

The average sales price of homes in Ahwatukee decreased for the second straight month after approaching $500,000 in October, but the drop from November to December was just a few hundred dollars down to $481,095. The price per square foot jumped back up to $218/sf after dropping from $212 to $210 in November. Days on market decreased back down to 33 in December after increasing the previous two months. The DOM is still very, very low, which means homes in Ahwatukee are still selling fast.
Homes For Sale in Ahwatukee
Ahwatukee home sales are way higher than in December of last year, up 10.2%. I believe this may have something to do with the COVID-19 pandemic extending the summer home sales season into the fall, and the continued high demand for homes in the Phoenix Metropolitan area. The number of new listings increased 2.4% from December of last year, which is not a big change, but any increase in the number of new listings can only help with the current lack of Ahwatukee homes for sale. The number of active listings still remains significantly lower than December of last year, at -24.6%. We simply need more listings due to the high demand.
 
The lack of listings continues to drive demand and home prices higher. Median home values in Ahwatukee have increased an average of 12.3% since December of 2019, which is amazing growth. With interest rates remaining around 3.0%, there still should be more buyers looking to purchase heading into the new year, which is typically not the case for this time of year.
​
​>>Click Here To See All Current Ahwatukee Arizona Homes For Sale<<

​For more detailed stats on the Ahwatukee Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.
Ahwatukee AZ Real Estate Market Report - December 2020
When you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me so we can put your plans into motion. With low mortgage rates leading the way, it's a great time to take advantage of your position in today's market.

If you're thinking of selling, many buyers will be eager to find a home just like yours due to the low inventory of available homes for sale. Reach out to me today to make sure you can get your house in on the action.
​
If you're thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
Ahwatukee Foothills homes for sale
Feel free to reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.

"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Serving the Phoenix Metro, and East Valley cities including Chandler, Gilbert, Tempe, Mesa, Phoenix, and Ahwatukee

Troy Erickson Realtor  |  3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | TroyEricksonRealtor@gmail.com

Troy Erickson Realtor LinkedIn
Troy Erickson Realtor Facebook
Troy Erickson Realtor Twitter
Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
1 Comment

Gilbert AZ Real Estate Market Report - December 2020

1/11/2021

0 Comments

 

Gilbert AZ Real Estate Market Report - December 2020

​The average sales price of homes in Gilbert increased over $10,000 for the second straight month, and the price per square foot continues to climb, up to $204/sf. Days on market has remained the same for the last 3 months, at 28 DOM, which is extremely low, and means that homes in Gilbert are still selling fast.
Homes for sale in Gilbert AZ
Gilbert home sales are way higher than in December of last year, up 14.1%. I believe this may have something to do with the COVID-19 pandemic extending the summer home sales season into the fall, and the continued high demand for homes in the Phoenix Metro and East Valley areas. The number of new listings increased 5.7% from December of last year, which can only help with the current lack of Gilbert homes for sale. The number of active listings still remains significantly lower than December of last year, at -35.4%.
 
The lack of listings continues to drive demand and home prices higher. Median home values in Gilbert have increased an average of 19.4% since December of 2019. With interest rates remaining around 3.0%, there still should be more buyers looking to purchase heading into the new year, which is typically not the case for this time of year.
​
>>Click Here To See All Current Gilbert Arizona Homes For Sale<<

​For more detailed stats on the Gilbert Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.
Gilbert AZ Real Estate Market Report - December 2020
When you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me so we can put your plans into motion. With low mortgage rates leading the way, it's a great time to take advantage of your position in today's market.

If you're thinking of selling, many buyers will be eager to find a home just like yours due to the low inventory of available homes for sale. Reach out to me today to make sure you can get your house in on the action.

If you're thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
Gilbert homes for sale
Feel free to reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.

"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Serving the Phoenix Metro, and East Valley cities including Chandler, Gilbert, Tempe, Mesa, Phoenix, and Ahwatukee

Troy Erickson Realtor  |  3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | TroyEricksonRealtor@gmail.com

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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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Troy Erickson Realtor Receives Certificate of Excellence in Real Estate

1/11/2021

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Troy Erickson Realtor Receives Certificate in Excellence in Real Estate for Fifth Consecutive Year

I am so honored to have received this 'Certificate of Excellence in Real Estate' award from Broker Agent Advisor for the fifth straight year! It is great being recognized for my local real estate industry knowledge, dedication to my profession, and service to my clients and community. I am so excited to be selected in the Top 10% of Real Estate professionals nationwide.
Press Release

FOR IMMEDIATE RELEASE

Troy Erickson - Local Real Estate Professional Brings Home National Honor

Broker★Agent™ Advisor Honors Achievement
Troy Erickson Realtor receives award
Phoenix, Arizona 1/11/21

Now in its 25th year, Broker★Agent™  Advisor celebrates the success and accomplishment of the industry’s finest real estate professionals through it’s exclusive ‘Certificate of Excellence’ Program.

Through proprietary criteria, formulas, and other valuable considerations, Troy Erickson Realtor has been distinguished by Broker★Agent™ Advisor as one of the best in business based on achievement, potential, leadership, ethics, community value, experience, capability, and trust for their service during the calendar year of 2020.

"Troy Erickson exemplifies the type of professional we designed this award for,” says Chad Golladay, Executive Publisher of Broker★Agent™ Advisor. “A true credit to their company, profession, and community both inside and outside of their real estate practice; one with whom the honor is truly ours in being able to share this award.”

There is no cost or fee required for this award, and all applicant’s credentials are verified, which makes this honor one of the most genuine in the industry towards identifying those truly worthy of special recognition and distinction.

Troy Erickson can be found in Broker★Agent™ Advisor’s national online directory of award recipients here.

More About Broker★Agent™ Advisor
Established in 1994 Broker★Agent™ is a real estate trade publication which provides information, tools, and resources to assist the modern real estate professional in achieving greater success through their real practice.

SOURCE: Broker★Agent™ Advisor​

​Troy Erickson Realtor has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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Chandler AZ Real Estate Market Report - December 2020

1/9/2021

0 Comments

 

Chandler AZ Real Estate Market Report - December 2020

The average sales price of homes in Chandler jumped back up in December to an all-time high of $482,171, while the average price per square foot continues to increase, up to $215/sf. Days on market increased to 32 from an all-time low of 28 DOM. Chandler home sales are much higher than in December of last year, up16.7%. I believe this may have something to do with the COVID-19 pandemic extending the summer home sales season, the low inventory, and the continued high demand for homes in the Phoenix Metropolitan and East Valley areas. The number of new listings is way up from December of last year, increasing by 21.5%. This increase is necessary because the number of active listings still remains significantly lower than December of last year at 445, a difference of -26.9%.
 
The lack of listings continues to drive demand and home prices higher. Median home values in Chandler have increased an average of 15.1% since December of 2019, which is incredible. It's very possible that if you had purchased a home last December for $300k, it would now be worth $345,300. With mortgage interest rates remaining right around 3.0%, there are still more buyers looking to purchase heading into the new year.


>>Click Here To See All Current Chandler Arizona Homes For Sale<<

​For more detailed stats on the Chandler Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.
Picture
When you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me so we can put your plans into motion. With low mortgage rates leading the way, it's a great time to take advantage of your position in today's market.

If you're thinking of selling, many buyers will be eager to find a home just like yours due to the low inventory of available homes for sale. Reach out to me today to make sure you can get your house in on the action.

If you're thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
​
Feel free to reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.

"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Serving the Phoenix Metro, and East Valley cities including Chandler, Gilbert, Tempe, Mesa, Phoenix, and Ahwatukee

Troy Erickson Realtor  |  3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | TroyEricksonRealtor@gmail.com

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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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    Chandler and East Valley Blog: Troy Erickson Realtor

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    Troy Erickson

     "Real Estate is not just a job for me, it's about making a difference in the lives of others."​

    Troy has been blogging about Chandler and East Valley Real Estate in Arizona since 2006.  He stays current on local Chandler real estate by attending educational classes, and talking with title companies, home inspectors, lenders, members of the Chandler community, as well as constantly working with home buyers, home sellers, and investors within the Chandler and East Valley community.

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    Best Chandler Realtor - Troy Erickson Realtor
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For more information – Contact Troy at (602) 295-6807, or TroyEricksonRealtor@gmail.com today.
Chandler Arizona Real Estate Search

Troy and Mia are your Chandler Arizona Real Estate Connection - an experienced team with Diverse Solutions Realty. Troy is a licensed Realtor in the state of Arizona.
See more at: ChandlerRealEstate.weebly.com