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Is It Enough To Offer Asking Price in Today’s Housing Market?

4/26/2022

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Is It Enough To Offer Asking Price in Today’s Housing Market?

Buying a home in Phoenix AZ
If you’re planning to buy a home this season, you’re probably thinking about what you’ll need to do to get your offer accepted. In previous years, it was common for buyers to try and determine how much less than the asking price they could offer to still get the home. The buyer and seller would then negotiate and typically agree on a revised price that was somewhere between the buyer’s bid and the home’s initial asking price.

In today’s real estate market, buyers shouldn’t shop for a home with the same expectations.

Things Are Different Today

​
Today’s housing market is anything but normal. According to the National Association of Realtors (NAR), the average home that’s sold today:

  • Receives 4.8 offers
  • Sells in just 17 days

Homes selling quickly and receiving multiple offers shows how competitive the housing market is for buyers right now. This is because there are more buyers on the market than homes for sale. When the number of homes available can’t keep up with demand, homes often sell for more than the asking price.
​
How Does This Impact You When It’s Time To Submit an Offer?
​

Market conditions should help guide your decisions throughout the process. Today, the asking price of a home is often the floor of the negotiation rather than the ceiling. Knowing this is important when it’s time to submit an offer, but you should also use that information as you’re searching for homes too. After all, you don’t want to fall in love with a home that ultimately sells for a price higher than what you’ve budgeted for.
​

The Mortgage Reports has advice if you’re looking to purchase a home in a competitive market. The article encourages you to be realistic with your housing search, saying:
​
“The best thing to do is set your budget and expectations ahead of time so you know how much you can afford to offer — and when to walk away. This will make negotiations a lot easier.”

Of course, when you’ve found your dream home, you’ll want to do everything you can to submit your best offer up front and win a potential bidding war. Knowing the current market is key to crafting a winning offer. That’s where working with an expert real estate advisor becomes critical.

A real estate professional will draw from their experience and expert-level knowledge of today’s housing market throughout the process. They’ll also balance conditions in your area to make sure your offer stands out above the rest.

Bottom Line

Understanding how to approach the asking price of a home and what’s happening in today’s real estate market are critical for buyers. Let’s connect so we can work together to create a winning plan for you.
​
Feel free to reach out to me if you have any questions about buying a home. 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, Scottsdale, and Ahwatukee

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

Buying a home in todays market
Home buying with high competition and low inventory
Buying a home in today's housing market

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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The Perks of Owning More Than One Home

3/31/2022

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The Perks of Owning More Than One Home

Owning a second home benefits
Many things have changed over the past couple of years, and real estate is no exception. One impact is an increased desire to own more than one home. According to the recent Luxury Market Report from Luxury Home Marketing:
“As trends such as remote working and flexi-hours took hold in 2021, so too did the flexibility of relocating as well as the growth of second homeownership.”
This may be because the pandemic has altered how we think about our homes. Where we live has become, more than ever, our safe space and our getaway. And with the rise in remote work, more people are reconsidering where they want to live and buying second homes to give them greater flexibility. If you fall in that category, here are just a few of the perks you’ll enjoy, and how owning a second home may be a great decision for your lifestyle and your future.

Enjoy a Change in Scenery (or Weather)

When you have two homes, you can alternate between them as the weather changes or as you crave different scenery. Do you want to live in an area with a particular season? Would alternating between a resort and a suburban setting be ideal? With two homes, you have those options. Being able to move between homes based on which location best suits you at the time gives you added flexibility and variety that can help increase your happiness.

Build Your Wealth Faster

You may have heard that home equity is skyrocketing, thanks to ongoing home price appreciation. CoreLogic reports that the average homeowner gained $56,700 in equity over the last year. With home prices projected to continue rising, if you purchase a second home, you could benefit from rising equity on both properties to build your wealth (and your net worth) even faster.

Be Closer to Loved Ones

The pandemic has also reignited the importance of being near our loved ones. One option worth exploring is whether you want your second home to be near the people who matter most in your life. This makes it easier to see your loved ones but still gives you your own dedicated, private space so you can be nearby for major life events or longer visits.

Lock in Your Expenses

Buying a second home today and locking in your mortgage rate may be a good option if you’re looking to stabilize your housing costs for the long haul. If you’re approaching retirement or are looking to use your second home as your permanent residence in the future, buying that house now with today’s rate and price may be a good financial decision. That way, no matter what happens with interest rates and prices in years ahead, your monthly payment is locked in for the next 15-30 years.

Bottom Line
​

Having multiple homes has considerable benefits. If owning a second home is something you’re interested in, talk with a trusted real estate advisor. They can help you explore your options, discuss the benefits, and take the next step to start your home search.

Feel free to reach out to me if you have any questions about buying a second home. 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, Scottsdale, 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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Down Payment Assistance Programs Can Help You Achieve Homeownership

3/3/2022

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Down Payment Assistance Programs Can Help You Achieve Homeownership

Down Payment Assistance Programs
For many homebuyers, the thought of saving for a down payment can feel daunting, especially in today’s market. That’s why, when asked what they find most difficult in the homebuying process, some buyers say it’s one of the hardest steps on the path to homeownership. Data from the National Association of Realtors (NAR) shows:

                    “For first-time home buyers, 29 percent said saving for a                                                 downpayment [sic] was the most difficult step in the process.”

If you’re finding that your down payment is your biggest hurdle, the good news is there are many down payment assistance programs available that can help you achieve your goals. The key is understanding where to look and learning what options are available. Here’s some information that can help.

First-Time and Repeat Buyers Are Often Eligible

According to downpaymentresource.com, there are thousands of financial assistance programs available for homebuyers, like affordable mortgage options for first-time buyers. But, of the many programs that are available, down payment assistance options make up the large majority. They say 73% of the assistance available to homebuyers is there to help you with your down payment.

And it’s not just first-time homebuyers that are eligible for these programs. Downpaymentresource.com notes:

                         “You don’t have to be a first-time buyer. Over 38% of all
                        programs are for repeat homebuyers who have owned
                                                a home in the last 3 years.”


That means no matter where you are in your homeownership journey, there could be an option available for you.

There Are Local Programs and Specialized Programs for Public Servants

There are also multiple down payment assistance resources designed to help those who serve our communities. Teacher Next Door is one of those programs:

                    “The Teacher Next Door Program was designed to increase home
                     ownership among teachers and other public servants, support
                     community development and increase access to affordable housing
​                                                     free from discrimination.”


Teacher Next Door is just one program that seeks to help teachers, first responders, health providers, government employees, active-duty military personnel, and veterans reach their down payment goals.

And, most importantly, even if you don’t qualify for these types of specialized programs, there are many federal, state, and local programs available for you to explore. And the best way to do that is to connect with a local real estate professional to learn more about what’s available in your area.

Bottom Line

​
If saving for a down payment seems daunting, there are programs available that can help. And if you work to serve your community, there may be even more opportunities available to you. To learn more about your options, connect with a local real estate advisor and start your homebuying journey today.

If you’re thinking of buying a home, interest rates remain historically low. 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, Scottsdale, 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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How Much Do You Need for Your Down Payment?

1/27/2022

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How Much Do You Need for Your Down Payment?

Saving for a down payment on a home
As you set out on your homebuying journey, you likely have a plan in place, and you’re working on saving for your purchase. But do you know how much you actually need for your down payment?

If you think you have to put 20% down, you may have set your goal based on a common misconception. Freddie Mac says:
“The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.”
Unless specified by your loan type or lender, it’s typically not required to put 20% down. According to the Profile of Home Buyers and Sellers from the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. It may sound surprising, but today, that number is only 13%. And it’s even lower for first-time homebuyers, whose median down payment is only 7% (see graph below):
Down payment on a home
What Does This Mean for You?

​
While a down payment of 20% or more does have benefits, the typical buyer is putting far less down. That’s good news for you because it means you could be closer to your homebuying dream than you realize.

If you’re interested in learning more about low down payment options, there are several places to go. There are programs for qualified buyers with down payments as low as 3.5%. There are also options like VA loans and USDA loans with no down payment requirements for qualified applicants.
​

To understand your options, you need to do your homework. If you’re interested in learning more about down payment assistance programs, information is available through sites like downpaymentresource.com. Be sure to also work with a real estate advisor from the start to learn what you may qualify for in the homebuying process.
Bottom Line
​
Remember: a 20% down payment isn’t always required. If you want to purchase a home this year, reach out to a trusted real estate professional to start the conversation and explore your down payment options.

​Owning a home provides one of the strongest foundations for building individual wealth and lasting financial security. If you’re ready to start your path towards homeownership, talk with a trusted real estate advisor today.
​

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, Scottsdale, and Ahwatukee

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

How much do I need for a down payment?
You don't need 20% for a down payment
Minimum down payment of 3.5%

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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Housing Wealth: The Missing Piece of the Affordability Equation

12/15/2021

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Housing Wealth: The Missing Piece of the Affordability Equation

Best way to build wealth is to buy a home
The real estate market is soaring today. Residential home values are rising, and that’s a big win for homeowners. In 2020, there was a double-digit increase in home values – a trend that’s expected to head toward similar levels this year.

However, skyrocketing prices are causing some to start questioning affordability in the current housing market. Many are quick to emphasize the fact that homes today are less affordable than they were last year. Black Knight, a leading provider of data and analytics across the homeownership life cycle, just reported on the issue.

The findings show the historical averages of the national payment to income ratio, which they define as “the share of the median income needed to make the monthly payments on the median-priced home.” Their study reveals:
  • The average over the last 25 years was 23.6%
  • The average over the last 5 years was 20.1%
  • The average today stands at 20.5%

Right now, housing payments are slightly less affordable than the five-year average – but only by less than ½ a percentage point. However, they’re significantly more affordable than the 25-year average. Put another way, a buyer will likely make a slightly greater financial sacrifice to afford a home right now than if they purchased a home within the last five years. On the other hand, it also means the potential financial sacrifice is not nearly as great as it was over the last 25 years.

Does making a sacrifice to buy a home today make financial sense in the long term?

Last week, the Federal Reserve announced that, in the first three months of the year, household net worth increased by $968 billion based solely on the values of the real estate they owned. Another report from CoreLogic reveals the average annual gain in homeowner equity was $33,400 per borrower.
​

Homeownership continues to be the cornerstone to building personal wealth. For most Americans, their home is the largest asset they own. On top of that, the difference between the net worth of homeowners and renters is significant at every income level. Here’s a table detailing that point using data from a study done by First American:
Net worth is greater for homeowners than for renters
Owning a home is an essential steppingstone to grow a household’s net worth. Despite the slightly greater sacrifice in the percentage of monthly income you’ll spend on housing today, for most homebuyers, the payoff of starting to build equity now will be worth it.

Bottom Line

​
Since prices have risen dramatically over the past 18 months, it’s slightly less affordable to buy a home today than it was a year ago. However, when you consider the equity gain and weigh the long-term benefits of building your net worth, you may question if you can afford not to buy now.

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, Scottsdale, 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 listed in Top 30 Arizona Real Estate Blogs on the web

10/19/2021

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Top 30 must read Arizona Real Estate Blogs - Chandler and East Valley Blog.

Press Release

FOR IMMEDIATE RELEASE

Troy Erickson Realtor's 'Chandler and East Valley Blog' receives recognition as Top 30 Arizona Real Estate Blogs on the web.

Feedspot.com  Award Recognition

Phoenix, Arizona 9/1/21 - Feedspot.com celebrates the success and accomplishment of the industry’s finest Arizona Real Estate Blogs through it’s exclusive "Top 30" recognition.
​
Chandler and East Valley Blog | Troy Erickson Realtor
Feedspot.com recently listed Troy Erickson Realtor's Chandler and East Valley Blog as one of their Top 30 Arizona Real Estate Blogs on the web for 2021. His blog was selected by a team of over 25 expert panelists whose goal is to discover and rank popular blogs, podcasts, and YouTube channels in several niche categories. The team performs extensive research on google and social media platforms to discover new influencers, and has in-house media monitoring tools to help discover top bloggers in categories such as Arizona Real Estate.

With millions of blogs on the web, finding influential bloggers in a niche industry such as Arizona Real Estate is a hard problem to address. Feedspot.com utilizes a combination of both algorithmic and human editing they feel is the best means of curating that data. With thousands of real estate blogs throughout the state of Arizona, feedspot.com feels that they have come up with the most comprehensive list of Top 30 Arizona Real Estate Blogs on the internet, and Troy Erickson's Chandler and East Valley Blog is part of that Top 30 list.

"I would like to personally congratulate you (Troy Erickson) as your blog, Chandler and East Valley Blog, has been selected by our panelist as one of the Top 30 Arizona Real Estate Blogs on the web. I personally give you a high-five and want to thank you for your contribution to this world. This is the most comprehensive list of Top 30 Arizona Real Estate Blogs on the internet and I'm honored to have you as part of this!"
     - Anuj Agarwal, Founder of Feedspot
Top Arizona Real Estate Blog | Chandler and East Valley Blog | Troy Erickson Realtor

​"I am so honored to have received this 'Top 30' ranking from feedspot.com. It is great being recognized for my local real estate industry knowledge, dedication to my profession, and service to my clients and community.

"I would like to thank feedspot.com for selecting my Chandler and East Valley Blog into their list of Top 30 Arizona Real Estate Blogs. When I first received the news, it was a complete shock to me. I have put in a lot of hard work over the years trying to provide Chandler and East Valley residents valuable information about what is happening in their local real estate market so they are well informed, and it is a great feeling to be rewarded for my efforts.

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"After all, the greatest satisfaction that I receive from my job is helping others obtain their goals; whether it be homeownership for the first time, moving up to a larger home as their family size increases, downsizing as they become empty nesters, purchasing an investment property, buying a vacation or second home, or selling their home for a new job, or in order to be closer to family.

"I have enjoyed working in the real estate industry for over 15 years now, and cherish all the new friendships I have made along the way."

Troy Erickson Realtor | Feedspot

Ranking in the Top 30 is based on the following criteria:
  • Relevancy
  • Industry blogs (those not favoring a specific brand) are given higher rank than blogs by individual brands (who often tend to promote their own products)
  • Blog post frequency (freshness)
  • Social media follower counts and engagements
  • Domain authority
  • Age of a blog
  • Alexa Web Traffic Rank and many other parameters


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

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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The Difference in Net Worth Between Homeowners and Renters Is Widening

8/30/2021

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The Difference in Net Worth Between Homeowners and Renters Is Widening

How to build wealth in Arizona
Becoming financially secure is an important goal for many people today, but some don’t realize just how much homeownership can help them achieve that dream. A recent report, The Journey Toward Financial Freedom, surveys Americans about their perspective on financial wellness and their goals. It shows there may be a significant misconception about the role owning a home plays in building wealth:
​
“Home ownership is one of the indicators Americans say is least connected to financial health.”

​Two major personal wealth goals – homeownership and net worth – work hand-in-hand. Below are just a few reasons why, if you’re looking for financial security, homeownership should be a top priority.
​

Homeownership Is an Important Cornerstone of Building Wealth

Every three years, the Federal Reserve releases the Survey of Consumer Finances which highlights the difference in wealth between homeowners and renters. The graph below shows the findings across the previous surveys including the latest data (2019), and the results are staggering:
How much housing wealth can you build in a decade?
As the graph illustrates, the gap between homeowners and renters continues to widen. That’s because homeownership contributes massively to an individual’s overall net worth. Odeta Kushi, Deputy Chief Economist at First American, highlights this idea:
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“. . . between 2016 and 2019, housing wealth was the single biggest contributor to the increase in net worth across all income groups . . . .”

​When we look even closer at the most recent data from 2019, the average homeowner’s net worth is more than 40 times greater than that of the average renter (see graph below):
Owning a home is still more affordable than renting one
The gap exists in large part because homeowners build equity as their home appreciates in value and they pay off a portion of their mortgage each month. When you own your home, your monthly mortgage payment is, in essence, forced savings that come back to you when you sell your home or refinance. As a renter, you’ll never see a return on the money you pay out in rent every month.
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If you’re ready to start building your net worth, the current real estate market offers several opportunities you should consider. For example, with today’s low mortgage rates, your purchasing power may be higher now than it has been in some time. That means there may be no better time than now to start working towards your homeownership goals – especially since rates are anticipated to rise in the coming months.
Bottom Line
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​Owning a home provides one of the strongest foundations for building individual wealth and lasting financial security. If you’re ready to start your path towards homeownership, talk with a trusted real estate advisor today.
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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, Scottsdale, 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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A Look at Home Price Appreciation Through 2025

7/21/2021

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A Look at Home Price Appreciation Through 2025

Build wealth through home equity
Home prices have increased significantly over the last year, which in turn has grown the net worth of homeowners. Appreciation and home equity are directly linked – as the value of a home increases, so does a homeowner’s equity. And with these recent gains, homeowners are witnessing their financial stability and well-being grow to record levels.
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In more good news for homeowners, the most recent Home Price Expectations Survey – a survey of a national panel of over one hundred economists, real estate experts, and investment and market strategists – forecasts home prices will continue appreciating over the next five years, adding to the record amount of equity homeowners have already gained over the past year. Below are the expected year-over-year rates of home price appreciation from the report:
Home appreciation through 2025
What Does This Mean for Homeowners?
Home prices are climbing today, and the data in the survey indicates they’ll continue to increase, but at rates that approach a more normal pace. Even still, the amount of household wealth a homeowner stands to earn going forward is substantial. This truly becomes clear when we consider a scenario using a median-priced home purchased in January of 2021 and the projected rate of appreciation on that home over the next five years. As the graph below illustrates, a homeowner could increase their net worth by a significant amount – over $93,000 dollars by 2026.
Building household wealth by buying a home | Troy Erickson Realtor
Home Price Appreciation and Home Equity
CoreLogic recently released their quarterly Homeowner Equity Insights Report, which tracks the year-over-year increases in equity. It shows an average annual gain of $33,400 per borrower over the past 12 months. In the report, Dr. Frank Nothaft, Chief Economist for CoreLogic, further explains:
“Double-digit home price growth in the past year has bolstered home equity to a record amount. The national CoreLogic Home Price Index recorded an 11.4% rise in the year through March 2021, leading to a $216,000 increase in the average amount of equity held by homeowners with a mortgage.”
The expected, sustained growth of home prices means homeowners can continue to build on the past year’s record levels of home equity – and their financial prosperity. It also presents today’s homeowners with a unique opportunity: using their growing equity for a home upgrade. With so few homes available to purchase and strong buyer demand, there may not be a better time to sell your current house and move into one that better meets your needs.
Bottom Line
​Home prices are expected to continue appreciating over the next five years, and the associated equity gains are the quickest way homeowners can build household wealth. If you’re a current homeowner who’s ready to take advantage of your built-up equity, contact a local real estate advisor to discuss your options.

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, Scottsdale, and Ahwatukee

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


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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The Luxury Housing Market is Attracting Buyers in 2021

3/2/2021

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The Luxury Housing Market is Attracting Buyers in 2021

Luxury housing market attracting Buyers
As more people continue to identify their changing needs this year, some are turning to the upscale housing sector for more space or finer features. In their most recent Luxury Market Report, the Institute for Luxury Home Marketing (ILHM) shares:
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“In a snapshot of 2020, despite the devastating effects of the coronavirus pandemic, the luxury real estate market has seen one of its strongest years since 2008. In comparison to experts’ predictions in early 2020, it is remarkable how significant demands for property type, location, and amenity preferences have changed amid the pandemic.”
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With more opportunities to work from home and a growing interest in having extra space for things like virtual school, working out, and cooking more meals, the desire to own a home that can meet these needs continues to increase. Additionally, record-low mortgage rates are creating opportunities for homebuyers to stretch their legs into higher price points or even expand their real estate portfolios. The ILHM report continues to say:
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“Experts believe that the demand for exclusive residential properties outside the metropolitan areas will continue well into 2021; even with the introduction of vaccines, the pandemic is far from over.

For those who have moved to the suburbs and beyond, moving back to the city full time is unlikely while the work from home trend remains. Many of these affluent homeowners are now making their secondary properties their primary residences for the foreseeable future.”
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If you’re interested in buying a home this year, it appears that some higher-priced markets may have more homes to choose from than those at lower price points. Javier Vivas, Director of Economic Research at realtor.com, notes:
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“Interestingly, markets, where new supply is improving the fastest, tend to be higher priced than those that have yet to see improvement, suggesting sellers are more active in the more expensive markets.”
​

Bottom Line

If you’re hoping to buy the home of your dreams, this could be the year to achieve that goal. Connect with your local real estate professional today to explore your possibilities.

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, Scottsdale, 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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6 Foundational Benefits of Homeownership Today

2/25/2021

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6 Foundational Benefits of Homeownership Today

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Over the past year, our homes have become an integral part of our lives more than ever. They’re much more than the houses we live in. They’re our workplaces, virtual schools, and safe havens that provide shelter, stability, and protection through the evolving health crisis. Today, 65.8% of Americans are fortunate enough to call their homes their own.
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As we continue to think about the future, our goals for the year, and what we want to achieve well beyond 2021, it’s a great time to look at the benefits of owning a home. Below are some highlights and quotes on the benefits of homeownership shared by the National Association of Realtors (NAR). From feel-good motivations to economic and social impacts on the local community, these items may give you reason to believe homeownership stretches well beyond your financial investment.
Non-Financial Benefits

Owning a home brings a sense of happiness, satisfaction, and pride.


  • Pride of Ownership: It feels good to have a place that’s truly your own, especially since you can customize it to your liking. “The personal satisfaction and sense of accomplishment achieved through homeownership can enhance psychological health, happiness and well-being for homeowners and those around them.”
 
  • Civic Participation: Homeownership creates stability, a sense of community, and increases civic engagement. It’s a way to add to the strength of your local area and drive value into your neighborhood.

Financial Benefits

Buying a home is also an investment in your financial future.


  • Net Worth: Homeownership builds your net worth. Today, the median household net worth of all homeowners is $254,900, while the median net worth of renters is only $6,270.
 
  • Financial Security: Equity, appreciation, and more predictable monthly housing expenses are huge financial benefits of owning a home. Homeownership is truly the best way to improve your long-term financial position.

Economic Benefits

​Homeownership is even a local economic driver.


  • Housing-Related Spending: An economic force throughout our nation, housing-related expenses accounted for more than one-sixth of the country’s economic activity over the past three decades.
 
  • Entrepreneurship: Homeownership is also a form of forced savings that can provide entrepreneurial opportunities. “Owning a home enables new entrepreneurs to obtain access to credit to start or expand a business and generate new jobs by using their home as collateral for small business loans.”

Bottom Line

The benefits of homeownership go well beyond the basics. Homeownership is truly a way to build financial freedom, find greater satisfaction and happiness, and make a substantial impact in your community. If owning a home is part of your dream this year, contact a local real estate professional to begin the homebuying process today.

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, Scottsdale, 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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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