Page 65 - AZ Extreme - AEM Volume 8 Issue 2
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  The Real Estate market is ON FIRE! There are more building permits active for Residential, Multi-unit and commercial since the 2005-2007
years. If you venture downtown Phoenix for a ball game you will see huge cranes and projects everywhere. Some are working around the clock everyday. If you are remodeling your home then you are aware of how hard it is to find good help who will give you a decent price and/or actually show up. Construction job salaries are at some of the highest peaks we have seen and things are looking really strong. WHEN will it end? Are we ready to POP or will it be a gradual decline? If you search
the data you will see immediately we are due for a
value correction any time now.
Its still a Sellers market as there are less homes on the market than usual and the price per sqft on Single Family homes is almost at all time highs. Its great to be a seller because you can ask for much higher prices than the comparable sales even show. On the flip side, if you want to sell then become a Buyer, you quickly realize the struggle. If you’re a Buyer and find that “almost
perfect” home, I advise my Clients to make your cleanest and best offer right out of the gate. Sometimes its necessary to offer higher than
asking price with better terms or faster closing. As a Buyer in this current market, keep working with your Lender during your search to get as far along with the loan approval process as possible. So when your ready to strike with an offer, your loan status will be more attractive and further along than the other offers they
may have. This will be more attractive and prove you’re more of a solid Buyer than the next.
The rental market is also super strong. With more and more people choosing to rent, it is creating a rental home shortage. Rental prices have soared in the last 12 months. Its almost impossible to find a 3 bedroom home under $1000 per month. If you are in the position to rent your home and purchase another, it may be a great cash flow move for you. As a property Manager we currently manage 700 properties. 350 of which are single family homes. Everyone of them has received a price increase over the last 12 months just to stay current or close to market trends. We see property Owners netting more money on rent than ever before. Most of the loans on properties have been adjusted down (with loan mod’s) or atleast paid down enough to prove a ton of equity offering a great rental price creating good income.
As the old saying goes, “Buy low and Sell high” Its a great time to sell if you can sell, then shack up with family for awhile until we get this market correction and then buy that fixer-upper at low cost. If you just want to sell to net big dollars today, be ready to shell out a lot on the next purchase if you are upgrading to a larger home.
For information on finding wholesale properties for purchase or managing your property please call for a free evaluation and to learn about our services:
Mike Crawford Associate Broker, CRMS, CBR Peak Investment Properties, LLC 602-488-4900
mike@peakinvprop.com v
AVERAGE SALES PRICE FOR THE PAST 10 YEARS
   Year
 January
  February
  March
  2001
  171,900
  169,700
  175,900
 2002
  184,100
  170,200
  177200
 2003
  184,200
  185,700
  188,700
 2004
  206,100
  204,000
  212,500
 2005
  255,500
  249,100
  271,300
 2006
  336,900
  334,000
  330,600
 2007
  342,400
  293,100
  345,900
 2008
  313,400
  172,363
  293,300
 2009
  180,328
  173,870
  159,080
 2010
  175,710
  155,605
  178,186
 2011
  156,978
  166,626
  157,798
 2012
  167,476
  216,950
  188,849
 2013
  208,401
  242,397
  223,577
 2014
  242,728
  250,598
  252,158
 2015
  254,985
  271,884
  256,496
 2016
  270,154
  285,429
  267,747
 2017
  281,209
  285,429
  288,850
 2018
   315,334
   308,033
   316,365
  Total inventory has a month-over-month decrease of -0.3% while year-over-year reflects a decrease of -11.8%
The average sales price is up +9.5% year-over-year while the year-over-year median sales price is also up +10.4%
   Peak specializes in Property Management, Sales & Investments. From Single family rental homes up to 60 unit sized apartment buildings. 25 years of experience with a current portfolio of 850 units under management. $85 flat rates on homes & percentage based on multi-unit buildings, we use State of the art software for profit tracking & Owner statements, No mark-ups on maintenance, improvements or anything.
138street/ Dynamite area, ride from the house! 1.6 acres of private estate, owner Great investment, all 2bd 1bath units with private yards, new roofs, well,2300sqft, pool,Huge wrap around porch, priced to sell @ $399K new HVAC. Good cash flow & room to increase rents, $230K, several
  financing options.
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