On to another year that will see a change for the better in regards to COVID19! With herd immunity and vaccinations rolling out, there is reason for optimism. How did the Phoenix real estate market fare in 2020? And what can we expect for 2021 with all coronavirus efforts? Let’s do a review of the Phoenix real estate market for 2020. I’ve prepared a video that reviews 2020 and also points out some fundamental metrics such as negative equity and mortgage delinquencies that have been brought on by COVID19. Continue reading to learn more.
One of the least understood costs that a buyer will encounter when purchasing a house are buyer closing costs. In part, this is because buyer closing costs come from different sources. There are lender fees, prorations for taxes and home owner’s insurance as well as funding the escrow account, title and escrow charges, title insurance, and HOA fees such as transfer and capital improvement fees. To understand the details, continue reading.
If you’re looking for a waterfront retirement home in the Phoenix area but also want to enjoy the amenities of an active adult community, keep on reading. Active adult waterfront homes are found in Mesa, Sun Lakes, Goodyear, Peoria, Sun City and the city of Maricopa. Specifically, they are Leisure World, Sun Lakes, Canta Mia, Ventana Lakes, View Point and Dawn Lake in Sun City and Province. Find out if any of these adult retirement communities allow boating.
Recreational Paths And Trails Along The SRP Canals
If you’ve ever looked for a safe and leisurely place to go for a walk or ride a bike without the risk of competing on busy streets with cars and trucks, consider the recreational paths and trails along the SRP canals. Throughout the valley Salt River Project (SRP) manages 131 miles canals that provide over 1 million acre feet of water annually to the Phoenix metro area.
Hidden in the west valley are two water ski communities; Spring Mountain Ski Ranch and Lakeside Ski Village. Spring Mountain Ski Ranch was established in 2005 with initial sales of the one acre lots between $250K – $385K. After surviving the real estate down turn along with recent improvements, SMSR is a water ski community that has become a community that is attracting a lot of attention.
Adjacent to the Ahwatukee foothills you’ll find the city of Phoenix’s largest residential lake that features over 170 waterfront properties. These lakefront lots that welcome boaters are situated on 38 acres of water on two residential lakes. With the recent extension of the loop 202 South Mountain freeway, access to the east valley, Sky Harbor airport and central Phoenix is that much easier.
Who could have predicted such a crazy six months as we’ve seen in the first half of 2020. COVID-19 has made everyone sit back and wonder if there is any normalcy left in the world. The pandemic and the associated events have left many wondering how the real estate market has fared. That’s what we’re going to look at in this Phoenix real estate market update for the 1st half of the year. If you are curious, click to find out.
Chances are if you are a homeowner in the Phoenix area, you’ll become familiar with HOA’s because the majority of homes are part of a HOA. The rules that home owners agree to abide by are called Covenants, Conditions and Restrictions (CC&R’s). These restrictions regulate various aspects of home ownership, such as leasing or renting, vehicle parking, architectural guidelines, animal and pets, and so on. Becoming familiar with the CC&R’s before you purchase a homes is a wise decision. Also find out if the HOA is attempting to exercise more control than it should.
The coronavirus or COVID-19 has taken everyone by surprise and the effects of this pandemic will not be totally understood for months or years to come. However, we can see the effects of this virus on Phoenix real estate in the past month, and where things will go in the next 30 – 45 days. To understand the cumulative effects and future path, keep reading.
In order to make your home buying experience as successful as possible it is critical to avoid costly home buying mistakes. This is especially true since buying a home will be the most expensive purchase a buyer will make in their lifetime. Keeping these potential mistakes in mind will benefit a buyer as they navigate the home buying process. To learn more about the most common buying mistakes, read on…