By: Mansion Global    The futuristic eight-bedroom property in Paradise Valley is still under construction and is expected to be finished in 2027  A wildly futuristic home in Arizona that, when built, will protrude from the slope of a rugged desert mountain, has hit the market for $29 million.  The trophy home is being designed and constructed by architect Ivan Shongov, and will sit “atop the highest view lot in Paradise Valley,” said Mary Jo Santistevan of the Santistevan Group with Berkshire Hathaway HomeServices Arizona Properties. She has the listing with her husband and colleague, Mike Santistevan. More: Amazon’s Seattle Birthplace, a House Jeff Bezos Rented for $890 Month, Hits the Market The sleek abode has been designed with a “commitment to environmental preservation,” and minimizes intrusion on the natural surroundings. It will also be hardly visible from any other property, and will benefit from the seclusion of a gated entrance and a long private driveway, according to the listing.  “Its high elevation and location provides the residents with unparalleled privacy,” Mike Santistevan said. “The architecture of this property is also on a playing field of its own.”  The eight-bedroom house will span 16,000 square feet and boast a laundry-list of luxury amenities. It’s set to be completed in 2027, according to the listing. Plans for the home include a light-filled living room with a statement fireplace and a retractable glass wall; a home theater; a 3,000-bottle wine room; a circular glass elevator; a custom 10-person hot tub; an IT room; a secure safe room; and two guest houses.  The house will also have an expansive bar; a library; a gym with a sauna and steam room; an eight-car garage; and roof terrace featuring two gazebos and an outside bar. “It epitomizes exclusive luxury,” Mary Jo Santistevan said. 

  By: CBS News    While the Federal Reserve wants to see inflation heading toward 2.0%, December 2023 brought an increase of 0.3%, moving the Consumer Price Index (CPI) up to 3.4%. Still, many expect the federal funds rate to stay at 5.33% this month and decrease later this year. But what will that mean for the housing market overall - and prices, in general? If mortgage rates decrease in 2024, expert predictions on what will happen to home prices varies. Below, we'll detail a few potential scenarios. If you're in the market to buy a home then start by exploring your mortgage rate options here now. What will happen to home prices if mortgage rates fall? We asked a few experts for their predictions on home prices if mortgage interest rates continue to decrease this year. Here's what they said: Higher affordability will attract buyers  When mortgage rates begin to drop, buying a home typically becomes more affordable. "Should rate cuts occur in 2024, homebuyers may qualify for larger loan amounts or find that their monthly payments are more manageable," says Neil Christiansen, branch manager and certified mortgage advisor with Churchill Mortgage.  With increased affordability, however, comes increased demand. "As interest rates inevitably decline (it's a matter of when not if), we can expect demand to surge. The initial drop in interest rates will entice first-time buyers and those without low mortgage rates to reenter the market, creating an increase in demand before a corresponding increase in supply," says Jared Antin, managing director and licensed associate real estate broker at Elegran.  And some say that a demand increase has already begun due to a recent drop in mortgage rates. "Open houses hosted by Realtors were relatively mundane during the last quarter of 2023; however, they are back to being full and frequently visited," says Christopher M. Naghibi, Esq., executive vice president and chief operating officer at First Foundation Bank. "The slight dip in mortgage rates has made the worst housing market for affordability since the early 1980s slightly less unaffordable." If you want to act before the competition among buyers increases then it helps to know your options. See what mortgage rate you could qualify for here now. READ ON

  By: AZ Mirror    Republicans and Democratic lawmakers have laid out their priorities to address the state’s affordable housing woes with wildly different plans.  Republican lawmakers Monday announced their intention to bring legislation aimed at “cutting red tape” around the building of housing in the state, while Democrats are voicing support for creating capping rents. Both measures were introduced last year but failed.  “Government has been the problem, particularly local government,” Arizona Senate President Warren Petersen said.  Petersen, along with Republican members of the state House of Representatives and Senate, voiced support for what they are calling the “Arizona Starter Homes Act.”  The bill, sponsored by Rep. Leo Biasiucci, R-Lake Havasu City, says that a municipality cannot force a homeowner into an HOA, may not interfere with the “right to choose the features, amenities, structure, floor plan and interior and exterior design of a home” and prohibits any city larger than 50,000 people from creating any regulation around the size of lots for single-family homes.  “Let’s make these homes more affordable,” Biasiucci said, remarking on the fact that many homes in the state have seen skyrocketing prices. “Let’s cut some red tape.”  Former Republican lawmaker Steve Kaiser, who resigned his seal last summer, introduced a similar measure last legislative session, but the bill failed to gain support and ultimately failed.  Petersen said this year’s effort is different because more lawmakers understand the issue and some Republicans may have been opposed to provisions that are no longer a part of the bill.  Members of the real estate industry gathered with Republican lawmakers to tout the bill as a way to help shore up more affordable housing in the state.  Carolina Gomez, a real estate agent who said she works with the Hispanic community, said that for many of her clients, the option of buying a home is out of reach. The average home value in Phoenix is approximately $414,000.  “They work hard and they work in jobs nobody wants,” Gomez said of her clients who are having trouble finding places to live due to rising rents and the lack of affordability for purchasing a home.  While Republicans are asking to deregulate, arguing that it will increase demand and drive down costs, Democratic lawmakers are continuing to push for the repeal of the state’s law barring rental caps.  Data visualization made with Flourish Housing advocates have argued that rent control is key to grappling with the state’s growing rental prices, a key factor in the surge in homelessness in Arizona, which increased by 21% from 2020 to 2022. That spike led the federal government to give additional aid to Phoenix. Last year’s attempt at rent control failed to gain any traction, but Democratic lawmakers and housing advocates are hoping that might change this year and some are voicing their frustration with the proposals from their colleagues.  “The developers have been writing legislation and manipulating (the law) forever,” Sen. Juan Mendez, D-Tempe, told the Arizona Mirror. “I don’t know if they have the answers we need.”  Mendez said that he could see parts of the argument that developers might be held back from creating additional housing units, but worries about “writing a blank check” to developers who may instead build luxury or other unaffordable housing under the Republican proposal, adding that it could become a “free for all.”  Camille Laing, a volunteer with the progressive Latino advocacy group LUCHA, told the Mirror that rent stabilization should be the focus of the legislature, but said that a “holistic approach” is also needed to combat rising evictions and homelessness in the state.  Laing herself narrowly avoided eviction after losing her job but was able to apply for emergency assistance to help pay her bills.  “If I had lost my home, I would’ve lost my daughter,” Laing said, adding that lawmakers should see this as a “humanitarian crisis.”  The Arizona Multihousing Association, which represents the interests of landlords, has put its support behind Republican efforts to deregulate zoning in order to bring about more affordable housing. And the landlords are backing another Biasiucci bill that would allow developers to utilize vacant commercial property and turn it into housing units without going through a rezoning process.  The group also supports a Democrat effort to expand the low-income housing tax credit system that is set to expire in 2025, and to extend it for another three years. The tax credits are designed to incentivize developers to build low-income housing.  While lawmakers may not agree on each other’s approaches, they do seem to agree that affordability is an issue impacting Arizonans who make minimum wage and the state in general.  “You know what my kids can afford?” Petersen asked reporters. “Absolutely nothing.”

  By: Realtor.com    Many homebuyers dream of having their own private sanctuary. One fun-filled property in Gilbert, AZ, has a sprawling man cave, go-kart track, golf simulator, batting cage, day spa, and much, much more. For $20 million, the buyer will get not only a 10,000-square-foot house, but also all of the other structures and furnishings. This place comes with something for everyone. How about a 6,000-square-foot man cave and a two-story closet for your favorite fashionista? “You just don’t see things like this all the time, you just really don’t,” says listing agent RJ Cushing, with LPT Realty. “It’s really hard to put to words and describe what you experience until you’re actually there in person. It just blows you away.”   READ ON

  By: AZ Big Media    A home’s location plays a major role in determining how much it’s worth. But where are the most and least affordable ZIP codes to buy homes in Arizona? In this new study, American Home Shield compared home prices from Zillow against local salary data from the U.S. Census Bureau to find the most and least affordable ZIP codes for residents to buy a home in the U.S.: https://www.ahs.com/home-matters/real-estate/the-most-affordable-zip-codes-to-buy-property-in-every-state/ They found that Globe, AZ (85501) has the most affordable homes in Arizona at just 3.6x the city’s average income. While Sedona (86336) has the least affordable homes – 17.3x the city’s average income: Most affordable ZIP codes What We Did We first used a U.S. Census databank to retrieve the population of every ZIP code in the U.S. with more than 10,000 residents. For each ZIP code, we then gathered the median home price (from Zillow) and the median household income (from U.S. Census data). We then divided each ZIP code’s median home value by the median household income, giving us a home price-to-household income ratio. The last step was to rank the most affordable (i.e., the lowest ratio) and least affordable (highest ratio) ZIP codes in the country for locals to buy a house. Key Findings The most affordable ZIP code in the country for locals to buy a house is 48505 in Flint, Michigan. The median house price is 0.95 times the median annual salary of a local worker. The least affordable is the 90210 ZIP code of Beverly Hills, Los Angeles, where a typical home costs 34.82 times what a typical local worker earns in a year. In New York City, two ZIP codes in the Bronx are the most (10462) and least (10454) affordable for local residents to buy a home. In Chicago, 60661 (Near West Side) is the most affordable ZIP code, while 60653 (Grand Boulevard) is the least affordable In Houston, 77345 (Kingwood) is the most affordable ZIP code, while 77024 (around Piney Point Village) is the least affordable. In Philadelphia, 19133 (Fairhill) is the most affordable ZIP code, while 77024 (parts of Ludlow) is the least affordable. Flint, Michigan, ZIP Code Is the Most Affordable Place in the U.S. for Locals To Buy Property In the Flint, Michigan, ZIP code of 48505, the median price of a home ($27,703) is less than what a typical local worker makes annually ($29,061), making for a home price-to-household income ratio of 0.95. This earns the ZIP code the title of the most affordable in the country for locals to buy a house. Rocked by a crisis that saw the local water supply contaminated with lead and harmful bacteria, the population of the city as a whole has dropped, likely decreasing demand for housing. After that, the ranking is mostly populated by ZIP codes in America’s Rustbelt, a region that suffered economically after the decline in heavy industry. Population has declined, too, but in recent years, millennials have been flocking to Rustbelt towns due to the cheaper housing. Least affordable ZIP codes

  By: AZ Big Media    Arizona singles are facing a race against time. Even with an affordable mortgage, they still need anywhere from 19 to 26 years more than couples to save for a house in Arizona.   We looked at how much time it would take an individual to save to cover the amount between the loan and the price of a starter home, compared to a couple. Here’s what we found for Arizona’s largest cities:  Singles aiming for a starter home struggle to bridge the gap between the mortgage they can afford and the home price. To cover this difference, they need to save from almost 23 years in Phoenix to 30 years in Glendale.  For couples in Arizona, things are much easier. In all the cities analyzed (including Tucson, Scottsdale, Mesa, Chandler, and Gilbert) they need to budget for just around 4 years.   Single people don’t need to be reminded of the perks of having a significant other — especially during the month of love. But, they’d be happy to know that those perks aren’t automatically financial. In a few select cities in the Midwest, saving up to buy that first home can be almost as swift for singles as it is for couples — give or take a few months. Solo, single, self-partnered… whatever the label, this cohort has had it rough in a housing market defined by sky-high prices, scarce inventory, and the almost-extinct concept of a starter home. With the median starter home price more than doubling in the past 20 years, singles in America’s major cities might take around 6 years more than couples to set money aside for an entry-level home.  Diligently saving up to cover what a bank loan doesn’t is a strenuous financial effort — particularly for those budgeting on their own. READ ON

  By: Glendale Independent    Dominium, a nationwide owner, developer and manager of affordable housing, held a groundbreaking for a combined 605 units for family and senior affordable housing in Glendale Feb. 27. Elected officials for Glendale and Maricopa County joined in the festivities, as well as leadership from the Arizona Department of Housing. Dominium has been in the affordable housing industry for more than 50 years and manages more than 38,000 apartments in 19 states. To help address Arizona’s housing crisis, Dominium has opened an office in Phoenix and is collaborating with the Arizona Department of Housing, the Arizona Industrial Development Authority, and a number of other investor partners. Dominium and its partners are investing more than $1 billion in the state to develop affordable housing for essential workers and Arizona’s seniors. Dominium has more than 1,500 affordable homes under construction across the Valley and an additional 1,500 units proposed in the next few years. “Dominium is addressing the affordable housing crisis in Arizona by increasing the supply of high-quality homes for essential workers and seniors,” stated Owen Metz, Partner and Senior Vice President leading the Mountain West Region for Dominium, in a press release. “Dominium believes that stable, affordable homes are the foundation for healthier lives and more vibrant communities.” The groundbreaking was for 67 Flats and Juniper Square, two apartment complexes on adjacent land for individuals earning no more than 60% of the area median income. Juniper Square is expected to open in the spring of 2026, followed by 67 Flats in the summer of 2026. The 67 Flats community is designed for families. The 875,141-square-foot complex will feature 384 apartments with 12 one-bed, 208 two-bed, 164 three-bed units. Outdoor amenity space will include a pool, open space, a playground, a soccer field, and a courtyard featuring ramadas with ample seating by the pool. Indoor amenities include a club room and a fitness center. Juniper Square is a senior, age-restricted community. The 287,458-square-foot complex will feature 221 apartments with 66 one-bed, 131 two-bed, 24 three-bed units. Outdoor amenity space will include a pool and a central courtyard with a ramada and fire pits. Indoor amenities include a club room, fitness center, theater and salon. The development is Dominium’s first new construction project in Glendale. This project will be build by W.D. Construction, a joint venture between Weis Builders and Dominium Construction and Architectural Services. In October 2023, Dominium opened Vista Ridge, a 437,000-square-foot, 308-unit complex in Phoenix (Southern and 19th avenues). Also in October 2023, Dominium and its partners broke ground on two adjacent properties, the 492,000-square-foot Estrella Springs, and the 247,000-square-foot Suncrest Vista, 16895 W. Van Buren St. in Goodyear. Estrella Springs will bring 396 units of affordable apartment homes for families, and Suncrest Vista will bring 261 units of affordable senior apartment homes in the winter of 2025.

  By: AZ Big Media    In the ever-evolving world of real estate, selling a home has become more complex than ever before. From market fluctuations to buyer expectations, there are numerous factors that can impact your home-selling journey. This article delves into the game-changing strategy for home sellers: hiring the right experts. We’ll explore why it’s crucial to have the right professionals by your side, how they can make the process smoother, and, ultimately, help you maximize the value of your property. The Role of a Real Estate Agent Why You Need a Real Estate Agent When it comes to selling your home, the expertise of a real estate agent cannot be overstated. These professionals possess in-depth knowledge of the local market, current trends, and pricing strategies. They can help you set the right asking price for your property, ensuring you don’t undersell or overprice it. A skilled real estate agent is like a captain navigating the tumultuous waters of the real estate market. They have their fingers on the pulse of the local housing market, keeping track of the latest trends, neighborhood developments, and supply and demand dynamics. By leveraging their knowledge, they can guide you in setting a competitive and realistic price for your property. Additionally, real estate agents are adept at conducting thorough market analyses, considering factors such as comparable sales, current listings, and historical data. This ensures that your listing price is enticing to potential buyers and maximizes your return on investment. The Art of Property Marketing One of the key responsibilities of a real estate agent is to market your property effectively. They utilize various channels to attract potential buyers, including online listings, professional photography, and open houses. Marketing a property goes beyond sticking a “For Sale” sign in the front yard. Real estate agents employ a multi-faceted approach to ensure your home gets the exposure it deserves. This includes creating eye-catching listings with high-quality photos and engaging descriptions, promoting your property on popular real estate websites, and conducting open houses to showcase your home to a broader audience. By leveraging their marketing expertise, real estate agents can cast a wider net, reaching potential buyers who might not have otherwise discovered your property. This increased visibility can lead to more showings, competitive offers, and a quicker sale. The Impact of Home Staging Enhancing Your Home’s Appeal  Home staging is the process of preparing your home to appeal to a wide range of buyers. It involves decluttering, rearranging furniture, and sometimes even minor renovations. Staged homes sell faster and at higher prices than their non-staged counterparts. When potential buyers walk into a staged home, they can envision themselves living there. It creates an emotional connection that is often missing in vacant or cluttered properties. Staging highlights a home’s potential and showcases its best features, making it more appealing to a broader audience. The Expertise of Home Stagers Professional home stagers have a keen eye for design and know exactly how to showcase your home’s best features. They create a welcoming atmosphere that resonates with potential buyers, helping them envision themselves living in the space. Home stagers understand the psychology of home buyers, and they use this knowledge to strategically arrange furniture, decor, and lighting to create a warm and inviting ambiance. They also address any flaws or quirks in your home’s layout and design, ensuring that every aspect of your property shines during showings. The Importance of Legal Counsel Navigating the Legal Maze Real estate transactions involve a myriad of legal documents and contracts. Having a real estate attorney on your team ensures that all paperwork is accurate, protecting you from potential legal disputes down the road. A real estate attorney is your legal safeguard throughout the home-selling process. They review contracts, disclosures, and agreements to ensure they align with your best interests. They can also provide guidance on complex legal matters, such as zoning laws, title issues, and potential liabilities, giving you peace of mind that your transaction is on solid legal ground. Contract Negotiation A skilled real estate attorney can also assist in negotiating offers and contracts, ensuring that you get the best deal possible. They can spot potential pitfalls and protect your interests throughout the process. Regarding negotiations, having a legal expert in your corner can be a game-changer. Your attorney can help you navigate the intricacies of offers, counteroffers, and contingencies, ensuring that you secure favorable terms and minimize potential risks. Their negotiation skills can make a significant difference in the final outcome of your transaction. The Power of Home Inspectors Ensuring Transparency Home inspections are a crucial step in the home selling process. A qualified home inspector can identify any hidden issues with your property. Addressing these issues upfront can prevent last-minute surprises and negotiations. Home inspections provide transparency and peace of mind for both you and potential buyers. By having a professional inspector assess your property, you can identify any necessary repairs or maintenance issues in advance. This allows you to address these concerns proactively, ensuring that your property is in its best possible condition when it hits the market. Building Buyer Confidence  Providing a comprehensive inspection report to potential buyers demonstrates transparency and builds trust. It shows that you have nothing to hide and increases their confidence in the property. Buyers appreciate knowing the condition of the property they are considering purchasing. When you can present them with a detailed inspection report, it reduces uncertainty and gives them confidence that they are making an informed decision. This can lead to smoother negotiations and a higher likelihood of closing the deal. In the competitive world of real estate, hiring the right experts can be the game-changing strategy that sets you apart as a home seller. A real estate agent, home stager, real estate attorney, and home inspector each play a vital role in ensuring a smooth and successful transaction. Contact Novel Management for buying, selling, or renting properties in Miami, and let our team of experts guide you through every step of the process.  

  By: AZ Big Media    There are approximately 358,300 home-based fires every year. If you’ve ever had a fire in your home, you know how devastating it can be.  Not only do you lose everything that was inside. But you also have to deal with the aftermath of cleaning up and rebuilding.  If you want to sell your fire-damaged house, you may wonder how to do it. The good news is that there are many things you can do to make the process easier. Here are some tips for selling a house after a fire.  Clean Up and Make Repairs  The damage caused by a fire can be extensive. You may need to replace your roof, windows, doors, and more. You may also need to clean up any smoke or water damage.  If you’re not sure how to clean up after a fire, contact a professional. This way, you can fix and flip your house, knowing it’s safe to live in.  Disclose Everything Upfront  Transparency is essential when selling a house with fire damage. Tell potential buyers what happened and how you fixed it.  If you don’t disclose this information, the buyer could sue you after they move in. This could cost you a lot of money. Be sure to reveal everything upfront and make sure that the buyer understands what they’re getting into.  Highlight Updates and Improvements  When selling a house, you should always use any upgrades to interest potential buyers. This is especially true when you’re selling a fire-damaged property.  If you’ve made any updates or improvements since the fire, be sure to highlight them in your listing. This will help potential buyers see that the property is still an excellent investment, even after the fire.  Offer a Home Inspection  A home inspection is a good idea for any buyer. It can help them identify any issues with the property and give them peace of mind.  If you’re selling a fire-damaged house, it’s even more important to offer a home inspection. This will help potential buyers see the property and its condition.  If you’re looking for as-is cash buyers, then a home inspection may not be necessary. If you are curious about selling your house this way, you can view this resource now.  Price Your Home Realistically  Setting the right price for your fire-damaged house is crucial. Consider consulting with a real estate agent who specializes in selling damaged properties.  They can provide you with a realistic valuation based on the current market conditions and the extent of the damage.  If you’re looking to sell your fire-damaged house quickly, then you must price it competitively. This will attract more buyers and help you sell the property faster.  Selling a Fire-Damaged House Requires a Strategic Approach  Selling a fire-damaged house requires some planning, but it’s not impossible. By following these tips, you’ll be well on your way to marketing and selling your house successfully. Remember, with a bit of creativity, you can turn a challenging situation into an opportunity. 

By: The Motley Fool    The company benefits from some less-than-obvious competitive advantages. The name Airbnb (ABNB 2.25%) has become synonymous with short-term vacation rentals. Its high brand awareness nearly matches that of its competitor in the hotel space, Hilton Worldwide. Unlike Hilton, Airbnb does not own property, nor is it the first mover in the vacation rental space, a claim belonging to Expedia's Vrbo. Nonetheless, by knowing three key facts about Airbnb, investors can not only better understand its value proposition but also learn how to profit from the internet and direct marketing retail stock. 1. The power of its brand recognition According to Tracksuit, Airbnb has achieved 83% brand recognition, just below Hilton's 85%. This is not surprising considering that more than 5 million hosts have placed over 7.7 million listings on the platform. In 2023, they accounted for more than 448 million nights and experiences, which grew 14% from the previous year. Investors should expect that number to keep growing based on the virtuous cycle fostered by Airbnb's brand recognition. Customers enjoy the Airbnb experience and the number of choices it offers. Also, because of the number of bookings, landlords tend to gravitate to the platform, prompting them to add properties. 2. Airbnb's mastery of AI Due to the power of the brand, investors may look at Airbnb as a real estate platform. But as mentioned before, the company owns no properties. Instead, it is an online platform, one powered by artificial intelligence (AI). The technology boosts Airbnb in various ways, such as determining property pricing in a local area, photo arrangements on the platform, and whether a prospective guest is trustworthy. Moreover, the company has found more unusual uses for AI. The technology can enforce holiday-related restrictions on various properties and gauge the likelihood of unauthorized or disruptive parties that may take place. The company recently bought a company called GamePlanner, presumably to humanize the AI experience. Such technology can not only improve user experiences but also help identify additional opportunities for business and revenue. 3. The stock is not a long-term winner (yet) Despite such innovations, Airbnb stock has underperformed the market since its launch in December 2020. Admittedly, insiders who received the IPO price of $68 per share earned significant returns. But because of the IPO surge, the stock has risen less than 10% in over three years for non-insiders who bought Airbnb stock on the first trading day.The company may have timed its market entrance poorly. The IPO occurred well after the massive stock rally early in the pandemic. After a post-IPO surge, the stock lost nearly two-thirds of its value in the 2022 bear market. Even though it nearly doubled from that point, it has not increased significantly since its late-2020 debut. Indeed, analysts forecast profits will fall in 2024 since a $2.7 billion income tax benefit drove most of Airbnb's $4.8 billion net income in 2023. Still, its forward P/E ratio of 35 seems low for a growth stock. Additionally, its price-to-sales (P/S) ratio of 10 is not far off record lows. Such valuations could signify a buying opportunity as Airbnb returns to profit growth. Making sense of Airbnb stock Ultimately, investors should look at Airbnb as an ingenious combination of marketing and technology. Its approach draws landlords and tenants to its site and gives customers unique experiences not available in hotels. Moreover, its application of AI helps simultaneously boost revenue and improve the experience for landlords and tenants. Even though this has not led to huge gains in the stock for many investors, Airbnb's unique approach, growing client base, and rising revenue should boost returns for its long-suffering shareholders. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for two decades, Motley Fool Stock Advisor, has tripled the market.*  They just revealed what they believe are the ten best stocks for investors to buy right now… and Airbnb made the list -- but there are 9 other stocks you may be overlooking.  

  By: Multifamily Dive    Most merchant builders want to build, not operate new buildings. So once their projects are delivered, they look to sell. That’s what happened with Scottsdale, Arizona-based developer Vedura Residential at its Elevation at the Village project, a newly delivered 214-unit garden-style multifamily community in the Phoenix suburb of Gilbert, Arizona, in 2023.  “A sale after completion of construction and lease-up was the business plan,” said David Fogler, a broker with the Cushman & Wakefield Multifamily Advisory Group in Phoenix who represented Vedura. While Elevation at the Village was brand new, there were obstacles to closing. Interest rate hikes have put upward pressure on cap rates and pushed down prices since 2022. However, finalizing the deal at Elevation at the Village was especially volatile. “Although financing in general is challenging, in the case of Elevation at the Village, it was particularly challenging as rates rose dramatically during the escrow period,” Folger said.   Cal-Am emerges In this difficult environment, Cal-Am Properties, a Costa Mesa, California-based privately held operator of RV resorts, manufactured home communities and apartment communities, stepped up and completed the acquisition for $66.5 million. “A very strong and experienced buyer coupled with a great asset in a strong submarket helped overcome a difficult environment,” Folger said. Elevation at the Village is located on the grounds of the SanTan Village open-air shopping center in Gilbert. The property features a range of floor plans, including studios, one-bedrooms and two-bedrooms. Apartments include a private patio or balcony with secured storage (in most units), a smart home package and assigned covered parking. The property also features a resort-style luxury pool with private cabanas, a two-level fitness center and a large clubhouse. It also offers a gated entry, a pet park, an indoor dog wash, a secured bike storage room and barbeque areas. “We had strong interest from the market,” Folger said. “This reflected the strength of the Gilbert submarket and the quality of the property.”

By: Redfin Blog    Scottsdale is known for beautiful scenery, a vibrant arts scene, and upscale charm, but that’s just the beginning of everything this city has to offer. When exploring and learning more about Scottsdale, It’s hard not to be captivated by the rich culture of this town and start to explore renting an apartment in Scottsdale or even buying a home in the city. From indulging in exquisite local cuisine to exploring the rugged terrain on an ATV, here’s Redfin’s ultimate bucket list for discovering a slice of what Scottsdale has to offer.  1. Try some of the local cuisine Food is an essential part of living in Scottsdale and should be the first thing you cross off your Scottsdale bucket list. “There is nothing that I enjoy more in Scottsdale than the food – especially the Mexican restaurants,” recommends Alpha Publisher, a publishing company based in Delaware with an office in Arizona. “Places like Barrio Queen and Los Sombreros offer tasty dishes like fajitas and street tacos. The flavors are bold and the ingredients fresh, making every meal special. Eating outside on the patios is nice, and the atmosphere is lively. Trying different foods in Scottsdale is like going on a fun food journey that always makes me happy.” Need a few more recommendations? Listen to Chef and Partner Cory Oppold of local restaurant COURSE, “A few of my favorite places to enjoy when I’m not in the kitchen at COURSE restaurant are Hush Public House, Andreoli Italian Grocer, and Chula Seafood.” While you’re out and about, pop into COURSE to pay Cory a visit and experience one of Scottsdale’s fine-dining experiences. 2. Grab a pint from a local bar With a thriving bar scene, grabbing a pint from a local bar or brewery is essential to any Scottsdale bucket list.  “From upscale lounges offering craft cocktails to lively sports bars pulsing with energy, there’s something to suit every mood and taste,” shares Michelle Hoff of Desert Dog Offroad Adventures. “Whether unwinding with friends on a trendy rooftop terrace overlooking the city skyline or immersing myself in the laid-back charm of a neighborhood pub, Scottsdale’s bars never cease to provide memorable experiences. With an abundance of live music performances, innovative mixology, and friendly locals, exploring the diverse bar scene in Scottsdale always promises a night to remember.” 3. Take a Margarita and Taco Tour through the streets of Scottsdale Looking for a more guided experience through the food and drink offerings of Scottsdale? Look no further than JoyRidesAZ Scottsdale Tours. “Our favorite tour is our Margarita and Taco Tour that offers three local venues, a highlighted tour of Old Town Scottsdale, and photos at popular local Instagram locations,” shares Monica Nicodemus of JoyRidesAZ Scottsdale Tours. JoyRidesAZ has been a local tour company for over ten years, collaborating with more than 40 local businesses to curate fun and novel experiences.   READ ON      

  By: AZ Big Media    Are you actively looking to sell your home? If so, you may wonder how you can find an interested buyer quickly. There are certain options you can take to ensure you can sell your home within days — instead of months. One such option is a guaranteed cash offer. If you’ve never considered this option, you may be wondering what it entails. Here are some details about guaranteed cash offers to help you understand them and why they can be beneficial for home sellers. Reason 1: Speed and Convenience One of the main advantages of a guaranteed cash offer is the speed and convenience it provides. When you sell your home for cash, there is no need to worry about the lengthy process of finding a buyer, negotiating terms, and waiting for financing approval. With a guaranteed cash offer, you can sell your home quickly and easily without any hassle or stress. Reason 2: No Need for Repairs or Renovations Selling a house traditionally often involves making repairs or renovations to make the property more appealing to potential buyers. This can be time-consuming and costly, and may not always yield a high return on investment. With a guaranteed cash offer, there is no need for any repairs or renovations. Buyers who are interested in purchasing your home for cash are typically looking for properties in any condition, making the process much more straightforward and hassle-free for sellers. Reason 3: Avoiding Listing Fees and Commissions Another significant advantage of a guaranteed cash offer is the ability to avoid listing fees and commissions. When selling a house traditionally, homeowners usually have to pay real estate agents a commission fee for their services. This can add up to thousands of dollars, reducing the overall profit from the sale. With a cash offer, there is no need to involve real estate agents, which means that sellers can keep all the proceeds from the sale. Reason 4: Guaranteed Sale When selling a house traditionally, there is always a risk that the buyer’s financing may fall through, leading to a failed sale. This can be especially frustrating and stressful for sellers who have already made plans based on the assumption that their home would sell. With a guaranteed cash offer, there is no need to worry about any contingencies or financing concerns, as the purchase is guaranteed. You can ask a realtor to know maybe there is a secret in this method. Reason 5: Flexibility in Closing Terms Lastly, a guaranteed cash offer gives sellers more flexibility in closing terms. Traditional sales usually require buyers to obtain financing, which can take time and may not always align with the seller’s timeline. With a cash sale, there is more room for negotiation on closing terms, such as choosing a specific date that works for both parties. This flexibility can be beneficial for sellers who need a quick sale or have specific closing requirements. Consider Guaranteed Cash Offer Today In conclusion, there are several compelling reasons why a guaranteed cash offer can benefit home sellers. From convenience and speed to cost savings and certainty, this option provides an attractive alternative to traditional sales. So if you are looking to sell your house fast, without any hassle or stress, consider exploring the option of a guaranteed cash offer. It may just be the perfect solution for your needs. So don’t hesitate and explore this option today to experience these benefits first-hand! 

  By: AZ Big Media    From embracing minimalist staging to utilizing inviting scents, eleven industry professionals, including Interior Designers and Real Estate Agents, share their single most effective home staging tip. Discover how these strategies have transformed properties and could enhance the saleability of your home. Here are 11 home staging tips to prepare a house for sale:   Embrace Minimalist Staging Scale Furniture to Room Size Stage Bedrooms Like Hotels Accentuate Home Offices Transform With Deep Cleaning Appeal Broadly With Neutral Colors  Update Fixtures for Modernity Declutter for a Blank Canvas Erase Personal Home Touches Rearrange for Spacious Living Utilize Inviting Scents   Embrace Minimalist Staging A fundamental tip for successful home staging is the “less is more” approach. It’s all about decluttering and depersonalizing spaces to allow potential buyers to envision themselves in the home. For instance, in a recent high-end residential project, I minimized personal items and opted for neutral, yet sophisticated, decor.  This approach not only highlighted the property’s features but also created a welcoming, aspirational space. The transformation was remarkable—the property sold within a week, significantly over the asking price. It’s clear evidence that strategic staging can dramatically impact a property’s market appeal. Brad Smith, Lead Interior Designer, Omni Home Ideas   Scale Furniture to Room Size When preparing a house for sale, it’s important to choose furniture that is appropriately scaled for each room. Oversized or undersized pieces can make a space feel awkward, which can be a deciding factor for home buyers as they envision themselves living there.  From my experience, when there are awkward pieces that don’t fit the living space, it looks staged, making the home feel less lived-in. This is not ideal when you want potential buyers to feel at home. It’s crucial to hire the right people to stage the home, or to seek inspiration online for what items to keep in the home and what to avoid. Burak Uslanmaz, Marketing Manager, The Rugs   Stage Bedrooms Like Hotels One of the best ways to prepare your room for viewing is to stage your bedroom. Your bed is a central feature in one of the most important rooms in the house. Take inspiration from hotel beds; they are made to look as inviting, comfortable, and broadly appealing as possible.  Use plain white sheets, get fresh new pillows, and consider an accented cushion to add a little color. Add mattress toppers and comforters to achieve a clean and comfortable look. Video tutorials on YouTube can easily guide you through the process. Home offices are less of a nice-to-have nowadays and much more of an essential. With that in mind, think of how you stage this room in particular. What kind of desk, chair, file cabinet, and decorations are you using? Can you bring in something exotic, like a fish tank, to draw the visitor’s attention? Don’t just point to an empty room and say, “Here would make an excellent home office!” Bring that idea to reality to drive your next sale. Transform With Deep Cleaning I’ve learned that a deep clean before showing a house can be a complete game-changer. It’s not just about making the place look tidy; it’s about presenting a home that feels cared for and welcoming. I recall a specific instance where we were prepping a house that had been sitting empty. It seemed fine at first glance, but our deep clean made a world of difference. We cleaned every nook and cranny, from baseboards to ceiling fans. The transformation was astounding—the house went from looking simply “not lived in” to feeling almost brand new. This thorough cleaning brought out the property’s potential, allowing prospective buyers to envision themselves in a fresh, well-maintained space. It’s a small investment that can significantly impact how quickly a home sells and at what price. Appeal Broadly With Neutral Colors  One home staging tip  I’ve found incredibly effective in preparing a house for sale is the strategic use of neutral colors to create a clean and inviting atmosphere. In one instance, I had a property with vibrant and bold wall colors in several rooms.  While the previous owner had a unique sense of style, I recognized that these colors might not appeal to the broadest range of potential buyers. To address this, I decided to repaint the walls in neutral tones, such as light beige and soft gray. The transformation was remarkable. The neutral colors not only made the rooms feel more spacious and airy but also provided a blank canvas for potential buyers to envision their own décor and personal style. It created a cohesive and harmonious flow throughout the house, allowing the architectural features and natural light to take center stage. Update Fixtures for Modernity Last-minute, strategic updates before showcasing a property can significantly enhance its appeal to potential buyers. Focusing on specific visual aesthetics, such as modernizing lighting fixtures, imparts a fresh ambiance, catching the eye of prospective buyers.  In a recent case, replacing outdated fixtures with sleek, energy-efficient alternatives brightened rooms and conveyed modernity. Addressing minor issues like worn cabinet hardware and outdated faucets offers a cost-effective means of refining overall impressions.  These upgrades underscore attention to detail, reinforcing a property’s value and leaving a favorable first impression. This approach aligns with swiftly enhancing marketability without extensive renovations, providing a pragmatic strategy in a competitive real estate landscape. Declutter for a Blank Canvas Decluttering is one of the most effective home staging tips when preparing a house for sale. By removing excess items and personal belongings, potential buyers can envision themselves living in the space. For example, I recently worked with a client who had many family photos and knick-knacks displayed throughout their living room.  After explaining the importance of decluttering for home staging, we removed these items and replaced them with simple, neutral decor. The change was significant and allowed potential buyers to focus on the space itself rather than being distracted by personal belongings.  This tip transformed the living room, making it more appealing and inviting. It also created a blank canvas for potential buyers to envision their style and belongings in the room. In the end, this decluttering tip played a key role in selling the house quickly and for a higher price than expected. Keith Sant, Founder and CEO, Kind House Buyers   Erase Personal Home Touches Removing all traces of the previous owners can do wonders for a property. The psychology is simple—buyers want a blank slate they can project their own ideal home onto. If the previous owners’ family photos or idiosyncratic tastes are all over the place, that makes it harder for them to imagine themselves in the space. That’s why it’s beneficial to get rid of everything that may express taste or personality. I worked on a house once that had every room painted a different color, in rainbow order. It was beautiful but so very specific to that family and their tastes. They couldn’t sell. The minute they painted over it with white, buyers were suddenly interested. Is it silly that people can’t see beyond a little paint or some family pictures? Perhaps, but getting rid of these things works. Rick Berres, Owner, Honey-Doers   Rearrange for Spacious Living In a smaller home I staged, the layout made the living spaces feel cramped. I rearranged the furniture to create open walkways and defined areas, such as a distinct dining space and a cozy living area.  This strategic placement demonstrated the functionality of each room, making the home feel larger and more practical. The rearranged space appealed to buyers who could easily imagine living and entertaining in the home, leading to a successful sale. Alexander Capozzolo, CEO, SD House Guys   Utilize Inviting Scents The power of scent should not be underestimated. In a property with a neutral but slightly musty odor, I used subtle, pleasant scents to create a more inviting atmosphere. A simple investment in scented candles and air fresheners made a significant impact.  Buyers commented on how refreshing the house smelled, which contributed to a positive perception and a faster sale.

  By: AZ Big Media    All Star Home analyzed the latest numbers from the U.S. Census Bureau, to reveal the most “house rich” areas in the country (affordable homes and high homeownership rates).   Key Takeaways for Phoenix: Phoenix ranks N. 10 among the major cities that are the most “house rich”. The median home value in Phoenix is $277,700. The median household income is $64,927 which gave Phoenix a 4.28 home-value-to-income ratio. Phoenix also has a high rate of owner-occupied housing (56.10%).  From bustling cities in the Midwest to sunny spots on the West Coast, some places stand out due to affordable housing and high homeownership rates.  But what causes a place to be house rich, and how does the typical home in every state measure up to this benchmark? All Star Home analyzed the latest numbers from the U.S. Census Bureau, breaking down the data and sharing the surprising places where homes are affordable and homeownership rates are high. Key findings West Virginia, Iowa, and Michigan rank among the top states for housing wealth. Davie, North Carolina, is the most house-rich city in the entire U.S. Americans are the least house rich in California. Almost half (49%) of Americans stay right on budget when buying a home. What does ‘house rich’ mean? Using comprehensive data from the Census, we developed a housing wealth score for each state. First, we compared the median value of owner-occupied housing units and the median household income, yielding a home-value-to-income ratio.  Then we incorporated the owner-occupied housing unit rate into our calculations to adjust the ratio. By multiplying the home-value-to-income ratio with the non-owner occupied housing rate, we gauged the dominance of homeownership in every locale. A low score indicates that a location is house rich, wherein housing is not only affordable but also where a majority of the populace reside in homes they own.

  By: AZ Big Media    When moving homes, selling your one should be the last thing on your mind. Yet, this process can take precious time, effort, and money. Even if you list your home with a realtor, you must keep the space clean, tidy, and ready for viewing. All while managing showings and potential buyers. Then there’s the place value house for cash buyers. Selling your home fast with this method requires minimal effort and zero hassle. Here is everything you need to know about place value home buyers. Fast Cash Offers One of the big perks of selling your home to a place value buyer is how fast you can get cash. You don’t have to wait for months like with traditional buyers. It’s really quick. Once you agree to sell, the buyer will start working on the paperwork right away. In a few days, you might have a cash offer in hand. This is great if you need money fast or if you want to move quickly. You save time and avoid the stress that comes with a long wait. Hassle-Free Process The selling process for your home to a place value buyer is very easy. First, you contact them and give them information about your home. Next, they’ll take a look at your home and figure out its value. If they’re interested, they’ll make you an offer. And guess what? There’s no obligation for you to accept it. If you like the offer, you say yes, and the deal is done. No need to fix anything in your home or worry about showings. Plus, you get to choose when you move out. Quick Closing Benefits Fast closings are one of the shining benefits of the place value house buying process. This type of buyer can wrap up the deal in as little as a week. Typically, there isn’t a bank involved, so you don’t have to wait for their approval. No more worrying about delays or deals falling through at the last minute. Plus, you can choose the closing date that suits your schedule best. No stress, no mess – just a smooth and quick home sale. No Repairs Needed A big advantage of selling to a cash home buyer is that there’s no need for repairs. Traditional home sales often need you to fix up your real estate before selling. This can take a lot of time and money. But with a place value buyer, you sell your home as-is. That means no repair costs, no contractor hassles, and no time spent on home improvement projects. You just sell your home in its current state. It’s that easy. This saves you money and lets you focus on what’s next – your new home. Stress-Free Home Sale Selling your home can be a big task. It might seem scary or stressful, but with a place value buyer, it’s not. They make the whole thing easy. You don’t need to worry about a lot of paperwork or haggling over the price. You only need to make one call, and they will take care of the rest. It’s an easy, fast, and stress-free process. Place Value House for Cash Buyers All in all, this approach offers a smooth, stress-free way to sell your home quickly. Say goodbye to endless showings, repairs, and long waiting periods. With place value house buyers, you get fast money, a simple process, and peace of mind. Choose them for your next home sale.

  By: AZ Big Media    As you step into the real estate market, selling your small modern house may seem daunting. But, fear not! In this guide, we will walk you through the intricacies of obtaining the highest return on your investment. Armed with these strategies, you’ll be well-prepared to navigate the market. You’ll be able to accentuate your home’s unique modern features. And you can secure the best possible selling price. Ready? Then let’s dive into the journey of transforming your small property’s potential into a profitable reality. Understand the Market Before putting your small modern house on the market, it’s essential to understand current market trends and demand. Research what features potential buyers are looking for in a home. Identify what sets your property apart from others in the market and focus on highlighting those unique selling points. Prepare Your Home for Sale Now that you have a better understanding of the market, it’s time to prepare your home for sale. Begin by decluttering and depersonalizing the space. This will allow potential buyers to envision themselves living in the house. You should also consider investing in minor upgrades or renovations. This can increase the overall value of your property. Hire an Agent Selling a home can be overwhelming, especially if you have little experience in the real estate market. Consider hiring a real estate agent who specializes in selling small modern houses. They will have a better understanding of the market. They can help you navigate through the legalities and negotiations. Price It Right You need to price your home correctly. A professional agent can assist you in determining the best price for your home value. They will consider market trends, location, features, and other relevant factors. Market Your Property Marketing plays a crucial role in attracting potential buyers. Make use of both online and offline platforms to showcase your small modern house. Utilize high-quality images and videos that highlight the unique features of your home. This will grab the attention of potential buyers and entice them to schedule a viewing. Be Flexible As much as you want to secure the best possible selling price for your home, it’s important to remain open-minded and flexible during the negotiation process. Be prepared to make some compromises if necessary. Remember, securing a sale at a slightly lower price is still better than having your property sit on the market for an extended period. Consider Alternative Options If you’re in a rush to sell your house, you may want to consider alternative options. You can look at fast cash buyers whose principles are “we’ll buy your home.” You can also consider rent-to-own agreements. These options may not fetch the best price, but they can provide a quick and hassle-free selling process. Plus, you may still be able to profit from your investment. Get the Best Value for Your Small Modern House With Our Guide Selling your small modern house doesn’t have to be a daunting task. By following our guide, you can maximize your return on investment with ease. Remember, every small step in the right direction brings you closer to achieving the best selling price possible for your home. Armed with these strategies, you’re now ready to transform your home’s potential into a profitable reality. Good luck!

  By: AZ Big Media    As the nation’s fifth-largest city, Phoenix has long been known for its year-round sun and beautiful desert landscapes. But now the Valley of the Sun is gaining attention for an altogether different reason – the challenging real estate market for first-time buyers.As prices continue to rise and housing availability becomes increasingly scarce in the Metro Phoenix area, those looking to get on the bottom-rung of the housing ladder have been left short of options and often trapped in rented accommodation.However, new home communities have been making an impression on those looking for high-quality housing at an affordable price point. With more affordable sale prices, attractive finance options, and well-equipped amenities, these developments are helping change the narrative for increasingly desperate buyers. The Phoenix First-Time Buyer Crunch There’s been a quiet but unmistakable crunch in the Phoenix housing market where first-time buyers are concerned. Usually armed with a fixed deposit, limited income history, and a still-climbing credit score, houses in the Phoenix metropolitan area have slowly but surely become affordable for many first-time buyers.Just look at the figures from last year alone. House prices in areas like Tempe, home to Arizona State University, just jumped 5.1%, adding an average of an extra $24,000 to each home there. Nearby Tucson and Phoenix itself aren’t far behind either – with hikes of 3.1% and 2.3%, respectively.Worse, housing availability has plummeted. Chandler, Gilbert, and Mesa have all seen dramatic reductions in housing inventory, with some drops exceeding 55%.These local real estate trends have left buyers looking to buy their first property clutching at straws. The choice has been stark for many: to settle for something much less desirable or stay stuck renting while inflation erodes down payments and house prices continue to increase.That’s where new home communities have been bridging the gap, offering attractive homes in amenity-rich communities at a price they can still afford. How New Homes Communities are Changing the Narrative for First-Time Buyers Despite what many would perceive as turmoil in the Metro Phoenix real estate market, there has been an injection of hope for many first-time buyers in the form of new home communities.Often developed with young families and first-time buyers in mind, the homes in these communities blend quality with affordability, paving the way to homeownership.For many, the appeal is in the fresh start. These brand-new homes, complete with modern appliances and integrated smart home technology, promise contemporary living without the associated price tag. There’s no longer a need to break the bank for open-concept and energy-efficient living.And these communities are chock-full of amenities. From community swimming pools to fitness centers, parks, hiking and biking trails, and dog parks, every need has been catered for without even leaving the neighborhood.You might be forgiven for thinking there’s a catch. For instance, maybe these communities are way out of town, helping keep costs down. But that’s not the case. New home builders like LGI Homes and others are offering new homes in desirable suburbs, including Glendale, for as little as $375,000. And these aren’t pokey residences, either. They feature three bedrooms, two bathrooms, a double garage, and a suite of upgrades included as standard.When stacked against the alternative, it’s no wonder so many first-time buyers are leaping at the chance to secure these brand-new homes while they still can. Many First-Time Buyers Waking Up to Financing Possibilities Another reason so many first-time buyers are drawn to these new homes is because they are being given a better understanding of their finance options. These communities often have on-site mortgage and finance teams that educate first-time buyers on their options.While many have thought homeownership a distant dream, when actually made aware of the help available, some realize not only can they afford a new home, but their monthly payment may even be less than they currently pay in rent.For instance, in many ways, Federal Housing Administration (FHA) loans are a perfect match for first-time buyers, with smaller down payments, lower credit score requirements, and more leniency on debt-to-income ratios. However, awareness about these programs has been lacking. Now, armed with better information about loans backed by the USDA, VA, and more conventional lenders, many first-time buyers are heading into house-hunting confident they have what they need to secure their very own home. Phoenix Housing Market Trend Towards New Homes is Reflected Nationwide The housing challenges facing first-time buyers in Phoenix are far from unique. Across the nation, there’s a palpable housing shortage, with CNN putting the deficit as high as 6.5 million homes. In many places, it’s this shortage that’s driving up the prices and making the dream of homeownership unattainable.But new homes, with their modern construction techniques, are keeping high-quality housing an affordable reality in many locations, including Phoenix. Texas-based LGI Homes and many other home builders are doing their bit to help lower the barriers to entry of one of the key tenets of the American Dream.The statistics are already starting to trickle in regarding the new homes trend. Recent data from Freddie Mac has uncovered the sale of new homes as representing 15% of all home sales in the past year. That’s four percentage points higher than the historical average, and with a jump in new construction permits granted nationally in 2023, that figure is set to climb even higher.In other words, it seems as though these new home communities springing up around the Metro Phoenix area are anything but a fleeting trend. They are an important piece of the puzzle in addressing the local and national housing challenges. The Dawn of a New Era in the Phoenix Housing Market? Just as is the case nationally, the Phoenix housing market is currently presenting its fair share of challenges for first-time buyers. But with their modern designs, affordable prices, and qualification for a vast array of financing, more and more buyers are taking the first steps toward homeownership in the Valley.More than just a fleeting trend, the growth of these amenity-rich new home communities looks sure to plug at least some of the housing gap in Arizona, with many industry professionals hoping they can kickstart an uptick in housing availability. But it’ll be at least a few years before we have an idea of how successful they’ve been in that regard.

  By: AZ Big Media    The housing market’s headline news this year has been the affordability challenge brought on by mortgage rates reaching 20-year highs. Looking ahead to 2024, Zillow® predicts home buyers will have a bit more breathing room when it comes to housing affordability in 2024 — but only a bit.  Buying a home will remain expensive, keeping pressure on the rental market to cater to families that will be renting for longer than previous generations. Many who buy will turn to homes that need some work, according to Zillow’s predictions, and do-it-yourself upgrades and repairs will keep new homeowners busy.  “I expect the beginning of a long healing process to kick off in the housing market next year,” said Skylar Olsen, Zillow chief economist. “We know there are a huge number of households in prime home-buying ages waiting for the winds to turn in their favor. While still presenting challenges, the market will be better for buyers, with more homes to choose from and improved affordability. Many will continue to look toward rentals, and given renter demographics single-family rental demand in particular will be strong. Recent deliveries should keep rent growth down, and concessions high in that market, too. This is our breather year.” More homes will hit the market as homeowners accept that current mortgage rates are sticking around “Higher for longer” is the key refrain regarding mortgage rates as Zillow economists look ahead to the next year in housing. It’s becoming clear that high mortgage rates have some staying power. Zillow economists expect more homeowners who locked in long-term payments when rates were near all-time lows to list their homes for sale, as they grow weary of waiting for the historically low rates of 2021 to return. A very small pool of homes for sale has kept competition fairly stiff for most of this year, even with high costs limiting the number of shoppers.  With mortgage rates rising over the past two years, homeowners have been reluctant to sell, opting instead to hold onto the ultralow interest rate on their current mortgage. Many of those homeowners will have their eye on a home with a bigger backyard, an extra bedroom or in their preferred neighborhood across town, and Zillow predicts more of these homeowners will end their holdout for lower rates and go ahead with those moves.  More homes on the market would be good news for buyers, spreading demand and slowing price growth.  Housing affordability in 2024 will level off, giving hopeful buyers a chance to catch up A typical home buyer in October would have spent more than 40% of their earnings on their mortgage payment — an all-time high according to Zillow data, which stretches back to the 1990s. While affordability will undoubtedly remain the top concern for potential home buyers in2024, there is reason to expect those challenges to ease just a bit. Zillow’s latest forecast calls for home values to hold steady in 2024. Predicting how mortgage rates will move is a nearly impossible task, but recent inflation news gives the impression that rates are likely to hold fairly steady as well in the coming months.  The cost of buying a home looks likely to level off next year, with the possibility of costs falling if mortgage rates do. That would give time for wages and buyers’ savings to grow — welcome news after the rapid rise in housing costs over the past two years.  The new starter home will be a single-family rental Though Zillow expects some improvement in housing affordability in 2024, many households will still be priced out. The median renter is now 41 years old, up from 37 in 2000, and the types of rentals they’re interested in has likely shifted.i Zillow predicts demand — and prices — for single-family rentals will continue to increase next year as families look for a more affordable option for enjoying amenities like a private backyard or a home that doesn’t share walls with neighbors.  One possible path to more single-family rentals could lie in homeowners deciding to turn their home into an investment property and rent it out, rather than selling it when they move. The ultralow mortgage rates held by many existing homeowners make it more likely that this option would pencil out. Zillow Rental Manager offers a suite of tools — including free listings, pricing suggestions, background checks, online applications and state-specific lease generation — designed to provide comprehensive support for those seeking rental income from their homes. More markets will follow New York City’s lead, with rental demand surging near downtowns Throughout much of the pandemic, and even before, suburban rent prices were growing faster than rents in urban neighborhoods. While the gap has narrowed, suburban rents continue to outpace urban rents in most major markets, specifically, 33 of the 50 largest metro areas.iii In New York City, data from StreetEasy, Zillow Group’s New York City real estate marketplace, shows demand is surging for rentals in commutable areas with easy access to Downtown or Midtown Manhattan, while areas farther from these office-laden neighborhoods are seeing relatively less demand. StreetEasy experts predict a strong year for Manhattan demand in 2024, and Zillow foresees more markets following suit, with rental demand surging near downtown centers.  Renters looking for a place near downtown will likely have more options with this year’s multifamily-construction boom, which means a huge number of new homes have hit the market. More choices for renters looking for a new place means landlords who are trying to attract tenants have more reason to compete with each other on price. That’s a key reason more rental listings are offering concessions. Traditional home buyers will compete with flippers for homes that need a little TLC Typically the target of home flippers, homes that need a little work before they qualify for “dream home” status will see increased interest from buyers looking to move in.  Inventory has been far below normal for a while, and though Zillow economists predict more homes will hit the market in 2024, inventory will remain much lower than pre-pandemic norms. Faced with limited choices, buyers will be willing to overlook small flaws, such as an outdated bathroom or kitchen.  The higher cost of buying a home today makes a flip harder to pencil out, so buyers may face less competition from flippers than they might have in previous years. Even with less chance of being subject to a bidding war, these homes won’t come cheap, so expect buyers to frequent their local hardware stores as they work on DIY home improvements. If Zillow’s 2024 home trends to watch are any indication, expect brutalist-inspired features and sensory gardens to be on home improvement to-do lists, but not “cloffices” or Tuscan kitchen designs.  Artificial intelligence will enhance the home search experience Since 2006, Zillow has been leveraging AI and machine learning to power the Zestimate. Generative AI made waves this year, and Zillow expects AI advancements to streamline the home-shopping and home-selling journey in 2024, improving the experience of buyers, sellers and their agents.  Zillow tech experts expect a variety of new tools and technologies designed for real estate agents next year, allowing them more time to connect with more clients and prioritize face-to-face interactions. Agents have been using AI to assist with writing listing descriptions and to create 3D content for their listings. Next year’s advancements are expected to focus on visual and multimodal capabilities, including more rich media content.  Expect home shoppers to benefit from generative-AI-powered experiences to glean valuable insights and guidance on home financing and housing affordability in 2024. 

  By: AZ Big Media    Real estate has consistently stood out as a reliable avenue for wealth creation in the vast landscape of investment opportunities. However, like any financial endeavor, real estate investment is not without its complexities and potential pitfalls. In this comprehensive guide, we will delve into the strategies and techniques that will empower you to maximize profits and minimize risks when venturing into the world of real estate investment. The world of real estate investment has long held the promise of financial prosperity. However, it also involves intricate dynamics that necessitate careful consideration and informed decision-making. This article seeks to be your guiding light, illuminating the path to successful real estate investments. Setting Clear Investment Goals Before you embark on your real estate investment journey, setting clear and well-defined goals is crucial. By understanding what you want to achieve – be it long-term wealth, passive income, or a blend of both – you can chart a course tailored to your unique aspirations and risk tolerance. Market Research and Analysis Location is paramount in real estate investment. Thoroughly researching and analyzing markets is essential. Whether you’re exploring local opportunities or considering investments on a global scale, identifying growth areas and being prepared for economic downturns is vital. Financing Your Investments Comprehending the various financing options at your disposal is a pivotal step. From traditional mortgages to hard money loans and private financing, your choice can significantly impact your investment outcomes. A well-crafted financial strategy forms the bedrock of your real estate success. Explore the exciting realm of real estate crowdfunding, which has opened new avenues for financing and diversification. Property Selection The choice between residential and commercial properties is a critical decision. Each property type carries its own unique set of advantages and challenges. Carefully evaluate your options and align them with your investment goals. Stay attuned to emerging trends in property selection, such as co-living spaces and mixed-use developments. Due Diligence The foundation of prudent real estate investment is due diligence. This phase encompasses comprehensive property inspections to uncover potential issues, legal considerations, and, increasingly, environmental due diligence to support sustainable investments. Real Estate Investment Strategies Real estate investment offers various strategies to match your goals and risk appetite. Delve into the buy-and-hold strategy for long-term wealth, the fix-and-flip approach for quicker returns, and the convenience of Real Estate Investment Trusts (REITs). Explore fractional real estate ownership, made possible by blockchain technology, to diversify your portfolio further. Property Management Efficiently managing your investment property is pivotal. Decide whether you’ll take a hands-on approach or enlist professional property management services. Your success also hinges on tenant selection and retention. Keep an eye on proptech innovations, which are revolutionizing property management and enhancing efficiency. Risk Mitigation Diversification serves as a fundamental principle for risk management. Explore ways to diversify your real estate portfolio across different property types and locations. Understand insurance options to safeguard your investments and use advanced risk assessment tools for data-driven decisions. Market Trends and Timing Comprehending market cycles and the role of inflation is critical for informed decision-making regarding when and where to invest. Consider sustainable real estate investments as a long-term strategy, aligning with environmental and social consciousness. Unlock the benefits of tax advantages offered to real estate investors while ensuring full regulatory compliance. Explore tax-efficient real estate structures, such as LLCs, and understand the potential advantages of a 1031 exchange for optimizing your financial outcomes. Exit Strategies You may decide to sell your investment. Learn about various exit strategies, including the 1031 exchange, which allows you to defer capital gains taxes when reinvesting in another property. Consider legacy planning as a means of passing on your real estate wealth to future generations. Real Estate Professionals Leveraging the expertise of real estate agents and property managers can be invaluable. They can provide valuable insights and assistance throughout your investment journey. Additionally, consider seeking guidance from real estate investment consultants specializing in optimizing your investment strategy. Continuous Learning and Adaptation The real estate market is dynamic and ever-evolving. Staying updated with the latest trends and networking within the industry are essential for ongoing success. Explore opportunities for real estate investment education and workshops to continuously enhance your knowledge and adapt to changing market conditions. In conclusion, real estate investment presents a world of opportunities for those who approach it with knowledge, strategy, and a commitment to prudent decision-making. If you seek expert guidance, Novel Management is here to assist you in making informed decisions and maximizing your profits. Taking the first step into real estate investment can be the beginning of a rewarding financial journey, and we’re here to guide you every step of the way.