By: AZ Big Media  Sales of homes costing $1 million more than doubled over the past three years, but as with many products in the grocery store, buyers are getting less than they used to, according to a new analysis by Zillow. And when it comes to the housing market, Phoenix leads the nation when it comes to getting less house when shopping for $1 million homes. Million-dollar homes are getting smaller. Homes that sold at or near $1 million contracted nearly 500 square feet, from a peak of 3,021 in the middle of 2020 to a valley of 2,530 in early 2022, according to floor plan data for Zillow listings. Home size bounced back before July and is now 2,624 square feet, down 397 square feet from the 2020 peak. “Buyers with seven-figure budgets shopping for homes during the pandemic were doing so coming off the longest period of economic growth in U.S. history and with the help of historically low interest rates,” said Anushna Prakash, economic data analyst at Zillow. “Sales for expensive homes soared while buyers in the heat of competition accepted smaller layouts.” The typical home in the $1 million range shrank in nearly every major metropolitan area. The largest declines are found in Phoenix — down 1,116 square feet from 2019 to 2022  — and Nashville, where these homes lost 1,019 square feet. Floor plans grew in just two major metros: by a closet in Minneapolis (36 square feet), and by at least a room and a half in St. Louis (406). In the Phoenix metro area, the typical $1 million home:  • Has a median size of 2,933 square feet, down 767 square feet from spring 2020. • Costs $341 per square foot, up from $270 in spring 2020. • Has 4 bedrooms and 3 bathrooms. • Is 23 years old Overall home sales were elevated during the pandemic, but have slowed in recent months as affordability challenges have pushed many buyers to the sidelines. The recent move of the market toward rebalancing has shifted competition away from mid- and high-tier properties, and back to the most affordable homes. Sales for homes priced at $1 million or more rose from 43,421 in the second quarter of 2019 to 90,110 in 2022, a new record volume. These once-rare digs also constitute a much greater portion of the total market. As home values skyrocketed across the country, the share of single-family homes that sold for $1 million or more has more than doubled, moving from 2.7% in 2019 to 2.5% in 2020 to 6.4% now. Portland led major metros in sales volume increase: The number of $1 million-plus sales soared by 253% since mid-2019. Austin, where home values are up 71% since mid-2019, saw sales jump by 220%. The only metro that witnessed a decline in the volume of transactions with a $1 million-plus price tag was Boston, where the share fell by 32%. Boston and other major East Coast metros had relatively low appreciation over the past three years compared to other regions. Portland, Austin and Riverside are where sales of $1 million-plus homes have risen the most since 2019. Sales rose the least in San Jose and San Francisco, and fell in Boston. One million dollars in San Jose will buy just three bedrooms, two bathrooms and just shy of 1,400 square feet of living space — about $715 per square foot, the highest amount among major metros. For context, a typical single-family home in San Jose was valued at over $1.5 million in July. Far from an exclusive membership, homes costing $1 million or more are the norm in the San Jose area, comprising 72% of the country’s most expensive market. Those looking for the most bang for their million bucks should head to Hartford, Connecticut, then to the Midwest. Among the 50 major metros included in the study, Hartford has the lowest price per square foot at $205, followed closely by Indianapolis, Oklahoma City, Kansas City and Cincinnati. Though options in that range are limited in these areas, it’s hard to deny the opulence afforded by the expense, with square footage upward of 4,500.

By: Queen Creek Sun Times We’ve officially transitioned from a seller’s market to a balanced housing market in Queen Creek and San Tan Valley. The inventory of homes for sale has risen dramatically over the last several weeks while buyer demand has waned. Price reductions have become more common while they were nearly non-existent only 90 days ago. The number of homes sold in Queen Creek in July of 2022 decreased compared to 2021; there were 141 homes sold in July 2022 while 187 homes sold in July of 2021. The average sales price held strong at $728.602 in Queen Creek for July 2022, which was up from $598,972 in July of 2021. Year over year comparison of average days on market shows an increase from 22 days last year to 36 days. July of 2022 also saw homes selling at 99.39% of their listing price compared to the 103.31% we saw in July of last year. San Tan Valley has shown more dramatic changes with 131 homes sold in July 2022 compared to the 218 homes sold in July 2021. The average sales price this year is $488,403, while last year saw an average sales price of $408,607. The average days on market are up to 29 versus the 19 days we saw at this time last year. Homes in July of 2022 sold at 98.7% of list price compared to an average of 103.4% in July of 2021. San Tan Valley has shown more dramatic changes with 131 homes sold in July 2022 compared to the 218 homes sold in July 2021. The average sales price this year is $488,403, while last year saw an average sales price of $408,607. The average days on market are up to 29 versus the 19 days we saw at this time last year. Homes in July of 2022 sold at 98.7% of li

  By: SanTan Sun News  A national survey found that Chandler is the best place for swimming pools in the country. It is one of seven Arizona cities ranked in the top 20. “The Phoenix metro area is one of the biggest swimming pool markets in the world,” said Cohl Workman, owner of Thunderbird Pools & Spa. The survey ranked Chandler first because about 60% of single-family homes or condos for sale have a swimming pool. For those who don’t have a pool at their home, there are 2.3 public pools for every 100,000 residents. The survey also considered storage space for pool accessories, and said Chandler ranks just above the national average for a 10’x12’rental unit at about $142 per month. Workman said people who don’t have a pool in their yard but are considering it, expect to pay about $55,000. “It was nearly $35,000 before the pandemic, but it has nearly doubled,” he said. The pandemic has led to huge increase in the number of new pools being built and also the increase in price, Workman said. “The swimming pool industry has been majorly affected by the pandemic,” Workman said. “The demand for pools went up during the pandemic. “People said if I’m not going to go to concerts, or out to eat, and I’m going to be spending a lot of time at home, well, that money went into their house, and their backyard.” Workman said the pandemic also prompted many people to decide to move to the Sun Belt or sunny areas. He said people moving from expensive areas, such as California, could buy a cheaper home and have extra money to improve it – like adding a swimming pool. “In May of 2020, the demand went through the roof,” he said. “We came to work one day and there were over 100 inquiries for a new pool. And it was like that for quite a while.” Workman said that led some pool companies to oversell, meaning there was no way they could build enough pools fast enough. He said some people have been waiting up to two years for a pool they ordered to be built. The other problem facing the industry right now are the supply shortages every other industry is dealing with. “This year we’re dealing with a crippling concrete shortage,” Workman said. “We’ve had to cut the orders we can take in half.” Owning a swimming pool in a desert can help families escape the summer heat. But, all that water sitting in backyards during a drought is being noticed. Las Vegas officials voted this month to limit the size of swimming pools in that city because of the drought and falling water levels at Lake Mead. Phoenix is encouraging residents to cover their swimming pools to prevent evaporation. Chandler has no plans to limit how its residents use their swimming pools, officials said. Gregg Capps, the city’s utility resources manager, said there are steps they can take if the drought gets worse. “If we reached Stage Four, which is the highest level of our current plan, there could be restrictions put in place related to outdoor water uses, such as for irrigation purposes,” Capps said. “Those decisions would be made based on the demand and available water supplies at the time. We are proactively evaluating municipal water uses to identify water saving measures that could be implemented.” The city is currently in Stage One of its drought management plan. That is using education to encourage residents to take steps to conserve water. “There are no specific restrictions outlined in Chandler’s Drought Management Plan related to the city’s pools and aquatic facilities,” Capps said.

By: AZ Big Media  The affordability of housing in the Valley has been a constant challenge for first-time homebuyers since the start of this decade. The Phoenix metro area continues to be one of the fastest-growing cities as more people migrate from other parts of the United States, so it’s tough to find the most affordable cities for homebuyers. In many cities in the Valley, homes are out of reach for first-time buyers; however, the housing market has cooled down over the last year and some cities have even shifted into a buyers’ market. There are opportunities for first-time home buyers depending on where they want to live. Buyers Benefit A common saying in the real estate industry is “drive until you can qualify” meaning that as we move farther away from the most densely populated areas of our community land starts getting cheaper for home builders which means homes are more affordable for buyers. We are seeing more communities on the outskirts of the valley that are seeing high amounts of inventory and not enough people to buy houses in the area. Most affordable cities for homebuyers Cities such as Buckeye, Queen Creek, Casa Grande, Coolidge, and Maricopa all have available homes for under the average Phoenix home price. These areas are seeing a lot of growth with places such as Casa Grande and Buckeye continuing to see builders buy more land and build more houses. These areas are also seeing more shops and restaurants opening up around them and providing residents with many of the same amenities they are looking for in more expensive areas of the Valley. Living away from the most populated parts of the Valley is becoming more popular as more home buyers work from home. If prospective home buyers don’t have to worry about a lengthy commute five days a week then they will be more likely to buy a more cost-effective home farther from where they work or farther from the most expensive communities. The fact that you get more value per square footage in places such as Maricopa and Queen Creek means there is a benefit to living in the outer parts of the Valley even if those areas might not have the most thing to do. If a home buyer does need to commute to work then they are going to need to weigh the cost of gas with the price of the home. The overall cost of the home should not be the only consideration. Phoenix neighborhoods are not out of reach for new buyers The most popular areas of metro phoenix such as Scottsdale, Mesa, Downtown Phoenix, and Paradise Valley are going to be out of the price range of many first-time home buyers. However, that does not mean you have to move far away from Phoenix city life. There are neighborhoods near downtown Phoenix that are affordable for those willing to put more cash down or have a cosigner for a loan. Central and Northwest Phoenix remain affordable housing options for many buyers. Places such as Laveen have grown over the years as more and more developers look to build homes around the new Loop 202 South Mountain Freeway. This area represents a good middle ground home price. Homebuyers are paying a bit more, but you live closer to the city and have a shorter commute to work than many people. It is also important to consider that new homebuyers need to consider more than just the price of a home. You might be able to make a home more affordable in an area such as Laveen if you are able to buy down the interest rate rather than lower the total cost of the home. A $20,000 difference in home price might be an $80 difference in your monthly mortgage payment, but getting a lower interest rate will save you more money in the long run. The housing market in the Valley has cooled down, but affordability is still an issue for many new buyers. However, there are still options for prospective first-time homebuyers if they are willing to live in some of the buyers’ markets that have popped up or if they are willing to put a bit more down on a house in Central or Northwest Phoenix. The housing market can be intimidating for new buyers but they do have options.

By: AZ Big Media  The team at United Way of the National Capital Area analyzed data from the National Low Income Housing Coalition to find which cities have the largest and smallest affordable housing shortages, the annual income required to afford a one-bedroom and two-bedroom rental in each city (at fair market rent), and the hours both minimum wage and average wage workers need to work each week to afford a one-bedroom and two-bedroom rental in each city (at fair market rent). Here are the U.S. Cities with the Largest and Smallest Affordable Housing Shortage: To put things into perspective, here’s a quick reference of some rental realities from the study: • Renters in San Francisco need to earn over $116K per year to afford a modest, one-bedroom rental, at fair-market rent. Yet, the average renter there makes $93,303 per year, making them short by almost $24K. • In only two cities, Buffalo, NY and Tucson, AZ, can minimum wage workers afford a one-bedroom rental with under 50 hours worked per week. • Minimum wage workers in D.C. must work 78 hours/week on average to afford a modest, one-bedroom rental.

By: AZ Big Media  Much like we experienced at the onset of the pandemic, the residential real estate market is having a moment where many are unsure of what to expect. Unfortunately, that has led to some misconceptions. We wanted to set the record straight. The home buying frenzy of the past few years was not normal, and it was not a rational market. With the rapidly increasing home prices and extremely low interest rates, it was a zoo!  We now have three times as many homes for sale as we did in March, and interest rates are hovering in the mid 5% range.  This doesn’t mean that prices are going to plummet, but it does mean that sellers will actually have to compete in the market to get the best price.   Myth: Buyers will still line up for overpriced homes Reality: Homes should be priced at market value to sell All summer, asking prices” have been 10-15% too high, which has resulted in a slew of price reductions which you’ve probably heard about in the media.  This doesn’t mean that actual “real” values are dropping, it just means that sellers got too greedy with their asks and had to return to market value.   Myth: Homes can be listed and sold without much prep work Reality: Owners need to stage homes to sell Gone are the days of listing homes in as-is condition, with no real staging or preparation. In today’s market, not only do homes need to be priced appropriately to sell, but owners also need to put in the time and effort to create a great first impression with curb appeal, staging, paint, and more. Moving forward, we believe the market will reward turn-key homes – particularly those in premium locations.  

Property Highlights: 3 Bedrooms + 3 Baths Backyard Patio  Extended Driveway  3 Car Garage + Detached Garage  No HOA  Built in 1987  2,045 SF I’m Scott Graff with TEAM GRAFF with Real Broker. Welcome to 6701 East Hermosa Vista Drive Mesa, AZ 85215.    The search is finally over! Step inside and discover a captivating interior offering dramatic vaulted ceilings w/exposed beams. This home is absolutely delightful, equipped with a wet bar, a two-way fireplace — perfect for relaxing during the winter. You'll love cooking delicious recipes in the fabulous eat-in kitchen featuring wood cabinetry, stainless steel appliances and tile countertops. This home boasts 3 full bedrooms, and 3 full baths. Step outside to a charming backyard with a covered patio, a custom bar, & magnificent trees! This home features a 3 car attached garage with an extended driveway PLUS a detached 2 car garage and workspace. Imagine the potential!                              Interested? Call me at 602-989-7900 or email me at scott@teamgraff.com 

  Property Highlights:  3 Bedrooms + Lofts  2.5 Baths  2,835 SF  Private Pool  On The Legacy Golf Course  3 - Car Garage  Gated Community  I’m Scott Graff with TEAM GRAFF at eXp Realty.  Welcome to 2442 East Glass Lane Phoenix, AZ 85042.    IMAGINE living in this gated, upscale community on The Legacy GOLF COURSE in Phoenix Arizona! Welcome to Fairways at The Legacy. Soaring ceilings greet you as you enter this spacious 2,835 sf home. An inviting living room, wide open family room, connected to the incredible kitchen with granite counters, stainless appliances and a breakfast nook all occupy the main level, not to mention the large primary suite which is also on the main floor. Upstairs boasts an enormous loft with a private balcony overlooking the backyard oasis and views galore, not to mention two additional bedrooms. Now... hold on to your seats. The best is yet to come when you step out back to your own country club oasis with a SPARKLING POOL, endless views and room for all kinds of entertainment possibilities!                                              

By: AZ Big Media  You may think your property taxes are low—or high—but what will Arizona property taxes look like one, five, or 10 years from now? In Arizona, those increases taxes in property may be larger than expected. HomeAdvisor recently determined what the projected yearly property taxes will be in every state over the next decade to map where the greatest and least increases will be, factoring appreciation. What will property taxes look like in Arizona in one, five and 10 years? Arizona is the No. 3 state predicted to have the greatest property tax increase in five years, or by 2027. With average annual property taxes jumping from $1,956 next year to $4,785 in five years, residents can expect to see an increase upwards of $4,785. Five states are predicted to see property tax increases over 90%. Smallest changes: 10 states will see an increase of less than 50%, with North Dakota leading the pack with just a 28% jump. You can see the full study and the top 10 states with the largest and smallest increases here.

Property Highlights:  2 Bedrooms + 2 Baths 1,064 SF Single Level Community Pool Courtyard  Low Maintenance Backyard Ahwatukee T-1 I’m Scott Graff with TEAM GRAFF at eXp Realty.  Welcome to 5202 E. Half Moon Drive, in Phoenix AZ.    Located in the vibrant community of Ahwatukee, this subdivision boasts a community pool and meticulous curb appeal all maintained by the HOA (front yards included!)!  Built by the iconic developer, Presley Development, these homes cater to those buyers that desire a home with little to no maintenance yet with features such as a 2-car garage, a secure courtyard and backyard for pets and relaxation.   Step inside to an incredible open floor plan that includes a spacious great room, dining room and kitchen with with charm galore.  With two full bedrooms and two full baths, all you need to do is basically... unpack!   A charming home in a charming community in a charming neighborhood... Wouldn't. You. Agree?                                 Interested? Call me at 602-989-7900 or email me at scott@teamgraff.com 

  PROPERTY HIGHLIGHTS:  3 Bedrooms / 2 Baths  1,392 Square Feet  Built 2010  Single Level  Washer, Dryer, Refridgerator  NO HOA!      Talk about curb appeal. This 3 bedroom, 2 bath manufactured home in East Mesa boasts an open great room, a modern kitchen with a breakfast bar, plus a spacious dining area. With no HOA, land that is owned, plus an affordable price... could this be the home for you? NOTE: Washer, dryer, refrigerator included. Home is on septic.                   

  PROPERTY HIGHLIGHTS:  2 Bedrooms + Den  2 Baths  1,385 Square Feet  Built 1979  Single Level  NO HOA!    This single level single family home in SW Mesa sits on a large corner lot in a subdivision built in the late 70's called Sundridge Unit 3 which has no HOA! Step inside and an openness greets you... from soaring ceilings, modern touches in an spacious living room which flows into an expansive kitchen with modern appliances, a breakfast bar & views out back not to mention being wide open to the dining space and the ENORMOUS family room. This home boasts TWO SPACIOUS BEDROOMS + A DEN which could be a babies room, home office, workout room, you name it! PLUS... two full baths. Out back a large covered patio and grassy area are PERFECT for outdoor entertainment. WASHER, DRYER, REFRIDGERATOR included!                            

  Property Highlights:  3 Bedrooms / 3 Baths  Den + Loft  2,485 Square Feet  2-Story  Morning Sun Farms Phase 2    Welcome to Morning Sun Farms. With absolutely exquisite curb appeal, this 3 bedroom, den + loft, 2-story home is situated on fantastic lot with a side-car garage. Step inside and you'll be instantly wow'd by the open living room. High ceilings, a modern kitchen with granite counters, an open island bar, plus a breakfast nook, a separate family room... this home leaves nothing to be desired! The massive master suite opens to your spa-like master bath with a walk-in closet, and a separate shower/tub. Step outdoors, and you'll be greeted by mature lush landscaping, synthetic grass for pets or play and FOR SURE a lifestyle that is second to none.                                

2610 E BALBOA DR, Tempe, AZ 85282 Property Highlights: 3 Bedrooms / 2 Baths  1,464 Square Feet  Built 1971  Private Pool  2-Car Garage  Across from Daumler Park  DOWNTOWN GILBERT! Imagine living just a short jaunt from one of the most vibrant areas of the entire Phoenix Metropolitan Area! Arbor Walk is an incredible community built in 2004 by Classic Communities that boasts a community pool and a tranquil landscape. This 3 bedroom, 3 bath, 3-story with a 2-car garage boasts 1,572 square feet and WOWS you from the moment you enter. With a bedroom and bath on each floor, the possibilities are endless! NEW FOR APRIL 2022 — New carpet, fresh paint, new fans, light fixtures & fans, toilets, door handles + the kitchen cabinets were painted black. A hint of rustic modern combined with a sophisticated chic makes this home THE HOTTEST DOWNTOWN GILBERT HOME available today!                      

160 W LAUREL CT, Gilbert, AZ 85233   Property Highlights: Downtown Gilbert!  3 Bedrooms / 3 Baths  2-Car Garage  Built 2004  Community Pool  1,572 Square Feet  DOWNTOWN GILBERT! Imagine living just a short jaunt from one of the most vibrant areas of the entire Phoenix Metropolitan Area! Arbor Walk is an incredible community built in 2004 by Classic Communities that boasts a community pool and a tranquil landscape. This 3 bedroom, 3 bath, 3-story with a 2-car garage boasts 1,572 square feet and WOWS you from the moment you enter. With a bedroom and bath on each floor, the possibilities are endless! NEW FOR APRIL 2022 — New carpet, fresh paint, new fans, light fixtures & fans, toilets, door handles + the kitchen cabinets were painted black. A hint of rustic modern combined with a sophisticated chic makes this home THE HOTTEST DOWNTOWN GILBERT HOME available today!                          

7003 E Ptarmigan Court San Tan Valley, AZ 85143   Property Highlights:  3 Bedroom / 2 Baths * Built in 2021 * RV Parking * Open Great Room Concept * 1,608 sf HELLO, I’m Scott Graff with TEAM GRAFF at eXp Realty. Welcome to 7003 E. Ptarmigan Court in San Tan Valley Arizona!       DESCRIPTION:  This Meritage Home is barely one year old and this neighborhood is beyond charming.  Step inside to a great room with open space galore.    An open kitchen with all the modern appointments including stainless steel appliances.    The formal dining room overlooks the great room and charming backyard. With three full bedrooms...        2 full baths...    An RV gate...  and expanded palavered patio… Imagine entertaining in this backyard!   Interested?  For a private tour, call me, at 602-989-7900. I’m Scott Graff. Thanks for turning this San Tan Valley charmer with me.

PROPERTY HIGHLIGHTS:  3 Bedrooms / 2 Baths  1,460 Square Feet  2 - Car Garage  Built in 2002  Gated Community  Community Pool  HELLO I’m Scott Graff with TEAM GRAFF at eXp Realty. Welcome to Park Village.          two full baths a wide open great room     and an absolutely spectacular kitchen.   Exit out to your private backyard, to a peaceful setting.    

280 S. Elizabeth Way #1 Chandler, AZ 85225     PROPERTY HIGHLIGHTS:  2 Bedrooms / 1.5 Baths *  1,056 Square Feet *  Built 1998 *  Community Pool *  DOWNTOWN CHANDLER HELLO I’m Scott Graff with TEAM GRAFF at eXp Realty. Welcome to Frye Park Townhomes.    Can you IMAGINE this lock and leave lifestyle that enables the freedom to come and go as you please?  Description: Located in one of THE MOST desired locations next to the bustling Downtown Chandler, Frye Park Townhomes is a quaint townhome community across from Folley Memorial park that boasts a community pool and easy parking.     Step inside this updated spacious townhome… to an expansive livingroom     a modernized kitchen upstairs boasts two bedrooms     and a full updated bath. and a large private patio.  

Today I have the honor to introduce you to one of the most incredible opportunities in Ahwatukee. An opportunity that doesn't come along too often...  It's a home that backs to South Mountain Park.    But first... allow me to introduce you to this majestic area of Phoenix.  Wikipedia calls Ahwatukee "the world's largest culdesac". But it isn't really a culdesac... it's an urban village with a dash of suburbia and spectacualr mountain views.  Ahwatukee literally means "House of Dreams" and was developed in the 70's by a visonary developer and his all star team.  If outdoor activities are your thing... well, there's no shortage of options here in the Tuk'.  From MOUNTIAN BIKING  RUNNING  HIKING  and WALKING YOUR DOG  Another question I'm often I'm asked "Scott, is it hard to get connected locally?" Listen, when you live in the Tuk', it's not hard to support the local businesses.   Ask any resident what they like about the Tuk and they might mention...   It's not on the grid and the streets are windy wtih character.  There's mountain views everywhere.  It's close to the airport.  There's the Tukee Trot.    The sounds of the occasional owl hooting or coyotees howling.    OH! Ahwatukee even has a neighborhood newspaper with a massive following.  Out of all the things that make Ahwatukee so amazing that I just mention... let me share with you my personal number... 3826 E. Bronco Trail!       A home like this coming to the market is for sure a once in a blue moon opportunity. For someone, this could be their once in a lifetime opportunity. Is that someone you?  Offered at $1,000,000.  I'm Scott Graff.  If you're still reading, we should talk! 

3826 E. Bronco Trail, Phoenix AZ 85044 PROPERTY HIGHLIGHTS:  3 Bedrooms + Office + Library / 3.5 Baths  Backs to South Mountain Park/Preserve  Great Room + Family Room  3,390 sqf  18,892 sqf lot Built in 1990 Offered at $1,100,000     Description:  This custom home is nothing short of spec-tac-u-lar from the moment you arrive.  Step inside to a great room with views galore, a separate family room, an entertainers kitchen, and a formal dining room that is absolutely perfect.       With three full bedrooms… plus an office... plus a library… there’s space for everyone and everything, not to mention 3 1/2 bathrooms.             Situated on nearly a 1/2 acre lot, the backyard is beyond stunning.  Imagine entertaining in this backyard!  Oh… did I mention your own private entrance to South Moutain Park / Preserve?  Hike or trail walk anyone???             EQUESTRIAN ESTATES AMENDED ARCHITECTURAL (Click Here)   For more information on Phoenix real estate or homes in the Phoenix area contact our office at any time.