April 2018 Phoenix Real Estate Statistics

April 2018 Phoenix Real Estate Statistics ARMLS® COPYRIGHT 2018”

With home inventory low and prices high, the PAR ARMLS Phoenix Metro market needs an influx of homes to rent. If you have a home to rent, or are interested in renting your home, call us today at (602) 753-0333 Here are some of the numbers in the ARMLS region for April. You can read more by clicking here: https://armls.com/docs/2018-April-STAT.pdf

Total Monthly Sales: 8,990

Sales are down -4.4% month-over-month. The year-over-year comparison is up +3.7%.

“April

Total Inventory: 21,772

Total inventory has a month-over-month increase of +0.3% while year-over-year reflects a decrease of -9.9%.

“April

Average Sales Price: $322,000

The average sales price is up +10.2% year-over-year while the year-over-year median sales price is also up +8.5%.

“April

Average Days on Market: 66

Days on market were
down -10 days year-over-year while month-over-month decreased by -6.

“April

Summary

Home prices are high. Homes are selling faster. There are just not enough homes in the price range most people want in the ARMLS PAR region.

What does all of this mean? It’s a great time to have a Phoenix investment home, and a great time to rent a home in Phoenix! Check out our available rentals at: http://allcountyprestige.com/available-rentals

Call us today at: (602) 753-0333 for more information about renting out your home in Phoenix.

All County is here for you!

How Much Rent Can You Really Pay in Phoenix?

How Much Rent Can You Really Pay in Phoenix?

So how much rent can you really pay? Your family is growing, and you want to ditch the apartment for that 3-bedroom rental home. Your kids could have their own room, and the kitchen, wow! Room to entertain for Super Bowl. (next year) You call the property management company, and find it’s not rented. You get excited. You’re almost there!

Then you find out you don’t make nearly enough money to qualify for the rent. Sad faces all around.

Where did you go wrong? 30% of your income for rent is the basic guideline, right? But is that before or after taxes, does that cost include utilities and rental fees? Kitty is part of the family. Will he cost extra? And you still have that pesky student loan hanging around, the truck payment, Christmas credit card bills….rats.

So how much rent can you really pay in Phoenix?

Life is more than rent

Being rent-strapped is a bummer. Leaving yourself no room to breathe is no fun, and you should take into account what would happen if you get laid off and have to go job hunting for a couple of months. Would your savings be able to cover that?

The best way to figure this out is to look at what you’re spending now.

Bills – These are the things you have to pay. Rent, car payment, student loans, renter’s insurance, gas or commuting costs, credit card payments, cellphone, Internet, food, utilities, trash pickup, rental fees…arg. That stuff comes right off the top of your paycheck.

Entertainment – Netflix counts here. Maybe Amazon Prime, restaurants, movies, you get the idea. You can do some dealing here.

Healthy living – Dentist bills, gym membership, hair cuts, school shoes, tithing to your church. Good stuff, but still money out.

Savings – Investing in your future, saving for a rainy day. Whether it’s a 401K, IRA, or just a traditional savings account, this is a good idea.

So lay it all out and see how things look. You might realize that you could cut back on expensive big screen movies and watch at home in your new rental. Or skip the weekly trips to the sports bar and have your friends over to watch the game, using your bigger kitchen to prepare the fun. Here’s where you can move things around and see just how much you can afford.

Talk to a Property Management Firm

Property Management firms handle rental homes, so they know the money score. They’ll also know what houses are available in your area before anyone else knows, and how much the rent will be.

All County Prestige in Phoenix is happy to go over your finances with you, start the application process, and figure out how much house you can afford comfortably. We will also let you know what rental fees you’ll be looking at, so you won’t have to guess. It’s a good first step.

Then together, we can watch for the perfect rental for your family, and we’ll be ready to pounce on it!

If you want to play around with the numbers, Zillow’s rent affordability calculator (https://www.zillow.com/rent-affordability-calculator) will give you an idea of what you can afford. This will just be an estimate, but it’s a tool that can help.

And remember! All County Prestige in Phoenix is here for you. Call us anytime at: (602) 753-0333 to discuss your rental home needs. Your family could be in that dream home in no time at all!

February 2018 Phoenix Real Estate Statistics

February 2018 Phoenix Real Estate Statistics

With home inventory low and prices high, the ARMLS Phoenix Metro market needs an influx of homes to rent. If you have a home to rent, or are interested in renting your home, call us today at (602) 753-0333 Here are some of the numbers in the ARMLS region for February. You can read more by clicking here: http://armls.com/docs/2018-February-STAT.pdf

Total Monthly Sales: 6,911

This number is up 7.4% from last year, and 13.6% from last month. Homes are selling like hotcakes!

Total Inventory: 21,771

This is a small increase over last month of 0.5%, while down from last year by 12.1%.

Average Sales Price: $308,000

Still rising, up 7.9% from last year at this time. As home prices rise, the market needs more rental homes.

Average Days on Market: 76

Days on market is down 7 days from last year at this time, and down 1 day from last month. This shows that homes are selling faster.

Summary

Home prices are high. Homes are selling faster. There are just not enough homes in the price range most people want in the ARMLS region.

What does all of this mean? It’s a great time to have a Phoenix investment home, and a great time to rent a home in Phoenix! Check out our available rentals at: http://allcountyprestige.com/available-rentals

Call us today at: (602) 753-0333 for more information about renting out your home in Phoenix.

All County is here for you!

Arizona Renter’s Insurance More Important Than Ever

Arizona Renter’s Insurance More Important Than Ever

No doubt, you’ve been watching the effects of the western fires that have burned thousands of dwellings this year. People have lost everything in these storms, reinforcing the idea that Arizona renter’s insurance is more important than ever.

Many renters are unaware that their landlord’s insurance only covers the structure they live in, not their personal possessions. Landlord insurance protect’s the owner’s property, while you are responsible for protecting the your belongings. Similarly, while landlord insurance offers liability protection for the policy holder, that protection usually does not extend to tenants.

Typical renter’s insurance covers liability, your personal belongings, and will sometimes even provide funds for temporary housing should your rental home become unavailable.

Liability

This coverage may help protect you from paying if you’re found legally responsible for injuries to other people or damage to their property. This would cover repairs if someone on your policy damages someone else’s property, or would cover the cost of medical bills if you’re found responsible for a guest’s injuries.

Personal Property

If something like a big storm hits your rented home, the only way you can replace your personal possessions is through renter’s insurance. This coverage will cover the cost to repair or replace your belongings up to your policy limit. So if your computer is stolen, or your furniture is destroyed by a fire, this coverage will pay for the replacement cost. (Note: Hurricane or earthquake damage may not be covered by rental insurance policies. Be sure to read your policy carefully, and research whether or not you need flood insurance in your area to cover damage like that seen in the recent hurricanes.)

Temporary Housing

This coverage could pay for the cost of hotel bills, or for any increased costs above the amount you would typically spend because you are unable to live in the home you’re renting.

There are many helpful articles about renter’s insurance that can help you find the policy that is just right for you. These policies differ greatly on things like deductibles, so make sure you choose the policy right for you.

Here is a link to an Arizona Renter’s Insurance Guide, and there is much more available online. https://www.effectivecoverage.com/arizona-renters-insurance/