Our heart goes out to all those whose lives have been severely affected by the Covid-19 virus. We would like to thank all doctors and nurses that are tirelessly working to help all patients in need of care, and also to the essential workers who are still working every day and carrying our economy. Thank You From The Carol Royse Team!
As the unprecedented COVID-19, continues to affect our daily lives, we would like to share with you how The Carol Royse Team is taking the proper precautions and measures to continue to keep our clients, agents, staff, and community healthy and safe.
Real estate services were deemed as an essential business by the Governor of Arizona, and our responsibility is to continue to serve our clients at the highest level while enforcing the CDC health safety guidelines.
Our goal is always to continue to serve and elevate our clients, and with these new adjustments, we are keeping our client’s best interests in mind.
Virtual Home Buying Program
The Carol Royse Team for the past several years has helped buyers purchase homes without ever leaving the comfort of their current home. We value your safety so for every step of the process, we make virtual an option to make things easier for you.
How The Carol Royse Virtual Home Buying Program Works:
1.) Virtual Consult: We will schedule a virtual appointment to learn what you are looking for and make a game plan to get what you want.
2.) Home Favorites: We will send you an email with listings matching your criteria the moment they hit the market.
3.) Virtual Tours: You’ll take virtual video tours of any homes you like.
4.) Electronically Sign: You will sign all documents electronically, from the comfort of your home.
5.) Earnest Money Delivery: You’ll wire your earnest money or have our mobile title rep pick up a check.
6.) Inspection: Our Inspectors will send you a 40+ page inspection report with detailed photos and descriptions, so you’ll get to know every inch of the property.
7.) Closing Time: A mobile notary will bring your closing to you.
8.) Welcome Home!: We’ll even deliver the keys!
Virtual Is Not Your Thing?
We understand Virtual Home Buying may not be accessible to everyone and that is why we still and will always provide the option of meeting, signing documents and showing homes in person. However, to comply with CDC social distancing guidelines we are taking the following precautions.
- Avoid shaking hands
- Avoid sharing pens
- Maintain a 6ft safety distance at all times.
- When possible make an in-person meeting a phone call or email.
- Agents are also reminded to wash/sanitize their hands before and after every meeting or showing a property.
Important Safety Tips For Home Buyers
- Use your own car when going to view a property and avoid carpooling.
- Refrain from touching any unnecessary surfaces while viewing a property.
- Wear gloves and booties while inside a property.
- Always bring your own hand sanitizer in case the agent doesn’t provide it.
Selling Your Home
We take our client’s safety very seriously and in our efforts to do our part in stopping the spread of COVID-19, the Carol Royse Team has provided home sellers gloves and booties to have available during showings. We are asking all potential buyers and buyer agents that come into our client’s homes to be mindful and to follow our safety instructions.
- Agent and buyers must all put on gloves and booties upon entering our listed homes.
- Agents will be asked to keep gloves on while returning key back to the lockbox.
- We ask all agents and buyers to dispose of gloves and booties on their own.
Important Safety Tips For Home Sellers
- When showing your home turn on and off the lights of to avoid others touching the light switches.
- Leave doors of bedroom/bathrooms or any other major rooms/space open to avoid others touching knob handles.
- Leave windows or doors open to allow fresh air flow during showings.
- Disinfect and sanitize major touch points before and after home showings.
In addition to the above measures, we will be providing virtual home tours of all our properties, and schedule virtual consultations with potential buyers and sellers to answer any questions.
Is A Cash Offer Right For You?
We understand that for some the traditional way of selling their home may not be a viable option, this is why the Carol Royse Team is also prepared to give you a Cash Offer on your home. This will eliminate having to show your home to any buyers or waiting to receive an offer.
Why are we offering Cash Offers? Truth is we’ve always had this option and made it available to all clients that meet the criteria of this offer. However, due to the current circumstances, we feel this is a perfect alternative now more than ever for those who may not feel comfortable selling their home the traditional way.
How Is The AZ Real Estate Market Doing?
According to the Cromford report and current market sales data, our market continues to be going strong despite the Coronavirus affecting our national economy. Check out this infographic and statement released in March 2020 by the Cromford Report.
Officially a Frenzy: 11% More Contracts Than Listings For Sale
Contracts Over $1M up 60% Over Last Year
Not even the COVID-19 corona virus can slow down the Greater Phoenix housing market. For every 100 active listings in the Arizona Regional MLS there are 111 that are already under contract. Greater Phoenix is officially a frenzy and it’s only March. We can expect to see this continue at least through May without relief as buyer demand is typically highest in the Spring.
It’s even more dramatic in the Southeast Valley, West Valley and North Phoenix and all areas where prices land between $175K-$300K. For a stark example, on March 7th in Glendale there were 3 properties for sale between $175K-$200K and 25 under contract. In Chandler there were 3 properties active between $200K-$250K and 37 under contract. In the North Phoenix Moon Valley area there were 8 properties for sale between $250K-$300K and 30 under contract.
There is a reason why people continue to pounce on what’s available for sale. The average price for a 1,500-2,000sf home is now $331K and continues to rise. That may seem alarming considering it was $324K at the peak in 2006, but contrary to popular belief it’s more affordable today because of the interest rates. In April 2006, with an average of 6.51% the monthly principle and interest payment on a 30-year fixed loan with 10% down was $1,854. Today at an average of 3.45% the same home is $1,331, a savings of $523. More recently, over the last 16 months despite prices having risen 9.4% for median-sized homes the monthly payment dropped by approximately $112/month.
There’s not much more to say to sellers under $500k, frankly their homes may be sold before we’re done saying it. The stark gap between supply and demand doesn’t ease up until budgets go over $600K. Sellers in areas such as North Scottsdale, Paradise Valley, the Camelback Corridor and Downtown Phoenix still have plenty of competition to contend with, but well-priced, updated, move-in ready homes will still see heightened buyer interest.
The luxury market is doing exceptionally well, however sellers should not expect the stampedes seen in the rest of the market. There are 522 properties under contract over $1M, up a whopping 60% over last year at this time. However there are still 1,657 competing properties for sale in this price range and those that sold in February averaged 5-6 months on the market.
Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report
©2020 Cromford Associates LLC and Tamboer Consulting LLC
Planing To Buy or Sell Your Home?
The Carol Royse Team is here to help and be a resource to you. If you have any questions regarding the current market please feel free to contact us direct at.