Sroll below for the Cromford Report update and other local insights. Plus, a cool new restaurant just opened that I wanted to share with you! 

What are the opportunities knocking?

1. If you own a home, investment property or vacation rental, I am saying it loud and clear- it is a great time to sell! With interest rates so low, the affordability factor is playing a part in buyers ability to purchase at higher price points.

2. If you are a buyer,take advantage of the incredibly low interest rates that will lock in a lower payment for you for years to come. It is still a viable time to purchase- don’t be afraid of competition. We just need to review listings daily and see anything you like as soon as it is on the market. 

3. If you do not want to sell, consider a refinance (Re-Fi) of your loan to take advantage of lower interest rates. Please contact me for references to lenders who can get your Re-Fi done asap. 

Interest Rate Update: 30-year fixed 3.5%  15-year fixed 2.85%

Market Outlook

The following update for the start of March 2020 is from the Cromford Report directly- 

– Active listings are down 42% compared to last year.
– Listings under contract are up 19.5% from last month. 
– Monthly average sales price per square foot is up 9.8% from last year. 
– Rising demand and falling supply will inevitably lead to higher prices over the next few months. 

HousingWire reports on COVID-19 potential effects on housing(link)

If you are considering purchasing an AIRBNB/VRBO property, or currently own a vacation rental, please read:

SB1350: Examination of the Vacation Rental(link)

Bills Would Give City More Short-Term Rental Controls(link)

Multiple Offers- Not a Problem! My buyers went under contract on this Scottsdale home, although there were multiple offers, we were the winners. The home has great bones and they plan to complete a full remodel- I can’t wait to see how it turns out!
My Take on a AirBNB/VRBO Investment Purchase Today

At this time, it is my opinion that the most viable long term vacation rental purchase is on rentals that accommodate 6 guests or less. I estimate enforcement of occupancy in the foreseeable future and 6 is a number that appears to be reasonable to all the municipalities. 

If you want to rent out your property short term, I would use caution on properties within a Home Owner’s Association. Previous thoughts were that if you purchased a condo that had open rental rules and the rules changed, you would be “grandfathered in,” that may change unless you personally pursue litigation against said HOA.

Additionally, after the vacation rental season ends, in approximately mid-April, we will see some vacation rental operators offload their properties and list them for sale. It could be a good time for a vacation rental buyer to obtain a turn-key property for sale that would have a matured AIRBNB/VRBO listing with reviews (this helps in the ranking on the sites); future bookings; and fully furnished.

The state of Arizona has an enormous tourism industry and the slogan has always been “Arizona is open for business.” I do not expect that we will see a ban of AIRBNB or VRBO in the future as this would have an incredibly negative impact on our local economy. For example, Airbnb reported that Maricopa county hosts earned $44.8 million during the five biggest weekends of 2019, and they use half of the derived transient tax to support destination marketing for tourism in Scottsdale.

Zinque, a french inspired bistro is now open at Fashion Square’s luxury restaurant row. I have not been to this restaurant yet, but it looks incredible so let me know if you try it! Click here for an article on the other restaurants coming soon or recently opened in Scottsdale Fashion Square.
Full Price in Four Hours Congratulations to our listing clients in 85254- the magic zip code!
Would you like a report on the market opportunities for selling your home or investment today? You may be surprised at what I send you.

Need a reccommendation for where to start if you want to refinance your home?

Think of me as your resource, because I would love to help answer any questions you have.

If you want the latest real estate information, coming soon properties and highlights please follow my Instagram @francesca.azliving  I post every day!

You can also stay tuned on my facebook:

Enjoy the rest of your Sunday!

Francesca Hamilton, Owner/Realtor®
50 States Realty | Hamilton Luxury Group
C: (480) 382 – 8514