2025 July issue of InMaricopa Magazine

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home in 2022 is most likely underwater on their mortgage. So far this year, 28 homes have been listed with this status, although it’s far less than the 1,400 short sales and pre-foreclosures that were listed in the recession year of 2010. New construction represents about one- third of the active inventory, with some builders offering mortgage interest rates as low as 3 to 4%, making it tough for individual sellers to compete. With 30-year mortgage interest rates hanging around 7%, most resale homes are taking 90 days to sell. All of these factors are giving more power to buyers, who are negotiating price discounts and seller concessions. As of the end of May, 7 in 10 of all closings included concessions, with a median amount of $11,000, and the average home sold for 96.1% of the original list price.

same period Casa Grande climbed from 332 to 404 (22%), Buckeye moved from 691 to 867 (25%), Phoenix leapt from 2,053 to 2,888 (40%), and Chandler grew from 344 to 583 (69%). For the most part, final sale prices this year have been stable. In early January 2025, single- family homes in Maricopa were closing at about $380,000. Through June 5th that figure was down slightly to $374,000 — roughly a 1.6% dip. Casa Grande saw a mild uptick over the same period, climbing from $357,000 to $364,000 (up 2%). Buckeye’s average sale price rose from $475,000 to $481,000 (1.3%), and Chandler edged up from $663,000 to $687,000 (3.6%). In stark contrast, Phoenix housing cooled more noticeably — January’s $694,000 average fell to $611,000 by June (nearly 12%). In addition to the high supply of homes, short sales and pre-foreclosures are starting to put some downward pressure on pricing. The highest average sales price on record for Maricopa was recorded in June of 2022 at $435,000. Today, the average price is around $374,000, a decrease of about 14% over the last 3 years. This means that anyone who bought a

Crest Property Management is here to bridge the gap between do-it-yourself and done-for- you. The mid-year point is the perfect time to assess what’s working—and what’s not. Let’s make the second half smoother If you’re feeling the pressure, you’re not failing; you’re just ready for a more intelligent system. Schedule a free 15-minute consultation with the Crest Team today to discuss how we can support your goals and lighten your load. Visit CrestPPM.com or call us directly at 480- 838- 9558. Let’s make the second half of the year your most efficient yet.

T HE SPRING HOUSING MARKET IN Maricopa is usually characterized by a surge in activity, quicker sales, and growing optimism. This year, however, things have been more subdued. From Jan. 1 through early June, Maricopa’s active listings rose from 552 homes to 673, roughly a 22% increase. By comparison, in the Despite rising inventory, housing prices remain flat BY DAYV MORGAN

Mid-year check-ins

A T CREST PROPERTY MANAGEMENT, we regularly hear from self-managed landlords who begin the year with strong intentions but find themselves overwhelmed by mid-year. If that sounds familiar, you’re not alone — and we’re here to help. Reality check: Time and energy Many landlords underestimate the time required to properly manage their properties. By this time of year, the juggling act of rent collection, maintenance calls and compliance tracking can start to fray. If rent is late more than once or maintenance issues are piling up, it’s time for a reset. Maintenance fatigue Reactive repairs are draining — financially and emotionally. A mid-year inspection is your best tool for prevention. We recommend landlords take this opportunity to schedule a walk- through of each unit. Look for small issues before they become expensive. Can’t be there in person? We’ve helped many clients coordinate with local professionals to do it on their behalf. Lease management and tenant turnover Lease renewals often sneak up, especially when property management isn’t your day job. Failing to prepare can lead to rushed decisions or unexpected vacancies. Crest encourages landlords to audit lease expirations now and begin renewal conversations early — ideally Why they’re important for self-managed landlords BY SHERMAN AND EUPHEMIA WEEKES

to new safety standards, staying compliant is essential. Unsure where to begin? We’ve guided many landlords through reviews and updates to help them avoid fines, disputes and legal trouble. Managing on your own doesn’t have to mean going it alone, and a proactive partner makes all the difference. Whether you need a one-time consultation or ongoing support,

480-838-9558 crestpp@gmail.com CrestPPM.com 4625 S. Lakeshore Drive, Suite 300, Tempe

Dayv Morgan is a Maricopa realtor and owner of HomeSmart Premier.

480-251-4231 DayvMorgan@gmail.com