Scottsdale and Paradise Valley Real Estate 

Please see ParadiseValleyLuxuryHomeCollection.com, our sister site for dozens of buyer and seller tips . Click here for link.

July 1, 2024

Latest Homes Prices Scottsdale - Paradise Valley

 

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For Buyers

For those Home Buyers who demand and deserve the Top 1% in Integrity, Talent, Expertise and Experience in a Luxury Realtor. For you; I have you covered, the qualities you demand are those which I will generously share. Enabling you to purchase the ICONIC home in the neighborhood you and your family richly deserve. Always procured with an abundance of care and patience at the best possible price. The search employs all my resources, including "off Market" Private Listings, special search offerings and of course, the Realtor MLS

For Sellers

Record breaking community sales year after year, multiple awards, from Berkshire Hathaway, Sotheby's International, Phoenix Magazine and named "Best Realtor" by some of the most highly regarded Business professionals, Celebrities and Medical Professionals in the US tell a story. A true story of how my unparalleled home preparation, marketing, presentation, follow up and exposure to the largest buyer community in the world will turn your home into a #1 Best Seller. Evidenced by consistent record breaking sales. Let's get started, so my team can get you on Arizona's Top Seller List. 

Home Pricing - Market Notes and Guides  - Some updates July 17th

The reports on this page are for the luxury market in Scottsdale and Paradise Valley. 
*** Trends in these market are very different than "trends and pricing' in 33 of Phoenix's additional most followed city segments.

To Illustrate, Below is a graph of "one trend component" in Phoenix's TOP 15 Markets
One row reflects a Scottsdale market update. Another of these rows reflects
a recent change in the Paradise Valley market.
The other 13 rows reflect other markets within the greater Phoenix area. Three of which are
literally 15 minutes from the center of Scottsdale. You can easily see how widely varied markets stats can be.


Scottsdale Real Estate Home Prices

So if you are receiving a Market Report from a Realtor in Scottsdale, Paradise Valley and/or Phoenix. Or from a National Web site all, with their own "value tools". Those reports are from services the average Realtor across Arizona uses.
The Realtor- picks a county, selects a general report and adds it to their CRM (Contact Management Program). And Wallah, you receive it.  These reports are interesting reads and reflect the "average" of a market. Similar to receiving a report on weather in California. Which might report;
"June was 7% warmer than May" and the report displays an attractive graph - showing 7% and a few other general numbers and details.
What it doesn't tell you is, the drill down numbers, which is, Palm Springs jumped 15 degrees, Santa Monica went up 2% San Francisco Bay area had June Gloom and was actually minus 3% degrees.

My team LOVES giving you details others do not. 

*This Monthly Real Estate Market report and this web site is for the experienced, intelligent buyer, where 'canned reports', average, averages and generalities are for the weather but not for use when buying or selling a home in the millions.   

REAL ESTATE MARKET SNAPSHOT PHOENIX -

Let's get started. Phoenix is included in this report for snapshot comparison only. Week 25 of 2024 saw purchase contracts at 1,415.
So although prices have remained relatively steady,  rising a moderate 3% in mid priced homes - since January 2024. Housing Inventory in this segment has been steadily moving up. 

To provide perspective on the current number of homes in contract, for comparison. - In week 25 of 2019 there were 2,551 homes in contract in Phoenix. In 2016 - 2,984.  The math indicates, Phoenix purchase contracts are down over 80% of our normal housing market.  So as a snapshot study. -#1. Phoenix Inventory is rising and #2. Purchase contracts numbers are falling. #3. Combined with ever slowing price increases. 

This reminds me of a "market parallel' in a video I was watching. The video shows an "Airplane at an Air show". One of the big crowd pleasers,is, a jet will zoom straight up ... and as it gets higher and higher, the speed drops until the jet is seemingly suspended in mid-air, THAN it drops. 
As an interesting fact... in the most recent housing housing market crash... circa 2006 - 2007 Housing prices continued to rise 18 months after the crash. In other words, after the catalyst for the rise was removed. In comparison, in our current housing market low interest rates (the buying catalyst) rose to just over 7% in October of 2022. Coincidentally, Just over 18 months ago.
I am not expecting the fall we had in 2008 thru early 2012.  As the conditions are far different. However, conditions for a mild market correction do seem present. We shall see.   

LATEST - HOME PRICES SCOTTSDALE FROM 1 Million to 30 Million. 

Segment Market Pricing Below - Bookmark this tab to check in for monthly updates.  Latest Home Price Update, June 24th 2024 for Scottsdale, Paradise Valley and Phoenix - Comparisons and Trends Study. The July Update will be on or before JULY 30th

 

SCOTTSDALE HOME PRICING FROM 1 MILLION to 1.5 MILLION

Trend review first:   On January 27th 2024 there were 265 active listings in Scottsdale in the 1 mil to 1.5 mil price range.  Ranging in size from 1750 square feet to 4418 square feet.  On March 20th, there were 327 active home listings. May 7th, inventory in the 1m to 1.5m range was 316 active listings. Today June 24th, there are 291 Active Listings. Ranging in size from 1233 SF to 5077 SF. 

The average per square foot sale price for SFR homes - built between 0 and 2021 and sold between 1m and 1.5m in  March was $447.70, in May was $449.35. Today June 24th the number is $448.34. Vip's we are currently at a plateau in this price range.  In June, the averages of the size home in this price range was 2818 SF.  In March it was 2905 SF. The list to sale percentage was 97% for last 4 months. On average sellers were achieving 97% of the listed price at time of sale. From June 15th to July 17th - average psf price has moved to $442.77 with the average size home being 2782sf. Analyzing the data, ' we see a trend of buyers 'pushing back' on market and setting limits on pricing even it means a slightly smaller home. 

BELOW ARE A SAMPLE OF AN INTERIOR AND VIEW FROM THOSE RECENT SALES

Homes Scottsdale in 1 Million to 1.5 price range

Above Home Sold for 1.44 - Image is interior sample

View home Scottsdale 1.3 million sale

Above Home Sold for 1.3 

 For those reading , please let me know if you enjoy the comparison notes.  I consider comparison notes more helpful, than daily stats without comparisons to reflect trends.  

 

SCOTTSDALE HOME PRICING FROM 1.5 MILLION TO 2 MILLION 

SCOTTSDALE Luxury starts at 1.5 million. Let's look at the numbers.  On March 15th 2024 there were 219 active SFR home listings between 1.5 and 2m - Inventory was up 11% from January.. Closings for the 30 days up to and including March 15th - in the 1.5 and 2 million (SFR) in Scottsdale was $505.10 psf. Based on 68 sales (Homes built between 0 and 2021) .  On April 24th using the same criteria, the psf sale price number was 503.88. A drop of 0.24% . On May 7th there were 222 Active listings priced between 1.5 and 2m  Today in June we are at 168 active listings (Summer Inventory) with a PSF sale price of homes with a build date 2021 or prior, with a sale price between 1.5 and 2m being  502.75 psf.  This price reflects a current market plateau. Almost an extraordinary event given the meteoric price increases almost monthly for the last three years. 
In addition - Good News for Home Buyers. A little more "give" from sellers in the 1.5 to 2m range with sellers averaging 96% of list price. Average size home sold in June was 3507 SF. In comparison,  average size home sold in January - 3381 SF.   Scottsdale currently has 117 of inventory in 1m to 1.5m range

NOTE TO MY VIP's - Important market note - "The list to sale price difference is based on - The "List Price" when the home goes into contract; Not the original List price.       
Of the Homes surveyed, selling between 1.5 and 2M approximately 70% reduced their original list price prior to receiving a contract.

SCOTTSDALE HOME PRICES 2 MILLION to 3 MILLION

*Please feel free call for additional numbers in any price range or area.

Scottsdale Homes priced between 2 million and 3 Million are still a favorite of cash buyers and those home buyers interested in comfort now. On January 31st, The average PSF price in the 2m to 3m range  was $590.48 psf. On March 15th (including 30 days prior for SFR homes built between 0 and 2021) The average PSF sale price was near identical at $590.15 Based on 34 sales, At the time there were 261 active home listings between 2m and 3m - Inventory rose 9% in late February - early March (Winter Listing Boost) That inventory reflected in the April sales closings. The average psf sale price of homes (SFR homes built between 0 and 2021) selling between 2m and 3 million in April was 602.72 psf.  Based on 59 sales. Today June 24th 2024 The average sale price is $541.06 psf. A drop of a 10%. With a 157 days of inventory in this price range. 

NOTE to My VIP's.  Real estate numbers are good indicators of the market. And a 10% drop, as noted above would normally reflect a significantly declining market. However, the homes closing in April time period represented some of
Scottsdale more exceptional properties. Most significantly, big VIEW properties and those set in stunning natural surroundings with stunning finishes to match. The high PSF achieved in April was enhanced by the homes.  Factoring in the variables for home features and markets statistics, the 2 to 3 million dollar market has none the less still suffered an 8% decline.  

As an interesting comparison - In this same period of 2022 - (using same base criteria) The average psf sale price was $561.14 based on 34 sales. For those who really love historical data.. In the year 2018 (same period) - There were only 19 sales in this price range and the average PSF price was $418.56. 

Lets View some of recently sold view properties - under 3m - Below
Scottsdale view home 1


Scottsdale View - Home Prices

Home Prices View Homes

HOME PRICES IN SCOTTSDALE 3 million and Over

SCOTTSDALE  Starting the year and ending January 31st 2024. The average per square foot sale price of homes at over 3 million (SFR -built up to 2021) was $722.73 psf with 14 sales. Between Feb 14th -  March 15th the PSF number was $776.55 based on 23 sales.  At the time there were 317 Active home listings over 3m - Inventory was up 8.9% since January. The April/May average psf sale price of homes over 3 million in Scottsdale (SFR homes built between 0 and 2021) was $841.68 psf based on an impressive 41 sales. Twelve at or over 5M The list versus sale price difference was an average of 5%. Closing for month of June - saw more plateau numbers with the average PSF Sale Price coming in at 835.69 psf on 25 Sales. Today, there is 298 Days of inventory in this price range. 

Silverleaf has the distinction of having the highest home sale since March 1 - 2024 with the sale of a beautiful 7010 sf home. Selling was 12.250M at $1,747 PSF . Closing sale on June 20th 2024. The sale was by far the highest
square foot sale price compared to all other sales in Silverleaf.

NOTE TO MY VIP's. The 'high' selling home in Silverleaf was exceptionally chaaaaarrrming. You could almost feel the warmth from the hug of the home.
For as long as I have been in luxury real estate, You can use your calculator as a coaster, toss out your scratch pad and pull out your check book IF... IF..  the home has that rarest of qualities, "well done charm" and landscape to match. It is a quality of timeless value.   

Housing Inventory in Greater Phoenix including Scottsdale

For those of you who have been waiting for prices to drop since last year and for many, waiting several years. From the market data above, we can see some settling and even a very slight downturn on homes priced 2 million and above. 

Housing Inventory Buyer Tip

** Today’s TIP is - Wait... this is my daily tip.  When buying, ‘ be patient and purchase, " the  most exceptional home - on the best lot"; these homes will always earn a higher sale price - relative to market and be more pleasurable to live in. One of the key reasons to work with a Realtor with the most expertise and integrity is, his/her ability to insure you are honestly guided to that rare gem home. The consumer and average Realtor can certainly see the differences between homes within a given time frame, however distinguishing between what’s been seen... and what is possible is one of the 30 key values of working with 20 years of expertise, integrity and talent.

The Most Important Numbers to Watch - Housing Inventory - TRENDS

Housing Inventory in the Phoenix Metro area . On July 28th 2023, there were just over 11,000 homes for sale in the entire Phoenix area. In very early September 2023 there were 12,835. On November 26th 2023 that number rose to 16,500 homes on market. On March 20th 2024 17,551. - On May 13th 18,340 Today June 24th we are at 18,554 -
  The represents a 43% INCREASE in just 8 months. However, Inventory has been in the 18,500 Range for approximately 3 weeks. This is a positive sign for a 'plateau. ' To see today's rates to current market fluctuations. Check out -  TODAY'S Mortgage Rates

 

Paradise Valley Real Estate Snapshot   

Please click this link. 

Scottsdale - Paradise Valley Real Estate Market Statistics - by the Numbers

Read this monthly report for the latest - Homes Prices Scottsdale - Paradise Valley. The ARMLS (Realtor Data and Statistics site) numbers for JUNE/July 2024 compared to previous months for all areas & types: These stats are available as the "Sold Homes" are recorded with Maricopa county. Accordingly, for up to minute stats on a neighborhood or 'available listings' and Private Listings in a specific neighborhood, Please call me. It is my pleasure to discuss any specific home pricing updates. Or to review any Paradise Valley or Scottsdale Community or home of interest.

HOME BUYING TIP FOR ARIZONA'S BEST HOMES

 In a interview for a national news syndicate, regarding the NAR settlement ,  A broker in Florida was recently quoted as saying, " the public does not see the value in the buyer agent right now". And unfortunately for many buyers this is very true. There is a perception from much of the buying public, "that Realtors are interchangeable". So buyers find someone they like buy a home and give a 5 star review for handling the process well and being friendly. The elementary process of buying a home can in fact can be navigated by an above average, friendly desk clerk. The facts are being a GREAT Realtor, Attorney, heart surgeon requires experience, intelligence, integrity and talent for the more important elements.  The difference is when working with GREAT Realtor, you end up in the best home your money at the best price. And yet most buyers never realize this because;  unlike the old game show... they never get to see what was behind box number two or have the advantage of seeing how My Team would have negotiated the price, terms or inspections.  Call me for 20 plus years of excellence.   

New Day New Housing Market updates

Sales Contract Statistics Available by Text

Scottsdale and Paradise Valley Home Prices and Stats

* Scottsdale Homes for Sale from $500,000 to $1,000,000 - Call or Text

* Scottsdale Home listings for Sale from $1001,000 to $2,000,000 - Text or Call

* Paradise Valley Homes For Sale between $2,500,000 and $7,500,000 - Call or Text

* Homes for Sale in Scottsdale listed range of $2,000,000 and $5,000,000 - Call or text

Phoenix Metro - Home Prices and Market Stats

Pending Listings Scottsdale: - Call me for up to minute

Active listings in greater Phoenix including Scottsdale and PV

Total area measure is over 515 Square Miles of the Phoenix MLS

Under Contract Listings (including Pending, CCBS & UCB): Call for up to minute

Monthly Unit Sales: Are DOWN.  For a detailed report - Text me

Highest Price drops this Month - This fact is always interesting - Call

Monthly Median Home Sales Price:  Interesting number - Email or Call

Market Update Definitions and Resources

 

THE MARKET INDEX REPORT 

Market Index -  Is a numeric value that provides a short term forecast for the balance of the market. It is derived from the trends in pending, active and sold listings compared with historical data over the previous four years. Values below 100 indicate a buyer's market, whereas values above 100 indicate a seller's market. Comparatively - A value of 100 indicates a balanced market. In fact,  On April 18th, Scottsdale was at 131. Today Scottsdale is at 115. Comparatively,  Paradise Valley currently has an MI of 105. Looking back, in May of 2022 Paradise Valley had a MI of 453, an unheard of 'tip of the home scale" favoring sellers. And Scottsdale hit a high MI of 566 in March of 2021. 

*** What does this month's Market Index Show today for other cities - Please call for details. This is Changing daily!

REPORT UPDATED FOR YOU 40 DAYS - Allows time to show trends. 

Please call me for a more details and personalized analysis.  My pleasure to review them with you. In addition, I am here to provide you excellent representation and counsel when buying or selling a home.

Again please enjoy the graphs and market report. And please call me for additional information. Noting: Entire report updated at least every 55 days. In other words, bookmark this page.

Call Michael Chaisson Realtor - Multi Award Winning Realtor - Launch Realty Powered By Compass - Specializing in Luxury Homes in Scottsdale, Paradise Valley and the greater Phoenix area. 480-450-4632

 

 

 

 

 

 

 

 

May 29, 2024

The Best time to Sell a Home Scottsdale

 

Best time to sell in scottsdale sample

 

Intelligent Home Selling. The Scottsdale Home Selling Guide.

First Tip in selling  a home is 'timing'. There has been some concern among a few thoughtful sellers that, to list their home around popular holidays might hinder their sale or sale price. In addition, June, July and August were also listing periods that brought up questions.  Home seller's were concerned... or errantly advised by their real estate agents that; since there were less " tourist/winter visitors in town, "their home would not sell... or would sell for less".

In Fact - This last summer, June 15 to September 30 (Sept 30th reflecting Sales/Purchase Contracts written in August). There were 90+!  home sales in the luxury Town of Paradise Valley. Scottsdale Sales figures for Silverleaf are below. 
In the cooler months, when the homes 'taken off for summer' are put back on/in, from Oct 1st to January 30th, there were 73 home sales. 18.88% LESS home sales than in summer . Sooooo, who is advising sellers to take their home off the market for summer?  

The Best Time to Sell a Home in Scottsdale IS... 

Myself,  educated agents and informed luxury home specialist advise. "Plan a date to list, that is ideally best for you". The primary consideration being #1. The ability to accommodate showings. And #2. having the available time to address purchase contract negotiations #3. Is the Market going up or down? Currently home prices are declining so on market now is more profitable than waiting. 

Consider these positive points in regards to Holiday AND Summer selling

Sellers have success around the holidays and summer months since #1. There is less competition. #2. Equaling less inventory. During Holidays family members and friends interested in buying a home in Arizona use the holidays, such as "Thanksgiving" as an opportunity to visit. Studies show, 87% of all home buyers will purchase a home based on the inventory they see within a 3 month period of time.

In regards to summer months.  June, July and August, is also a time of year when luxury housing inventory is lower.  Especially in communities like Silverleaf and Paradise Valley. Where, very nice/friendly, well regarded agents may advise their listing clients, with a strong air of confidence - (without doing or having any detailed research and mis-stating the facts) to hold the home off the market.

Understanding Home Showing Data Versus Home Sales Data. 

The facts are.  There are less "looky lou" showings in the summer. So (some agents - not doing research) discount the value of those monthsWhen in fact,  any home buyer looking at homes, when it's over a 100 degrees outside is SERIOUS. The best time to sell a home is when serious buyers are looking. 
Comparing this last summer selling period to this winter period.  For example, There were 16 sales in the summer period in the Scottsdale community of Silverleaf. There were 22 sales in the winter period. Representing a 37% increase in sales. However the highest Sales per square foot AND highest home sales were in the warmer months.
In addition- The percentage of homes sales relative to the number of "homes on market" were near identical.  As a Realtor caring about my client and valuing their time; I would much prefer to show my listing to one serious buyer in Summer, then three buyers in winter;  looking at homes - while they are in town to play golf.

  Noting: August is back-to-school time in Scottsdale and Paradise Valley.  For many families shopping in June and July; in time to get children settled for school is essential. Check registration dates for Cherokee , Cocopah and Chaparral, Brophy and more.

Recapping, The Best Time to Sell a Home In Scottsdale, Paradise Valley or Phoenix

"Increased demand in a city of over 5 million people, the internet, social media, air travel and year around marketing of homes has changed the real estate dynamics to make anytime the market is good, a great time to sell.

As a home buyer, Summer and Holidays are a GREAT time to make an offer because home sellers feel the market is soft. During the summer and holidays, both sellers and buyers benefit by being informed on the realities - 'of the the best time to sell a home or buy one'.

UNUSUAL Selling Advice From an UNUSUAL Source 

As a experienced , knowledgeable, educated, intelligent Realtor and person... One absolute oddity to me is. The the Agent who did NOT sell their clients home in the winter and then sits down with the client, to confidently and warmly share the wisdom, that the seller, "should take their home OFF the market for summer" and wait... Until next winter ?  Uuummm?? Are we to assume the agent will have 'better luck' selling the home NEXT winter  than this winter ??   And yet, very intelligent sellers - 'kindly agree'... Because the sellers have grown to like, CARE and trust their Agent.

 I understand, because I work with some of the most caring, intelligent people in the world.  As caring people; we come to trust those we like. Unfortunately most of the public do not realize, as much as you may like and care for your Realtor, there are degrees of expertise and talent. As with any profession. In the end, your Realtor was hired to do a job. If they did not do it, you absolutely may want to keep them as a friend ... And if they are close enough, and you expect them at family dinners for years to come, then you may want to keep them as your Realtor. However, IF they are not like family, it becomes an important decision, whether to very nicely cut ties or not. A Tip's link to help decide if they were the best is provided below. 

What About Seller Pricing in Scottsdale, Paradise Valley and Phoenix?

Equal to Scottsdale, home sellers in Paradise Valley - Phoenix often times think; if they put their house on the market during a popular time like February. The home will sell faster and they will achieve a higher return. Statistical Data shows this is not the case.  If your home is overpriced, (Based on presentation) it will not sell fast; or possibly at all. Regardless of the time of year it was placed on market.

"Presentation", It is NOT just important for a Top Dollar Sale, it is ESSENTIAL. 

Above I reference "over-priced based on presentation". Rather than explain here, please feel free to call me and I can give you THOUSANDS of actual visual examples of homes that did not sell for $ X but sold at $ X+ with all the components of "presentation in place". In addition, I will gladly share with you, ONE of the many reason why my listings consistently break community sales records.

Pricing - The Honest Realtor is Trying to Help You.

It is not uncommon for a Realtor to meet with sellers for a listing appointment and have the comfort level of the meeting change when it came time to discuss "List Price". Understandably, the seller would like to achieve the highest price possible. Equally understandable is; the sellers concern, that the real estate agent will suggest a lower price to earn a commission sooner. My approach is to carefully go through ALL the numbers, variables, plus and minus comparison features with the homeowner - to arrive at a "list price". This approach achieves the best result for the seller.

Here's a quick example of the importance of "pricing" - You go to the market and you need 'Bread' - and you study all the quality breads available, noticing they are all priced between $5.00 and 11.00 a loaf. However one brand is $14.00. Which would you buy?

Below is Data from comprehensive NAR research

Home Priced 20% over market - Little or no showings
Home Priced 10% over market - Increased showings but no offers
Home Priced at or within market range - 50% of buyer pool view and home receives offer(s)
Home Priced 5% to 10% below market - 75% of buyer pool view and home receives multiple offers and potentially bid over ask.

You Met with Three Agents and Two were higher than the Third agent. WHY ?

As an important note here, some agents knowing, statistically, (given two agents of equal notability) sellers are more likely to hire the agent, selling/offering a "higher list number".
The agent will inflate their 'value opinion' to get the listing. Unfortunately this is a disservice to the client, as it adds days on market, stress for seller, additional holding cost and may upset plans for the seller moving forward.

There is NOT a day in the year when buyers are not looking for a Home.

If you are considering listing your Scottsdale home for sale. Remember one key FACT. Home buyers need homes year around. Housing is a fundamental as eating.  I have been shocked at seeing a home in Paradise Valley taken off the market by one homeowner, only to have the neighbor, with a very similar home sell theirs while the other was off the market! Yes! ... as Realtor I have seen it often , it is the oddest thing.

And yet 99.9% of  the agents giving advice on when to keep or put the home on the market will not be able to quote the facts. BECAUSE., there are just so many really friendly former designers, hairstylist, life coaches, Nanny's, shoe sales people etc getting into real estate business for fun and profit. Hiring a Realtor becomes a personality contest rather than what it should be.  Which is; knowledgeable experts, that know more than the basics, to properly guide individuals and families selling and buying assets with values often times in the millions. 

Homes in  Scottsdale - Paradise Valley, you name the community, homes sell year round. In the end, it comes down to, what works best for you? I hope these facts are helpful to you.   Maybe you want to be in another home before the school year starts or your employer/business is transferring to another city. Whatever your goal, with great marketing, great home preparation! -  guided by an experienced, talented, honest agent like myself, you will earn top market value for your home in the Scottsdale/Paradise Valley area all year round.

Hiring the Best Scottsdale Realtor

My goal is to be of service to you. I say it often but it cannot be said enough, " in real estate, there is a difference in Real estate professionals" For 35 more top tips on a 'Selling a home" click the link. You may also call me now at 480-450-4632.

Realtor -Specializing in Scottsdale and Paradise Valley Arizona

Michael Chaisson - Realtor
Launch Realty - Luxury -Powered By Compass
Premier Client Services
Ranked Top 1% Nationally
Circle of 26 Excellence Award Recipient
480-450-4632

Please feel free to browse this site for information on activities in Scottsdale, Arcadia and Paradise Valley (see resources Tab)and recommendations for the best restaurants and service providers in the community. I also encourage your recommendations.

  

March 20, 2024

How NAR Settlement will Affect Buyers/Seller

My phone has been ringing off the hook with those interested to hear my take on "How the recent NAR settlement will affect Realtors, Home Buyers and Home Sellers.

As a Realtor who has committed almost over 20 years to sincerely go above and beyond for both Home Buyers and Home Sellers; there are pros and cons to the NAR settlement. Let's start with the aspects benefiting both home buyers and home sellers. ( From my perspective )

The benefits start with a fact.  I have been sharing this fact for years on my blog post for years and that is,  "There is a difference in Realtors". That statement was echoed in a similar fashion by a real estate broker Michael DOWNER (Coldwell Banker) Florida, who was a quoted as saying in a recent interview.

"The general public doesn’t see value in the buyer agent right now.” 

I hope and believe the NAR settlement will now have, 'Home Buyers' more mindful of who they hire as their Realtor.

The new ruling will REQUIRE Realtors to have their Home buying clients - sign an exclusive agreement with them clearly stipulating/outlining - the commission or the amount of money the buyers agent is to receive, after providing assistance with finding and securing a home. The buyers understanding  is...or I imagine the buyer's hope is, "they are paying for expertise from a professional to find and secure, 'the best home, for the best price for the buyer. based on a comprehensive understanding of values, the intricacies of value differences. For example, if a home has a single step versus three steps in the living room, how the floor-plan affects value and to what degree? Plus 500 other items that affect value.  Including views , proximity of other homes, improvements, upgrades, degree of upgrades on and on..  and then professionally negotiating the price, against a potentially seasoned agent.

Once the contract is agreed upon,  then home buyers expects inspections on the HVAC system, the structure, foundation, roof, electrical, termite, easements, potential encroachments. The inspections items are almost endless and complex. If you have been told otherwise, you are the perfect person to be reading this article and should consider a new agent.

Then the home buyer should count on his agent for some measure of legal protection via their knowledge, because, every aspect of the purchase puts the home-buyer at risk of being in a future lawsuit.  So a myriad of legal issues must be carefully checked every step of the way i.e every addendum, email, text and all notes, must align with statute and disclosure.

If there is a loan involved the complexities multiply, from the friendly lender, who may scare a less qualified home buyer into thinking, ' they are the only one that can get the transaction done'... is that true or false?  To understanding rates, a float down, loan structuring, the dozens of creative purchase options that may benefit buyer, even before visiting the lender.. So I can go on and ON... My point is this ... Under the old system, for example,  Ken/Barbie would get their online certificate to become an agent, join the NAR to become a"Realtor" and join a brokerage... and then call their friends family and neighbors with glee, to start  selling houses and advise and consult on all the above mentioned items and about 100 MORE... with little OR NO experience. And asking to earn more per hour than 95% of Americans with a 4 year degree and 10 years on the job.

Wooosh, sorry long winded... So why do I think the NAR settlement is going to help Home buyers. I think/hope "Maple", who (wants to buy a home) and worked at the same grocery store, bagging groceries eight weeks before with Barbie/Ken, then sees the "Buyer Exclusive Representation" agreement ' that includes a fee of $12,000 fee to assist "Maple" in buying her first home, that 'Maple',  who has worked hard and saved every hard earned nickle to purchase a dream home for the last 5 years... 'Maple' is going to think "WAIT" .. and think very carefully about  "what is she paying Barbie for? " in other words - "What value is 'Maple' getting in hiring Barbie" ?  And "Maple" may ask herself, 
"Is Barbie "worth TWELVE THOUSAND DOLLARS !"...  just because 'Barbie' took a simple course about 'metes and bounds' and knows how many "chains are in a mile" yes folks,  that is part of the state course; but not what a 'differential slab crack means' or legal matters and the list goes on, to the items not covered.

So, I hope, one of the benefits of the NAR suit becomes, 'home buyers and sellers take a closer look at, WHAT their Realtor is actually doing??! , to EARN their fee. As I write this I have NO concern how closely my efforts are measured, There is no one who works harder, with more expertise, for their clients, than me... And I understand families,  will still hire their niece, nephew or friends to represent them.. BUT from now on; the CONTRIBUTION/GIFT they are giving them will be in black and white print. It will be as clear as handing them a gift certificate. 

Last point on the above, I use the most pronounced example of "experience and knowledge above" but the degrees of knowledge, experience and not mentioned above "integrity" (which is paramount in real estate) starts in the example above and continues up. I have seen agents take easy street from the 100,000 range all the way up to the 20 million range   

MORE TO COME ON THIS - I have not had time to finish, because I am helping clients.. But more insight to come. And a lot of it is NOT, NOT going to benefit buyers and sellers

What the NAR Suit will mean for HOME buyers and Sellers - Continued 

From a recent article in the, The Real Deal Real Estate News - journalist Sheridan Wall reports,

Redfin is ditching the National Association of Realtors.

The Seattle-based company is now requiring agents to pull their membership from NAR, according to an announcement by CEO Glenn Kelman

Following is the Realtor Code Of Ethics. Redfin has already chosen to opt ALL of their agents out of the NAR - Not just chosen but is REQUIRING all agents to,  NOT be aligned with NAR. To "pull their membership. If I was a greedy, self serving corporation I would absolutely do the same thing.  One of the principle tenets of the NAR; is the Realtor Code Of Ethics. Article #1 of the NAR Code Of Ethics is to deal with ALL parties honestly What does this mean to the consumer? I'll let you guess, but can you imagine if the drivers, in the biggest hurry,  could 'opt out' of following traffic laws. Or if Police, Politicians or other professional groups had zero restraints on their activities. Imagine a sea of Sales persons (not Realtors) under Redfin or any corporation, with no restrictions on what they do, who they deceive to earn a profit? That smiling face you see at the door.. are they gong to have the "best interest of the consumer at heart" ? Just asking, not implying anything. It is now for the consumer to guess.  To read the entire code of ethics as of 2023 prior to ruling Click - Realtor Code Of Ethics

What may be the potential outcome to consumers - More to come in weeks ahead.

March 12, 2024

Scottsdale, Best Home Buying Tips for 2024

Scottsdale, Best Home Buying Tips for 2024

Buying a luxury home in Scottsdale or Paradise Valley in 2024.  I have updated this report in the last 30 days due to the ever changing housing market. . With lower volume of high quality homes for sale, there are a number of things you need to take into account when buying a home in Scottsdale, Paradise Valley or Phoenix.  Yes, there are plenty of blogs on "buying a home " but absent from the ones I have read, are what I consider advanced critical points to the process. Especially for the buyer searching for true luxury homes in Scottsdale or in Paradise Valley. 


* Before you skip to the TOP 12 Home Buying Tips - Of critical importance is understanding the value of using these tips, many of which may seem like common sense, yet time and time again. I see where buyers that could have purchased a nicer home, for the same or less money, do not.
- The long term net result is, when they go to sell the home "in a normal market" the home sits on the market longer and their net is less. - 

It was interesting for me to note, that in 2021 and early to mid 2022 - at the height of the market, I saw a higher than average number of homes for sale that were near "busy roads".

What we, as Realtors were seeing was, 'people that had bought homes, that are normally very difficult to sell, taking advantage of the market frenzy'.
However,  buyers applying the key 12 Home Buying Tips, always enjoyed varying degrees of sales success when they sold.
This point being, please let me guide you so the home you purchase is not only an excellent investment but one you richly enjoy every day.   

Buying Tip - Knowing you deserve the Best !

I have had instances when a client has lost the ability to purchase a home and felt, that initial feeling of dismay... only to find another home later and exclaim" Wow, what a lucky blessing we missed out on that previous home".
Essentially because the new home we found was so much nicer.
#1. Patience and faith is key to finding the perfect home,  you and your family deserve.
I say this humbly but, IF you did not deserve the best, you wouldn't have matched with a Realtor like me, who truly cares about you and your goals, and has the talent and expertise to help you. So Patience and Faith.

TOP 12 tips- Try to follow 12 guidelines for best value, when buying a home.

#2. Buy the best home you can for the money - Not the "nicest you can find while looking"- but a home
that rivals the nicest home you've seen in the last year of closed sales.
Tip #1 - Look at homes that have sold in last year - in the price point you are looking. 

#3. Buy on the best lot - regardless of community or price point - every community has homes that are on the most desirable lots. 

#4. Buy In a neighborhood with highest resale. Every Price point has a "Best Value Neighborhood"

#5. Buy a home with the best floor-plan (evaluate with a knowledgeable 10 years or more experienced -trusted Realtor- *A newer Realtor will simply not have the expertise. "Trusted" as for example,  'you want to know the full value impact of the one step down into living room... or '. 

For additional home buying tips; including tips  #6 through #12 please call me.

Buying Multi-Family residents and Investment properties in 2024 - 

Homes /Small Multi units as Residential Investment Properties

When it comes to buying investment properties, (Homes and small multi units); research shows that, cities are still the best place to buy. Choosing a location for your investment depends on what your investment goal is. Price appreciation is many times a primary consideration. Larger metro areas such as Central Scottsdale have a stronger overall value appreciation. Even rent increases are much stronger in metro areas as opposed to rural.

Economists predict a 40% increase in the Phoenix Population in next 20 years. That means higher demand.. higher demand means higher rent and higher real estate appreciation.  For a detailed analysis of the real estate investment opportunities; both in single family homes and multi-unit dwellings please call me. At this time - My analysis is, sorry to say, but investment dollars currently go further in many other states.  The ROI in Arizona in 2024 is just not favorable, compared to other markets unless you are buying over 40 or 50 units. Those sizes are more likely to follow investment criteria. 

For Buyers Using loans - Save for More - Than a Down Payment

While it seems logical, the money you save for a home should not just be for the down payment, you also want to save for additional expenses.
As a Scottsdale Realtor,  #1. I can help you (with the assistance of the mortgage lender) research the total costs associated with a predetermined loan amount.  #2. Find out how much extra cash will be due at closing and what other fees are associated with the purchase transaction.  #3. Lenders will also often have a "preferred rate" for those putting an additional amount down, check this.
If you are paying all cash, great.. however it is always a good idea to set aside an amount of extra money for the remodel or personal improvements you may want to make to the home.  Or you may want to finance a small portion of the purchase to use extra cash for improvements. 
Important note re: down-payments,  multi -unit complexes often have a tremendous upside BUT again only, if bought right. The down -payment on four units buildings is typically no greater than that of a single family residence. Therefore, this is still a tremendous opportunity for a first time home-buyer that wants to live in Arizona.

Look at the Entire Financial Picture

Even though you’re working with me or my team,  as Scottsdale real estate specialist, IF, you are financing, it’s still a good idea to pre-qualify for a mortgage before you even start house hunting. Lenders will look at the amount of your down payment, credit score, and debt-to-income ratio. Important tip... no matter how good your credit score avoid making any big credit purchases before qualifying for a home loan and until AFTER you have closed on your home. Additionally, avoid opening any new lines of credit. The better your credit score the better your loan rate.

Get Second and Third Opinions

When looking for a mortgage company, it’s good to speak to two or three before choosing one. In the end, I hope I can earn your business as your Scottsdale Realtor - Paradise Valley Realtor. I will work hard to find you the perfect home at a significant savings. For a list of top preferred rate lenders please call me.

 

My goal is to be of service to you. I say it often but it cannot be said enough, "in real estate, there is a difference in Real estate professionals.” For more tips on a 'best home buy" Please call me now at 480-450-4632.

Realtor -Specializing in Scottsdale, Arcadia and Paradise Valley Arizona

Michael Chaisson - Realtor

Launch Realty -Powered by Compass

Premier Client Services

Ranked Top 1% Nationally

Circle of 26 Excellence Award Recipient

480-450-4632

Top 50 Realtors -Phoenix Magazine 2022

 

Please feel free to browse this site for information on activities in Scottsdale, Arcadia and Paradise Valley (see resources Tab) and recommendations for the best restaurants and service providers in the community. I also encourage your recommendations.

Posted in Home Buying Tips
March 1, 2024

Realtor Code Of Ethics - Scottsdale Arizona

Following is the Realtor Code Of Ethics. Redfin has already chosen to opt ALL of their agents out of the NAR - Not just chosen but is REQUIRING all agents to,  NOT be aligned with NAR. To "pull their membership. If I was a greedy, self serving corporation I would absolutely do the same thing.  One of the principle tenets of the NAR; is the Realtor Code Of Ethics. Article #1 of the NAR Code Of Ethics is to deal with ALL parties honestly What does this mean to the consumer, when this tenet is no longer a rule? I'll let you guess, but can you imagine if the drivers, in the biggest hurry, could 'opt out' of following traffic laws. Or if Police, Politicians or other professional groups had zero restraints on their activities. Imagine a sea of Sales persons (not Realtors) under Redfin or any corporation with no restrictions on what they do OR who they deceive to earn a profit? That smiling face you see at the door;  are they gong to have the "best interest of the consumer at heart" ? Just asking, not implying anything. It is now for the consumer to guess. 

Duties to Clients and Customers

Article 1

When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REALTORS® remain obligated to treat all parties honestly. (Amended 1/01)

Standard of Practice 1-1

REALTORS®, when acting as principals in a real estate transaction, remain obligated by the duties imposed by the Code of Ethics. (Amended 1/93)

Standard of Practice 1-2

The duties imposed by the Code of Ethics encompass all real estate-related activities and transactions whether conducted in person, electronically, or through any other means.

The duties the Code of Ethics imposes are applicable whether REALTORS® are acting as agents or in legally recognized non-agency capacities except that any duty imposed exclusively on agents by law or regulation shall not be imposed by this Code of Ethics on REALTORS® acting in non-agency capacities.

As used in this Code of Ethics, “client” means the person(s) or entity(ies) with whom a REALTOR® or a REALTOR®’s firm has an agency or legally recognized non-agency relationship; “customer” means a party to a real estate transaction who receives information, services, or benefits but has no contractual relationship with the REALTOR® or the REALTOR®’s firm; “prospect” means a purchaser, seller, tenant, or landlord who is not subject to a representation relationship with the REALTOR® or REALTOR®’s firm; “agent” means a real estate licensee (including brokers and sales associates) acting in an agency relationship as defined by state law or regulation; and “broker” means a real estate licensee (including brokers and sales associates) acting as an agent or in a legally recognized non-agency capacity. (Adopted 1/95, Amended 1/07)

Standard of Practice 1-3

REALTORS®, in attempting to secure a listing, shall not deliberately mislead the owner as to market value.

Standard of Practice 1-4

REALTORS®, when seeking to become a buyer/tenant representative, shall not mislead buyers or tenants as to savings or other benefits that might be realized through use of the REALTOR®’s services. (Amended 1/93)

Standard of Practice 1-5

REALTORS® may represent the seller/landlord and buyer/tenant in the same transaction only after full disclosure to and with informed consent of both parties. (Adopted 1/93)

Standard of Practice 1-6

REALTORS® shall submit offers and counter-offers objectively and as quickly as possible. (Adopted 1/93, Amended 1/95)

Standard of Practice 1-7

When acting as listing brokers, REALTORS® shall continue to submit to the seller/landlord all offers and counter-offers until closing or execution of a lease unless the seller/landlord has waived this obligation in writing. Upon the written request of a cooperating broker who submits an offer to the listing broker, the listing broker shall provide, as soon as practical, a written affirmation to the cooperating broker stating that the offer has been submitted to the seller/landlord, or a written notification that the seller/landlord has waived the obligation to have the offer presented. REALTORS® shall not be obligated to continue to market the property after an offer has been accepted by the seller/landlord. REALTORS® shall recommend that sellers/landlords obtain the advice of legal counsel prior to acceptance of a subsequent offer except where the acceptance is contingent on the termination of the pre-existing purchase contract or lease. (Amended 1/20)

Standard of Practice 1-8

REALTORS®, acting as agents or brokers of buyers/tenants, shall submit to buyers/tenants all offers and counter-offers until acceptance but have no obligation to continue to show properties to their clients after an offer has been accepted unless otherwise agreed in writing. Upon the written request of the listing broker who submits a counter-offer to the buyer’s tenant’s broker, the buyer’s/tenant’s broker shall provide, as soon as practical, a written affirmation to the listing broker stating that the counter-offer has been submitted to the buyers/tenants, or a written notification that the buyers/tenants have waived the obligation to have the counter-offer presented. REALTORS®, acting as agents or brokers of buyers/tenants, shall recommend that buyers/tenants obtain the advice of legal counsel if there is a question as to whether a pre-existing contract has been terminated. (Adopted 1/93, Amended 1/22)

Standard of Practice 1-9

The obligation of REALTORS® to preserve confidential information (as defined by state law) provided by their clients in the course of any agency relationship or non-agency relationship recognized by law continues after termination of agency relationships or any non-agency relationships recognized by law. REALTORS® shall not knowingly, during or following the termination of professional relationships with their clients:

1) reveal confidential information of clients; or

2) use confidential information of clients to the disadvantage of clients; or

3) use confidential information of clients for the REALTOR®’s advantage or the advantage of third parties unless:

a) clients consent after full disclosure; or

b) REALTORS® are required by court order; or

c) it is the intention of a client to commit a crime and the information is necessary to prevent the crime; or

d) it is necessary to defend a REALTOR® or the REALTOR®’s employees or associates against an accusation of wrongful conduct.

Information concerning latent material defects is not considered confidential information under this Code of Ethics. (Adopted 1/93, Amended 1/01)

Standard of Practice 1-10

REALTORS® shall, consistent with the terms and conditions of their real estate licensure and their property management agreement, competently manage the property of clients with due regard for the rights, safety and health of tenants and others lawfully on the premises. (Adopted 1/95, Amended 1/00)

Standard of Practice 1-11

REALTORS® who are employed to maintain or manage a client’s property shall exercise due diligence and make reasonable efforts to protect it against reasonably foreseeable contingencies and losses. (Adopted 1/95)

Standard of Practice 1-12

When entering into listing contracts, REALTORS® must advise sellers/landlords of:

1) the REALTOR®’s company policies regarding cooperation and the amount(s) of any compensation that will be offered to subagents, buyer/tenant agents, and/or brokers acting in legally recognized non-agency capacities;

2) the fact that buyer/tenant agents or brokers, even if compensated by listing brokers, or by sellers/landlords may represent the interests of buyers/tenants; and

3) any potential for listing brokers to act as disclosed dual agents, e.g., buyer/tenant agents. (Adopted 1/93, Renumbered 1/98, Amended 1/03)

Standard of Practice 1-13

When entering into buyer/tenant agreements, REALTORS® must advise potential clients of:

1) the REALTOR®’s company policies regarding cooperation;

2) the amount of compensation to be paid by the client;

3) the potential for additional or offsetting compensation from other brokers, from the seller or landlord, or from other parties;

4) any potential for the buyer/tenant representative to act as a disclosed dual agent, e.g., listing broker, subagent, landlord’s agent, etc.; and

5) the possibility that sellers or sellers’ representatives may not treat the existence, terms, or conditions of offers as confidential unless confidentiality is required by law, regulation, or by any confidentiality agreement between the parties. (Adopted 1/93, Renumbered 1/98, Amended 1/06)

Standard of Practice 1-14

Fees for preparing appraisals or other valuations shall not be contingent upon the amount of the appraisal or valuation. (Adopted 1/02)

Standard of Practice 1-15

REALTORS®, in response to inquiries from buyers or cooperating brokers shall, with the sellers’ approval, disclose the existence of offers on the property. Where disclosure is authorized, REALTORS® shall also disclose, if asked, whether offers were obtained by the listing licensee, another licensee in the listing firm, or by a cooperating broker. (Adopted 1/03, Amended 1/09)

Standard of Practice 1-16

REALTORS® shall not access or use, or permit or enable others to access or use, listed or managed property on terms or conditions other than those authorized by the owner or seller. (Adopted 1/12)

Article 2

REALTORS® shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction. REALTORS® shall not, however, be obligated to discover latent defects in the property, to advise on matters outside the scope of their real estate license, or to disclose facts which are confidential under the scope of agency or non-agency relationships as defined by state law. (Amended 1/00)

Standard of Practice 2-1

REALTORS® shall only be obligated to discover and disclose adverse factors reasonably apparent to someone with expertise in those areas required by their real estate licensing authority. Article 2 does not impose upon the REALTOR® the obligation of expertise in other professional or technical disciplines. (Amended 1/96)

Standard of Practice 2-2

(Renumbered as Standard of Practice 1-12 1/98)

Standard of Practice 2-3

(Renumbered as Standard of Practice 1-13 1/98)

Standard of Practice 2-4

REALTORS® shall not be parties to the naming of a false consideration in any document, unless it be the naming of an obviously nominal consideration.

Standard of Practice 2-5

Factors defined as “non-material” by law or regulation or which are expressly referenced in law or regulation as not being subject to disclosure are considered not “pertinent” for purposes of Article 2. (Adopted 1/93)

Article 3

REALTORS® shall cooperate with other brokers except when cooperation is not in the client’s best interest. The obligation to cooperate does not include the obligation to share commissions, fees, or to otherwise compensate another broker. (Amended 1/95)

Standard of Practice 3-1

REALTORS®, acting as exclusive agents or brokers of sellers/ landlords, establish the terms and conditions of offers to cooperate. Unless expressly indicated in offers to cooperate, cooperating brokers may not assume that the offer of cooperation includes an offer of compensation. Terms of compensation, if any, shall be ascertained by cooperating brokers before beginning efforts to accept the offer of cooperation. (Amended 1/99)

Standard of Practice 3-2

Any change in compensation offered for cooperative services must be communicated to the other REALTOR® prior to the time that REALTOR® submits an offer to purchase/lease the property. After a REALTOR® has submitted an offer to purchase or lease property, the listing broker may not attempt to unilaterally modify the offered compensation with respect to that cooperative transaction. (Amended 1/14)

Standard of Practice 3-3

Standard of Practice 3-2 does not preclude the listing broker and cooperating broker from entering into an agreement to change cooperative compensation. (Adopted 1/94)

Standard of Practice 3-4

REALTORS®, acting as listing brokers, have an affirmative obligation to disclose the existence of dual or variable rate commission arrangements (i.e., listings where one amount of commission is payable if the listing broker’s firm is the procuring cause of sale/lease and a different amount of commission is payable if the sale/lease results through the efforts of the seller/landlord or a cooperating broker). The listing broker shall, as soon as practical, disclose the existence of such arrangements to potential cooperating brokers and shall, in response to inquiries from cooperating brokers, disclose the differential that would result in a cooperative transaction or in a sale/lease that results through the efforts of the seller/landlord. If the cooperating broker is a buyer/tenant representative, the buyer/tenant representative must disclose such information to their client before the client makes an offer to purchase or lease. (Amended 1/02)

Standard of Practice 3-5

It is the obligation of subagents to promptly disclose all pertinent facts to the principal’s agent prior to as well as after a purchase or lease agreement is executed. (Amended 1/93)

Standard of Practice 3-6

REALTORS® shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation. (Adopted 5/86, Amended 1/04)

Standard of Practice 3-7

When seeking information from another REALTOR® concerning property under a management or listing agreement, REALTORS® shall disclose their REALTOR® status and whether their interest is personal or on behalf of a client and, if on behalf of a client, their relationship with the client. (Amended 1/11)

Standard of Practice 3-8

REALTORS® shall not misrepresent the availability of access to show or inspect a listed property. (Amended 11/87)

Standard of Practice 3-9

REALTORS® shall not provide access to listed property on terms other than those established by the owner or seller. (Adopted 1/10, Amended 1/23)

Standard of Practice 3-10

The duty to cooperate established in Article 3 relates to the obligation to share information on listed property, and to make property available to other brokers for showing to prospective purchasers/tenants when it is in the best interests of sellers/landlords. (Adopted 1/11)

Standard of Practice 3-11

REALTORS® may not refuse to cooperate on the basis of a broker’s race, color, religion, sex, disability, familial status, national origin, sexual orientation, or gender identity. (Adopted 1/20, Amended 1/23)

Article 4

REALTORS® shall not acquire an interest in or buy or present offers from themselves, any member of their immediate families, their firms or any member thereof, or any entities in which they have any ownership interest, any real property without making their true position known to the owner or the owner’s agent or broker. In selling property they own, or in which they have any interest, REALTORS® shall reveal their ownership or interest in writing to the purchaser or the purchaser’s representative. (Amended 1/00)

Standard of Practice 4-1

For the protection of all parties, the disclosures required by Article 4 shall be in writing and provided by REALTORS® prior to the signing of any contract. (Adopted 2/86)

Article 5

REALTORS® shall not undertake to provide professional services concerning a property or its value where they have a present or contemplated interest unless such interest is specifically disclosed to all affected parties.

Article 6

REALTORS® shall not accept any commission, rebate, or profit on expenditures made for their client, without the client’s knowledge and consent.

When recommending real estate products or services (e.g., homeowner’s insurance, warranty programs, mortgage financing, title insurance, etc.), REALTORS® shall disclose to the client or customer to whom the recommendation is made any financial benefits or fees, other than real estate referral fees, the REALTOR® or REALTOR®’s firm may receive as a direct result of such recommendation. (Amended 1/99)

Standard of Practice 6-1

REALTORS® shall not recommend or suggest to a client or a customer the use of services of another organization or business entity in which they have a direct interest without disclosing such interest at the time of the recommendation or suggestion. (Amended 5/88)

Article 7

In a transaction, REALTORS® shall not accept compensation from more than one party, even if permitted by law, without disclosure to all parties and the informed consent of the REALTOR®’s client or clients. (Amended 1/93)

Article 8

REALTORS® shall keep in a special account in an appropriate financial institution, separated from their own funds, monies coming into their possession in trust for other persons, such as escrows, trust funds, clients’ monies, and other like items.

Article 9

REALTORS®, for the protection of all parties, shall assure whenever possible that all agreements related to real estate transactions including, but not limited to, listing and representation agreements, purchase contracts, and leases are in writing in clear and understandable language expressing the specific terms, conditions, obligations and commitments of the parties. A copy of each agreement shall be furnished to each party to such agreements upon their signing or initialing. (Amended 1/04)

Standard of Practice 9-1

For the protection of all parties, REALTORS® shall use reasonable care to ensure that documents pertaining to the purchase, sale, or lease of real estate are kept current through the use of written extensions or amendments. (Amended 1/93)

Standard of Practice 9-2

When assisting or enabling a client or customer in establishing a contractual relationship (e.g., listing and representation agreements, purchase agreements, leases, etc.) electronically, REALTORS® shall make reasonable efforts to explain the nature and disclose the specific terms of the contractual relationship being established prior to it being agreed to by a contracting party. (Adopted 1/07)

Duties to the Public

Article 10

REALTORS® shall not deny equal professional services to any person for reasons of race, color, religion, sex, disability, familial status, national origin, sexual orientation, or gender identity. REALTORS® shall not be parties to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, disability, familial status, national origin, sexual orientation, or gender identity. (Amended 1/23)

REALTORS®, in their real estate employment practices, shall not discriminate against any person or persons on the basis of race, color, religion, sex, disability, familial status, national origin, sexual orientation, or gender identity. (Amended 1/23)

Standard of Practice 10-1

When involved in the sale or lease of a residence, REALTORS® shall not volunteer information regarding the racial, religious or ethnic composition of any neighborhood nor shall they engage in any activity which may result in panic selling, however, REALTORS® may provide other demographic information. (Adopted 1/94, Amended 1/06)

Standard of Practice 10-2

When not involved in the sale or lease of a residence, REALTORS® may provide demographic information related to a property, transaction or professional assignment to a party if such demographic information is (a) deemed by the REALTOR® to be needed to assist with or complete, in a manner consistent with Article 10, a real estate transaction or professional assignment and (b) is obtained or derived from a recognized, reliable, independent, and impartial source. The source of such information and any additions, deletions, modifications, interpretations, or other changes shall be disclosed in reasonable detail. (Adopted 1/05, Renumbered 1/06)

Standard of Practice 10-3

REALTORS® shall not print, display or circulate any statement or advertisement with respect to selling or renting of a property that indicates any preference, limitations or discrimination based on race, color, religion, sex, disability, familial status, national origin, sexual orientation, or gender identity. (Adopted 1/94, Renumbered 1/05 and 1/06, Amended 1/14 and 1/23)

Standard of Practice 10-4

As used in Article 10 “real estate employment practices” relates to employees and independent contractors providing real estate-related services and the administrative and clerical staff directly supporting those individuals. (Adopted 1/00, Renumbered 1/05 and 1/06)

Standard of Practice 10-5

REALTORS® must not use harassing speech, hate speech, epithets, or slurs based on race, color, religion, sex, disability, familial status, national origin, sexual orientation, or gender identity. (Adopted and effective November 13, 2020, Amended 1/23)

Article 11

The services which REALTORS® provide to their clients and customers shall conform to the standards of practice and competence which are reasonably expected in the specific real estate disciplines in which they engage; specifically, residential real estate brokerage, real property management, commercial and industrial real estate brokerage, land brokerage, real estate appraisal, real estate counseling, real estate syndication, real estate auction, and international real estate.

REALTORS® shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client. Any persons engaged to provide such assistance shall be so identified to the client and their contribution to the assignment should be set forth. (Amended 1/10)

Standard of Practice 11-1

When REALTORS® prepare opinions of real property value or price they must:

1) be knowledgeable about the type of property being valued,

2) have access to the information and resources necessary to formulate an accurate opinion, and

3) be familiar with the area where the subject property is located

unless lack of any of these is disclosed to the party requesting the opinion in advance.

When an opinion of value or price is prepared other than in pursuit of a listing or to assist a potential purchaser in formulating a purchase offer, the opinion shall include the following unless the party requesting the opinion requires a specific type of report or different data set:

1) identification of the subject property

2) date prepared

3) defined value or price

4) limiting conditions, including statements of purpose(s) and intended user(s)

5) any present or contemplated interest, including the possibility of representing the seller/landlord or buyers/tenants

6) basis for the opinion, including applicable market data

7) if the opinion is not an appraisal, a statement to that effect

8) disclosure of whether and when a physical inspection of the property’s exterior was conducted

9) disclosure of whether and when a physical inspection of the property’s interior was conducted

10) disclosure of whether the REALTOR® has any conflicts of interest (Amended 1/14)

Standard of Practice 11-2

The obligations of the Code of Ethics in respect of real estate disciplines other than appraisal shall be interpreted and applied in accordance with the standards of competence and practice which clients and the public reasonably require to protect their rights and interests considering the complexity of the transaction, the availability of expert assistance, and, where the REALTOR® is an agent or subagent, the obligations of a fiduciary. (Adopted 1/95)

Standard of Practice 11-3

When REALTORS® provide consultive services to clients which involve advice or counsel for a fee (not a commission), such advice shall be rendered in an objective manner and the fee shall not be contingent on the substance of the advice or counsel given. If brokerage or transaction services are to be provided in addition to consultive services, a separate compensation may be paid with prior agreement between the client and REALTOR®. (Adopted 1/96)

Standard of Practice 11-4

The competency required by Article 11 relates to services contracted for between REALTORS® and their clients or customers; the duties expressly imposed by the Code of Ethics; and the duties imposed by law or regulation. (Adopted 1/02)

Article 12

REALTORS® shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations. REALTORS® shall ensure that their status as real estate professionals is readily apparent in their advertising, marketing, and other representations, and that the recipients of all real estate communications are, or have been, notified that those communications are from a real estate professional. (Amended 1/08)

Standard of Practice 12-1

REALTORS® must not represent that their brokerage services to a client or customer are free or available at no cost to their clients, unless the REALTOR® will receive no financial compensation from any source for those services. (Amended 1/22)

Standard of Practice 12-2

(Deleted 1/20)

Standard of Practice 12-3

The offering of premiums, prizes, merchandise discounts or other inducements to list, sell, purchase, or lease is not, in itself, unethical even if receipt of the benefit is contingent on listing, selling, purchasing, or leasing through the REALTOR® making the offer. However, REALTORS® must exercise care and candor in any such advertising or other public or private representations so that any party interested in receiving or otherwise benefiting from the REALTOR®’s offer will have clear, thorough, advance understanding of all the terms and conditions of the offer. The offering of any inducements to do business is subject to the limitations and restrictions of state law and the ethical obligations established by any applicable Standard of Practice. (Amended 1/95)

Standard of Practice 12-4

REALTORS® shall not offer for sale/lease or advertise property without authority. When acting as listing brokers or as subagents, REALTORS® shall not quote a price different from that agreed upon with the seller/landlord. (Amended 1/93)

Standard of Practice 12-5

REALTORS® shall not advertise nor permit any person employed by or affiliated with them to advertise real estate services or listed property in any medium (e.g., electronically, print, radio, television, etc.) without disclosing the name of that REALTOR®’s firm in a reasonable and readily apparent manner either in the advertisement or in electronic advertising via a link to a display with all required disclosures. (Adopted 11/86, Amended 1/16)

Standard of Practice 12-6

REALTORS®, when advertising unlisted real property for sale/lease in which they have an ownership interest, shall disclose their status as both owners/landlords and as REALTORS® or real estate licensees. (Amended 1/93)

Standard of Practice 12-7

Only REALTORS® who participated in the transaction as the listing broker or cooperating broker (selling broker) may claim to have “sold” the property. Prior to closing, a cooperating broker may post a “sold” sign only with the consent of the listing broker. (Amended 1/96)

Standard of Practice 12-8

The obligation to present a true picture in representations to the public includes information presented, provided, or displayed on REALTORS®’ websites. REALTORS® shall use reasonable efforts to ensure that information on their websites is current. When it becomes apparent that information on a REALTOR®’s website is no longer current or accurate, REALTORS® shall promptly take corrective action. (Adopted 1/07)

Standard of Practice 12-9

REALTOR® firm websites shall disclose the firm’s name and state(s) of licensure in a reasonable and readily apparent manner.

Websites of REALTORS® and non-member licensees affiliated with a REALTOR® firm shall disclose the firm’s name and that REALTOR®’s or non-member licensee’s state(s) of licensure in a reasonable and readily apparent manner. (Adopted 1/07)

Standard of Practice 12-10

REALTORS®’ obligation to present a true picture in their advertising and representations to the public includes Internet content, images, and the URLs and domain names they use, and prohibits REALTORS® from:

1) engaging in deceptive or unauthorized framing of real estate brokerage websites;

2) manipulating (e.g., presenting content developed by others) listing and other content in any way that produces a deceptive or misleading result;

3) deceptively using metatags, keywords or other devices/methods to direct, drive, or divert Internet traffic; or

4) presenting content developed by others without either attribution or without permission; or

5) otherwise misleading consumers, including use of misleading images. (Adopted 1/07, Amended 1/18)

Standard of Practice 12-11

REALTORS® intending to share or sell consumer information gathered via the Internet shall disclose that possibility in a reasonable and readily apparent manner. (Adopted 1/07)

Standard of Practice 12-12

REALTORS® shall not:

1) use URLs or domain names that present less than a true picture, or

2) register URLs or domain names which, if used, would present less than a true picture. (Adopted 1/08)

Standard of Practice 12-13

The obligation to present a true picture in advertising, marketing, and representations allows REALTORS® to use and display only professional designations, certifications, and other credentials to which they are legitimately entitled. (Adopted 1/08)

Article 13

REALTORS® shall not engage in activities that constitute the unauthorized practice of law and shall recommend that legal counsel be obtained when the interest of any party to the transaction requires it.

Article 14

If charged with unethical practice or asked to present evidence or to cooperate in any other way, in any professional standards proceeding or investigation, REALTORS® shall place all pertinent facts before the proper tribunals of the Member Board or affiliated institute, society, or council in which membership is held and shall take no action to disrupt or obstruct such processes. (Amended 1/99)

Standard of Practice 14-1

REALTORS® shall not be subject to disciplinary proceedings in more than one Board of REALTORS® or affiliated institute, society, or council in which they hold membership with respect to alleged violations of the Code of Ethics relating to the same transaction or event. (Amended 1/95)

Standard of Practice 14-2

REALTORS® shall not make any unauthorized disclosure or dissemination of the allegations, findings, or decision developed in connection with an ethics hearing or appeal or in connection with an arbitration hearing or procedural review. (Amended 1/92)

Standard of Practice 14-3

REALTORS® shall not obstruct the Board’s investigative or professional standards proceedings by instituting or threatening to institute actions for libel, slander, or defamation against any party to a professional standards proceeding or their witnesses based on the filing of an arbitration request, an ethics complaint, or testimony given before any tribunal. (Adopted 11/87, Amended 1/99)

Standard of Practice 14-4

REALTORS® shall not intentionally impede the Board’s investigative or disciplinary proceedings by filing multiple ethics complaints based on the same event or transaction. (Adopted 11/88)

Duties to REALTORS®

Article 15

REALTORS® shall not knowingly or recklessly make false or misleading statements about other real estate professionals, their businesses, or their business practices. (Amended 1/12)

Standard of Practice 15-1

REALTORS® shall not knowingly or recklessly file false or unfounded ethics complaints. (Adopted 1/00)

Standard of Practice 15-2

The obligation to refrain from making false or misleading statements about other real estate professionals, their businesses, and their business practices includes the duty to not knowingly or recklessly publish, repeat, retransmit, or republish false or misleading statements made by others. This duty applies whether false or misleading statements are repeated in person, in writing, by technological means (e.g., the Internet), or by any other means. (Adopted 1/07, Amended 1/12)

Standard of Practice 15-3

The obligation to refrain from making false or misleading statements about other real estate professionals, their businesses, and their business practices includes the duty to publish a clarification about or to remove statements made by others on electronic media the REALTOR® controls once the REALTOR® knows the statement is false or misleading. (Adopted 1/10, Amended 1/12)

Article 16

REALTORS® shall not engage in any practice or take any action inconsistent with exclusive representation or exclusive brokerage relationship agreements that other REALTORS® have with clients. (Amended 1/04)

Standard of Practice 16-1

Article 16 is not intended to prohibit aggressive or innovative business practices which are otherwise ethical and does not prohibit disagreements with other REALTORS® involving commission, fees, compensation or other forms of payment or expenses. (Adopted 1/93, Amended 1/95)

Standard of Practice 16-2

Article 16 does not preclude REALTORS® from making general announcements to prospects describing their services and the terms of their availability even though some recipients may have entered into agency agreements or other exclusive relationships with another REALTOR®. A general telephone canvass, general mailing or distribution addressed to all prospects in a given geographical area or in a given profession, business, club, or organization, or other classification or group is deemed “general” for purposes of this standard. (Amended 1/04)

Article 16 is intended to recognize as unethical two basic types of solicitations:

First, telephone or personal solicitations of property owners who have been identified by a real estate sign, multiple listing compilation, or other information service as having exclusively listed their property with another REALTOR® and

Second, mail or other forms of written solicitations of prospects whose properties are exclusively listed with another REALTOR® when such solicitations are not part of a general mailing but are directed specifically to property owners identified through compilations of current listings, “for sale” or “for rent” signs, or other sources of information required by Article 3 and Multiple Listing Service rules to be made available to other REALTORS® under offers of subagency or cooperation. (Amended 1/04)

Standard of Practice 16-3

Article 16 does not preclude REALTORS® from contacting the client of another broker for the purpose of offering to provide, or entering into a contract to provide, a different type of real estate service unrelated to the type of service currently being provided (e.g., property management as opposed to brokerage) or from offering the same type of service for property not subject to other brokers’ exclusive agreements. However, information received through a Multiple Listing Service or any other offer of cooperation may not be used to target clients of other REALTORS® to whom such offers to provide services may be made. (Amended 1/04)

Standard of Practice 16-4

REALTORS® shall not solicit a listing which is currently listed exclusively with another broker. However, if the listing broker, when asked by the REALTOR®, refuses to disclose the expiration date and nature of such listing, i.e., an exclusive right to sell, an exclusive agency, open listing, or other form of contractual agreement between the listing broker and the client, the REALTOR® may contact the owner to secure such information and may discuss the terms upon which the REALTOR® might take a future listing or, alternatively, may take a listing to become effective upon expiration of any existing exclusive listing. (Amended 1/94)

Standard of Practice 16-5

REALTORS® shall not solicit buyer/tenant agreements from buyers/ tenants who are subject to exclusive buyer/tenant agreements. However, if asked by a REALTOR®, the broker refuses to disclose the expiration date of the exclusive buyer/tenant agreement, the REALTOR® may contact the buyer/tenant to secure such information and may discuss the terms upon which the REALTOR® might enter into a future buyer/tenant agreement or, alternatively, may enter into a buyer/tenant agreement to become effective upon the expiration of any existing exclusive buyer/tenant agreement. (Adopted 1/94, Amended 1/98)

Standard of Practice 16-6

When REALTORS® are contacted by the client of another REALTOR® regarding the creation of an exclusive relationship to provide the same type of service, and REALTORS® have not directly or indirectly initiated such discussions, they may discuss the terms upon which they might enter into a future agreement or, alternatively, may enter into an agreement which becomes effective upon expiration of any existing exclusive agreement. (Amended 1/98)

Standard of Practice 16-7

The fact that a prospect has retained a REALTOR® as an exclusive representative or exclusive broker in one or more past transactions does not preclude other REALTORS® from seeking such prospect’s future business. (Amended 1/04)

Standard of Practice 16-8

The fact that an exclusive agreement has been entered into with a REALTOR® shall not preclude or inhibit any other REALTOR® from entering into a similar agreement after the expiration of the prior agreement. (Amended 1/98)

Standard of Practice 16-9

REALTORS®, prior to entering into a representation agreement, have an affirmative obligation to make reasonable efforts to determine whether the prospect is subject to a current, valid exclusive agreement to provide the same type of real estate service. (Amended 1/04)

Standard of Practice 16-10

REALTORS®, acting as buyer or tenant representatives or brokers, shall disclose that relationship to the seller/landlord’s representative or broker at first contact and shall provide written confirmation of that disclosure to the seller/landlord’s representative or broker not later than execution of a purchase agreement or lease. (Amended 1/04)

Standard of Practice 16-11

On unlisted property, REALTORS® acting as buyer/tenant representatives or brokers shall disclose that relationship to the seller/landlord at first contact for that buyer/tenant and shall provide written confirmation of such disclosure to the seller/landlord not later than execution of any purchase or lease agreement. (Amended 1/04)

REALTORS® shall make any request for anticipated compensation from the seller/landlord at first contact. (Amended 1/98)

Standard of Practice 16-12

REALTORS®, acting as representatives or brokers of sellers/landlords or as subagents of listing brokers, shall disclose that relationship to buyers/tenants as soon as practicable and shall provide written confirmation of such disclosure to buyers/tenants not later than execution of any purchase or lease agreement. (Amended 1/04)

Standard of Practice 16-13

All dealings concerning property exclusively listed, or with buyer/tenants who are subject to an exclusive agreement shall be carried on with the client’s representative or broker, and not with the client, except with the consent of the client’s representative or broker or except where such dealings are initiated by the client.

Before providing substantive services (such as writing a purchase offer or presenting a CMA) to prospects, REALTORS® shall ask prospects whether they are a party to any exclusive representation agreement. REALTORS® shall not knowingly provide substantive services concerning a prospective transaction to prospects who are parties to exclusive representation agreements, except with the consent of the prospects’ exclusive representatives or at the direction of prospects. (Adopted 1/93, Amended 1/04)

Standard of Practice 16-14

REALTORS® are free to enter into contractual relationships or to negotiate with sellers/landlords, buyers/tenants or others who are not subject to an exclusive agreement but shall not knowingly obligate them to pay more than one commission except with their informed consent. (Amended 1/98)

Standard of Practice 16-15

In cooperative transactions REALTORS® shall compensate cooperating REALTORS® (principal brokers) and shall not compensate nor offer to compensate, directly or indirectly, any of the sales licensees employed by or affiliated with other REALTORS® without the prior express knowledge and consent of the cooperating broker.

Standard of Practice 16-16

REALTORS®, acting as subagents or buyer/tenant representatives or brokers, shall not use the terms of an offer to purchase/lease to attempt to modify the listing broker’s offer of compensation to subagents or buyer/tenant representatives or brokers nor make the submission of an executed offer to purchase/lease contingent on the listing broker’s agreement to modify the offer of compensation. (Amended 1/04)

Standard of Practice 16-17

REALTORS®, acting as subagents or as buyer/tenant representatives or brokers, shall not attempt to extend a listing broker’s offer of cooperation and/or compensation to other brokers without the consent of the listing broker. (Amended 1/04)

Standard of Practice 16-18

REALTORS® shall not use information obtained from listing brokers through offers to cooperate made through multiple listing services or through other offers of cooperation to refer listing brokers’ clients to other brokers or to create buyer/tenant relationships with listing brokers’ clients, unless such use is authorized by listing brokers. (Amended 1/02)

Standard of Practice 16-19

Signs giving notice of property for sale, rent, lease, or exchange shall not be placed on property without consent of the seller/landlord. (Amended 1/93)

Standard of Practice 16-20

REALTORS®, prior to or after their relationship with their current firm is terminated, shall not induce clients of their current firm to cancel exclusive contractual agreements between the client and that firm. This does not preclude REALTORS® (principals) from establishing agreements with their associated licensees governing assignability of exclusive agreements. (Adopted 1/98, Amended 1/10)

Article 17

In the event of contractual disputes or specific non-contractual disputes as defined in Standard of Practice 17-4 between REALTORS® (principals) associated with different firms, arising out of their relationship as REALTORS®, the REALTORS® shall mediate the dispute if the Board requires its members to mediate. If the dispute is not resolved through mediation, or if mediation is not required, REALTORS® shall submit the dispute to arbitration in accordance with the policies of the Board rather than litigate the matter.

In the event clients of REALTORS® wish to mediate or arbitrate contractual disputes arising out of real estate transactions, REALTORS® shall mediate or arbitrate those disputes in accordance with the policies of the Board, provided the clients agree to be bound by any resulting agreement or award.

The obligation to participate in mediation and arbitration contemplated by this Article includes the obligation of REALTORS® (principals) to cause their firms to mediate and arbitrate and be bound by any resulting agreement or award. (Amended 1/12)

Standard of Practice 17-1

The filing of litigation and refusal to withdraw from it by REALTORS® in an arbitrable matter constitutes a refusal to arbitrate. (Adopted 2/86)

Standard of Practice 17-2

Article 17 does not require REALTORS® to mediate in those circumstances when all parties to the dispute advise the Board in writing that they choose not to mediate through the Board’s facilities. The fact that all parties decline to participate in mediation does not relieve REALTORS® of the duty to arbitrate.

Article 17 does not require REALTORS® to arbitrate in those circumstances when all parties to the dispute advise the Board in writing that they choose not to arbitrate before the Board. (Amended 1/12)

Standard of Practice 17-3

REALTORS®, when acting solely as principals in a real estate transaction, are not obligated to arbitrate disputes with other REALTORS® absent a specific written agreement to the contrary. (Adopted 1/96)

Standard of Practice 17-4

Specific non-contractual disputes that are subject to arbitration pursuant to Article 17 are:

1) Where a listing broker has compensated a cooperating broker and another cooperating broker subsequently claims to be the procuring cause of the sale or lease. In such cases the complainant may name the first cooperating broker as respondent and arbitration may proceed without the listing broker being named as a respondent. When arbitration occurs between two (or more) cooperating brokers and where the listing broker is not a party, the amount in dispute and the amount of any potential resulting award is limited to the amount paid to the respondent by the listing broker and any amount credited or paid to a party to the transaction at the direction of the respondent. Alternatively, if the complaint is brought against the listing broker, the listing broker may name the first cooperating broker as a third-party respondent. In either instance the decision of the hearing panel as to procuring cause shall be conclusive with respect to all current or subsequent claims of the parties for compensation arising out of the underlying cooperative transaction. (Adopted 1/97, Amended 1/07)

2) Where a buyer or tenant representative is compensated by the seller or landlord, and not by the listing broker, and the listing broker, as a result, reduces the commission owed by the seller or landlord and, subsequent to such actions, another cooperating broker claims to be the procuring cause of sale or lease. In such cases the complainant may name the first cooperating broker as respondent and arbitration may proceed without the listing broker being named as a respondent. When arbitration occurs between two (or more) cooperating brokers and where the listing broker is not a party, the amount in dispute and the amount of any potential resulting award is limited to the amount paid to the respondent by the seller or landlord and any amount credited or paid to a party to the transaction at the direction of the respondent. Alternatively, if the complaint is brought against the listing broker, the listing broker may name the first cooperating broker as a third-party respondent. In either instance the decision of the hearing panel as to procuring cause shall be conclusive with respect to all current or subsequent claims of the parties for compensation arising out of the underlying cooperative transaction. (Adopted 1/97, Amended 1/07)

3) Where a buyer or tenant representative is compensated by the buyer or tenant and, as a result, the listing broker reduces the commission owed by the seller or landlord and, subsequent to such actions, another cooperating broker claims to be the procuring cause of sale or lease. In such cases the complainant may name the first cooperating broker as respondent and arbitration may proceed without the listing broker being named as a respondent. Alternatively, if the complaint is brought against the listing broker, the listing broker may name the first cooperating broker as a third-party respondent. In either instance the decision of the hearing panel as to procuring cause shall be conclusive with respect to all current or subsequent claims of the parties for compensation arising out of the underlying cooperative transaction. (Adopted 1/97)

4) Where two or more listing brokers claim entitlement to compensation pursuant to open listings with a seller or landlord who agrees to participate in arbitration (or who requests arbitration) and who agrees to be bound by the decision. In cases where one of the listing brokers has been compensated by the seller or landlord, the other listing broker, as complainant, may name the first listing broker as respondent and arbitration may proceed between the brokers. (Adopted 1/97)

5) Where a buyer or tenant representative is compensated by the seller or landlord, and not by the listing broker, and the listing broker, as a result, reduces the commission owed by the seller or landlord and, subsequent to such actions, claims to be the procuring cause of sale or lease. In such cases arbitration shall be between the listing broker and the buyer or tenant representative and the amount in dispute is limited to the amount of the reduction of commission to which the listing broker agreed. (Adopted 1/05)

Standard of Practice 17-5

The obligation to arbitrate established in Article 17 includes disputes between REALTORS® (principals) in different states in instances where, absent an established inter-association arbitration agreement, the REALTOR® (principal) requesting arbitration agrees to submit to the jurisdiction of, travel to, participate in, and be bound by any resulting award rendered in arbitration conducted by the respondent(s) REALTOR®’s association, in instances where the respondent(s) REALTOR®’s association determines that an arbitrable issue exists. (Adopted 1/07)

Explanatory Notes

Dec. 2, 2023

2024 Designer Kitchens in Scottsdale and Cost

Enjoy these key notes on 2024 Designer Kitchens in Scottsdale and cost. Kitchen remodels add tremendous value for home buyers and sellers. PLUS - We have just added TOP 10 TEN KITCHENS for design inspiration in 2024 - Seen Below. 

First - The most effective way to increase the value of a home is #1. Cosmetic Improvements.  Kitchen remodels come in #2 "Value Adds" for a home . Whether you live in a home in Scottsdale's McDowell Mountain Ranch, Silverleaf or any of Scottsdale's beautiful neighborhoods. The number one and two reasons homeowners cite for remodeling a kitchen is, "improved comfort and visual appeal". So let's get to it, design, statistics and cost. 

According to the most recent Houzz Kitchen Trends Study; "The top kitchen remodeling priorities are, new counter-tops, back-splashes and sinks. Followed by cabinets and appliances". In almost all cases, homeowners are following the current (2024) Scottsdale trend of a bright, open and contemporary. Additionally, the most progressive home owners are adding the newest in remodeling 'enhancements', namely,  Realtor Resale Design Consultation -  RRDC . Definition below.  

Every year advances take place in every aspects of real estate. As homeowners look to improve, not only comfort but value to their home. The latest 2024 trend, for progressive buyers and sellers in kitchen and home remodeling is; Realtor Resale Design Consultation. This is the practice of taking a meeting with a talented luxury R.E group (i.e my team) to review finish selection and the design, to access the value added by selections. Thus allowing a cross check of trends and projections in buyers "wish list" and 'must haves".  This enhances finish selection in all cases. Without a single compromise to a homeowners desire for personalization. 

My first key strategic remodeling item of advice is;  Scottsdale is typically 3 to 5 years behind in design trends. Considering this, if you are interested in seeing what designs and finishes will be trending in Scottsdale and Paradise Valley in the future, look at the latest trends in Los Angeles, New York, Paris and the other trend setting luxury markets.  (Kitchen Design Images Featured on this Page are from 2024 New or Remodeled Kitchens. In homes priced at 7 Million Plus) 

Cost of Kitchen Renovation

The average kitchen renovation costs between a low of $25,000 and a average of $150,000. A small percentage of home owners spend more than $150,000. We explore more details, tips and cost breakdown below for, "price saving" AND "price busting" kitchens below.

Kitchen Backslash

It seems like a less significant detail but according to national statics; homeowners having homes in communities like Estancia - Scottsdale stated, "The number one reason for wanting to 'start' a kitchen remodel was the backsplash". In fact, 90 percent of a remodeling project involves wisely replacing this part of the kitchen decor.
In fact, it should be a mandatory replacement. 

kitchen remodel Scottsdale backsplash sample

Kitchen Countertops

Research data indicates, in partial remodels - replacing countertops is more important to homeowners than buying appliances. In fact, countertops are replaced in 95 percent of kitchen renovations compared to 15 percent purchasing appliances. After countertops and backsplashes, sinks come in third as the item being replaced, with 89% percent choosing to do the kitchen sink. Sinks and Faucets are now well beyond function, as they have become an important part of the design and beauty of the kitchen. Search a sampling of Designer Faucets for Kitchen Remodels here and compare price here.

When it comes to countertops, granite and quartz, are tied as the most popular choice with butcher block or wood a distant third. Marble countertops also show well in the luxury market however, due to "sealing" to prevent stains, it is very much a creative choice vs. practical. Quartzite is also an excellent choice for countertops especially in the finest luxury homes. However Quartzite is, typically price prohibitive for lower price point homes.  For resale - countertops are the number #1 most important visual component. Spend your money on the slab selection. However save on fabrication, the company charging the money for fabrication, simply has a different sales model. 

Contemporary vs. Traditional

More homeowners are choosing a contemporary vs. a traditional style when they remodel their kitchen. Research suggest, Millennials are choosing a modern and farmhouse look, while baby boomers prefer a more traditional style.

*Regardless of architectural style, all generations agree, the kitchen island is a value add.

White Cabinets VS. Wood Grain

White cabinets still remain popular in all remodels, followed by wood. The younger demographic still prefer white cabinets; Seventy four percent choose white. Noting: The most luxurious kitchen remodels and those preferring a more timeless, yet contemporary look, are adding wood, either as a primary element or a secondary element. 
Noting- Wood grain is an essential consideration in 2024.

Kitchen Lighting 

In terms of lighting, under cabinet lighting is essentially, a must have. Pendant lights are still popular but in today's market, the lighting options are phenomenal, so explore!  Kitchen lighting and accent lighting is one of the most over-looked value adds for visual pleasure and resale.   To help get you started, here is a link to start your search. Start Kitchen Lighting Search

Best Appliance Color for Kitchen Remodels

Stainless steel appliances are still holding their popularity. With new finishes being added to spice up the competition. With a smile, my team member said "I had to use the word "spice",  we are talking about kitchen remodels. Additional popular colors for 2024 include Black, Bronze, White (yes white) and the timeless, matching cabinet grain as a finish to the front of refrigerator. However for fun... check out some of these fun selections for retro and eye-catching.
For those exploring creative wood grain options click here. And even the oven selection gives homeowners a chance to create additional beauty in the kitchen. On the following link are some beautiful creative choices. Click Ovens Here

2024 Kitchen Remodeling Cost - Scottsdale

In the luxury market, most homeowners feel spending at least $150,000 to $300,000 is a requirement. This is purely a personal choice and allows for bragging rights at cocktail parties. However, regardless of what your contractor is, very nicely sharing with you... and the discounts, he/she say, they are passing on. A significant percentage of the cost of the kitchen remodel is going to the contractor. If saving money or donating potential savings to a local charity is of interest; shop online first. Pursue quotes directly from the manufacture and compare quality. Pursue competing bids, Also, feel free to reach out to me anytime. With over 20 years experience in Luxury Home Sales, I am happy to share insight on the best Scottsdale contractors, designers and vendors. Special Note - If remodeling a 3 plus million dollar home in Scottsdale or Paradise Valley - consider expanding your search for designers - to national and international talent.

Scottsdale Kitchen Remodeling Cost Exceptions

Pricing exceptions are an absolute in the Finest Luxury Homes. Less than 1% of the homes in Scottsdale or Paradise Valley have kitchens exceeding the justifiable cost of $350,000. Many of the New Construction Homes are installing 
cabinets from local manufacture Solid; these are very nice cabinets. However a substantial size kitchen with Solid's nicest cabinets is still well under $50,000. Beautiful Italian, Scandinavian, German cabinets are also available well below $100,000.
So when does a kitchen remodel or new kitchen cost close to 1 million. Please see Top 10 2024 Kitchen Designs below and guess, which kitchen was in the 1 million dollar price range. 

Top Ten Kitchen Designs for 2024 - Can You Guess the Cost?

Not in Order - Simply pick a favorite or elements of a few, to create your own beautiful kitchen. 

Kitchen 1 - 

Top Kitchen Designs and Cost 1

Kitchen 2

Top ten Kitchen design - Remodel Scottsdale

Kitchen 3 

Scottsdale Kitchen Remodel Ideas

Kitchen 4 

Cost of Scottsdale Kitchen and 2024 Designs

Kitchen 5

Kitchen 6

Top 2024 Kitchen Designs Scottsdale

Kitchen 7

Gorgeous One Million Dollar Kitchen

Kitchen 8

Soft and Elegant Kitchen Remodel Scottsdale

Kitchen 9

Light and Bright Designer Kitchen Remodel

Kitchen 10 

Beauty is not in the size but thoughtful design

I have you have enjoyed this brief bit of data and guessed which kitchen was the One Million Dollar Kitchen.

Please remember before any remodeling. I always suggest calling an experienced Scottsdale - Paradise Valley Realtor to review ideas with you. It will be a value to you and your beautiful home.  All my best.

Hiring the Right Scottsdale Real Estate Professional

My goal is to be of service to you. I say it often but it cannot be said enough, " in real estate, there is a difference in Real estate professionals" For more tips on a 'best home buy" Please call me now at 480-450-4632.

Realtor -Specializing in Scottsdale, Paradise Valley and Arcadia Arizona

Michael Chaisson - Realtor
Launch Realty - Luxury - Powered by Compass
Premier Client Services
Ranked Top 1% Nationally
Circle of 26 Excellence Award Recipient
480-450-4632

Please feel free to browse this site for information on activities in Scottsdale, Arcadia and Paradise Valley (see resources Tab)and recommendations for the best restaurants and service providers in the community. I also encourage your recommendations.

 

 

 

 

Nov. 12, 2023

History of Arcadia Arizona

 

Bordering Scottsdale Arizona there is a truly remarkable neighborhood called “Arcadia”. Known for its lush landscaping, picturesque homes and famous residents. City boundaries first, The Arcadia neighborhood is bounded by 40th street to the west, 68th to the east, Indian School to the south, and Camelback Road to the north. Please note areas bordering Arcadia (proper) have been becoming incredibly popular in the last few years.

Arcadia is known for it's “Community and Kid Friendly Lifestyle” Kids are seen riding their bikes thru the street; guys and gals from 18 to 80 will play football on neighboring lawns. Everyone waves “ hi”.  If you’re out for a walk in the neighborhood on a Sunday, don’t be surprised if you’re invited in for barbecue and end up making new best friends. It’s a wonderful lifestyle Norman Rockwell captured so iconically in his art.  The per square foot home prices for living the dream in Arcadia recently past Paradise Valley... and demand is still HIGH.  The homes in Arcadia boast high property values with lots ranging in size from 6000 square feet to 5 acres. Arcadia sits adjacent to several similar upscale communities like those of the Biltmore, Paradise Valley, Phoenix and Scottsdale.

About Arcadia Arizona and it's History

Arcadia has an interesting history, The neighborhood took its name from the ancient Greek city of "Arcadia", reputed to be a place of uncommon peace and quiet. In June 1915, the first tract of land platted in this area was recorded: It was called "Citrus Homes", as the neighborhood was originally developed as small citrus orchards.

(Above Arcadia Az in 1950ty's)

The original Arcadia community was first recorded four years later; the large sized lots were aimed to attract wealthy homeowners. (Anyone wanting to build a house had to satisfy a minimum cost of development and the requirement that the house’s exterior design fit the existing neighborhood’s aesthetic norms.) By the mid-1960s, most of the citrus farms were turned into estates. Today many orange trees still line the streets and yards of the homes in Arcadia. Today, Arcadia is one of the most desired addresses in the entire Phoenix area. Homes in Arcadia come in a wide variety of architectural styles including many custom-built homes (new construction has been way up)  charming estate homes including, ranch, contemporary farmhouse, modern contemporary along with many other options. Generally, the best homes for sale in Arcadia sell quickly. The prices of homes for sale in Arcadia vary depending upon a number of factors including the property’s age, size, style, special features and location; primary among these is location and style; Contemporary farmhouse is by far the most popular style for the Neighborhood. Then, everyone wants to be on the best streets. Homes for sale on Exeter and Dromedary tend to sell quickly. Homes in Arcadia start around $1,200,000 and can reach upwards of $10 million. Arcadia was named  “Best Place to Live” by Money magazine. With large yards, many homes with pools, biking paths along the Arizona Canal, sports courts and award winning schools, Students in Arcadia are served by the award-winning Scottsdale Unified School District,  most notably Hopi Elementary, Ingleside Middle School and Arcadia High. In addition to all of those wonderful features, Arcadia also has an ideal location in close proximity to hiking, excellent shopping, and exquisite dining at the Biltmore Fashion Park and Scottsdale Fashion Square. Old Town Scottsdale and Downtown Phoenix are also just minutes away giving Arcadia residents easy access to a thriving night-life and highly-rated restaurants. The Phoenix Sky Harbor International Airport is about 15 minutes away which is also a great convenience for Arcadia residents. So, if you desire to live in an upscale community with a small-town ambiance and easy access to big-city amenities, consider the homes for sale in Arcadia.

Arcadia Arizona Versus Paradise Valley Homes For Sale

I am often asked, what is the primary difference between Arcadia and Paradise Valley by home buyers looking for homes between 1.5 and 5.5 million. Following are a few primary differences #1. Arcadia as pretty as it is, has very visible power lines, even in the views of homes over 3 million. In contrast, Paradise Valley has buried it's power poles/lines.
#2. Arcadia's lots sizes vary; one acre lots are rare. Paradise Valley homes are almost all on one acre or larger lots.
Arcadia has a younger demographic than Paradise Valley and is closer to metro Phoenix whereas Paradise Valley has a larger border with prettier City of Scottsdale.

If you have questions regarding homes for sale in Arcadia, Arizona or would like more information regarding other real estate options in the Scottsdale, Paradise Valley area, please do not hesitate to call, my cell at 480-450-4632.

Oct. 17, 2023

Real Estate Questions – Ask the Realtor

Questions –  Ask the Realtor

Thank you for visiting the Real Estate QUESTION page. Please feel free to ask ANY Residential Real Estate question, related to Pricing Trends, Home sales, Market activity, Home selling tips, Buying tips, Negotiating practices, Upcoming listings, Exclusive off market listings. And of course, VIP search services, a custom search for buyers looking for the very best in Realtor Services.

Please fill in the form below to send me your questions, suggestions or receive more valuable information on VIP search services.

Posted in Home Buying Tips
Oct. 2, 2023

2024 Selling Your Home in Scottsdale

If you have been interested in selling your home in North Scottsdale, Scottsdale or Phoenix, 2024 is a great year to achieve a top dollar sale.

Demand for luxury homes in Scottsdale is still very, very high. My extensive research and national forecast indicate;  inventory and home sales prices will continue to increase over next 12 months. However more modestly than in 2021, 2022 and early 2023. 

scottsdale home selling a home in 2024

Here are some facts to consider - if you’re planning to sell in 2024. 

What is the expected time before a luxury home will sell in Scottsdale ?

The average days on the market for late 2023 and projected 2024 sales in Scottsdale. #1. Homes between 1 million and 1.5 million is 50 Days. #2. Home between 2 million and 3 million being an average of 65 days on market before selling. #3. Luxury homes priced between 4 million and 50,000,000 in for example North Scottsdale, Silverleaf - Troon - Estancia are still selling in under 60 days. #4. Homes in Scottsdale and Paradise Valley over 8 million are taking on average of between 3 and 6 months to close sale. Still lightening fast compared to pre 2021 sales.

Price it right

Since inventory is low and demand high, set your listing number high to achieve a top sale price... yet within Market range.  I will provide an accurate number to obtain a top sales price for you home.

Start with a review to optimize Value. 

As a Luxury Realtor, I am in the top .005% of Realtors who do a pre-market value optimization of every home I list. By the time my listings see day 1 on the market, they will sell for approximately 10% more, than prior to the value optimization and subsequent preparation and marketing.

Steps to sell your home for top dollar.

When putting up your home in North Scottsdale - Scottsdale - Phoenix -Paradise Valley for sale  My experience and talent as a luxury specialist enables us to review selling discussion points in order to make your home more marketable and earn top dollar at sale. PLEASE NOTE, I use the words EXPERIENCED TALENTED.. those are not words added for flavor. They are truly a descriptive for the best Realtors..NOT every Realtor is 'talented " just like, every good golfer is not a tournament winner.

My goal is to be of service to you. I say it often but it cannot be said enough, "in real estate, there is a DIFFERENCE in Real estate professionals.” For more information,  Please call me now at 480-450-4632.

Realtor -Specializing in Scottsdale, Arcadia and Paradise Valley Arizona

Michael Chaisson - Realtor

Launch Realty

Premier Client Services

Ranked Top 1% Nationally

Circle of 26 Excellence Award Recipient

480-450-4632

 

Please feel free to browse this site for information on activities in Scottsdale, Arcadia and Paradise Valley (see resources Tab) and recommendations for the best restaurants and service providers in the community. I also encourage your recommendations.

 

Oct. 2, 2023

Home Technology Trends for Scottsdale 2024

Every year, the Consumer Electronics Show (CES) never disappoints. Just when you think home technology has reached a peak, new developments are introduced. Further enhancing the enjoyment of luxury home living in Scottsdale 

Whether you’re looking to buy or sell a Scottsdale home in Silverleaf, Terravita, Desert Ridge, Grayhawk or central Scottsdale you’ll definitely want to keep up with the latest home tech products . Such as higher-resolution TVs, high tech lighting, showers and even refrigerators with built-in tablets.  Of course, upgrades are always being made in home security systems, smart thermostats, finger print enabled locks, and even brighter more efficient light-bulbs. 

Here’s what to expect in 2024 home technology.

Living room

Watching TV from the comforts of your Scottsdale home in Silverleaf, Desert Mountain or Estancia, the media experience is only going to be more enjoyable. See the latest in TV technology at - Research  

Kitchen

All new homes with designer kitchens will have smart technology. From appliances to kitchen apps with plenty of new gadgets to keep you occupied while you’re cooking. To view some of the latest, enjoy this research link. 

Bedroom

Technology is even coming into the bedroom with mattresses getting smarter. For the little ones, there’s “the world’s first smart crib” and other high-tech baby monitors and gadgets. To learn more about some of the technology for the bedroom see research link here.

Bathroom

When it comes to the bathroom in the home, we've come a long way since the bathroom was moved from outside the home into.  Take a look at some of the newest in bathroom design and technology at research bathroom design. 

Garage & beyond

Self-driving cars have increasingly been featured in the news this last year. Expect to see more of those on showroom floors.  I am personally looking forward to the day, I can send my car to Aj's Fine Foods, have my groceries loaded in and delivered back to my house.  To view some of the most beautiful residential garages in the world view this impressive link. 

Value in Smart Home Technology

Installing smart technology in homes in North Scottsdale, Paradise Valley, Troon, Desert Highlands, DC Ranch, Central Scottsdale is the latest trend for the luxury home owner. It could also add value to your home IF you plan on selling in next 2 to 3 years, especially with the latest generation of home-buyers referred to as millennial's. However, high tech gadgets today will be the vintage items of tomorrow, so weigh cost and benefit for you personally rather than long term return. Which will be zero to minimal if the technology is five or more years old, when you decide to sell.

My goal is to be of service to you. I say it often but it cannot be said enough, "In real estate, there is a DIFFERENCE in Real estate professionals.” For more tips on a 'best home buy" Please call me now at 480-450-4632.

Realtor -Specializing in Scottsdale, Arcadia and Paradise Valley Arizona

Michael Chaisson - Realtor

Launch Realty - Luxury - Powered by Compass

Premier Client Services

Ranked Top 1% Nationally

Circle of 26 Excellence Award Recipient

480-450-4632

 

Please feel free to browse this site for information on activities in Scottsdale, Arcadia and Paradise Valley (see resources Tab) and recommendations for the best restaurants and service providers in the community. I also encourage your recommendations.

Posted in Home Buying Tips