Buy now or wait! This is the question on all potential homebuyers’ minds this fall. Over the past few weeks, the mortgage interest rates have soared to a 14-year high. Excessive government spending combined with surging energy costs and rising inflation has caused many would-be homebuyers to lean toward the wait side of that argument. But is this really a bad time to purchase a new home? Maybe Continue Reading
October in AZ
October starts the holiday season and is stock full of fun! From Pumpkin Patches to Haunted Houses and Halloween Festivals there are so many opportunities to get outdoors and enjoy the fabulous Fall weather. Continue Reading
We Officially Hit a Balanced Market
Stats have finally caught up to the reality of the market. As of August we have officially reached a balanced market. The Cromford Index hit 106; a balanced market is 90-110, so we are now in the upper levels of balanced. This is similar to what we experienced in 2018 and 2019 before the craziness ensued. In August we also saw a stabilizing of the inventory. After a few months of sharp Continue Reading
Marry the Home, Date the Rate
Let's Talk Interest Rates! Interest rates have been the talk of the town. And it's no wonder with how quickly they have risen and the daily fluctuations which could be as high as 3/4 of a point in one day. Rates are currently hovering in the mid 5's. That sounds shockingly high! In reality, it's not. Take a look at the chart below (courtesy of Eric Swenson with Nova Continue Reading
Balanced Market Here We Come
July Market Stat Highlights 🟢 Bidding wars have become a thing of the past 🟢 New inventory is up 7.7% month-over-month 🟢 Total Supply is up 237% year-over-year 🟢 3+ months of inventory in most SE Valley cities What does all this mean? Inventory is climbing and demand is dropping. The balanced market is right around the corner. Keep in mind stats are 30-45 days behind, so Continue Reading
Sharpest Market Deceleration Since 1980’s – June Snapshot
As we head further into Summer we are seeing more than our typical seasonal slowing of the real estate market. In fact, we are seeing the sharpest market deceleration since the 1980's! All of this was by design, of course. The rise in interest rates was purposeful in order to slow the market and that's exactly what it has done. We are now seeing both an increase in Continue Reading
The Market is Shifting – May Stats
As we analyze May's market stats, we see more and more signs of the Market Shift that we keep seeing pop up in the news headlines. Some highlights from the latest stats: 🟢Inventory has increased by 90% in the last 2 months alone ⚪️Buyer Demand has dropped by 8% in the same timeframe 🟢Year-over-Year price increases remain in the double-digits ⚪️Homes under $500K see the largest Continue Reading
Keeping Pets Safe in Arizona Summers
The Summer Months are full of fun, lazy days and lots of fun! But in Arizona, those days can get hot. Really hot! And really fast. It's important to remember these safety tips for keeping our fur babies safe during the hottest months of the year. Continue Reading
How Rates are Impacting the Market – April Market Snapshot
How are interest rates impacting the market? Probably the #1 question I am getting right now. We did see a bit of a shift for Maricopa County as a whole in the month of April. In fact, for the first time in what feels like forever, we had an overall decrease in average sale price, dropping by $45,000 with a 67% increase in inventory. That being said, DON'T PANIC! It is Continue Reading
Should Sellers Attend the Home Inspection?
Should you, as the Seller of the property, be home during the inspection? This is a question I get often. While every situation is different, typically I would answer this with a big fat "no". Inspectors spend several hours going through the entire property. Some of what they include in the inspection report is simply informational for the new buyer. Some may be items of deficiency. Continue Reading
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