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Our Last Hurrah before the Summer Slow Down? – Phoenix AZ Housing Update

It’s typical here in Phoenix to see a bit of a slow down just before the dog days kick in.  July and August tend to be less active than the 2nd quarter months.  May saw the highest number of sales so far for 2018 pushing us back under 2 months inventory, Valley-wide.

The entry level market is still a beast.  Anything under $200k is flying off the shelf as quickly as it’s put on the shelf.  In fact, we are seeing low days on market all the way to even $500k as long as it’s appropriately priced.  Historic districts are still seeing some heavy activity too since everyone is gaga over homes with character these days.

Info courtesy of ARMLS.

Info courtesy of ARMLS.

Inventory Levels are up just a Tad in Phoenix, AZ – Phoenix AZ Housing Update

The inventory levels are rising but not as quickly as the temperatures are as we approach summer.  March 2018 inventory levels were the lowest we’ve seen in while and new build contracts have skyrocketed due to the low inventory of resale homes.

Selling a home?  Better get the sign in the yard soon.  As we approach the summer months things tend to slow down a little.  Get your home on the market now so you can vacation in July like everyone else!   Call 480-250-0023 and ask for Katie!

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It’s a Sellers Market in Phoenix AZ – March 2018 Real Estate News

It’s official.  It’s a sellers market.  We have 2.13 months of inventory on the market in the Phoenix area right now.  If you are a seller, you are in control.  If you are calling up investors or those “close when you want” real estate companies (AKA investors), you are costing yourself more than you think.  Contact Katie, at 480-250-0023, to talk about the details of your home and get an accurate value assessment.

 

 

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Real Estate Appreciation Rates for the Phoenix area for 2017

Yep, the overall inventory levels are still incredibly low and it’s causing Realtors to have to look to other sources of property for droves of hungry buyers AND unassuming sellers are being taken advantage of by investors and real estate investment companies that are trying to stock up on inventory before our actual busy season (April through June) hits.

HINT: If the deal seems to good to be true from one of these investors or real estate companies that “buy for cash and close when you want” then it probably is or there’s a reason behind it that you aren’t aware of…like your home is worth WAY more than you think.

Keep in mind that we have four “markets” here in the Phoenix area….the under $200k market, the $200-$500k market, the $500k to $1M and then above $1M.  Supply and demand is different in all four of these markets.  Sales under $200k were 33% of sales in our area in 2017 so keep in mind that has a large impact on the overall average.  Ask your trusted real estate advisor what the stats are for your particular area and price range so you remain competitive prior to listing your home for sale.

Appreciation rates are as follows:

Under $200k 7.7%

$200k – $500k: 3.5%

$500k – $1M: 1.7%

Over $1M: 0.1%

Now let’s talk mortgage interest rates.

Yep, they’ve gone up.  This past week the 10-year Treasury note hit the highest level in three years which basically means higher mortgage rates.  They are currently over 4%.  Keep in mind that from 2003 to 2011 the rates averaged between 5-6% and we have basically been spoiled since then.  Typically rates are lowered to spark the housing market and, based on the info above, we can see that it worked ? The good news is it’s still very affordable to purchase a home and live here in AZ as compared to many other areas that are this desirable to live.

Get financing NOW! 

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Phew! A Little Relief in The Market…

July’s inventory levels are a little higher than June which is common this time of year here in AZ however they aren’t much higher.  We are still at less than 3 months inventory Valley-wide and that’s a healthy sellers market.  Good news coming out of the mortgage industry for conventional home buyers.  If your Debt To Income levels have been keeping you from qualifying then it’s time to try again.