I am thrilled to congratulate Ty and Piper on purchasing their very first home—what an exciting milestone! A big welcome also to Brinlee and Courtney, who are starting a new chapter here in Arizona after relocating from Chicago. Thank you for trusting me to guide you through this journey. It was truly an honor to be part of such important moments in your lives. Wishing you all the best as you settle into your beautiful new homes!
You don't want to miss this! Hello all! Here is a snap shot of what is going on in the market: 14 out 17 largest cities are favoring Sellers 3 Buyers Markets - Queen Creek (mild Buyer’s Market moving to balance), Maricopa (fast-improving) and Buckeye Sales price measures have now risen for 4 months straight, average price per square foot has recovered 5.7% since December Supply decreasing at an alarming rate - average deficit of 54 listings per day since April 1st Supply is 40% below normal iBuyer inventory active supply = 3-4% (12% back in August) % of closings with concessions is down 52% in January to just 39% last week As always, if you have questions I am here to help! All my best, Lisa A Huge CONGRATULATIONS to my first time Home Buyers, Chris and Monique! It was such a honor and a gift to help the two of [...]
You don't want to miss this! For the 1st time since 2010, Greater Phoenix is officially in a Buyer’s Market. In mid-November, the City of Phoenix entered a Buyer’s Market as anticipated, thus classifying our entire market as such. As we enter 2023, it is expected that contract activity will increase as it does seasonally every year, even if mortgage rates remain the same. In the first half of the New Year Sellers should see more showing traffic, fewer days on market and serious buyers which is good news for Sellers after a long 4th quarter. My advice to Buyers in our current market is to stay connected with me and I will make sure to continue to educate you on market conditions and can also connect you with a lender who is knowledgeable on loan different programs and seller incentives available. Give me a call to chat. Thank you to all [...]
You don't want to miss this! Happy Thanksgiving from Lisa Our Greater Phoenix Market as a whole has been in a balanced market since August and is expected to turn towards a buyer's market this month. The only areas still holding out are the Northeast Valley cities of Paradise Valley, Fountain Hills, Cave Creek and Scottsdale. Buyer demand has continued to remain low but this is providing opportunities in our marketplace for buyers that we haven't seen for the past two years. One opportunity being seller concessions. In October, 44% of sales involved a seller contribution to the buyer at closing with the median concession amount of $7,400. Properties that closed the first week in November showed a median contribution of $9,000. Seller concessions can be used by buyers towards closing costs or to help offset rates with a buy-down. Historically in October, about 10,000 new listings are added to our supply count but [...]
You don't want to miss this! Key words for Sellers in this “new” market are condition, price, concessions and patience. Price reductions keep coming. When rates hit 7% recently, the Phoenix market responded with 4,427 price reductions which equated to 24% of all active properties in the MLS. Half of the reductions dropped their price by $12,000 or more. In September, we saw over 1,300+ closings with seller closing cost assistance to the buyer. The median concession amount was $7,000. Closing costs are expected to continue to rise as mortgage rates continue to stay high and stifle demand for the time being. Heading into the 4th quarter, you can expect marketing times to increase as they typically do this time of year. Median days on market prior to contract was 31 days last week. From October through December, active days prior to contract is known to rise anywhere from 44 to [...]