October 2022 Price reductions keep coming.

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 56 days historically, with 50% of listings going longer.

If you are considering buying or selling in this market, give me a call and lets chat.

The Brian Buffini Show

“It’s a good life” podcast

Make the Impossible Possible – an Interview with Ben Nemtin #309

Having a bucket list is a really powerful way to help you realize your dreams. In this episode, Brian interviews Ben Nemtin, star of MTV’s The Buried Life and co-founder of The Buried Life movement. Ben shares how after he struggled with depression growing up and was forced to drop out of college, he created the world’s greatest bucket list with his three childhood friends. As they searched for more purpose in life, they managed to achieve the unthinkable and, every time they accomplished a dream, they helped a complete stranger to cross something off their list too.

YOU WILL LEARN:

What inspired Ben to start his quest.
His greatest bucket-list achievements.
Why he wants to destigmatize the conversation about mental health.

Click here to listen

Best Pumpkin Patches and Corn Mazes in Phoenix

As summer comes to a close, Phoenix welcomes the best time of year. Each fall, farms across the Greater Phoenix area invite you out to experience the fruits (and veggies) of their harvest and celebrate autumn with a wide variety of festivities — from corn mazes to pumpkin patches — with the entire family.