Posts made by author 'Cindy Nelson'

For Buyers:

It may be hard to believe, but recessions are historically the beginning of a turnaround for the housing market. After enduring more than 2 years of declining sales, sellers and buyers may start moving and transacting again. While recessions are negative for the economy (as they coincide with higher unemployment), two things typically occur that turn the housing market positive.

The first is home value stabilization. In every recession since 1970 (except for one infamous recession in 2008) home values had minimal fluctuation and appreciation year-over-year. The second is mortgage rates. Every recession since 1970 saw mortgage rates decline while at least 90% of the labor force remained employed. According to the August employment report from the Arizona Dept of Economic Opportunity, private sector earnings rose 7.3% annually in June, and 5.3% in July. Both rates are higher than the rate of inflation, and higher than the rate of home price...

Click Here to Read More...

2024 is on an upward trend in Greater Phoenix, but a few cities still offer a strong advantage to buyers. This month I pinpoint which Valley cities are in a seller's market and which ones are in a buyer's market. Get the scoop on the Phoenix Metro market conditions including the influence of mortgage rates.

Don't forget to subscribe to my channel to stay on top of the Greater Phoenix area real estate market.

Cindy Nelson is an Arizona native and REALTOR with Realty ONE Group and serves the Phoenix Metro area and the White Mountain region. In her spare time, you'll find her volunteering in her community, supporting local small businesses, and enjoying all Arizona has to offer.

Get the scoop on the Greater Phoenix real estate market and local happenings PLUS take a look at my featured listing in LAKESIDE AZ - a vacant lot near Rainbow Lake!

When the Mortgage Rate Drops 1%, the Payment Drops By….

For Buyers:
Well the balanced market didn't last long, 7 weeks to be exact. Last month the Federal Reserve gave the housing industry a much needed gift. Not only did they not raise the Federal Funds Rate, they also announced their intention to drop it three times in 2024. Conventional mortgage rates responded by dropping from 7.1% to 6.62% within 2 days. Mortgage rates have now dropped 1.4% since they peaked at 8% in October 2023, saving a borrower nearly $380 per month on a $400,000 loan, a payment decline of 13%. For perspective, each time the rate drops by 1%, the mortgage payment can drop between 9-10% depending on where it started, in many cases saving at least $200/month*. This rate drop was enough to give December's mortgage applications a boost, which could be a precursor to Jan...

Click Here to Read More...

A ONE-OF-A-KIND BOUTIQUE

I don't know how I missed this place all these years, but I just discovered the most incredible boutique filled with unique goodies, homegrown treats, and the most amazing Christmas shopping experience. Orange Patch Too is located on McKellips Rd, just east of Val Vista Dr in Mesa. Their roots date back to 1962 when the Freeman family first started their business as a roadside citrus stand.  The Freeman's have since expanded their business, and over the years have become 'Arizona's Favorite Local Market & Boutique'.

What makes the Orange Patch Too so special is the Freeman family's knack for finding treasures all over the country. There's something new to discover with every visit making it the perfect place to find a one-of-a-kind something. Whether you're treating yourself or hunting for the perfect gift, they have it all - home décor, jewelry, skincare items, candles,...

Click Here to Read More...