Posts with tag 'News'

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...

Phoenix area sales are down, but home prices are up . I'll give you the scoop on home prices and tell you how much sellers are giving buyers to help with affordability. Plus, find out why 2024 could be a promising year in the Phoenix metro real estate market. Watch this video for the latest market update. 

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.

It's a Buyer's Market Once Again In These 8 Cities
Median Seller Incentive Hits a New High

For Buyers:
Buyers who felt they lost out on the buyer's market last year will be getting another chance this year. The Greater Phoenix housing market, on the whole, only has a few days left before it enters a balanced market. However, as 18 cities are still in seller's markets, there are 11 that are either already in balance or in buyer's markets.

What does a buyer's market mean for buyers? Most buyers assume it means that sales prices will come down, but by the time sales price measures show a decline the buyer's market could be 2 months old, or already over like it was last year. The first thing to move isn't a sales price, but a list price combined with higher seller incentives for buyers.

Over the past 2 months, as mortgage rates peaked at 8%, weekly price reductions increased in number by 33%. Meanwhile, the median seller incentive to...

Click Here to Read More...