Currently we have 2.5 months worth of inventory in the west valley. This
means that if no more homes come up on the market and buyers keep buying at the
same pace, there will be no more homes to buy in 2.5 months. However, real
estate is not static and more homes are consistently being added to our "For
Sale" list. (We have 2 great new listings today!)
This 2.5 months benchmark DOES indicate that we are in a seller's market.
Because of this lower inventory, sellers are able to push the pricing ceiling.
However, sellers must always keep their eyes on the actual sold prices in their
area if the house needs to be appraised. We have seen quite a few sellers reach
for the stars when pricing their homes only to have the values corrected when
the appraisal results arrive.
Mortgage Interest rates dropped slightly last week. Even if interest rates
rise slightly, there is a silver lining. Historically, when interest rates have
risen, more loan programs were created and more buyers were able to buy. The
number of loan programs available affects the number of real estate sales more
than a rise in interest rates. So sellers should not fret if rates do increase.
Solving the Foreclosure Crisis One Homeowner at a Time...
Thanks for joining us as we talk about real estate items pertaining to the Phoenix Metro Area. There are alternatives to foreclosure. Let us help you. Foreclosure should always be your last resort. For more information on how to avoid foreclosure and a list of homes for sale, please visit our site at http://www.marydrefs.com/. Need to find or sell a house?? Call us at 623-694-0354.
What is a Short Sale?? Click Here.
What is a Short Sale?? Click Here.
Friday, September 27, 2013
Thursday, September 19, 2013
REAL ESTATE BUYERS !!! PAY ATTENTION!!!! IMPORTANT NEWS !!!
REAL ESTATE MORTGAGE RATES FELL YESTERDAY and Real Estate
stocks rallied because the Federal Reserve announced it would continue to buy US
Treasury Securities and mortgage backed securities. Both have kept mortgage
rates well below historical norms for the past few years.
Back in May, the Federal Reserve began "hinting" about a taper of asset
purchases and mortgage interest rates rose. This put the brakes on the housing
recovery and resulted in a sluggish summer for real estate. If interest rates
retreat to where they were at the beginning of 2013, mortgage refinances and
purchases will rebound again.
IF YOU ARE A BUYER, mortgage rates are expected to drop over the
next several weeks. NOW is the time to pull the trigger! For more
information, contact our Buyer Specialist, Mike Drefs, at 623-693-1505! He can
put you in touch with an excellent loan officer who will determine your current
mortgage or refi rate.
Wednesday, September 4, 2013
Phx Area Home Prices....... A Look Ahead to 2014 ...
Part of our job as Realtors is to always be looking at market statistics, reading predictions from experts and forming an educated opinion on where the real estate in our market is headed. Many of the headsline you read regarding real estate is written on a national level. The market in California and Arizona typically starts the wave that slowly moves across the country. So, the national market statistics you are reading is usually old news for us here in the Phoenix area. |
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