Market Happenings You Should Know

Whether you (or someone you know) are considering buying or selling a home, or you just want to keep up on the market to know what your home might be worth today, you should know these simple statistics courtesy of the Arizona Regional Multiple Listing Service. Overall, the market is strong, prices are up and holding steady.
If you are a seller, experts feel that now is the time to sell as they predict a slight market correction in 2018. According to “The National Real Estate Post”, we could be seeing the peak of pricing right now, followed by a small dip in values. Now could be the exact right time to sell.
If you are a buyer. Inventory is low, the selections are highly sought after.  More importantly, interest rates are rising! If you wait for pricing to come down, you will likely pay more for your loan, therefore afford less home at a higher overall price. Now is the time to buy!
Here are some stats (through Feb 2018) that you may find interesting:
NOTE: These numbers are broad, they vary by community and neighborhood. If you are interested in what they look like in your neighborhood, or desired area to live, call me and we can take a closer look.
February was a great month for sales.  Up 13.6% over January, and 7.4% higher than 2017:
In the next 2 charts you see that: 
A) New Inventory is declining, fewer homes being listed.
B) Total inventory has stayed roughly even this past year.  Still well below Phoenix area averages. 
Sale prices are healthy, but you can see a small decline. This could be due to over pricing in the 
original listings, then adjusting down to actual market value. 
(*It is very important to price right at the list date and not reach for an unrealistic asking price.)
Average Days on the Market is down year over year, however still a bit high in my opinion.  
This could be due to the asking price issues addressed above. 
A home with an unrealistic asking price will sit until the price comes down. 
 
MORTGAGE RATES ARE ON THE WAY UP!! 
If you have been hesitating to buy your home, the .38% increase in rates in the last 3 months 
may have cost you something on your “want” list. (Pool, extra bedroom, 3rd garage, etc)
 
Quite simply, it is going to cost you more to get a loan. Your buying power suffers unless you’re willing to 
increase your overall budget.  
Today’s Mortgage Interest Rates (Source: BankRate.com 3/22/18)
3-month trend
3/21/2018
4.58%
4.00%
4.05%
4.55%
3/14/2018
4.54%
3.95%
4.04%
4.51%
3/7/2018
4.59%
4.00%
4.01%
4.53%
2/28/2018
4.57%
4.00%
4.00%
4.51%
2/21/2018
4.52%
3.94%
3.98%
4.51%
2/14/2018
4.51%
3.90%
3.93%
4.45%
2/7/2018
4.44%
3.87%
3.94%
4.38%
1/31/2018
4.38%
3.77%
3.86%
4.34%
1/24/2018
4.27%
3.71%
3.81%
4.28%
1/17/2018
4.20%
3.62%
3.80%
4.25%
Questions?  Call or Email me.  I am happy to help.  Also, I am NEVER too busy for your referrals.  Please feel free to send them my way…and thank you!
Posted on March 22, 2018 at 8:59 pm
Kevin Jacobs | Category: Market Information | Tagged , , , , , , , , , , , , , , , , , ,

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