Phoenix Real Estate Weekly Market Updates with Liz & Marie - We will be sharing actual MLS data each week as well as what's going on in Phoenix and all around the valley. Most news is in Maricopa County and we also purchase properties in Navajo, Gila and Coconino counties. Tune in if you are interested in the local real estate market and real estate news!
How Rising Mortgage Rates will Impact Soaring Home Prices in Metro Phoenix - May 4, 2022
For the 33rd consecutive month, metro Phoenix led the nation in February home price growth — at a whopping 32.9% year-over-year gain, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index released April 26. But rising mortgage interest rates could put a bit of a damper on this upward trajectory, analysts say.
"We expect home price appreciation to slow down due to the new environment in the mortgage industry," said Steven Hensley, advisory manager for Zonda housing market research firm. "However, it is unlikely that home values will fall in the short term given low inventory levels. Given all the uncertainty in the housing market today, Phoenix home buyers are proving resilient."
26 Apr 2022
Phoenix Mortgage Costs Skyrocket 20% Already This Year - April 26, 2022
Home shoppers are facing a one-two punch this spring: Quickly rising mortgage rates are compounding affordability challenges that have been brought on by record home value growth. The cost of a 30-year mortgage on the typical U.S. home is now 19.5% higher than it was just three months ago, according to the March Zillow® Real Estate Market Report and Phoenix mortgage costs skyrocketed an astonishing 20.4% just since the start of the year. Despite this, the pace and volume of sales picked up in March, showing the depth of the pool of home buyers willing and able to meet current asking prices.
29 Jan 2022
5 Tips for First-Time Home Buyers Jan 25, 2022
5 tips for first-time home buyers
It’s projected this year that millennials will make up over 51% of national home buyers. There’s plenty to learn about real estate. Buying or selling a home can be a daunting ordeal if buyers don’t feel knowledgeable about the industry.
We’ve put together five important things for buyers to consider when finding their first home:
Check Your Credit: Conventional home loans typically require a credit score to be at least 620 and if it’s below that, buyers will want to look into a Federal Housing Administration loan.
Home Buyer’s Confidence: It’s important before buying a home to know significant key terms and what they mean. Buyers must also research the real estate in their area.
Commission, What is It? Buyers should ask agents up front what they should expect to pay in agent commissions, fees and closing costs.
Work With An Experienced Real Estate Agent: Working with a knowledgeable and experienced agent who understands your market and its current conditions can make all the difference in your home buying journey.
Mortgage Myths: PMI is usually required when a homebuyer can’t afford a 20% down payment. New homeowners should strive to avoid PMI. It ultimately raises home payments and can make homes unaffordable.
Buying a home is a huge step but with knowledge and a great agent, consumers will be headed in the right direction!
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