Weekend Warrior | August 10 - August 11, 2024

Hey, Hey, Hey Weekend Warriors! 

We got a little teensy bit of a break from the HOT HOT temps we've been seeing - not enough to start planning outdoor birthday parties quite yet but just enough to be thankful that we've got sunshine over rain. Much of the country has been dealing with natural disasters while we have been struggling to stay cool - this my friends is one of the BIGGEST reasons why our Arizona real estate continues to be a good investment. With no natural disasters to worry about, loads of activities from resorts to indoor and outdoor kids play places, tons of recreation from mountains to lakes, and MASSIVE growth in the business sector from the loop 303 to the 24 and nearly every bit of land between Chandler and Tucson - there's always something new popping up and it's keeping people IN Arizona and comin' on down! In this week's Weekend Warrior edition, we've got updates on our local real estate market and what to expect now that rates are trending down, an update on the changes you might have heard about when shopping for a new home, LOTS of new events for you to join us at including a FREE movie in Chandler and a volunteer event at the Welcome to America project, and of course links to all the area happenings (indoor & outdoor) so be sure to scroll through before YOU head out this weekend! 

Big Rate Drop This Week...So Now, What?  

Mortgage rates took a quick dive this week trending down into the lower 6s with potentially more improvement to come which will likely pique the interest of many folks who have been sitting on the sidelines finding it hard to stomach rates in the 7s. The challenge with many of these potential buyers is of course that prices have continued to rise although we seem to be positioned in a bit of a sweet spot at the moment with prices very similar to where they were this time last year. 

The expectation of course is that as more buyers take advantage of improved rates, the competition for the available supply will increase and concessions will be more difficult to secure and prices will follow with an uptick whose pace can only be determined by the balance between supply and demand. We continue to watch supply closely and in most parts of the valley we’re in a nice little balance with some cities trending a bit towards sellers having an advantage while others are giving buyers the upper hand.  

The numbers are still trickling out from the close of July, but here are the basics:

• Active Listings: 17,677 versus 11,241 last year - up 55% - but down 3.6% from 18,121 last month
• Pending Listings: 4,441 versus 4,842 last year - down 8.3% - but up 0.8% from 4,407 last month
• Under Contract Listings: 7,287 versus 7,546 last year - down 3.4% - and down 1.6% from 7,402 last month
• Monthly Sales: 6,199 versus 5,915 last year - up 4.8% - but down 2.0% from 6,324 last month
• Monthly Average Sales Price per Sq. Ft.: $286.58 versus $281.97 last year - up 1.6% - but down 2.9% from $295.15 last month
• Monthly Median Sales Price: $440,000 versus $434,900 last year - up 1.2% - but down 2.2% from $450,000 last month

Though there are plenty of credit problems in other sectors (e.g. auto loans, credit cards), home loans are looking very healthy with delinquency stuck at low levels. This also means foreclosure volumes are very small and there is little sign of that changing in the near to medium term. You Tubers have been forecasting a new tsunami of foreclosures for over 5 years now and have managed to be 100% wrong. Those who would love to see more bank-owned homes enter the market are out of luck. There is also no sign of their luck changing in the near term.

Overall, the market is balanced giving both buyers and sellers an opportunity to test the waters. The best thing to do is to start gathering the facts that apply most to your family - your neighborhood, your needs, your right next step ❤️ and we'd love to help (hint hint - see below for a link to message us a time that works for you). 

These homes went quickly and we've got the stories to tell! From downsizing and moving closer to family to relocating out of state for a new job, you never know when life is going to pop up with a plan of its own! The good news is that we've helped thousands of families just like yours through all kinds of moves BIG and small and we've got the resource list to back up your next move. From movers to painters to remote signers and everything in between prep day and closing day - we've got you covered. Our team excels at the communication and negotiation needed to navigate a balanced market - want to know the three biggest things we see getting in the way of closing day? Message us and we'll give you the details as well as a custom property evaluation report to give you an idea of where you stand with equity. 

We just finished our school supply drive for Community Bridges and it was absolutely incredible. We are so grateful to all of you that donated, spread the word, and joined us in packing backpacks for some very special students in Mesa as they headed back to school!

As we close out the summer months including our water drive for Cultivate Goodness, we've already started to look ahead and have a ton of new activities popping up that we'd LOVE to see you at including a FREE movie with the fam including popcorn, drinks, and more! 

We're also working on two more opportunities for you to join us in giving back including a donation drive for Hands on Greater Phoenix,  a nonprofit volunteer management organization that connects volunteers with community needs, and a volunteer day at The Welcome to America Project!

Check out the details below and we hope to see you and your families there!

What Have You Heard? 

This week we saw big changes in the real estate industry that mostly centered around increased transparency with buyer and seller clients and the requirement to have an employment agreement signed with a buyer’s agent prior to viewing property. Our buyer and seller strategy sessions remain some of the most comprehensive in the industry and we are confident that clients of the Amy Jones Group will continue to be some of the most prepared consumers stepping out in the real estate market. 

In fact, we have one family working on their ninth transaction with our team - something that we stand so proud of as it speaks to our service and integrity in the industry. At that same time, we continue to get reviews from our first time home buyers who say that our team understands that buying a home, especially your first home, is not just a HUGE financial transaction but also an emotional process because we've all been there with families of our own. 

Here's a few of the questions we've been asked...

Do we have to sign something before seeing an open house? No, but you do need to have your real estate professional with you. The big change in the industry only requires that you sign an employment agreement with a real estate professional prior to viewing homes so that you know what services that person is providing to you. This is similar to the practice of choosing a real estate professional to sell your home and signing an employment agreement with them that outlines what they will do to sell your home and their fee for service. If you do not have your real estate professional with you at your first visit to a model home for example, however, the builder can choose to NOT let you have any representation which means the builder's agent will be representing the builder and not you. 

I don't know how my agent got paid before, I just thought the seller did it. Will they not do that anymore? Great question, and a big reason why this change came into place. Buyers often did not know how much their real estate professional was paid or how. Now during your buyer strategy session which we do with all of our clients, we will be sure to go over ALL the costs of purchasing a home including the fee for service for all of the professionals involved in helping you get to the finish line - mortgage lender, title and escrow, and real estate - as well as the costs you can expect after closing like your mortgage, HOA, and utilities. We will also go through different strategies for bringing your cost to close and monthly payments down either through seller concessions, lender credits, rate buy downs, or a mixture of a few of these!

We know that change can be hard and news stories can be confusing (and often misinformed) so tell us, what questions do you have? We are working hard to reach out to all of our clients and make sure they understand the news and answer any questions they have about the home buying and selling process. If we haven't sat down yet to chat, shoot us a text and let us know that you've got some burning questions that need answers. We appreciate you and want to be your resource for this or the best pizza place in the area - ALL things real estate and community. 

Welcome to the highly sought after amenity rich Alamar community of Avondale, Arizona. This single level 2335sf David Weekley Home is show ready with 3 bedrooms, a double door office, spacious kitchen and greatroom, and a professionally landscaped backyard with growing trees & a covered patio to enjoy Arizona sunsets year round with no neighbors behind. No need to wait 10-12 months to build the popular Cedarcrest floorplan new when this extremely lightly lived in home is ready for you today! This Avondale neighborhood is spread over 1,150 acres, including dozens of parks, miles of trails, and expanses of recreation space including a neighborhood pool, dog parks, sport fields & courts, outdoor gathering venues, events & more right in your backyard, Alamar is more than a place to live - It's a lifestyle!

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