More than 46 percent of Phoenix-area renters pay more than 30 percent of their income for a place to live

By | Real Estate Market Conditions, Rent vs Buying

Apartment rents climbed faster in metro Phoenix than anywhere in the U.S. during the past year. The average monthly cost to rent in the Valley jumped 8.1 percent, more than twice the rate U.S. rents climbed. That increase added $103 to the average apartment renter’s monthly bill, according to national apartment research firm RealPage. The… Continued

August 12, 2019

Mortgage Payments Drop $50 per Month on a Median Priced Home…ListingsUnder Contract Up 19% in 5 Weeks!

By | General, Market Conditions, New home in Gilbert, Real Estate Market Conditions

Buyers got a break last month as 30-year mortgage rates dropped significantly from an average of 4.41% to 4.08%, which is the lowest they have been since January 2018.  On a $267,000 home (the median sales price in Greater Phoenix) the drop equated to nearly $50 per month in savings on principal and interest, which… Continued

April 10, 2019

List Price Reductions up 24% in Greater Phoenix, Up 42% in Some Areas

By | Downtown Gilbert, General, Market Conditions, New home in Gilbert, Real Estate Market Conditions, Real Estate Tips

For Buyers: A weak 4th quarter for sales in 2018 has resulted in 11,874 price reductions in the first 5 weeks of 2019.  That’s 24% higher than this same time last year.  Price reductions on listings between $200K-$500K specifically are up 40%.  The most notable price range with a 42% increase is $200K-$250K. This may… Continued

February 12, 2019

Seller Concessions Spike on Listings Sold Between $200K-$250K…Price Reductions up 27% on Active Listings Between $250K-$400K

By | General, Market Conditions, Real Estate Market Conditions

For Buyers October marks the 4th month in a row that supply has continued to rise between $200K – $400K, which is good news for many buyers as it provides them with more choice and fewer competing offers.  However, for those buyers with budgets under $200K, this trend in supply doesn’t apply to them and… Continued

October 11, 2018

Phoenix Metro Market Update – September 2016 to 2017

By | Finance, General, Market Conditions, New home in Gilbert, Real Estate Market Conditions, Real Estate Tips

For Buyers: Supply between $150K-$200k continued rising in August.  However the $150K-$175K range had a more dramatic rise.  While still 26% below last year, it rose 17% since the beginning of June, a strong departure from the weekly decline this market experienced in the first half of 2017.  For buyers in the rest of the… Continued

September 14, 2017

Entry-Level Housing Inventory Jumped 10% in 4 weeks

By | Down Payment, Finance, General, Market Conditions, New home in Gilbert, Real Estate Market Conditions, Real Estate Tips

For Buyers: We have good news for first-time homebuyers!  A 10% rise in active single family homes between $150,000 and $200,000 over the last 4 weeks.  Seasonally, expect supply to begin rising in late September, so a turn this early in the year is unusual. This price point has been decreasing nearly every week since… Continued

August 10, 2017