Living 48 Real Estate Team

One of the most frequent questions I get is: "When is the best time to buy or sell a home?" I’ll give you my thoughts on this in a second. But first, I want to challenge the idea that there is a “best” time to buy or sell. Here’s why: Mortgage rates jump around Mortgage rates fluctuate daily, much more quickly than the overall housing market. And even a small change in rates could mean a large difference in real home prices — whether you're selling or buying. These changes are unpredictable, making it hard to ever be sure of a “best” time to buy or sell. But that’s not all. Statistics only tell part of the story National and state real estate trends are the averages of millions of different transactions. When you boil them down to a few numbers, lots of details get lost. The fact is, home prices and demand can vary county to county, neighborhood to neighborhood, and even home to home. While it's nice to have a simple indication of where the real estate market is...

If you are the owner of a luxury home here in Arizona, you may be wondering why you haven’t seen the same appreciation in the median sales price of your home’s value. Here’s a great chart and explanation of why that is. Thanks to Chris Butterworth for this information. Median Median Price of Luxury Homes Remains Flat This is a very deceiving chart. We know that prices have risen over the last 3 years, and we know that the luxury market has grown during that time as well. So why hasn’t the median price increased? It’s because of these two reasons that the median price hasn’t changed. Rising Prices: Yes, a 20% increase means that $2,000,000 house is now worth $2,400,000. And that $1,500,000 home would be priced at $1,800,000. And of course, the $1,000,000 home increases to $1,200,000. Growing Market: This 20% appreciation also means the $900,000 home is now worth $1,080,000, and the $835,000 home is worth $1,002,000 today. These “lower priced” luxury homes weren’t part of the m...

National Snapshot: What’s Ahead for Real Estate The U.S. unemployment rate is at a 50-year low, and consumer confidence remains high. In fact, the University of Michigan’s latest Surveys of Consumers found that Americans have their most positive personal finance outlook since 2003.1 However, if you follow national news, you’ve probably heard speculation that we could be headed toward a recession. Global trade tensions and a slow down in the GDP growth rate has sparked volatility in the stock market, leading to economic uncertainty. Given these differing signals, you may be wondering: How has the U.S. housing market been impacted? Where is it headed? And more importantly … what does it mean for me? MORTGAGE RATES ARE NEAR HISTORIC LOWS In August, Freddie Mac reported that the average 30-year fixed mortgage rate hit its lowest level since November 2016, falling to 3.6%, down a full percentage point from a year earlier.2 Variable mortgage rates also fell when the Federal Reserve cut...

We talk about the seasonality of the market quite frequently. I want to thank Chris Butterworth for preparing this chart and explanation to share with you. This shows in a visual way, exactly what we are talking about! Let me know if you have any questions on this or anything else in the real estate subject area. I’m here to be a resource to you! Maricopa County Seasonal Sales Volume The seasonality in the Maricopa County real estate market couldn’t be more obvious, or consistent. Lots of sales in April, May and June; not as many in December, January and February. The highs have risen slightly higher each year, but the lows have gotten lower as well. Overall volume per year has remained relatively level over the last 3 years: up slightly in 2017 and then flat in 2018 and 2019 YTD. - Chris Butterworth * All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.

Over the last several years (ever since the recovery started to happen) we have heard lots of doomsday reports of another recession or economic crisis being right around the corner. Bad news sells of course, but we also know that (at least in real estate) the market is cyclical and it will go up and down. Panic typically comes from being unprepared for unexpected events and so we thought it would be a great idea to discuss some of the financial lessons we learned from several financial cycles that we have experienced. We hope you find this information helpful and would love to have a conversation with you about any of these points should you desire. First point: Your home isn’t always an investment. I think it is important to understand that when you buy a primary residence, you may buy it with the thought that one day this will be a great investment property and chances are that if you hold onto it long enough, it absolutely will be. HOWEVER, when you are buying a primary...

Home Viewpoints The Fed Doesn’t Dictate Mortgage Rates Ruben Gonzalez, Keller Williams Chief Economist|Published: Jul. 9 2019 Mortgage rates have dropped since late last year, and that’s good news for consumers. Lower rates mean consumers pay less over the life of their home loan. For agents, taking the time to understand how mortgage rates work is key. As you guide your clients through the homebuying or selling process, it’s a tool you can use to drive informed conversations and help them better weigh their options. So, what’s important to know about mortgage rates? First off, let’s talk about a common myth out there, that the Federal Reserve, also referred to as “The Fed,” sets mortgage rates. That’s not entirely true. What’s the Federal Reserve? It’s the central bank of the United States, and it controls our money supply. If you think about the U.S. economy as a person, money is the blood, the banking system is the heart, and the Fed is our cardiologist. Congress has tasked the Fe...

In our “bigger is better” culture, there’s an expectation that each home should be larger and grander than the last. But life changes like divorce, kids leaving for college, or even the simple act of growing older can prompt us to find a smaller home that better suits our shifting needs and lifestyle. In fact, the advantages of downsizing are being increasingly recognized. A “tiny house movement” has gained passionate advocates who appreciate the benefits of living simply at any age and stage of life. Not only does a smaller home typically cost less, it also takes less time and effort to maintain. 1 Whatever your reasons are for downsizing, the process can seem overwhelming. That’s why we’ve outlined five steps to guide you on your journey. And in the end, we hope you’ll find that less is more … more comfort, more security, and more time and energy to spend on the activities and the people that you love. 5 STEPS TO DOWNSIZING SUCCESS Determine Your Goals and Limitations T...