ENCANTERRA REAL ESTATE MARKET: JULY 2024 UPDATE

As of July 17, 2024, the Encanterra Real Estate market continues to exhibit activity with 38 active listings for half of July, accompanied by 6 new listings. This indicates a steady stream of properties available for potential buyers, contributing to a diverse and dynamic market.

 

 

Pending listings for the same period show 5 properties awaiting closure, with 6 successful closings. The average days on market in Encanterra for July 1 – 17, 2024, stands at 83 days. Looking at the average list and sale figures, the average list price for July 1 – 17, 2024 closings is $594,617 while the average sold price is $582,233. This indicates a 98%  sold-to-list price ratio.

Stay tuned for our upcoming newsletter, where we will delve into year-over-year market trends for a more comprehensive analysis. Whether buying or selling in Encanterra, contact us anytime at @Shea Preferred Realty Group for expert assistance.

Homeowners Gained $28K in Equity over the Past Year

 
If you own a home, your net worth has probably gone up a lot over the past year. Home prices have been rising, which means you’re building equity much faster than you might think. Here’s how it works.
 

 

Equity is the current value of your home minus what you owe on the loan.

Over the past year, there have still been more people wanting to buy than there are homes available for sale, and that’s pushed prices up. That rise in prices has translated directly into increasing equity for homeowners.

How Much Equity Have You Earned over the Past 12 Months?

According to the latest Homeowner Equity Insights from CoreLogic, the average homeowner’s equity has grown by $28,000 in the last year alone.

That’s the national average, so if you want to see what’s happening in your state, check out the map below. It uses data from CoreLogic to show how much equity has grown in each state over the past year. You’ll notice every single state with sufficient data saw annual equity gains:

 

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What If You Bought Your House Before the Pandemic?

If you bought your house before the pandemic, the equity news is even better. According to data from Realtor.com, home prices shot up by 37.5% from May 2019 to May 2024, meaning your home’s value has likely increased significantly. Ralph McLaughlin, Senior Economist at Realtor.com, says:

“Homeowners have seen extraordinary gains in home equity over the past five years.”

To give context to how much equity can stack up over time, Selma Hepp, Chief Economist at CoreLogic, explains the total equity the typical homeowner has today:

“With home prices continuing to reach new highs, owners are also seeing their equity approach the historic peaks of 2023, close to a total of $305,000 per owner.”

How Your Rising Home Equity Can Help You

With how prices skyrocketed a few years ago, and the ongoing price growth today, homeowners clearly have substantial equity built up – and that has some serious benefits.

You could use it to start a business, fund an education, or even to help you afford your next home. When you sell, the equity you’ve built up comes back to you, and may be enough to cover a big part – or even all – of your next home’s down payment.

Bottom Line

If you’re planning to move, the equity you’ve gained can really help. Curious about how much you have and how you can use it to help pay for your next home? Let’s connect! 

 

How Do Presidential Elections Impact the Housing Market?

 

 

Are you wondering if the upcoming election will have an impact on the housing market? Here’s what history tells us you need to know if you’re considering a move.

 

 

Data shows home sales slow in November but quickly bounce back and rise the following year. Prices usually keep climbing. And mortgage rates typically come down slightly. Presidential elections have only a small and temporary impact on the housing market. If you have questions, let’s connect! Contact us at 480-677-8170 or thru our website SHEA PREFERRED REALTY GROUP

What’s Ahead for the 2nd Half of 2024?

As we approach the latter half of 2024, here’s a breakdown of what experts predict for home prices, mortgage rates, and home sales.

On Home Prices:

While home prices are expected to keep going up, the dramatic increases we saw during the pandemic are likely to slow down. This is because inventory is increasing, though it’s still lower than usual. With demand still outpacing supply, prices will keep edging upwards, but at a more manageable pace.

What does this mean for you?

The price hikes are slowing down, so jumping in now could save you money in the long run. Plus, experts predict homes will still appreciate in value.

On Mortgage Rates:

Experts predict a dip in mortgage rates, making homeownership more affordable for buyers and potentially sparking renewed buyer interest for sellers.

What does this mean for you?

* Buyers: Even a small rate decrease translates to lower monthly payments, putting homeownership within reach for more people.
* Sellers: Lower rates can attract more buyers, potentially leading to a faster sale and even a higher selling price. This could be the push you need to list your home if you’ve been on the fence due to current rates.

On Home Sales:

The housing market looks to hold steady, with a possible bump in sales this year.

What does this mean for you?

With a few more homes on the market and a slight dip in mortgage rates, it means a busier market but also a better chance for you to find your dream home and finally move!

Bottom line

The market is changing and will keep evolving. Whether you’re buying or selling, you shouldn’t navigate it alone. Partner with an expert. Contact us today at 480-677-8170 or thru our website SHEA PREFERRED REALTY GROUP

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Homeownership: Your Best Defense Against Inflation

Investing in homeownership is one of the smartest financial decisions you can make, especially in today’s economic climate. With inflation on the rise, protecting your portfolio is crucial, and real estate offers a stable and appreciating asset over time.

Owning a home provides numerous advantages:

  • Stable Payments: A fixed-rate mortgage ensures predictable monthly payments, even if taxes and insurance rates change.
  • Tax Benefits: Mortgage interest, insurance premiums, and property taxes can be tax-deductible.
  • Freedom to Renovate: Homeowners can make any desired changes or renovations without needing landlord approval.
  • Access to Funds: A Home Equity Line of Credit (HELOC) allows you to finance home improvements, renovations, or other needs.

Over the past quarter, homeowners gained an average of $34,300 in equity. The average homeowner now holds $300,000 in total equity, with homes selling for a median of $85,000 above the purchase price.

For a detailed analysis of your home’s appreciation since purchase, contact us today. We’re here to help you make informed decisions and maximize your investment. Remember, in today’s market, the best defense is a good offense!

Encanterra Real Estate Insights – The Last 18 Months

The Encanterra real estate market has seen significant activity over the past 18 months, with 181 closed resale listings since January 1, 2023. Notably, the top two selling Realtors in the community were responsible for an impressive 38% of the total volume, accounting for 69 of these sales. In stark contrast, 60 Realtors managed to sell only one property each. This data underscores the importance of choosing experienced agents who understand the nuances of the Encanterra market.

During the same period, there were 97 cancelled or expired listings, equating to a 50% ratio compared to successful closings. This means that for every two homes sold, one listing was either cancelled or expired. The high cancellation rate highlights the complexities involved in selling homes in a specialized community like Encanterra.

Successfully selling a home here requires meticulous attention to detail. From decluttering and staging to landscaping and routine maintenance, every aspect of a home’s presentation can impact its marketability. In today’s competitive market, these tasks are not just about obtaining a higher price but are essential for achieving a sale.

TJ and Ben pride ourselves on our hands-on approach, personally overseeing every step of the listing process. With extensive experience and numerous referrals, we are well-equipped to help you navigate the Encanterra real estate market. If you’re considering selling or know someone interested in buying or selling, we offer unparalleled expertise and familiarity with the community.

Housing Market Forecasts for the 2nd Half of 2024

As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales.

Home Prices Are Expected To Climb Moderately

Home prices are forecasted to rise at a more normal pace. The graph below shows the latest forecasts from seven of the most trusted sources in the industry:

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The reason for continued appreciation? The supply of homes for sale. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), explains:

“One thing that seems to be pretty solid is that home prices are going to continue to go up, and the reason is that we don’t have housing inventory.”

While inventory is up compared to the last couple of years, it’s still low overall. And because there still aren’t enough homes to go around, that’ll keep upward pressure on prices.

If you’re thinking of buying, the good news is you won’t have to deal with prices skyrocketing like they did during the pandemic. Just remember, prices aren’t expected to drop. They’ll continue climbing, just at a slower pace.

So, getting into the market sooner rather than later could still save you money in the long run. Plus, you can feel confident experts say your home will grow in value after you buy it.

Mortgage Rates Are Forecast To Come Down Slightly

One of the best pieces of news for both buyers and sellers is that mortgage rates are expected to come down a bit, according to Fannie Mae, the Mortgage Bankers Association (MBA), and NAR (see chart below):

No Caption ReceivedWhen you buy, even a small drop in mortgage rates can make a big difference in your monthly payments. For sellers, lower rates will bring more buyers back into the market, which can help you sell faster and potentially at a higher price. Plus, it may help you get off the fence, if you’ve been hesitant to sell due to today’s rates.

Home Sales Are Projected To Hold Steady

For 2024, the number of home sales will be about the same as last year and may even rise slightly. The graph below compares the 2024 home sales forecasts from Fannie Mae, MBA, and NAR to the 4.8 million homes that sold last year:

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The average of the three forecasts is about 5 million sales in 2024 – a small increase from 2023. Lawrence Yun, Chief Economist at NAR, explains why:

“Job gains, steady mortgage rates and the release of inventory from pent-up home sellers will lead to more sales.”

With more inventory available and mortgage rates expected to go down, a few more homes are expected to be sold this year compared to last year. This means more people will be able to move. Let’s work together to make sure you’re one of them.

Bottom Line

If you have any questions or need help navigating the market, reach out.

Queen Creek Town Council Lowers Property Tax Rate Again!

The Queen Creek Town Council has once again shown its commitment to fiscal responsibility and resident support by lowering the town’s primary property tax rate for the second consecutive year. At the June 5, 2024 meeting, ordinance 840-24 was unanimously approved, reducing the rate from $1.72 to $1.63 per $100 of assessed value. This move continues to benefit existing residents by alleviating the tax burden as property values increase.

Photo Source: Town of Queen Creek

 

Key Highlights:

  • Tax Rate Reduction: The primary property tax rate has been lowered from $1.72 to $1.63 per $100 of assessed value.
  • Resident Benefits: This reduction is designed to maintain the amount of property taxes paid by residents at approximately the same level as last year, around $434 annually for a median value home.
  • Cumulative Savings: Projected savings amount to $557 over a five-year period for residents.
  • Historical Context: In 2022, the Town Council approved resolution 1500-22, which froze the amount of taxes paid by property owners, ensuring a gradual reduction in the tax rate as property values rise.
  • Public Safety Funding: The primary property tax, dedicated to funding public safety, was initially approved by voters in 2007 and capped at $1.95 per $100 of assessed value. This cap has not been exceeded, and the town has been able to reduce the rate since 2020. The town’s strategy of shifting funding to the general fund, which includes sales tax revenues from both residents and non-residents, allows for continued support of public safety services without overburdening property owners.

What This Means for Residents

  • Steady Tax Payments: Residents will continue to pay about the same amount in property taxes as last year.
  • Ongoing Savings: With the tax rate reductions, residents can expect cumulative savings over the coming years.
  • Enhanced Public Safety: Funding for public safety remains robust, supported by a combination of property taxes and general fund revenues.

For more detailed information on the town’s budget and to view Town Council meetings, residents can visit QueenCreekAZ.gov/Budget and QueenCreekAZ.gov/WatchMeetings.

Stay informed and stay engaged with Queen Creek’s ongoing efforts to support its residents through prudent financial management and community-focused initiatives!

Sources: Queen Creek Sun Times, QueenCreekAz.gov

 
 

Phoenix Led the Nation in Rental Increases!

 

Recent data reveals that Phoenix is at the forefront of the nation’s rent increases, underscoring a crucial point for home buyers: the time to act is now. With rental rates predicted to continue rising, investing in homeownership becomes not just a smart choice, but a strategic one. 
Ready to turn the tide from renting to owning? Reach out to us with any questions about home buying – we’re here to guide you every step of the way.

 

Planning to make a move? Contact us for any Real Estate decisions! @ SHEA PREFERRED REALTY GROUP

Think We Only Help You Buy and Sell Homes in Encanterra or Queen Creek? Think Again! We’ve Got You Covered Across States!

Moving to a new state can be both an exciting adventure and a daunting task. While many people know us for our expertise in Encanterra and Queen Creek, did you know that our services extend far beyond these areas? We’re here to make your out-of-state move smooth and hassle-free by connecting you with trusted real estate agents across the country.

 

 

Nationwide Real Estate Expertise

Our team has years of experience working with a network of talented real estate agents nationwide. Whether you’re relocating for work, seeking a change of scenery, or simply ready for a new adventure, we have the resources and connections to help you find your perfect home in your new state.

Why Choose Us for Your Out-of-State Move?

  1. Personalized Agent Matching
    • We’ll connect you with a real estate agent who understands your specific needs and preferences, ensuring a personalized and efficient home-buying or selling experience.
  2. Nationwide Network
    • Our extensive network of professional agents spans across the country, allowing us to offer you top-tier service no matter where you’re moving.
  3. Expert Guidance
    • Moving to a new state involves many variables, from understanding local market conditions to finding the right neighborhood. Our agents provide expert guidance every step of the way.
  4. Seamless Transition
    • From the initial consultation to the final move-in day, we ensure your transition is as smooth as possible. Our goal is to make your move a positive and stress-free experience.

 

Planning an Out-of-State Move?

If you’re planning an out-of-state move or know someone who is, we’re here to help. Let us connect you with a trusted real estate agent who can assist you with all aspects of your relocation. Don’t let the complexities of an out-of-state move overwhelm you. By partnering with us, you gain access to a network of experienced real estate professionals dedicated to making your move as seamless as possible. Let’s chat and start planning your smooth transition to a new home.

Email: info@encbrokers.com
Phone: 480.677.8170
Website: www.ENCBROKERS.com

Follow Us and Stay Connected!

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#RealEstate #HomeBuying #HomeSelling #OutOfStateMove #TrustedRealtors #NationwideService #ENCbrokers #NewBeginnings #MovingTips #RealEstateNetwork

 

 

 

Ben Leeson and TJ Kelley

Arizona Experience Realty Group Resale Broker for the SHEA Preferred Program

480-677-8170

Info@ENCBrokers.com

 

36460 N Encanterra Drive Queen Creek, AZ 85140