2023 Interest Rates – Still Historically LOW!

Interest rates are a hot topic these days, and it seems like they’re constantly on our minds. We were ecstatic not too long ago when rates were as low as 2.5%, but now we find ourselves grumbling about rates in the sixes. It’s important to keep things in perspective, though. Even in the sixes, mortgage rates are historically low. Our parents, for example, remind us of the days when they were paying a whopping 18% in mortgage rates back in 1981.

 

The good news is that you have options to navigate the current rate environment. One option is to consider buying the rate down. This means paying extra upfront to lower your interest rate. It may require some cash out of pocket, but if you plan to stay in your home for an extended period, it can be a smart move. Another creative approach is to negotiate with the seller to cover the cost of buying the rate down. To explore these options further, it’s crucial to consult with a knowledgeable mortgage professional who can provide guidance tailored to your situation.

If you’re in need of a reliable mortgage broker, I have a network of exceptional lenders who can assist you in getting your pre-approval in order.

Don’t hesitate to reach out for a referral and start your journey towards securing the best possible mortgage terms for your home purchase. 

Contact us: Shea Preferred Realty Group

 

The Market Isn’t Crashing Anytime Soon

Despite what some may think, the market is expected to remain steady and not experience a downturn!

Here are several factors that contribute to this:

  • Homeowners are recluctant to sell: As per the National Association of Realtors, the volume of U.S. Existing Home Sales in January 2023 has decreased by 34% in comparison to January 2022. Due to being bound to low-rate mortgages, a large number of homeowners are not eager to sell their properties as they would have to relinquish the favorable rate to buy a more costly home with a higher mortgage rate.
  • Mortgage delinquency rates are low: Mortgage delinquencies, which indicates late payment by a homeowner on their mortgage, is relatively low. This can be attributed to the fact that lenders are not extending credit to borrowers who have poor credit scores.
  • Home equity is at an all-time high: Compared to 2008, homeowners now possess a significant amount of home equity which puts them in a strong financial position and enables them to sell their property at a profit. The Home Equity Report by CoreLogic reveals that in the third quarter of 2022, individuals in the United States with outstanding mortgages saw their equity increase by 15.8%.
  • The housing market is starved for inventory: One of the driving factors behind the appreciation in home prices in recent years has been the lack of inventory. The 2008 housing crisis caused the closure of many small home builders, leading to a decline in new builds. Although new builds have resumed, the global supply chain shortage has increased construction material costs and slowed down the process.

    As the real estate market is currently experiencing a shortage of inventory, there is a substantial demand waiting to be fulfilled. It is improbable for a single factor such as interest rates to cause a slowdown in home price appreciation. A combination of inflation, affordability, interest rates, supply, and other factors will probably have to come together throughout the year to cause a decrease in home prices.

Now is the time to buy! Give our team a call and let’s get a customized home search started for you!

– Shea Preferred Realty Group

Residential Construction – Benefits of Hiring a Realtor with Residential Construction Background

Having a Realtor with a background in Residential Construction provides so many benefits! Did you know that Ben has an extensive background in Residential Construction?

Watch this!

 

The US Department of Labor defines Residential Construction as any project involving the construction, alteration, or repair of single-family houses or apartment buildings of no more than four floors in height. This broad category includes a wide range of housing types, from single-family homes to multi-unit apartment buildings. Some common examples of residential construction include townhomes or row houses, mobile homes, multi-family houses, and apartment buildings of four floors or less. Student housing of four floors or less is also included in this category.

 

Benefits of Hiring a Realtor with Residential Construction Background:

  1. Understanding of the Construction Process: A real estate agent with a background in residential construction has first-hand knowledge of the construction process, including the materials and techniques used to build and renovate homes. This can be invaluable when it comes to assessing the condition of a property, identifying potential issues, and negotiating repairs or renovations.
  2. Ability to Spot Issues: With their experience in construction, they can spot potential issues that others might miss. They can identify red flags that could indicate problems with a property, such as foundation issues, drainage problems, or electrical hazards. By catching these issues early, they can help you avoid costly repairs down the road.
  3. Access to a Network of Contractors: Also, they often have an extensive network of contractors and other professionals in the industry. This can be helpful when it comes to finding reliable and trustworthy contractors for repairs or renovations. They can also provide guidance on which renovations or upgrades are likely to add value to a property.
  4. Negotiating Power: They have a deeper understanding of the costs associated with repairs and renovations, which can give them an edge when it comes to negotiating with buyers or sellers. They can help you make informed decisions about which repairs to request, and they can help you negotiate the costs of those repairs.
  5. Better Communication: With their experience in construction, these Realtors have a greater understanding of the language and terminology used in the industry. This can make it easier for them to communicate with contractors, inspectors, and other professionals involved in the buying or selling process.

For home selling & buying information, contact us now! Shea Preferred Realty Group

Want To Sell Your House This Spring? Price It Right.

Over the last year, the housing market’s gone through significant change. While it’s still a sellers’ market, homes that are priced right are selling, and they get the most attention from buyers right now. If you’re thinking of selling your house this spring, it’s important to lean on your expert real estate advisor when it comes to setting a list price. As Realtor.com explains:

“Move-in-ready homes with curb appeal and in desirable areas—and that are priced to sell—are especially likely to move quickly this spring.”

In today’s market, how you price your house will not only make a big difference to your bottom line, but to how quickly your house will sell.

Why Pricing Your House Right Matters

Your asking price sends a message to potential buyers, especially today.

If it’s priced too low, you may leave money on the table or discourage buyers who may see a lower-than-expected price tag and wonder if that means something is wrong with the home.

If it’s priced too high, you run the risk of deterring buyers. When that happens, you may have to lower the price to drive interest when your house sits on the market for a while. But be aware that a price drop can be seen as a red flag by some buyers who will wonder what it means about the home.

To avoid either headache, price it right from the start. A real estate professional knows how to determine the ideal asking price. They balance the value of homes in your neighborhood, current market trends, buyer demand, the condition of your house, and more to find the right price. This helps lead to stronger offers and a greater likelihood your house will sell quickly.

The visual below helps summarize the impact your asking price can have:

Bottom Line

Homes priced at the current market value are selling faster and at a better price right now. To make sure you price your house appropriately, maximize your sales potential, and minimize your hassles, let’s connect today.

The Key Advantage of Investing in a Home

Key takeaways-

  • Buying a home is a major way to build wealth and gain financial stability.
  • That’s why, across different income levels, the largest part of most homeowners’ net worth is their equity.
  • Let’s connect today so you can start investing in homeownership.

Encanterra Living App – Look no Further

Here’s a quick video on ENCANTERRA LIVING APP !

 

Are you or someone you know considering a move to the beautiful community of Encanterra? Look no further than the Encanterra Living app! This app provides the most updated and accurate listings of homes for sale in Encanterra, making your house hunting process a breeze.

As a gated community, Encanterra offers unparalleled security and peace of mind, while also providing a vibrant and active community club for its residents. Located in the East Valley, specifically in Queen Creek, Encanterra is surrounded by picturesque views and plenty of opportunities for outdoor activities.

With the Encanterra Living app, you can easily browse through listings, filter based on your preferences, and even save your favorite homes for future reference. And if you know someone else who is searching for a home in Encanterra, be sure to pass along this valuable resource.

Don’t miss out on the chance to make Encanterra your new home. Scan the QR code above to Download the Encanterra Living app and start your search for the perfect home in this incredible community.

Real Estate Market Report – MARCH 2023

The Encanterra community has seen some interesting changes in the real estate market over the past year. According to the latest data from the Arizona MLS, the number of active listings has increased substantially to 53, up from just 14 in March 2022. This may suggest a shift in the market, as more homeowners may be looking to sell their properties.

Despite the increase in active listings, the number of new listings in March 2023 remained steady at 14. Additionally, there were 5 pending listings, indicating a reasonable level of activity in the market. However, the number of sold listings has decreased to 9, down from 19 in March 2022. This may suggest that properties are taking longer to sell, or that buyers are becoming more selective.

The sale-to-list price ratio has also decreased, standing at 96.5% in March 2023, down from 101.4% for the same month in 2022. This suggests that buyers may have slightly more bargaining power than in the previous year, as sellers may be more willing to negotiate on their asking price.

If you are a homeowner in Encanterra and are interested in selling your property, it is important to work with an experienced Encanterra Specialist who can help you navigate the market and set an appropriate asking price. The increase in active listings may result in more competition, so it is important to price your property competitively.

If you are a prospective buyer, the increase in active listings may mean that you have more properties to choose from. However, the decrease in the sale-to-list price ratio suggests that buyers should still be prepared to make reasonable offers and be patient in the negotiation process.

Whether you are a buyer or seller, it is important to stay up-to-date on the latest trends and data in the real estate market. If you have any questions or concerns about the market in Encanterra or the broader Arizona real estate market, don’t hesitate to reach out for guidance.

See below for the detailed market update.

 

Have You Thought About Why You Might Want To Sell Your House? 

Some Highlights:

  • If you’re on the fence about selling your house, it’s worth considering all the reasons why moving could make sense for you.
  • If you find your home no longer meets your needs, it may be time to sell.
  • You have a lot to consider when deciding if you should move. Let’s connect today to go over the benefits of selling your house.

TOP REASONS why hiring an Encanterra Specialist ensures you a successful home sale…

Selling a home can be a daunting task, especially in today’s housing market. While it might seem tempting to try and sell your home on your own,  hiring a Real Estate professional specializing in Encanterra ensures your successful sale.

Here are TOP REASONS why hiring an Encanterra Specialist ensures you a successful sale:

1.      They’re experts on market trends

An Encanterra specialist knows how the national real estate market is changing and what it means for your community. They can provide you with trustworthy, data-bound information to help you make informed decisions about pricing, timing, and marketing.

2.      A local professional knows how to set the right price for your home

Pricing your house too high can deter buyers, while pricing it too low can leave you with less money than you deserve. An Encanterra specialist will assess your home’s condition, upgrades, and location, and compare it to recently sold homes in Encanterra to determine the best price for today’s market.

3.      A real estate advisor helps maximize your pool of buyers

Encanterra specialists have access to a wide range of tools and resources, such as social media followers, agency resources, and the Multiple Listing Service (MLS), to help your house get in front of people looking to make a purchase. Without access to these tools and marketing expertise, your home’s selling potential may be limited.

4.       A real estate expert will read – and understand– the fine print

With more mandatory disclosures and regulations involved in real estate transactions, it’s important to work with a professional who can navigate the legal documents and speak the language.

5.      A local professional is a skilled negotiator

In today’s market, buyers are regaining some negotiation power. An Encanterra specialist can help you coordinate with the buyer, the buyer’s agent, the inspection company, the title company and the appraiser, so you don’t have to go toe-to-toe with them alone. They’ll know what levers to pull and how to address everyone’s concerns and get you the best deal possible.

In today’s market, selling your home without an expert by your side can be a risky move. Enlisting the help of an Encanterra specialist ensures you have a professional real estate advisor who can guide you through the process and help you get the most out of your sale. So, if you’re planning to sell your home this spring, let’s connect and discuss how we can help you achieve your goals.

Contact us for any Real Estate assistance and information you need! Shea Preferred Realty Group

 

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