For October 10, 2022 For Sellers: We are coming into our selling season in Oct-May.  The best time to sell is before the holidays because most sellers wait until after the holidays, so there is less competition at this time.  December has always been a good selling month for me. Most sellers don't like to drop their prices. they prefer to give sellers concessions which are on the rise.  A well-priced home is still selling between 95%-97% of the listing price.  Expect at least 90 days on the market.  If you are thinking of selling your home, I would love the opportunity to talk to you about marketing and selling your property. For Buyers: Seller-paid closing cost is expected to continue to rise.  Aside from paying the buyer's closing cost for title fees, pre=paid taxes & insurance, and lender fees.  Seller-paid concessions can also be used to lower the buyer's mortgage interest rate, easing the pressure on the monthly payments.  If you are considering purchasing a home, I would love the opportunity to help you!  

For Sellers: The latest spike in interest rates has resulted in a drastic drop in contract activity, down 14% in the last two weeks. Over the last six months, the housing market has shifted from a frenzy to a more balanced market. Until rates drop, sellers need to be realistic about their list price and offer to pay the buyer's closing cost or buy down the interest rates for the buyer. The best time to up your property on the market is in the fourth quarter when the snowbirds start to arrive. In 2023, expect more activity due to the Super Bowl, Spring Training, Barrett Jackson, Arabian Horse Show, and the Phoenix Open starting January through May. For Buyers: In the recent resale market, 11% of the sellers have had seller concessions (seller paying buyer's closing cost or buying down the interest rate). The fourth quarter of the year tends to be the best time for a buyer to purchase a home, and there is usually a supply boost around September and October. Once 2023 gets here, contract activity is expected to increase dramatically from January through May. The upcoming Super Bowl, Phoenix Open, and Spring Training events will generate more open houses and real estate activity. Thinking of buying or selling, please contact: Michelle Quackenbush, Broker/Owner Lucky Duck Realty 602-999-2627 or LuckyDuckTeam@gmail.com

Seller Paid Closing Cost Is Back! Sellers are willing to pay for an interest rate buydown or part/all buyer's closing cost.   This is good news for buyers. Buyers have more time to decide and more houses to choose from with the average time on the market of 21-65 days.  Some properties are still closing over list price, with the average over list being $7,000, down from $20,000. The median sales price has declined from $480,000 to $450,000.  This is a 2% decline; however, this is not across all price ranges. As I have said before, home increases start from the bottom up, and decreases start from the top down. The chart below is per price range for the metro Phoenix area.  If you need stats for your zip code or neighborhood with no obligation, please contact Michelle Quackenbush-Lucky Duck Realty at 602-999-2627 or LuckyDuckTeam@gmail.com.  I am your stats girl for the Phoenix area!          Price Range               Price Per Sq Foot  Up to $300K                     $213.89 $300K-$500K                   $261.18 $500K-$800K                   $287.30 $800K-$1M                       $333.11 $1M-$1.5M                        $384.36 Over $1.5M                        $583.57                                                          

Wondering what is going on in the Phoenix Real Estate Market? These stats are using the data from the MLS System and are for the complete valley. If you are wanting stats for a specific area, please let me know and I would be happy to supply them to you for free.