What's Up Southeast Valley? October 2022
Month of October
Welcome back to our What's Up Southeast Valley for the month of October!
The real estate market is changing with each moment and we're finding new ways to connect with you, our community and local small businesses throughout it all! Welcome to Summer in Arizona, we are so excited to be on this journey with you!
We LOVE our clients, community, local businesses, giving back and serving YOU. Let's have an incredible month together!
👀 Watch Our LIVE!
Rise Up! Call-A-Thon
Shade Tree Academy is a private school designed to help children whose life experiences have impacted their ability to access education in a traditional school setting. Their mission is to equip children who have experienced significant trauma due to the loss of primary attachment figures & circumstances associated with that loss with the social & emotional skills to be successful in school & thrive in life.
They are in the process of raising $1,000,000 to get their school started.
This is where the ENTIRE Realtor Community Comes in.
We invite you to join us for a 1 day Call-A-Thon to raise money for this great organization. No House Sales, Just a Community of Realtors Volunteering our Time & Talents for one Common Goal: Raise Money for a Great Organization.
Please join us to connect with your sphere while supporting a fantastic cause. No experience necessary, we will provide all the details the day of the event.
Please come with your phone, database & computer.
Sign up here:https://www.signupgenius.com/go/5080E49A9AF2FA3F85-realtors
Book Club - Women Empowered Committee
Join us for the Women Empowered Book Club! Come deep dive into this Fall's book selection while connecting with other professionals.
The Book Club launches on October 17 and continues over the span of four weeks. Come share ideas, network, and discuss ideas from the book, facilitated by members of the Women Empowered Committee.
The Book Club's reading material was chosen and is being moderated by the Women Empowered Committee. The selected book is Do Nothing How to Break Away from Overworking, Overdoing, and Underliving by Celeste Headlee.
A limited menu will be available for attendees to purchase their own lunch and drinks from Peacock Wine Bar.
$10 for members
$15 for non-members
Book not included. Please purchase your book prior to October 17th
Ways to Get Involved in The Community
ASA Now - Volunteers Needed
At ASA now and Jacob’s Mission Community Center in Mesa we have created daily opportunities for our community to make a real impact in the lives of our most vulnerable population.
Within each one of you lies the potential to curve the statistics that foster children face. You can change the future of one of the 14,000 children that are currently in foster care.
The founders of ASA Now are three foster adopt mamas with a dream to change the grim statistics foster children face. Below are a few of those statistics.
Two out of three foster children end up dead, homeless or in jail within a year of aging out.
Girls in Foster Care Pregnant by 19 - 50%
Former Foster Kids in U.S. Prison - 74%
Incarcerated within 2 years of "Age Out" - 50%
Former Foster Youth on Death Row - 80%
Number of Foster Kids that graduate college - 1-3%
Number of Foster Kids that graduate high school - 33%
*45 minutes of your time once a week can change the trajectory of a child’s life.
Our Team Around Town
This month has been full of fun as we stepped out, stepped up, and stepped into the lives of our community! From Women in Leadership events, to the House of Refuge volunteer day, buyer's walk throughs and more - Check out all of the fun and follow us on SOCIAL!
The Amy Jones Group is RAPIDLY growing! We are hiring Real Estate Sales Professionals for our Chandler office. On pace to serve more than 165 families in 2021 alone, we are looking for EXPERIENCED agents to join our Southeast Valley team. Known for our excellent client care, exceptional negotiation skills, world class digital marketing, and being trusted advisors in the SE Valley for more than a decade - we are looking for hard working, ethical, creative, real estate professionals who love to learn and thrive in a team environment, where giving back and giving to each other is important to our overall success. For more information on who we are and how to apply, visit https://www.amyjonesgroup.com/careers or send your resume to [email protected]!
The rapid pace at which the real estate market in Arizona has changed course in the last 6 months has added whiplash to the list of emotional injuries Valley residents have sustained from one of the most profitable real estate markets in the Country. Still recovering from the PTSD caused by the financial crisis of 2008, Valley residents are shell shocked by the escalation of pricing in the last 36 months, the swing in interest rates from 2.5% to 7% in that same time period, and the roller coaster of emotions that are caused by experiencing all of this change amidst a global pandemic, a major national election, and countless other domestic and international headlines.
While there is plenty of opportunity in the current market, it is no surprise that demand continues to fall as Valley residents attempt to decipher what is normal and what their expectations should be of the market after experiencing a record breaking 40% appreciation on their Valley home in the last 24 months followed by a 130% increase in inventory in that same time period. Unlike 2008, Arizona does have the employment diversification to sustain current inventory levels, most homeowners have a significant amount of equity in their home, and rental rates are not plummeting - an indication that we have the population growth to support the building we are doing from the Loop 303 to State Route 24.
While its difficult for your average consumer to decipher a hot market from a cold one without relying on indicators like word of mouth experiences from your neighbor about how much they sold their house for and how long it took, visual indicators like the lines many took photos of that wrapped around the block for open houses caused by anemic inventory levels versus the increase in for sale signs that many are noticing in their neighborhoods now, or the emotional triggers caused by buyer fatigue after years of writing multiple offers and waiving all contingencies versus seller fatigue caused by a recent increase in concessions and days on market - there are more reliable trends to follow that indicate that our current market is neither hot NOR cold, but rather quite in balance.
After years of off-the-chart readings of some of the most important statistics to follow when determining the climate of the market including how many homes that are listed actually sell, how many listings are under contract at any given time, how many months or weeks would it take to sell all of the homes currently on the market if no new ones were added, what is the gap between current inventory and demand levels, and the ratio of how many listings are under contract as compared to how many are available to purchase - each of these have returned to a more normal range in the last 6 months. In the absence of the data, however, consumers can only feel the fall from the frenzy versus the return to normalcy and that is greatly impacting consumer sentiment.
While the current interest rates certainly provide a challenge for buyers, they are not record breaking in any way and while restrictive, they are not prohibitive. The higher interest rate is the trade off for the better purchasing conditions whereas those that had more cash to bring to the closing table were rewarded with lower interest rates in 2020 and 2021, current buyers have more negotiating power, the opportunity to get closing costs and rate buy downs covered by their sellers, and are not forced to waive inspection, appraisal, or buyer contingencies. For many, selling their home is a necessary component of qualifying to buy a home and if the purchase is contingent on the proceeds, it can be difficult to know how much you will sell your home for and how long it will take in a balanced market which is why first time home buyers, renters, and anyone not dependent on a sale should especially be flocking towards the current market.
The key to understanding our market is to look at the volume of transactions - a market can balance with a very high number of transactions or a very low number and ours is currently of the latter. If a market balances with a very low number of transactions, its overall health will likely feel more negative to a consumer than it really is and many will forfeit the opportunity that real estate investment brings every time, over time because of it. If we look at investing in real estate like the planting of a tree, once the seed is planted it will continue to grow over time. Arizonans are notorious for wanting to move every 2 or 3 years because consistent positive equity gain has allowed it but if you look at real estate like a long term investment, the current balanced market is nothing more than a healthy reset for buyers and sellers.
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Monday Market Update
Through Her Eyes
Live.Love.Local - Connecting The Southeast Valley
Connecting with the community lights up our souls and we couldn't be more thrilled to get to know those who run our small businesses. It's so important that we support local, especially right now. Each business below is open, taking appointments, reserving parties and staying safe by following our state guidelines. Let's all do our part in keeping the economy alive, so that when it comes time to fully get back to life, we can all thrive once more.
Community on Purpose Podcast
Have questions about selling your home? Afraid of what happens if you sell and don’t have somewhere to go?
Not sure how refinances, home equity lines of credit, or renovation loans work?
Check out this video for YOU below!
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