July 3 & 4

Welcome Back, Weekend Warriors! Happy 4th of July Weekend!

This is the Amy Jones Group's weekly newsletter, detailing local events, recent real estate news, and open houses.

This week, we're bringing you five fun-filled events happening around the Valley!

It’s a holiday weekend, guys - how excited are you? I know its hot outside but there are finally places to go, celebrations to be had, and of course - sitting and watching fire works from your backyard is still completely socially acceptable! People always ask us if listing their house on a holiday weekend is a good idea or not - and really there is no right or wrong answer. Some years holiday weekends are SO BUSY and other times they are SO QUIET but what I can say is that its not usually something in between.

I would say, however, if you’ve considered making a move and are trying to time the market - I’d quit with that. We’ve been reporting since mid-February that inventory has been rising, no where near where we’d need it to be for everyone who wants a house to be able to have one, but an increase of 25% since February is not something to dismiss. In fact, we’ve been saying that you probably won’t FEEL the change that we’re reporting - but even that has changed.  

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Now, please don’t misread this as meaning prices are DROPPING. We are FAR away from stabilizing the market, let alone forecasting any decline  in pricing, so as long as there are more people than houses - prices will continue to go up. It also doesn’t mean that I would recommend offering half off list price on a house or asking for a new roof unless there’s a big ol’ hole in it. I am saying that as a seller, you might not be able to continue asking buyers for their first born children (mostly kidding), so start going after the second (totally kidding).

Here’s the deal - inventory is rising across the board since February:

+29% - $300K-$400K

+68% - $400K-$800K (Price Reductions up 152%)

+32% - $800K - $1.5M (Price Reductions up 192%)

+5% - Over $1.5M

Demand is 7.3% above normal seasonal level overall, 62% of June sales closed over asking price, and we’re at on average 102% sales to list price ratio which measures on average, how much over list price homes sell for. We topped 35% appreciation year over year which is logically going to pull some buyers out of the market causing demand to slow and unless the builders can magically add enough homes for the 290 residents we added per day last year (which at 2.7 people per household puts us 13th highest in the US) it’s going to take a while until we hit a balanced market. 

But how long is awhile, Mindy? My gut? By the end of the year, things will feel different than they do today and by Summer of next year - they’ll be significantly different. So why buy now? Well, interest rates will likely go up a 1% with each positive news story about the economy, prices will still rise another 10-20% depending on where you are in the valley and how quickly new listings continue to come to market. And why sell? Well, that’s an easy one. The sooner you sell, the more things you’ll be able to ask for and the easier the process will be. 

The good news is that no matter when you decide to buy or sell, we’ll be right there with you. Professional marketing for our sellers regardless of the market, expert negotiation skills for our buyers in spite of the market, and the best representation you’ll find in the Valley because you deserve it.

Give us a call to schedule an appointment!

We're just a call, text or email away.

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😲 In Case You Missed It!