July 31 & Aug 1

Welcome Back, Weekend Warriors! It's Back to School Time!

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!

As the monsoons rev up to chase the afternoon sun, East Valley homeowners have their eye on the storm as they watch interest rates fluctuate, inventory rise and rapid appreciation give way to a shifting sellers’ market that is as much fun to watch as staring in awe as your neighbor’s trampoline flies over the wall. Who would have thought that in the year following the global pandemic, we would be reporting some of the most astronomical gains in property values that the state has ever seen? There definitely have been clear signs that we’d be in a sellers’ market for a bit. And there have been even clearer signs that we’re slowly making our way out of it for months now. 

If we take a look at some of the numbers, you might be surprised to find that we actually have more inventory on the market than we did last quarter –but still not quite as much as we had last year or even two years ago. We’ve had about a 10 percent increase in inventory since March which means if you’ve been frustrated by the lack of options out there, now might be the perfect time to jump back into looking. Meanwhile pending contracts have been declining for weeks, signifying some dampening of demand as skyrocketing prices cause shell shock and the summer weather once again returns with its seasonal impact on the market. Days on market continue to fall as a reminder that houses are still selling, properties are still appreciating, and we are still in a sellers’ market because there still are not enough homes for people to buy. Will that change as people start to dip their toes back in the market?  

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Even with faltering demand and the expected rise in inventory due to an end to the moratorium on evictions and the forbearances offered during the height of COVID-19, most sellers have an equity position of greater than $100K – which has kept foreclosures to less than 1,000 Valley-wide as compared to 45,000 in 2009. Builders continue to adjust their selling strategies to capitalize on the 35 percent appreciation the resale market has seen after reporting just a 5 percent increase in new-build median pricing which means its hard to walk into a new construction community and buy ANYTHING. Buyers expecting the bottom to fall out of the market because of a rash of short sales or an excess of new construction will likely be sorely disappointed. There is no shortage of perspectives on the current housing market but the rate of new listings hitting the market and the percentage of houses listed that actually sell are some of your best predictors for how long we’ll continue to see a rise in prices and multiple offers.

The next few months will prove pivotal as we move from a frenzied sellers’ market into more of a balanced market. Depending on the rate of new listings and the pace at which buyers return to the market, we could see a dramatic change in selling conditions by the end of the year which would be a welcome change for buyers and sellers who have felt that the current market was too harried, too frenzied, too stressful. What could less showings or fewer offers mean for your family? Have you considered taking a cash offer for your home just to avoid the stress of selling on the market? If you were to buy something, where would it be? If you found something that needed work, would you know who to ask to get it fixed up? You know your house is worth more than you paid for it, but do you know how much more? Is it even a good time to make a move? We can help with all of these questions and more.  

As your residential real estate experts and community advocates, our job is to serve through real estate and community, and we are passionate about helping your family move forward with the solution that is right for you. For convenience, for ease, for peace of mind, for clarity, and for YOU, give us a call at 480-250-3857 or join us at one of our upcoming events on Our Events Page.

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