Welcome Back, Weekend Warriors!
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 six fun-filled events happening around the Valley!
Our Team is Growing
We are hiring!
Real Estate Professionals, Showing Assistant & A Spanish Speaking Bilingual Real Estate Agent
The Amy Jones Group is growing! 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 reply to this post directly!
Email your resumes to - [email protected]
Market stabilization is an interesting term and one which is causing quite a bit of confusion in the marketplace as it relates to the available supply of residential properties and the subsequent demand for those properties across the valley.
After more than a decade of under building fueled by the fear of a market crash that would leave us with half-developed communities combined with a population growth escalated by the continued influx of residents and companies from higher price point cities with lower affordability ratings, we’ve been challenged with a deficit in inventory that will take months if not years to recover from.
We’ve watched appreciation rates go from just 6% annually 2 years ago to 24% annual appreciation over the last 12 months meaning that a house you bought for $450,000 before Halloween of last year would likely list for over $100,000 more this Fall or be prime for a refinance that would allow you to remove your mortgage insurance years before your lender originally estimated.
Sellers have enjoyed just 2.5 weeks of inventory to compete with as compared to a balanced market which would have nearly 5x the inventory, and buyers can’t help but to be thrilled with interest rates +/-3% making even the most expensive purchases seem more affordable than ever. Listings under contract are up, days on market is down, average sales to list price is still trending about 2% over list price, and while demand is slightly lower than average, supply is just a 1/4 of what we need which is something we simply can’t build over night.
So, what is stable about this type of a market? While inventory has nearly tripled since the spring, growing 25% in July alone, we have seen a decreasing amount of volatility in our market over the last month. While it may have been difficult for the consumer to detect, as inventory was skyrocketing, not just in price but quantity, demand was falling as many buyers became discouraged with the pace of the market and others felt priced out of options especially here in the Valley. For now, those trends seem to have slowed if not stopped completely, leaving the balance of supply and demand at a standstill month over month.
As rental prices have soared 36% valley wide in the last two years, paling in comparison to the 55% increase in housing prices over the same time period, this potential calming of the waters might be the best time to rev up your home buying engines. The expectation of increasing prices and interest rates continues to drive buyer demand while sellers can read between the lines of the 32% increase in new home permits from the first half of the year, and investors - well, you might want to take a cue from some of the biggest who have doubled down on purchases in the valley.
As seasonality returns to the landscape, we’ll likely continue to see a market very similar to the one we were in before COVID came on the scene in 2020. January will likely bring another increase in homes available after a strong new construction quarter rounds out 2021, and then the Spring will return a lighter version of the frenzy seen earlier this year.
Staying out of the prediction game and knowing that institutional buyers are currently playing a larger role in the current market than expected, this market stabilization period although at a much lower inventory level than buyers had hoped for, seems like a good time to try to settle into that new home for the holidays. Have questions? Schedule a call with the Amy Jones Group today!
Fall Pumpkin Celebration - Annie's Orchard
Saturday, September 18th at 9:00 am
Fall time at the farm means pumpkins, hayrides, corn maze, sunflowers and fall weather! Bring the whole family for a fun-filled day in the country. Our 12.5-acre, 600,000-stalk corn maze opens every day at 9:00am with the last entry at 4:00pm. With three levels of difficulty spend as little or as much time as you want exploring the pathways of the maze. Purchase tickets for a hayride that will take you on ride through the farm to the pumpkin patch where you will find the biggest selection of pumpkins growing on the vine in Arizona!
You will find rows and rows of beautiful, orange pumpkins, from mini pumpkins to extra-large. Visit our sunflower field with flowers taller than you! Our sunflower field includes several different sunflower varieties and colors to pick your own to take home and enjoy. It may be fall but there is still a lot of vegetables to be picked in the fields including our fall varieties like broccoli and winter squash.
Fall Wine Tasting - Peacock Wine Bar
Saturday, September 18th at 2pm
Join us Saturday September 18th for our monthly Wine Tasting Event! As always, we'll be tasting five wines, this time from Napa Valley, and offering exclusive discounts on our tasting bottles. Tom of Blazer Beverage will be pouring and educating us from 2-4pm!
From now until October 1st
It's that time of year where we are seeking donations of water or funds to purchase water as we are heading back into triple digit weather.
This much needed water will be given to the homeless and unsheltered.
From now until October 1st, please donate water or funds to our office or we will come and pick them up from you!
Thank you for helping us make a difference this summer.
Realtor Safety Class - Gilbert
Tuesday, September 28th at 11:00 am
Join us on September 28th at 11am to talk about realtor safety!Mindy Jones will be teaching us the tips, tricks and available safety tools for realtors to make sure we're always prepared.
Local Business Mixer - Chandler
Thursday, October 7th at 4:30 pm
Join the Amy Jones Real Estate Group for our quarterly business mixer!
As one of the top real estate groups in the Valley, we are always looking for new businesses to share with our clients.
Come by Parlay Kitchen to meet our team of fantastic agents, as well as other local businesses!
This event is being sponsored by our friends at Fidelity National Title Agency - Copper Point.
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