It’s a Buyer’s Market Once Again In These 8 Cities
Median Seller Incentive Hits a New High
 
For Buyers:
Buyers who felt they lost out on the buyer’s market last year will be getting another chance this year. The Greater Phoenix housing market, on the whole, only has a few days left before it enters a balanced market. However, as 18 cities are still in seller’s markets, there are 11 that are either already in balance or in buyer’s markets.
 
What does a buyer’s market mean for buyers? Most buyers assume it means that sales prices will come down, but by the time sales price measures show a decline the buyer’s market could be 2 months old, or already over like it was last year. The first thing to move isn’t a sales price, but a list price combined with higher seller incentives for buyers.
 
Over the past 2 months, as mortgage rates peaked at 8%, weekly price reductions increased in number by 33%. Meanwhile, the medi ...

*Avondale AZ, Events:


NASCAR Champion Race
https://www.phoenixraceway.com/
 
 
*Apache Junction, AZ Events:

Festival of Superstitions 2022 – November 11 from 10am – 5pm
www.festivalofthesuperstitions.com 
 
 
*Mesa AZ, Events:
https://downtownmesa.com/events
 
Met Little Shop of Horrors
https://www.mesaartscenter.com/index.php/shows/resident-companies/met-little-shop-of-horrors
 
Downtown Mesa Farmers Market: Every Saturday from 8am – 11am.
https://dtmesafarmersmarket.com/
 
Mesa Arts Center:
https://www.mesaartscenter.com/performing-arts-concerts-shows-theater-mesa.html
 
 
*Phoenix, AZ Events:
https://www.visitphoenix.com/events/annual-events/fall/
 

Wine & Food Experience
https://wineandfood.usatoday.com/phoenix/
 
  
*Queen Creek, AZ Events:
https://www.queencreekolivemill.com/pages/events-calendar
 
Olive Mill:
https://www.queencreekolivemi; ...

Back to the 80’s? Loan Assumptions, Rate Buy Downs, and Incentives
More Choice for Buyers: Supply Up 22% in 10 Weeks
 
For Buyers:
The 4th quarter is here, and this is the best time of year to be a buyer in Greater Phoenix! Inventory continues to rise, up 22% in 10 weeks to be exact, and price reductions typically peak in October and November. Most sellers listing in October are motivated to close on their homes before the end of the year, but few are more motivated than builders. New homes make up 22% of active MLS listings and 29% of Maricopa and Pinal County August sales. Builder incentives are including not only closing cost assistance but select upgrades and significant permanent and temporary rate buy downs. For perspective, let’s use a $350,000 loan. If a buyer uses the seller’s or builder’s closing cost assistance to buy down the mortgage rate by 3% it would save more than $650/month on their payment. Buying the rate down by 2% saves $450/mont ...

Things to Do:
 
*Arizona’s September Events:
https://www.visitarizona.com/like-a-local/arizona-signature-events-in-september/
 
*Apache Junction, AZ Events:
https://www.apachejunctionaz.gov/193/Special-Events
  
*Glendale

 

AZ Craft Beer Festival
https://www.azcraftbeer.com/

*Mesa AZ,
https://downtownmesa.com/events
 
Downtown Mesa Farmers Market: Every Saturday from 8am – 11am.
https://dtmesafarmersmarket.com/
 
Mesa Arts Center:
https://www.mesaartscenter.com/events
 
Mesa Events
https://www.visitmesa.com/events/
 
 
*Phoenix, AZ
https://www.visitphoenix.com/events/annual-events/fall/
 
Arizona State Fair 9/22/23 - 10/29/23
https://www.azstatefair.com
 
*Queen Creek, AZ Events:
https://allevents.in/queen%20creek/october?ref=eventlist-also-sugg
 

Vintage & Vino’s Fall Market
https://www.eventbrite.com/e/vintage-vinos-fall-market-2023-tickets-694509204727
; ...

Why Buyers Should Stay in the Game in 2023
Sellers: Prepare for Longer Days on Market in Q4
 
For Buyers:
When first-time home buyers talk to their parents or grandparents about today’s mortgage rates, they may get a response similar to, “I purchased my first home in the 80’s at [insert range of 10%-18% interest here].” In fact, some carry their high mortgage rate like a badge of honor because it turned out to be a great decision, despite the uncertainties of their time. In their 20s and early 30s, Baby Boomers endured 4 recessions, 4 rounds of high unemployment, and erratic mortgage rates that started from a low of 7% and rose to a peak of 18%. However, those who got in the game where they could, with a long-term mindset, were rewarded and are looked upon as “lucky” to have gotten in when they did.
 
Flash forward to 2023. While admittedly there is a large swath of buyers priced out of purchasing a home due to mortgage rates betwee ...