Continued Historic Low Inventory
The Phoenix real estate market is still selling at a record pace. We are seeing a high percentage of active listings being sold for over asking price, especially in the under-$350k price ranges. Active listings are down over 40%, median sales price is up nearly 14%, and the Months of Supply is at .85. So if you’re thinking of selling, now is the perfect window of time!
Mortgage Rates Remain Relatively Flat
Mortgage rates have remained effectively flat or at near record lows for the last month. However, there are some interesting compositional shifts as the 10-year Treasury rate has increased modestly over the past month while mortgage spreads have declined. Spreads may decline even further but the rise in Treasury rates will make it difficult for mortgage rates to fall much more over the next few weeks.
New Listing: 8119 Morgan Trail, McCormick Ranch
Stunning McCormick Ranch residence offering 2,014 sqft of impeccably maintained interiors, nestled in a gorgeous community with panoramic mountain views. Backyard oasis features a beautifully paved covered patio, large in-ground pool, and lush grass adorned with citrus and palm trees with a tall privacy wall bordering the entire rear-side of the property.
An inviting foyer flows seamlessly welcomes you into an open living and dining room all heightened by vaulted ceilings and features gorgeous stone tile floors that flows throughout the entire home. The kitchen mirrors a spacious breakfast room each enhanced with a tall tray ceiling and sits adjacent to a cozy family room with wood-burning fireplace and access to the covered porch and backyard oasis! Contact me today for a private showing.
Costly New Fee Gets Pushed To December
A new fee on mortgage refinances set to take effect Sept. 1 has been delayed. This is excellent news for homeowners looking to take advantage of historically low interest rates. The Federal Housing Finance Agency (FHFA) recently announced that it will delay enforcing its “adverse market refinance fee” until Dec. 1. Additionally, borrowers with loan balances below $125,000 will be spared the fee, which could add thousands to the loan cost when implemented. Click the image to the left to read more.
Keller Williams has a great program called ZeroPlus. It offers
✅ Zero Origination Fee,
✅ Zero Lender Fees,
✅ Plus $1,000 at Closing (*Towards 3rd Party Costs)
✅ Plus A Low Rate (*$1,000 closing credit on loans $150k +).
Contact me today to get the process started.