Upcoming Events

Juneteenth Family Day 

Saturday, June 19, from 6:00 - 9:00 PM
Goodyear Recreation Campus
420 Estrella Pkwy, Goodyear, AZ 85338
FREE

The L.A. eXperience Summer Series: Paint & Taste

Tuesday, June 04, from 5:00 - 7:00 PM
Total Wine & More
1416 N Litchfield Rd, Goodyear, AZ 85395
$40 TICKETS

Local Market Update

The current real estate market is showing a healthy balance between supply and demand, with a Months Supply of Inventory at 4.58. This means that it would take approximately 4.58 months to sell all the homes currently on the market if no new listings were added.

The 12-Month Change in Months of Inventory has increased by +71.54%, indicating a trend towards more inventory becoming available. This could be attributed to an increase in new listings or a decrease in the rate of home sales.

Homes are spending a median of 46 days on the market before being sold, showing that properties are moving relatively quickly. This could be due to a combination of factors such as competitive pricing, desirable location, and strong buyer demand.

The List to Sold Price Percentage is 99%, indicating that homes are typically selling very close to their listing price. This suggests that sellers are pricing their homes accurately and buyers are willing to pay close to the asking price.

The Median Sold Price in this market is $488,000, reflecting the average price at which homes are being sold. This data point provides valuable information for both buyers and sellers in terms of setting expectations for pricing and negotiating strategies.

Overall, these metrics paint a picture of a dynamic real estate market with a healthy level of inventory, quick sales, and strong pricing. Buyers and sellers can use this information to make informed decisions and navigate the market effectively.

Real Estate Tip

Assumable Mortgages

An assumable mortgage allows a home buyer to take over the seller's mortgage loan under the same terms, rather than obtaining a new mortgage. Here are some key points about assumable mortgages:

1. Loan Transfer: The biggest benefit of an assumable mortgage is the ability to take over the existing loan's interest rate, which can be particularly advantageous if the current interest rates are higher than when the original loan was secured.

2. Qualification Requirements: Buyers wanting to assume a mortgage typically must qualify with the lender. This means they must meet credit and income requirements similar to those needed for a new mortgage.

3. Lender Approval: Not all mortgages are assumable. It depends on the terms set by the lender and the type of loan. Common types of assumable mortgages include those backed by the FHA (Federal Housing Administration), VA (Veterans Affairs), and USDA (United States Department of Agriculture).

4. Costs Involved: There may be costs associated with assuming a mortgage, such as processing fees, and the buyer might need to cover the difference if the home’s purchase price exceeds the remaining loan balance.

5. Potential Risks: For the seller, if the mortgage allows for assumption but does not release the original borrower from liability, they could remain financially responsible if the new borrower defaults.

Assumable mortgages can be a great deal for buyers in a high-interest rate environment or when they wish to simplify the buying process. However, it’s important for both buyers and sellers to understand the terms of the mortgage agreement and seek advice from qualified professionals to ensure a smooth transaction.

Household Tip

Creating a Comfortable Indoor Climate

Maintaining a cool and comfortable home environment during the hot summer months is crucial, especially in the Phoenix Metro area. Here are some practical tips to help you beat the heat and improve your indoor climate:

1. Ceiling Fans

Ceiling fans are an excellent way to enhance air circulation and keep your home feeling cooler.

Direction of Rotation: Set your ceiling fans to rotate counterclockwise in the summer. This creates a breeze that cools the room by evaporating sweat from your skin.

Fan Placement: Install ceiling fans in frequently used rooms such as the living room, bedrooms, and kitchen. Ensure they are positioned centrally for optimal airflow.

Energy Savings: Using ceiling fans allows you to raise the thermostat by 4°F without sacrificing comfort, reducing your energy consumption and cooling costs.

By using ceiling fans strategically, you can create a comfortable indoor environment without relying heavily on air conditioning.

2. Window Treatments

Window treatments are essential for blocking out heat and keeping your home cool.

Blackout Curtains: These heavy, opaque curtains block out sunlight and heat, keeping rooms significantly cooler. They are particularly useful for bedrooms and media rooms where you want to minimize light and heat.

Thermal Blinds: Made with insulating materials, thermal blinds trap air between the window and the room, reducing heat transfer and maintaining a cooler indoor temperature.

Reflective Films: Apply reflective or tinted films to windows to reduce solar heat gain. These films block UV rays and can lower indoor temperatures by up to 15°F.

Investing in the right window treatments can make a significant difference in maintaining a cool and comfortable home during the hottest parts of the day.

3. Smart Thermostats

Smart thermostats offer precise control over your home's temperature, optimizing comfort and energy efficiency.

Programmable Settings: Smart thermostats allow you to set temperature schedules based on your daily routine. Program it to cool your home before you arrive and reduce cooling when you're away to save energy.

Remote Control: Many smart thermostats can be controlled via smartphone apps, giving you the flexibility to adjust settings remotely. This feature is especially useful if your schedule changes unexpectedly.

Energy Reports: Smart thermostats provide energy usage reports, helping you identify patterns and make informed decisions to reduce energy consumption and costs.

By upgrading to a smart thermostat, you can maintain a comfortable indoor climate efficiently and cost-effectively.

Implementing these strategies will help you create a comfortable and energy-efficient indoor environment, ensuring your home remains a cool and pleasant sanctuary during the scorching summer months in the Phoenix Metro area.