West Valley Events

Honey Tasting Saturdays 

September 4, 11, 18, and 25 from 10AM - 1PM
Honey Hive Farms
FREE

Movie in the Park 

September 7 from 6 - 8:30 p.m.
Sundance Park
FREE

Ballet Under The Stars 

September 21, 2024 from 5-9 p.m.
Estrella North Lake Amphitheater
FREE

Somos Peoria 

September 28, 2024 from 4:00 p.m. - 10:30 p.m.
Peoria City Hall Campus & Centennial Plaza
$5 - $30

Local Market Update

Let's break down these real estate metrics to understand how they are correlated and what they mean for buyers and sellers in the current market.

First, let's look at the Months Supply of Inventory, which is at 4.58. This number indicates how long it would take for all the current homes on the market to sell, given the current pace of sales. A lower number typically indicates a seller's market, where there is high demand and limited supply.

Next, we see that the 12-Month Change in Months of Inventory is at +82.47%. This significant increase suggests that there has been a substantial increase in the number of homes available for sale compared to the previous year. This could indicate a shift towards a buyer's market, where there is more supply than demand.

The Median Days Homes are On the Market is 47, which means that on average, homes are selling relatively quickly in this market. This could be due to the high demand for homes in this area.

The List to Sold Price Percentage is at 99.2%, which indicates that homes are typically selling very close to their list price. This could suggest that sellers are pricing their homes competitively and that buyers are willing to pay close to the asking price.

Finally, the Median Sold Price is $479,950, which gives us an idea of the average price at which homes are selling in this market. This information can be helpful for both buyers and sellers to understand the current pricing trends in the area.

Overall, these metrics suggest that there is a healthy balance between supply and demand in this market, with homes selling quickly and close to their list price. Buyers may find good opportunities in this market, while sellers can expect to receive strong offers on their properties. It's important to stay informed and work with a knowledgeable real estate agent to navigate the market effectively.

Real Estate Headlines

The New Normal: A Post NAR Settlement World

Officially, the NAR (National Association of Realtors) Settlement went into effect on August 17th. For most of Arizona, the changes were implemented on August 1st. If you aren’t aware of what the NAR settlement is, an FAQ is located here: NAR Settlement FAQs

Back in April I posted what I thought the changes would look like which you can find here. Now that the time has come, was I right about any of it?

Housing Costs Will Change?

I said “no” back in April, but it’s honestly too early to tell. I’m not seeing anything so far that would support housing prices being affected by anything other than interest rates and demand, which is the way it’s always been. So far, my prediction is holding up.

Usage of Buyer Broker Agreements Will Be More Widespread

As it turns out, the usage is not only more widespread, but it’s required. Every agent who utilizes the MLS is required to have a buyer broker compensation contract in place before showing any property to a client.

There are multiple flavors of the agreement available for use:

- Single Property Agreements can be used which place the buyer and the agent under contract with each other for either an individual property, or a short time frame, such as a single day to cover multiple showings.

- Exclusive Buyer Broker Agreement is a longer-term contract which will generally cover the entire search and purchase process between and agent and their client.

The amount of compensation and duration of all buyer broker agreements is negotiable and is determined between the parties involved.

6% Commission is gone

As I stated previously, I believed this one was all perception vs. reality to begin with. Now that buyers are negotiating their side of the transaction, and sellers their side, it is way to early to know if commission costs will eventually go up or down on average.

Household Tip

Update Your Emergency Kit: Essential Supplies for Every Homeowner

Essential Emergency Kit Supplies

1. Water: Store at least one gallon of water per person per day for at least three days for drinking and sanitation. Given Phoenix's arid climate, consider storing extra water to stay hydrated.

2. Non-perishable Food: Stock up on a three-day supply of non-perishable food items such as canned goods, granola bars, dried fruits, and nuts. Don't forget a manual can opener!

3. Flashlights and Batteries: Ensure you have several flashlights with extra batteries in your kit. These will be essential for visibility and safety in the event of a power outage.

4. First Aid Kit: A comprehensive first aid kit should include bandages, antiseptics, pain relievers, prescription medications, and any other essential medical supplies.

5. Multi-tool or Swiss Army Knife: This can be invaluable for various tasks, from opening cans to minor repairs.

6. Blankets and Warm Clothing: Even in Phoenix, temperatures can drop significantly at night. Keep blankets and warm clothing in your kit to stay comfortable.

7. Whistle: A whistle can be used to signal for help if you are trapped or need to draw attention.

8. Dust Masks: These can help filter contaminated air and are helpful in the event of a dust storm or other air quality issues.

9. Hygiene Items: Include moist towelettes, garbage bags, and plastic ties for personal sanitation.

10. Local Maps: If you need to evacuate and GPS services are unavailable, a local map can help you navigate safely.

Additional Preparations for Home Emergencies

In addition to your basic emergency kit, consider the following items and preparations to ensure your home is ready for any situation.

Backup Power Supply

• Portable Generator: A portable generator can provide electricity for essential appliances and devices during a power outage. Make sure it's fueled and ready to use.

• Solar Chargers: Solar-powered chargers can keep your devices charged even when the power is out.

Home Safety and Comfort

• Fire Extinguisher: Keep a fire extinguisher on hand to quickly address small fires.

• Sandbags: If your area is prone to flash flooding, sandbags can help protect your home from water damage.

• Battery-powered Fans: To combat the heat during power outages, battery-powered fans can provide some relief.

• Emergency Repair Supplies: Keep essential tools and materials such as tarps, duct tape, and plywood to temporarily repair your home.

Communication and Information

• Battery-powered or Hand-crank Radio: Stay informed about emergency updates and weather alerts even if the power is out.

• Emergency Contact Information: Have a list of emergency contacts, including local emergency services, family members, and neighbors.

Special Considerations

• Pet Supplies: If you have pets, make sure you have food, water, and any necessary medications for them as well.

• Important Documents: Keep copies of essential documents such as identification, insurance policies, and medical records in a waterproof container.

By updating and expanding your emergency kit, you can ensure that you and your family are prepared for any situation. Stay safe and be prepared!