Upcoming Events

Goldrush Music Festival 

October 4th & 5th
Phoenix Raceway, Avondale, AZ
$122+

Indigenous Peoples’ Day PhX Fest

Monday, October 11, 12, & 14, from 10:00 AM - 9:00 PM
Arizona Center
FREE

Goodyear Rocks 

Saturday, October 19, from 5:00 - 8:00 PM
Goodyear Recreation Campus
FREE

Fall Festival 

Saturday, October 26, from 5:00 - 9:00 PM
Goodyear Ballpark
FREE

Local Market Update

The market trends are in your favor with a Median days on market of 51 and a strong List to Sold Price percentage of 99%.

Hello Buyers and Sellers! Let's dive into some key real estate metrics that can help you understand the current market conditions.

First, let's look at the Months Supply of Inventory, which is currently at 4.67. This metric tells us how many months it would take to sell all the homes on the market if no new listings were added. A lower number indicates a seller's market, while a higher number points to a buyer's market.

Next, we have the 12-Month Change in Months of Inventory, which has increased by a significant 74.91%. This indicates that there are more homes available for sale compared to a year ago, potentially giving buyers more options to choose from.

The Median Days Homes are On the Market is 51, showing that homes are selling relatively quickly in this market. This could be due to high demand or competitive pricing strategies by sellers.

The List to Sold Price Percentage is at an impressive 99%, indicating that homes are typically selling very close to their asking price. This could suggest that sellers are pricing their homes accurately and buyers are willing to pay close to the list price.

Lastly, the Median Sold Price is $467,495, giving you an idea of the average price of homes that are selling in the current market. This can help both buyers and sellers understand the pricing trends in the area.

Overall, these metrics paint a picture of a market with moderate inventory levels, quick sales, and strong list to sold price ratios. Whether you're looking to buy or sell, understanding these metrics can help you make informed decisions in today's real estate market.

Real Estate Headlines

Fed Drops Rate By 50 Basis Points

As predicted, the Federal Reserve made a change to the base interest rate on September 18th. Chairman Jerome Powell announced a 50 basis point cut and signaled there may be two more, smaller 25 point cuts by the end of the year. With this current change, the Fund rate now sits from 4.75% - 5%. The current rate now matches what the Fed had set in March of 2023. For reference, when the Fed made it’s March adjustment back then (2023) the 30 year mortgage interest rate ranged from 6.27% - 6.32%.

Now that it’s been about 10 days, as of yesterday the Mortgage News Daily had the 30 Yr. Fixed at 6.2%, Mortgage Bankers Association is down to 6.13% and Freddie Mac is sitting at 6.08%. FHA loans were tracking even lower at 5.79% from Mortgage Daily News and 5.99% from Mortgage Bankers Association. For some context into what the rates did this year I have the charts below:

Household Tip

Fall Home Maintenance: 5 Essential Tips for Phoenix Homeowners

As the scorching Phoenix summer fades into the milder fall season, it's time for homeowners to prepare their houses for the cooler months ahead. Here are five essential tips to ensure your home is ready for autumn and beyond:

1. AC System Check and Clean

Even though temperatures are cooling, your air conditioning system deserves attention after working overtime during the hot summer months. Schedule a professional inspection and cleaning to ensure your AC is in top condition for next summer. This maintenance can improve efficiency, extend the life of your system, and help you avoid costly repairs down the line.

2. Gutter Inspection and Cleaning

While Phoenix doesn't see much rainfall, the occasional winter storms can catch you off guard. Clean your gutters and downspouts of any accumulated debris from the dry summer months. This simple task can prevent water damage to your home's foundation and exterior walls during unexpected rainfalls.

3. Insulation Update

As energy costs continue to rise, now is the perfect time to improve your home's insulation. Focus on areas like the attic, walls, and around windows and doors. Proper insulation not only keeps your home cooler in summer but also warmer during those chilly desert nights, leading to significant energy savings year-round.

4. Organize a Fall Garage Sale

Take advantage of the pleasant autumn weather to declutter your home and organize a garage sale. This is a great opportunity to clear out items you no longer need, make some extra cash, and prepare your home for the upcoming holiday season. Plus, it's a fantastic way to connect with neighbors and the community.

5. Set Up Outdoor Living Spaces

Fall in Phoenix brings perfect weather for outdoor living. Create cozy areas in your backyard or patio to enjoy the cooler evenings. Consider adding comfortable seating, outdoor lighting, and perhaps a fire pit for those occasional chilly nights. This not only extends your living space but also provides a perfect setting for entertaining guests or relaxing with family during the pleasant autumn months.

By tackling these five tasks, Phoenix homeowners can ensure their homes are comfortable, efficient, and ready for the cooler months ahead. Not only will these steps help maintain your property's value, but they'll also contribute to a more enjoyable living space throughout the fall and winter seasons.