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Tuesday, September 11, 2018

Is Greater Phoenix Entering a Buyer’s Market?

After being in a seller’s market for quite some time now, it looks like a shift is on the horizon. Here’s what you can expect. 

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After several years of continuous price gains, the real estate market seems to be reaching its price cap. In June, the last month for which we have complete numbers, 14% of all listings saw a price cut. That's up from a low of 11.7% at the end of 2016.

In the same month, housing demand fell 9.6%, the largest decline in over two years. Mortgage applications to purchase a home have decreased as well. 

A few things are at play here. One is rising mortgage rates, which have been steadily climbing for much of this year. Another is an overall decrease in affordability, resulting from a combination of the growth in home prices and mortgage rates. 

If this is the start of a buyer's market, it's unlikely to be just a momentary blip. One sign of this is that homebuilder sentiment has recently fallen to the lowest point in almost a year. In other words, homebuilders are losing confidence in their business due to the mentioned affordability concerns. 
This is certainly good news if you’re looking to buy a home.
So, what does this mean for you?

Well, it's certainly good news if you're looking to buy, because it means you will have more choice at more affordable prices.

On the other hand, if you've been thinking of selling, this might mean that it’s time to act. Listing your home now would give you the best odds of achieving a top price before the change in the market occurs. 

Remember that all real estate is local. There are big differences even within the Greater Phoenix area, and prices can change from block to block. 

If you want more specific information about the Greater Phoenix market, or you're mulling over the idea of buying or selling a home, give me a call or send me an email. I'm here to help.

Monday, June 11, 2018

These 8 Questions Will Determine Whether Your Realtor Is Right for You

As a home seller, there are eight key questions you should ask a Realtor before hiring them.

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If you’re selling your home and you’re interviewing a Realtor to represent you, here are eight questions you need to ask them before hiring them:

1. “How much experience do you have?” By “experience,” I mean how many transactions they’ve worked from beginning to end—not how many years they’ve been in the business. I’ve met plenty of agents who brag about being in the business for 30 years but only sell two or three homes a year. That’s not the same as someone who’s relatively new to the business but still sells 90 homes per year. 

2. “What do your sales numbers look like?” The key here is not to ask about their list-to-sale price ratio, as that can be skewed in a market like ours where multiple offer situations are common. Rather, you should ask about how many homes they’ve listed and how many of those homes sold. 

3. “What specifically are you going to do for me?” Other than putting a sign in your yard and entering your home into the MLS, what else will they do for you? What’s their monthly marketing budget? What does their buyer acquisition plan look like? The answers to these questions are a tell-tale sign of what your agent has in store for you. 
These questions will help you when you interview your next Realtor.
4. “Do you have references?” It doesn’t hurt to ask about an agent’s previous clients and how they fared working with them. 

5. “What is your cancellation guarantee?” Do they even have a cancellation guarantee that allows you to cancel your contract if you want? This is another tell-tale sign of whether an agent is confident in their ability to get your home sold and put their money where their mouth is. 

6. “How much do you charge?” This is very important for obvious reasons. 

7. “Are you part of a team or are you an individual agent?” Some sellers prefer to work with the same person from the beginning of the transaction all the way to the end, while others just want to work with the best person for each situation. This question will help you understand what will happen during the process so you can set your expectations accordingly. 

8. “How did you arrive at the suggested listed price?” An agent will suggest a list price for your home, and they should have an explanation as to how they came up with that price. 

If you have any more questions about what to ask an agent before hiring them or you have any other real estate needs, don’t hesitate to reach out to me. I’d love to help you.

Wednesday, February 14, 2018

We are so grateful for YOU! 😍

You all have made my Valentine’s Day! We recently sent out a small token of appreciation, and the outpouring of love and thanks in return has been incredible.

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You should have all received your Valentine’s Day card from Riddle Realty, along with your delicious brownies. 

I am just so grateful to all of you because we have received a huge outpouring of love back. We sent these out to our family, friends, and clients that have supported us over the years as a little token to say hello, and you all have made it bigger than anything. 
You all have made my Valentine’s Day!
We are getting messages on Facebook and our email is blowing up with thank yous, and it is such a wonderful feeling. You all have made my Valentine’s Day—thank you so much! I hope you have a wonderful day as well.