Why Right Now Is a Once-in-a-Lifetime Opportunity for Sellers
If you’re thinking about selling your house in 2022, you truly have a once-in-a-lifetime opportunity at your fingertips. When selling anything, you always hope for strong demand for the item coupled with a limited supply. That maximizes your leverage when you’re negotiating the sale. Home sellers are in that exact situation right now. Here’s why. Demand Is Very Strong According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), 6.18 mill
Will Mortgage Rates Continue to Rise? Thinking of Buying...Now Might be the Time
By Kevin Kelly, Acorn Mortgage Interest rates are on the rise. While we saw them slowly and slightly starting to move upward in the last two months of last year, when the market opened for the first time in 2022 it started to take a sharp and accelerated turn in the wrong direction. Below is a snippet from the software I have open every day tracking the price of the Mortgage Backed Securities (MBS) bond pricing. This is the number one driver of interest rates rising or fall
Greater Phoenix Housing Market Moved Farther into a Seller's Market
For Buyers: As the cost of purchasing a home increases in Greater Phoenix, the question of whether to rent or buy becomes harder to answer for some buyers. The overall median cost of a home is currently $425,000, and for a typical 1,500-2,000 square foot home, the median cost is $420,000. The estimated payment, assuming 10% down and including principal, interest, taxes and insurance, is $2,123. The median monthly rental rate for the same size range, recorded through the A
2022 Housing Market...Still a Seller's Market?
2022 starts with lower supply than 2021 did...only 5,776 Active Listings excluding Under Contract properties, across all areas and types. A year ago on January 1, 2021 we counted 6,055, so we are down by 5%. If we include Under Contract listings as well, the 2022 total is 8,630, down 12% from 9,788 last year. This is the lowest supply level for January 1st since the Cromford Report started recording in 2001. What Does This Mean for Sellers? Make no mistake – this sellers’ ma