The Valley's
Leading Agent
Russell Shaw
July 2024
My team and I help more people move than any other agent or team in Arizona. I'm not bragging, I'm applying for a job. I want to be YOUR Realtor!

Can You Refinance While Listing Your House?
As you’ve certainly noticed, mortgage rates have drifted downward over the past year or so. For several reasons, maybe a slower economy or the Fed has lowered a key interest rate. Whatever the reason, lower rates can trigger someone to make a decision to refinance. And it makes perfect sense. 
      If someone can refinance out of a higher rate into a lower rate, the payments will fall. You want to speak with your loan officer about whether or not a refinance is right for you, but in general as long as you own the property longer than it takes to recover the associated closing costs, it might be right for you. Or maybe you want to shorten the term of your loan to save on
U.S. averages as of July 2024:

30 yr. fixed: 6.86%
15 yr. fixed: 6.16%
5/1 yr. adj: 6.52%

But again, let your loan officer tell you. 
      Someone may also be deciding whether or not to refinance or would it be better to just take advantage
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To Pool or Not To Pool
     When selling a property with a pool, the first thing to know is that you should be prepared (and prepare your clients) for a bit of resistance from certain potential buyers. A number of people have a negative mindset when it comes to the discussion of pools, and I think this is due in part to price.
      A pool can be an expensive, luxury item rather than a necessity. The cost of a pool, between the routine upkeep/maintenance, repair costs, and the direct effect it will have on your home’s energy bills, are all reasons that deter buyers from exploring pool ownership, so don’t be surprised if you get some negative reactions.
      Safety risks are another factor that prevent buyers from signing on a home with a pool. Injuring

How to Help
     For family members who are just starting out in the workforce or who have rented for a while, at some point they’ll start thinking of owning instead of renting. Renting for a period of time is a good thing because there are a lot of things to consider. When you rent, if you decide you don’t like the neighborhood after all, you can find another place once the lease has expired. With a home, it’s not really something to walk away from. At least without consequences. So what can you, as a parent or relative, do to help someone buy a home?
      One of the ways is to provide a financial gift. This may also be the most common form of assistance. However, don’t just wire the funds over without a little preparation. Individual lenders can have their own requirements for documenting the paper trail of a financial gift but in general, you can expect a couple of things. 
      One, you’ll need to compose a gift letter.

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Real Estate Realty

𝗠𝗮𝗿𝗸𝗲𝘁 𝗘𝗿𝗼𝘀𝗶𝗼𝗻

The trickling erosion of the market continues although the rate of erosion appears to now be slowing. While supply is up, in fact up a whopping 57% from this time last year, it is still below normal. Demand is more problematic and continues to be anemic at best. It seems likely to stay that way unless a drop in interest rates changes buyers’ appetites. So although we are overall in a balanced market – for most sellers it doesn’t feel that way. In fact, areas and price points are behaving differently. In the center of the valley, supply is more constrained as builders have no land to create new product and thereby more competition. It is the outer areas where builders are active that sellers are at a marked disadvantage. Price, a trailing indicator, is being affected currently in part due to the luxury market going flat in summer and in part by seller needed price reductions. As the Cromford Report shares “seasonal patterns are being emphasized by the weakness in demand”. So the real two-word problem is – anemic demand.

The Report further summarizes:

"We are firmly into the quiet season and closed sales for June 2024 were already down 15% compared to June 2023. We anticipate low volumes to continue during July and we have 2 to 3 months of seasonal price weakness to endure before the market is likely to pick up steam again in October. This could be jump-started early by a drop in interest rates, but we are not holding our breath. There is no need for panic, but patience is definitely being tested".

Buyers should take advantage of the lull as they have a chance to negotiate in their favor with more choices to consider. Sellers need to brace for less showings and offers and try to hang on to the buyers they attract. Patience seems to be the byword. Wonder what your specific neighborhood is doing as far as supply/demand and pricing? Contact us we are always here to give you facts, not headlines.

Russell & Wendy Shaw

(Mostly Wendy)

  Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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4 Steps for Finding the Perfect Home
Buying a For Sale By Owner Home
Tips From a Realtor® on Selling Your House After a Divorce

Russell Shaw, Realtor®
E-mail: [email protected]
Toll-Free 866-357-3604
Realty ONE Group
11211 N. Tatum Blvd., Ste. 100
Phoenix, AZ 85028

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