The Valley's
Leading Agent
Russell Shaw
August 2020
Real
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!


It’s All About The ’Burbs: In A Time Of Pandemic, More Young Families Are Fleeing The City For The Country
Scoffers label it, ‘panic-moving.’ Others call it common sense. Wherever you stand, there is little doubt that, as the pandemic continues to surge, the flight of families from city to suburbs is picking up steam across the nation.
      “Young New York couples typically put off a move to the suburbs until after the birth of their second child,” said Elizabeth Nunan, president of Houlihan Lawrence, a leading New York residential brokerage. “It gives them time to save some money and enjoy the perks of city living until the need for space and the cost of childcare make the family-friendly suburbs a better choice.”  
      But circumstances
Mortgage Rates
U.S. averages as of August 2020:


30 yr. fixed: 2.99%
15 yr. fixed: 2.51%
5/1 yr. adj: 2.94%






have flipped the concept on its ear.
      “Living in the epicenter of the coronavirus pandemic left most New Yorkers justifiably fearful,” Nunan said.
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Preparing Your Home for Sale During the Pandemic
     Despite the ongoing coronavirus pandemic, the real estate market must go on. Homeowners still need to sell, house-hunters still need to buy, and real estate agents still need to make a living. But the typical home selling process involves frequent contact with strangers—which is not recommended during this time of social distancing.
      By now, you’re probably getting pretty good at making adjustments in your everyday life to protect the health and safety of yourself and those around you. Along the same lines, there are steps you can take to show your home to potential buyers without risking your health or hurting your chances of a sale. Here are some tips to prepare your home for sale in the coronavirus



Thinking of a Remodel? Here Are Your Financing Options
     People are spending a lot more time at home. Whether it’s because of a stay-at-home edict or just choosing to work remotely instead of heading toward the office, many are choosing the stay-at-home model and some employers have found the stay-home can be an option for the employee going forward. And spending more time at home might also lead to thinking of a few household projects. Is the kitchen looking a little dated after all? How about some new countertops and upgraded appliances? Is the living room carpet looking a bit threadbare? If so, you’ll need to decide how to pay for those improvements.
      The obvious way is to pay cash. It’s quick, interest-free and you can tap into a checking or savings account pretty much anytime you need it. You get a bid, decide whether or not to move forward and write a check. On the flip-side however, pulling money out of an account can put a dent in the balance and in any interest-bearing account, money out

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The Housing Market Reaches Extremes

 

It may come as a shock to most that the real estate market has become the strongest seller market since 2005.  This may sound preposterous. How could the real estate market swing so strongly in favor for sellers when Maricopa County is currently grabbing headlines nationwide for its escalating virus numbers?

The virus and the real estate market numbers have a causal relationship.  The “stay at home orders” and fear of infection are causing a large population of would-be-sellers to move to the sidelines.  Particularly impacted are the 55+ communities – not surprising given that they represent the most vulnerable population.  Add to that governmental orders forbidding foreclosure for non-payment and elevated payouts for unemployment – and you have the formula for sellers staying in homes whether they can afford them or not, whether they wish to sell or not.  Please understand we are not making any political statements – rather just commenting on what is happening as an unexpected consequence in the real estate market.  Here are some shocking numbers to consider by Tina Tamboer of the Cromford Report:

“Greater Phoenix has a population of approximately 4.8 million people and 1.4 million single family homes, condos and townhomes in total… As of July 8th, only 8,579 of these units were available for sale through the Arizona Regional MLS. If that number doesn’t cause you to gasp, then this might: only 1,023 are single family homes under $300,000 and that number is diminishing every day.”

Demand from buyers, conversely has surged.  Historically low interest rates combined with prices not yet soaring out of range, has added fuel to demand.  This leaves us with several conclusions:

  1. If you are a buyer, please brace yourself for very few choices and extreme competition from multiple buyers for every home.  Still, buy now if you can before prices and interest rates move higher.
  2. If you are a seller, don’t wait forever to go on the market. You have a window of opportunity.  The 2005 market taught us that extreme markets never last.  That market shifted very quickly when it shifted.  What is unknown is when our current market will turn.  But at some point, unemployment rates cause homeowners to sell. Skyrocketing prices and interest rates eventually dampen demand.
  3. There are ways to sell safely that don’t require homeowners giving away their homes. We are currently selling homes with virtual showings or no showings until point of accepted contract.  Risk can be managed without sacrificing safety.

If you have questions about the market – as always, call us 602-957-7777.  We are watching these market patterns closely.

Russell & Wendy Shaw

 


  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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Russell Shaw, Realtor®
E-mail: russell@nohasslelisting.com
Website: http://www.NoHassleListing.com
602-957-7777
Toll-Free 866-357-3604
Realty ONE Group
602-957-7777
11211 N. Tatum Blvd., Ste. 100
Phoenix, AZ 85028


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