The Valley's
Leading Agent
Russell Shaw
May 2020
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!

Home Improvement Projects to Tackle During the Quarantine
You’re working from home, which means you don’t have a commute, which means you have extra time on your hands.
      You’re working from home, which means you’re bored, and you’re looking for stuff to do. If you own your home, that “stuff” probably means home improvement projects. We’ve got tips on what to tackle during the quarantine.
      Do an even deeper clean than usual It is spring, after all. This year, in addition to your annual spring cleaning list, add a few tasks that are specifically intended to kill germs and improve the air quality in your home. 
      “It’s best to check if your
Mortgage Rates
U.S. averages as of May 2020:

30 yr. fixed: 3.33%
15 yr. fixed: 2.86%
5/1 yr. adj: 3.28%

your cleaning materials are in the list of approved products released by the US Environmental Protection Agency and the Centers for Disease Control and Prevention (CDC),” said the Philippine
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Should You Ask for a Forbearance?
     Whether you’ve lost your job, are worried you might be about to, or are finding your finances crunched by the coronavirus pandemic, you may be thinking about asking for a forbearance on your mortgage. But should you? Will it really help put you in a better financial position? 
      We’re breaking down the details. 
      What is a forbearance?  “Forbearance is a temporary postponement of mortgage payments,” said Investopedia. “It is a form of repayment relief granted by the lender or creditor in lieu of forcing a property into foreclosure.”
      The key words here are “temporary” and “postponement.” Forbearance is a way to delay your mortgage payments

How to Sell Your Home Now
     Everything has changed in the real estate world, seemingly overnight. The incredibly hot market of the past couple years has taken a hit as the coronavirus has made its way across the country, and the world. But homes are still selling. Not with the same frequency, but people still have to sell. 
      If you’re one of them, you’re probably wondering what to do right now—especially since in-person home tours aren’t happening. These tips will help you get your home to stand out and get it sold even when others aren’t moving.
      Spring for enhanced virtual tools It might cost you a little more, but creating a virtual experience for your home is as close as you can get right now to showing buyers what it would be like to walk through the place in person. 
      "As we've suddenly found ourselves adapting to a new normal, the meaning of home has never meant so much to

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What Are The Current Market Patterns?

Enough time has passed since Arizona’s “stay at home” orders that we can now see the patterns established in the valley’s real estate market:  

  • Greater Phoenix homes under contract dropped 39% over the course of 6 weeks between March and mid-April. Not surprisingly, this resulted in closed transactions dropping 31% a month later.
  • But that’s already old news, what is not getting reported yet is the 40% increase in accepted contracts over the past 4 weeks.
  • Essentially the market temporarily “shrunk” – which means less buyers and sellers were in the market. This does not mean prices dropped. In fact the under 500K market saw not only stable prices, but even price increases.
  • The market over $500K is recovering slower than other price ranges after dropping 58% in weekly contracts due to travel restrictions and the stock market crash from late February through March. While contract activity rose 65% over the past 4 weeks, it’s still down 30% from its peak 10 weeks ago.  The irony is that one would expect a massive number of price reductions after such a dramatic drop in demand, but that was not the case.  Instead, sellers over $500K simply came off the market.  The highest percentage of cancelled listings were seen in the luxury market, which reduced supply and mitigated the loss in demand.  As a result, sales prices over $500K have remained stable thus far and are up just 0.9% from this time last year.
  • What is being sold has changed. This will cause a lower price per sq. ft. for homes sold due to the mix favoring lower priced housing. If you see headlines saying the prices are dropping due to lower price per square foot – realize that is not a price drop but rather that the homes being sold are less expensive.
  • Mortgage rates are down from this time last year.  The biggest mistake buyers can make is waiting for price drops that are not coming. Low mortgage rates are not something to ignore or take for granted as they can change quickly.

Our thanks to Tina Tamboer of the Cromford Report for providing market statistics.  To summarize, we believe the impact of the Pandemic has been largely in reduced numbers of transactions.  The jump in contracts suggests the worst of the impact is behind us.  There are blue skies ahead.  If you have questions on buying or selling or how to do so “safely” in this market – we are here to explain all of your options.

  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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April Real Estate Roundup
The Best Ways to Improve Your Air Quality and Ward off the Coronavirus
Smart Ways to Save During the Quarantine
Four Ways to Raise Credit Scores by This Fall
From Lock Down to Rock on…Are You in Overwhelm?

Russell Shaw, Realtor®
Toll-Free 866-357-3604
Realty ONE Group
11211 N. Tatum Blvd., Ste. 100
Phoenix, AZ 85028

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