The Valley's
Leading Agent
Russell Shaw
October 2022
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!

Are Multiple Loan Queries Always a Problem?
A loan query as it relates to mortgages refers to the act of someone or some company that applies for a new loan. On its face there's nothing really derogatory about that. After all, consumers apply for new loans every day. Some might make an application but decide they didn't want the loan after all.
      First, there are two basic types of loan queries- a hard query and a soft query. What's the difference? A hard query is a direct request by a consumer or a company to view a credit report. A soft query is one where a credit company, often a new credit card, runs a soft query when deciding whether or not they want to extend to you an offer for a new credit
U.S. averages as of October 2022:

30 yr. fixed: 6.7%
15 yr. fixed: 5.96%
5/1 yr. adj: 5.3%

soft query won't bother credit scores whatsoever. But a hard query, or rather multiple queries, can. When someone begins shopping for a mortgage and makes an application,
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6 Boho Design Mistakes to Avoid
     Bohemian or boho interior design is one of the most popular aesthetics. This design style is characterized by rattan, soft rugs, cozy throws, unique textures, and a lot of organic elements, including greenery. The goal of boho style is something that feels inviting, low-key and laidback.
      When you follow boho design principles, your space feels casual and like it’s lived-in. There are also eclectic elements.
      While there’s no wrong way to decorate your home if you want to make it your own, there are some things you might want to avoid if your goal is boho design.
      1. Going Overboard On Any One Material Rattan is one of the natural materials often used in a bohemian design, as are

How Can You Break a Lease Legally?
     Sometimes, people find themselves in situations where they need to break their lease. You can legally break a lease sometimes, but the situations where it is legal are pretty limited.
      One reason you can break a lease legally is if the property is violating habitability standards. The law requires landlords to maintain a property in a “fit and habitable” condition. This means tenants need access to running water at all times, and trash bins must be provided. Landlords must perform repairs, follow health and safety codes, and clean common areas.
      A tenant can file a health or safety complaint if these things aren't done.
      If a formal complaint is required, an inspector visits the property to see if there’s any merit. The inspector will decide if the complaint is valid, and a landlord is sent a notice of violation. The landlord is then given a certain number of days within

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Balancing Act

A Balancing Act By now most homeowners have heard the news “the market has shifted”. While that is true, as usual the story is more complex. In the first quarter of 2022, Sellers held every card. Now they are handing them back one by one. As financial markets tend to run on two emotions (either fear or greed) understandably in the first quarter greed drove the market. Now? Hello, fear. Likely too many people remember the debacle of 2008 and fearing a repeat, the market reacted swiftly. Therefore, we have rapidly and officially arrived at a balanced market. So why all the hand wringing? Isn’t a balanced market a dream come true? An egalitarian market – favoring neither seller nor buyer? The first thing to realize, is that the last time we were in a balanced market was in 2015. Many real estate agents have never even seen a balanced market. Further, after 7 years the abnormal starts to feel normal. Additionally, not all areas and price points are moving in sync – despite the fact they have all shifted. The lack of consistency across all areas and prices creates further uncertainty- and moving targets are hard to precisely pin down while in flux. So what is known? Recently the Cromford Report examined the 17 largest cities and found that 6 cities have now moved in to a buyer’s market (i.e. a market where supply exceeds demand – therefore buyers have the negotiating power). Those currently in the buyer’s market: Surprise, Tempe, Gilbert, Buckeye, Queen Creek and Maricopa. Six cities are in the balanced zone: Chandler, Peoria, Glendale, Phoenix, Mesa and Avondale. A balanced market is one which neither favors buyers nor sellers on negotiation. This leaves 5 cities still hanging on to a gentle seller’s advantage: Fountain Hills, Cave Creek, Paradise Valley, Scottsdale, and Goodyear. But just as the location is affecting the relative strength or weakness of the market, so is the price point. As a case in point, The Cromford Report analyzed the changes in the average sale price per square foot in Phoenix (the largest market) from mid-May to the beginning of August. They found the peak for closed prices was May (but note, those are contracts that actually went together in April when demand began to erode). They found the median sales price from just Mid-May to the start of August eroded 6.25% - an average of 2% per month. Looking more closely at individual price points – the largest drop was for properties between $1M-$1.5M - with an average decline of 3.2% per month. The runner up was the $500K-$800K with an average decline of 1.2% per month. Not shockingly the low end and high end are fared the best. The high end of the market is not interest rate sensitive. The low end of the market simply has restricted supply with negligible new supply being created. Proving once again that housing is very neighborhood/price specific. What you should know So what should would be sellers take away from all this? A few points: 1. If you sell now, today’s value is still above this time last year’s value. 2. This a market that is rebalancing. Yes, it is still eroding, but the rate of decline is slowing. What will future values look like? No one can predict. See point 1 for today’s answer. 3. Supply and demand are determining who holds the strength in negotiations. The answer is area specific and price point specific. Get hyper-specific when evaluating your home. This is a moving target. 4. You need a good real estate agent again. At the peak of the market, 93.3% of all homes on the market sold. That number is now 70.4% (the lowest number for this time of year since 2010 which came in at 58.1%). The difference between selling now or not, is back to the agent’s marketing and knowledge. We are back in the land of normal – although it will likely take a bit for everyone to absorb that fact. The slowing of the rate of decline is our earliest hope that this market will settle in to the much overdue correction. As always, we will keep our friends and clients aware to the changes. We are here to inform. Russell & Wendy (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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Russell Shaw, Realtor®
Toll-Free 866-357-3604
Realty ONE Group
11211 N. Tatum Blvd., Ste. 100
Phoenix, AZ 85028

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