The Valley's
Leading Agent
Russell Shaw
December 2023
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!

Why Are People Obsessed with Mid-Century Modern Design?
Mid-century modern design is one of the most popular design styles right now and for good reason. It boasts clean lines, pops of color, and if you buy an older home, it can be a natural fit with the existing elements of the property.
      So, what exactly is mid-century modern design, and how can you make it work in your home?
      Mid-Century Modern Basics Mid-century modern design is based on architects’ work who moved from Germany to the U.S. after World War Two. These architects led the way in mid-century modern design, which emphasizes functionality and simplicity.
      The period, while there is some disagreement on
U.S. averages as of December 2023:

30 yr. fixed: 7.29%
15 yr. fixed: 6.67%
5/1 yr. adj: 6.84%

on specifics, generally is considered to have lasted from the 1940s to the 1960s, but much of what we think of as mid-century modern now is from the
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What Are Escrow Items in a Home Loan?
     If you’re planning to buy a home, you’ll hear the word escrow throughout the process. An escrow is a legal setup where a third party temporarily holds money or property until a condition is met.
      In a real estate transaction, escrows protect buyers and sellers throughout the process. An escrow account is established through your mortgage terms to hold the money for homeowner’s insurance and taxes.
      Escrow accounts can also be used in home buying to protect a good faith deposit, ensuring the funds go to the right party based on sale conditions. We’re specifically discussing the escrow account used throughout the life of your loan below.
      Escrow Accounts When You Borrow

How Do You Challenge An Appraisal?
     A home appraisal is an important part of buying and selling a home. You have to go through the appraisal process to buy a home with a loan, refinance your current mortgage, or to sell a home to anyone except a buyer with all-cash.
      During an appraisal, a professional gives their unbiased view on the value of the home. The appraiser creates a report based on their inspection of the home, current trends in the market, and comparable sales nearby of similar properties. A borrower usually pays for the appraisal fee. If a home appraises for lower than what was anticipated, then the bank may not extend financing. A bank wants to make sure that they’re not giving a loan to homeowners who are borrowing too much because the home is loan collateral.
      The appraisal is just one way a lender is protecting themselves and minimizing their losses if something happens and the borrower

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Real Estate Realty

𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝗵𝗶𝗳𝘁𝘀

The Greater Phoenix market has been steadily shifting away from sellers.  Within a few days of this writing we will be in a balanced market overall.  Eleven cities already are balanced or favor buyers – eighteen favor sellers but are eroding.

If you are a buyer – this is a wonderful time to buy.  Seasonally, there are less buyers shopping in the 4th quarter than any other time of year.  Additionally, interest rates have had the largest drop in 2023 last week – resulting in a rise in loan applications. In addition, sellers have been subjected to longer marketing times - courtesy of the market shift and higher rates scaring off buyers.  Tired sellers are often more willing to negotiate on price and buyer incentives (closing costs).  If you regretted missing the last buyer’s market – don’t make the same mistake again. As Tina Tambour of the Cromford Report shares:

“Mortgage rates have been near impossible for experts to predict over the past 18 months, however there are strong feelings that the end is near for rate hikes by the Federal Reserve. If mortgage rates decline in response, then the current market decline will be short lived.

In short, it’s a good idea for buyers to stay engaged and vigilant in identifying opportunities in November and December. Once 2024 begins, the peak home-buying season is back in swing with more buyer competition.”

 If you are a seller, your best strategy is to price for today’s market – not the one we had even 2 months ago.  If you are in Surprise, Litchfield Park, Goodyear, Buckeye, Maricopa, Casa Grande, Gold Canyon and Queen Creek – you will need to price in the buyer’s favor.  Still balanced is Cave Creek, Peoria and Sun City – but will soon tip. All the other cities are still seller’s markets, but weakening fast.

 Will this year’s trend continue in 2024?  No one knows. The wild card of course is mortgage rates – something that is impossible to predict accurately. For now, the best plan is to address the market at hand.  As always, we will keep you apprised of the market fluctuations so you can make informed decisions.

 As a note, we are so grateful to our friends and clients who honor us every day with their trust.  Thank you from the bottom of our hearts.  We wish you a very happy Thanksgiving.

 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.
More Articles
November Real Estate Roundup
Tips for Making your Home More Inviting to Guests
Shopping For Mortgage Rates the Right Way
Open Shelving in the Kitchen—Yay or Nay?
What is An All-Cash Offer When Buying a Home?

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

Equal Housing Opportunity

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