Trump's $200B mortgage bond purchase is reshaping the market: Conforming 30-year sits at 6.043%, VA at 5.693%, and FHA at 5.987% per our mortgage partners. The President ordered Fannie Mae and Freddie Mac to buy $200 billion in mortgage-backed securities, and the impact was immediate. Rates dropped 20 basis points within two days of the announcement, pushing the national average to 6.06% last week, the lowest level in over two years. This isn't the Federal Reserve cautiously adjusting policy. This is direct, aggressive government intervention designed to make home buying affordable again.
Shift in Momentum - Slight Seller Advantage Returns in the Arizona Real Estate Market. The slight lift in seller leverage isn’t due to stronger demand—it’s due to less competition. With luxury listings thinning out, high-end sellers are gaining ground, but buyers still hold the advantage in most of the Valley.
The market's current weakness is concentrated in the entry-level price ranges, while luxury segments continue to outperform. If mortgage rates ease further, mid-range and luxury demand could rebound first. #arizonarealestate
Supply is no longer trending higher but instead is looking stable. However the already weak demand is now starting to get worse. It would be smart for sellers to consider offering seller concessions to help with rate buy down. This may help get buyers off the fence.
Way and Means Committee just released an amendment to bring back 100% BONUS DEPRECIATION.
If this passes - it would be HUGE for real estate.
Congress, let’s get it done!
Open House today in South Scottsdale. Currently a short term rental with 3 years of 5 STAR Reviews! Taken to the studs and FULLY remodeled. Come check it out today!
https://t.co/ie3KVCYYFk
Paradise Valley continues to set records, with a recent sale of a luxury spec home at $13.5 million, marking a record price per square foot in the area.
Definitely a stunner!
https://t.co/Gwf2M3xZtu
It’s unbelievable to me how weak some agents are. My advice to buyers and sellers… make sure you are dealing with someone who knows how to protect you in this crazy market! And who has the confidence to stand up for you! I just watched an agent advise their client to accept an offer $30K under list price (which is fine). But then the appraisal came in $100K low. And ask me what the agent did for their seller…. nothing! Didn’t even request a copy of the absurdly low appraisal. Has no idea what comps were used. Instead the agent just advised the seller to accept the offer. And then on top of it - lowered the list price to contract price while pending. Are you kidding me? Unbelievable. Agents have to be better! When asked - the agent said… “Well what am I supposed to do? It’s not my place to question an appraiser.” Are you kidding me?! Your job is represent your client’s best interests! Now all the other neighbors who are selling just took $100K price cut. Watched listings cancel due to this today. Several listings just turned into short sales now. So much loss. Loss for their seller. Loss for the other sellers in the neighborhood. Loss for all the agents who have put months and months of hard work in. It’s so important you work with someone that will advise you properly and who will have the strength and leadership to protect your interests. So many people affected by the poor choice of this agent. #bebetter #hireapro
Gorgeous estate in the highly sought after guard gated community of Equestrian Manor in Scottsdale, AZ. 6000+ sq ft | 8 car garage | heated pool | chef’s kitchen | entertainer’s paradise. Listed at $4.5M. #sothebysinternationalrealty#luxuryrealestate#scottsdale#newlisting
Paradise Valley, Peoria, Fountain Hills and Goodyear are the biggest moves in favor of sellers. Tempe, Queen Creek and Maricopa are the primary locations moving in favor of buyers. #arizonarealestate#marketupdate
Industry leaders & the Fed have expressed their expectation that rates will decline this year, with both Fannie Mae & the Mortgage Bankers Association predicting 6.4% by the end of 2024. If they are correct this time, then summer could be the new spring for home buying this year.