Riley Rhodes

Designated Broker - Dwel LLC
Making buying, selling and owning a home in Arizona more affordable.

[Riley Rhodes @rileyr22]

@adamgorney @DevilsDigest @KennyDillingham @GregBiggins @BrandonHuffman @cjtheballerr @TroyFalke @jj2_official Personally would have rather had a W than losing by 36 and a good speech

[Riley Rhodes @rileyr22]

Oh hey Blake. My thoughts on this is he needs to corner ASU leadership to get more for the program to be a contender. These Michigan rumors are good for ASU, if Kenny really has no plan of leaving, because it gives leverage to Kenny to make legitimate demands.

I really don’t think he is leaving and this is a play to make ASU football better but I could be wrong. What do you think?

[Riley Rhodes @rileyr22]

@MoEgger Dishwashers don’t market your company

[Johnny Venerable @JohnnyVenerable]

Unreal play by a couple future first-rounders.

[Riley Rhodes @rileyr22]

@ColdStone Hi there! A $6 refund after serving a customer a bee that stung them in the mouth isn’t quite sufficient.

[Riley Rhodes @rileyr22]

Not cool @ColdStone
Got stung in my mouth by this bee.

[Dave Portnoy @stoolpresidente]

BALL DONT LIE!!!! #asu #forksup

[Dave Portnoy @stoolpresidente]

If that isn’t targeting I don’t know what targeting is!

[Riley Rhodes @rileyr22]

@Jason I did enjoy the interview of Jonathan Haidt. You should continue those along with the normal pod.

[Riley Rhodes @rileyr22]

@Google business has to have the worst customer experience known to man. Can't get a live agent on the phone and it will randomly hang up on you.

[Meet Kevin @realMeetKevin]

"The only man who never makes a #mistake is the man who never does anything."

- Theodore Roosevelt

[Rothmus 🏴 @Rothmus]

🇺🇸

[Riley Rhodes @rileyr22]

August 17th. Residential real estate changes.

Any home you look at you will need to have a contractual agreement with that agent to see the home. This will agree on compensation and for how long they will represent you.

Commission for the home is no longer included on the MLS meaning you and the agent will need to agree on a price they will be paid and hope to negotiate with the seller to cover it.

Is this a good idea or bad idea?

[Riley Rhodes @rileyr22]

@DavidSacks I have a solution to the home affordability crisis. I think you’d like it.

[Riley Rhodes @rileyr22]

@SoledadUrsua Foreclosures are not on the horizon. Maybe very low relative percentage of people who have ARM’s will need to sell but no one who bought in 2017 would foreclose and lose all their equity rather than just sell.

[Riley Rhodes @rileyr22]

Follow for more practical real estate news and information from a practicing designated broker.

[Riley Rhodes @rileyr22]

These corrections that happen aren't always noticed by those not in the market. They happen gradually over time. The sellers that listed their homes certainly did feel these corrections as they had to drop their list prices to get their homes sold.

[Riley Rhodes @rileyr22]

In my opinion, it would take economic conditions that affect much more than the real estate market to drive prices down in a way that would be considered a "crash." This doesn't negate the fact that home affordability nears all time lows, which is a problem in need of a solution.

[Riley Rhodes @rileyr22]

3. Corrections Have Happened.
Corrections happen and vary based on the market. What are the three most important factors in real estate? Location, location and location. That goes hand in hand with corrections. City to city can have different corrections. In AZ from June to December of 2022, we saw a price corrections of average sales price go down 13% from $600k to $522k.

[Riley Rhodes @rileyr22]

Consumers that got in during this time or had a home and refinanced, are now locked in to the "golden handcuffs" of their low monthly payments and can't fathom a 7% rate.

[Riley Rhodes @rileyr22]

2. Supply.
We have a supply problem in the US. We have an estimated shortage of 4-7 million homes according to NPR's article linked. Even with mortgage rates sky-rocketing, we went from a record low of 1.6 months of supply to 3.2 months. This still is a market that favors the sellers as it is stated by NAR that 6 months of supply is associated with moderate price appreciation.
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