All posts by azrealtycom

The 11th new record low mortgage interest rates since Jan 2020

Can the housing mortgage interest rates go even lower?

Mortgage rates ticked up, after falling to yet another record low last week for the 11th time since the beginning of the year. Specifically, the 30-year fixed-rate mortgage rose slightly to an average of 2.81% from 2.80% the previous week.

The news comes after the Department of Commerce released the new GDP report earlier this morning, with GDP rising tremendously by 33% in Q3 2020 compared to the previous quarter. The United States certainly experienced its fastest three months of economic growth on record. Additionally, the housing market is one of the sectors that significantly contributed to the recovery of the economy.

First of all, with these ultra-low mortgage rates, homebuying activity has increased by nearly 70% compared to May spurring homebuilding and many durable consumer goods industries. In the meantime, based on another important indicator, the homeownership rate rose by 2.6% in Q3 2020 compared to a year earlier with African Americans experiencing the largest gains followed by Hispanics. Thus, more people from minority groups are able to become homeowners than pre-pandemic.

Meanwhile, there is clearly a strong consumer interest in remodeling with the remodeling market booming during the pandemic. While homeowners spend a considerable amount of time at home, they realize what they actually need to update and reconfigure in indoor and outdoor spaces for the “new norm” of telework and virtual learning. According to NAR, 2 in 3 owners have already remodeled their homes or have thought about it. While these ultra-low mortgage rates lower borrowing costs, more homeowners are expected to do major renovations this year and next.

With mortgage rates hovering near record lows, expect real estate to continue to stay strong, boosting economic growth.

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Fed Signals Interest Rates to Stay Near Zero Through ​2023

Central bank affirms commitment to provide more support amid uneven recovery

Federal Reserve officials projected no plans to raise interest rates through 2023 and said they were committed to providing more support to an economy that faces an uneven recovery from the coronavirus pandemic.

In new projections released Wednesday, all 17 officials said they expect to keep rates near zero at least through next year, and 13 projected rates would stay there through 2023.

The Fed revised its post-meeting statement to deliver more specifics about the conditions that would warrant keeping interest rates near zero. Two officials dissented from the new statement.

The Fed said it would maintain rates near zero “until labor market conditions have reached levels consistent with the committee’s assessments of maximum employment and inflation has risen to 2% and is on track to moderately exceed 2% for some time.”

The Fed’s two-day policy meeting that concluded Wednesday is the first since officials last month announced a new framework that abandoned the central bank’s longtime strategy of pre-emptively lifting interest rates to head off higher inflation.

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A Seller’s Guide to Navigating the Home Inspection

Passing the inspection advances you to the next level: closing the deal on your house.

Getting beyond the home inspection is sort of like advancing to the next level in a video game.

When you get past this step, you get to advance to a fresh, exciting place — your new home, to be exact.

In Every Inspection, There Are Stakes for Buyers and Sellers

Once the buyer has made, and you’ve accepted, the offer, your home will get the once-over from the buyer’s home inspector. The inspection is usually a contingency of the offer, meaning the buyer can back out based on serious problems discovered. The lender also expects an inspection to make sure it’s making a good investment. Makes sense, right?

During the home inspection, an inspector will examine the property for flaws. Based on the inspector’s report the buyer will then give you a list of repair requests.

Your agent will work with you to negotiate those requests. Don’t want to be responsible for a repair? (Maybe it’s best if the buyer has the fix made by their own contractor anyway.) Your agent may be able to negotiate a price credit with the buyer instead.

By the way, inspections aren’t necessarily a big, scary deal. Your agent will help advise you about repairs you need to make before the inspection. In fact, she may have made those recommendations to you even before you put the home on the market. And if you’ve been maintaining your home all along (and you have, right?), your punch list may be minimal.

In addition, back when you put the home on the market, you were required to disclose to buyers the home’s “material defects” — anything you know about the home that can either have a significant impact on the market value of the property or impair the safety of the house for occupants. Material defects tend to be big underlying problems, like foundation cracks, roof leaks, basement flooding, or termite infestation.

What a Home Inspection Covers Depends on the Home

Every home is different, so which items are checked during your property’s inspection may vary. But home inspectors typically look at the following areas during a basic inspection:

  • Plumbing systems
  • Electrical systems
  • Kitchen appliances
  • Heating, ventilating, and air conditioning (HVAC) equipment
  • Doors and windows
  • Attic insulation
  • Foundation and basement
  • Exterior (e.g., siding, paint, outdoor light fixtures)
  • Grounds

Depending on the sales contract, the purchase may also be contingent on a roof inspection, radon inspection, or termite inspection.

What a home inspection won’t cover is the unseen. Your inspector isn’t going to rip open walls or mountaineer on the roof. (Though that would be kind of exciting to watch.)

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ARMLS Rent Check™ – April, 2020

For the month of April 2020, all RENT Check indicators weaken except the number of closed rentals went up a bit.

Median Lease: $1,600 – remained flat vs $1,600 the month of March 2020.

Average Lease: $1,751 – Reduced from $1,759 of the previous month.

Avg. Days on Market: 24 – Reduced from 26 days of the previous month.

Closed Rental: 1,618 – Reduced from 1,783 homes the previous month.

Rent Check Quotient™: 1:5 – Rental supplies remains the same as 1:5 of last month.

Rent Check Quotient™ (RCQ™) is the ratio of closed rentals and closed sales.

The COVID-19 has fairly minimum impact on the residential rental market. Yet it cooled down the upward trending a little bit.

Arizona’s re-opening for business starting 5/15 strengthens the housing market into summer. 

Builder’s confidence level is high, seller market continues.

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Coronavirus Hits Housing Market – 3/12/2020

Over the Past Few Days, The Housing Market Took a Hit

Demand held up surprisingly well until the stock-market panic on Thursday, March 12. But with measures to slow the spread of coronavirus expanding to more cities, we expect that this Wednesday’s report will show a big drop in activity. Some buyers will see this as an opportunity to get the home of their dreams at a good price, with historically low mortgage rates. Others will wait until the end of the recession that has almost certainly begun.

Above is digested from Redfin’s article.

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Mortgage Interest rates – 3/10/2020

The impact of nearly free fall of the stock market owing to the worries over Cronoavirus outbreak here in the States, the mortgage interest rates reach new LOW.

CONVENTIONAL

30 Yr 3 to 3.25% APR 3.332
15 Yr 2.75 to 3% APR 3.135

FHA/VA/USDA

30 Yr 2.8755% APR 3.6
15 Yr 3.125% APR 3,75

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Mortgage Interest Rates – 2/17/2020

CONVENTIONAL

30 Yr              3.5 to 3.625% APR 4.05

15 Yr              3.125 to 3.5% APR 3.98

 

FHA/VA/USDA 

30 Yr              3,00%  APR 4.10

15 Yr              3.25%  APR 4.31

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ARMLS Rent Check™ – Oct, 2019

For the month of Oct 2019, all RENT Check indicators weaken except the number of closed rentals went up a bit.

Median Lease: $1,550 – Reduced from $1,595 the previous month.
Average Lease: $1,726 – Reduced from $1,755 of the previous month.
Avg. Days on Market: 31 – Increased from 27 days of the previous month.
Closed Rental: 1,991 – Increased from 1,909 homes the previous month.

Rent Check Quotient™: 3:10 – Rental supplies went up comparing to 1:5 last month.

Rent Check Quotient™ (RCQ™) is the ratio of closed rentals and closed sales.

While we are getting into the holiday season, the rental market started to slow down.

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Chandler Unified School District Attendance Boundaries – 2019-2020 High Schools

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Chandler Unified School District
CUSD 2019-2020 High School Boundaries
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Chandler Unified School District Attendance Boundaries – 2019-2020 Junior High Schools

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Chandler Unified School District
CUSD 2019-2020 Junior High Boundaries
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