Category Archives: Housing Market Intelligence

News or information regarding Arizona housing market.

Housing Market Intelligence, Property Management

ARMLS Rent Check™ – June, 2018

For the month of June 2018, all RENT Check indicators showed sustaining momentum comparing to the previous month, May 2018.

Median Lease: $1,485 – Increased from $1,450 previous month.
Average Lease: $1,670 – Increased from $1,616 previous month.
Avg. Days on Market: 24 – Decreased from 25 days of the previous month.
Closed Rental: 2,228 – Increased from 1,903 homes the previous month.

Rent Check Quotient™: 3:10 – Rental supplies improved from 1:5 last month.

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

Every summer, June, July, and August are the peaks of the rental market whereas the housing market starts to cool down. We expect to see stronger Rent Check™ indicators to come.

Social Share Toolbar
Housing Market Intelligence, Mortgage News

Mortgage Interest Rate Trending Up

Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily over the course of the next year. Mortgage Rates Trending High into 2019

Social Share Toolbar
Housing Market Intelligence

What Business Microsoft has to do with Goodyear, AZ?

Microsoft Corp. has bought 272 acres of land in Goodyear, west of Phoenix, for nearly $48 million.

The Redmond, Washington, tech giant bought the land on the southwest corner of Maricopa County 85 and Lower Buckeye Road in the Goodyear AirPark.

 This is a game changer for the West Valley having a company like Microsoft to come. This is huge!

Social Share Toolbar
Housing Market Intelligence

The New Trend?

Millennials often put their furry friends’ needs at the top of their list when shopping for a home. A full 73 percent of millennials currently own a pet, and a whopping 89 percent of millennials who bought a home so far this year own a pet.

Social Share Toolbar
Housing Market Intelligence, Mortgage News

Mortgage Interest Rates Getting Higher and Higher

Bloomberg and Jamie Dimon, JPMorgan Chase CEO announced that mortgage rates should be 1% higher, and could be 2% higher soon. Mortgage rates follow the 10-year note closely. Today, the 10-year note is at 2.93%.

Rates are going up due to the rising economy and increasing job market. Those who buy today will benefit from a lower mortgage payment while their earnings rise.

For an average loan amount of $275K, borrowers will save $349/month, which is close to $4K/year. Buying a home today could save you $40K over the next decade.

Monthly payment savings example is based on a 30 year fixed Conventional mortgage loan of $275,000 with 3.5% down. Savings estimated is based on the current interest rate of 4.625% vs increased interest rate of 6.625%. Monthly payment comparison is used for information and educational purposes only and does not depict any actual loan.

 

Social Share Toolbar
Housing Market Intelligence, Uncategorized

Frank Lloyd Wright’s early work in Arizona Blended into South 202

Standing at intervals atop the sound wall between 40th and 48th streets, these custom-designed panels resembling fins are decorative accents inspired by some of modern architect Frank Lloyd Wright’s early work in Arizona. They’ve painted a reddish accent color that extends in a saw-toothed pattern down the sound wall and also appears on retaining walls, abutments and bridge barriers in the area.

Soundwalls; traffic interchanges;

These accents are a throwback to Wright’s design experimentations from his late 1920s desert winter encampment, known as the Ocatillo Settlement that was located about a half mile from the current freeway alignment near 32nd Street.

In 2019, South Mountain Freeway loop 202 will be in service. It will provide a direct connection between the East and West Valley while bypassing huge traffic of I-10 going through downtown.

Social Share Toolbar
Housing Market Intelligence

ARMLS Rent Check™ – June, 2018

Once again, all RENT Check indicators for June 2018 showed sustaining momentum comparing to the previous month, May 2018.

Median Lease: $1,485 – Increased from $1,450 previous month.
Average Lease: $1,670 – Increased from $1,616 the previous month.
Avg. Days on Market: 24 – Decreased from 25 days of the previous month.
Closed Rental: 2,228 – Increased from 1,903 homes the previous month.

Rent Check Quotient™: 3:10 – Rental supplies increased from 1:5 last month.

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

Every summer, June, July, and August are the peaks of the rental market whereas the housing market started to cool down. these stronger Rent Check™ indicators were expected.

Social Share Toolbar
Housing Market Intelligence, Mortgage News

Benchmark rate increased

Surprising no one, the Federal Reserve lifted its benchmark rate by a quarter point last week, the second hike this year. With unemployment at 3.8 percent, the lowest since 2000, and inflation creeping higher, the Fed says raising rates gradually will keep the economy from overheating. – Reuters

Social Share Toolbar
Housing Market Intelligence, Mortgage News

Mortgage Getting Some Difficulties

Lenders face an increasingly difficult market. With mortgage rates up about 80 basis points since last September, refinancing is falling sharply; Purchase applications were also down 2.9 percent from April to May. Lenders may turn to cost cutting as a means of managing their bottom lines.  – Reuters

Social Share Toolbar