New Survey Results

A Real Estate professional was used 89% in all home sales last year;   Less than 1 % of home sellers used an online “i-Buyer”  type service; and 7% of home sales were “For-Sale-By-Owner” (FSBO), with over half of those being friends, family or acquaintances of the home seller.   

Those are some of the results of the 2023 Survey of the National Association of Realtors (NAR). The Profile of Home Buyers and Sellers report has been the leading industry source of statistics and consumer insights for over four decades.

The survey covers information on demographics, housing characteristics, and the experience of consumers in the housing market, as well as for those who are not yet able to enter the market. Data is for a 12 month period between July and June.

For Full Report and Printable PDF Click here.

In Maricopa County (greater metro-Phoenix) today, over 7% of all the sales in the Multiple listing service are over $1,000,000. 5 years ago, it was only 2.7% of all sales. That is almost triple. We have seen a massive 54% appreciation over just the last four years and over 93% over the last 10 years, proving again that real estate is a good long term investment. This month's luxury market report (below) echos those sediments. Click on the Link for my December 3 minute market report.

Nationally, the Phoenix Valley was just predicted to be #2 in the nation for 2024 real estate by the Urban Land Institute (Link to full report).

Sales have been slow thus far this holiday season as Buyers are waiting for interest rates to come down, and Sellers are unwilling to list because they are sitting on such low interest rates.

1. Over 50% homeowners have over 50% equity in their home thanks to the appreciation we have seen in recent years.    
2. There are 3million buyers making over $150,000/year are still renting. They are waiting for rates to drop They will be buyers.
3. 90% of homeowners with a mortgage have rates below 6%. And 62% have rates below 4%. Few of these homeowners are willing to trade that in for a new home with a higher interest rate.
4. It may be a better idea to buy now, and refinance when rates come down, then to wait as prices continue to appreciate here in the Valley. 

According to the most recent Luxury Marketing Report, “the impacts of the pandemic years have forever changed the importance of owning a luxury property and it is now widely acknowledged by an ever-growing demographic of affluent buyers as an important low-risk asset that offers a long-term yield. This was proven over the last year, as between rising economic uncertainty, political unrest, stock and crypto market volatility, and to some extent climate change effects, overall, the luxury property market has continued to maintain its financial stability.”  Full digital report link here.

Scottsdale is getting ready for it's peak Event season. Equestrian shows are already in progress at WestWorld. The Cactus Corridor has evolved into the top breeding ground for championship horses. Check out my newest listing here.

^{This is Denise van den Bossche with Realty Executives, celebrating a 4-decade career in Phoenix-Scottsdale real estate}

www.Exec-Elite.com

• NAR Lawsuit
• Deed Fraud
• Mortgage Rates

 How the News Affects Your Real Estate Holdings

Click for this month's 2 1/2 minute Update

Scorching Hot Luxury Market

"Until the volume of properties available for sale increases substantially, back to traditional norms recorded pre-Covid, it is unlikely that the luxury market will transition into a true buyer’s market anytime soon." And we are definately seeing that in Metro Phoenix. Download this copy of the Luxury Housing Market Report. Or drill down to this Paradise Valley, Scottsdale and Phoenix Housing Market Report.

It's BACK: Mortgage Interest Rate Deduction

Something our children and other homebuyers over the last decade may have never considered is very applicable today: the Mortgage Interest Rate Deduction. With interest rates back to a more "normalized" rate, it can pay to itemize. Wait, What? Watch this month's housing market update  2+1/2 minute video, and always speak to your tax professional. 

MARKET CRASH IS A PHYSICAL IMPOSSIBILITY

You can't foreclose on a home with no mortgage, and with nearly 70% of homeowners having 50% to 100% equity in their homes, they are not going to foreclose. According to the Wall Street Journal, U.S. Home Equity has reached the highest level on record.

_{One thing remains constant and is even more true than ever: Your Home Equity is a significant asset in your portfolio and you deserve expert guidance.  Is Now a Good Time to Buy or Sell a Home? Call Denise 602-980-0737, celebrating 40 years in Metro-Phoenix Real Estate.  Ranked #2 WORLDWIDE in Solo Agent Production for 2022 at Realty Executives International, one of the oldest and largest brands in residential real estate.}

JUNE Luxury Home Marketing Institute Report

According to the June 2023 Luxury housing report that just posted, affluent buyers’ expectations have shifted, looking for a sense of purpose for their new property. As our prices remain steady, the luxury market is seeing a consistent increase in demand for luxury properties these first months of 2023, with the number of sales increasing month over month since the start of the year. North America Report Link    Paradise Valley Report Link.    Scottsdale Report Link.    Phoenix Report Link.