Scottsdale AZ Real Estate & Lifestyle

Live Better in Scottsdale - eXp Realty

Heather Tawes Nelson

Win When You Sell (And When You Move)

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Win When You Sell (And When You Move) | MyKCM

If you’re trying to decide when to sell your house, there may not be a better time than this winter. Selling this season means you can take advantage of today’s strong sellers’ market when you make a move. And if you live in Scottsdale or Greater Phoenix area, it is still very much a sellers’ market!

Win When You Sell

Right now, conditions are very favorable for current homeowners looking for a change. If you sell now, here’s what you can expect:

  • Your House Will Stand Out – While recent data shows there are more sellers getting ready to list their homes this winter, there are still more buyers in the market than there are homes for sale. If you sell your house now before more houses are listed, it will get more attention from serious buyers who are eager to find a home.
  • Your House Will Likely Get Multiple Offers – When supply is low and demand is high, buyers have to compete with each other for a limited number of homes. The latest Realtors Confidence Index from the National Association of Realtors (NAR) shows sellers are getting an average of 3.6 offers in today’s market.
  • Your House Should Sell Quickly – According to the same report from NAR, homes are selling in an average of just 18 days. As a seller, that’s great news for you if you’re looking for a quick process.

Win When You Move

Win When You Sell (And When You Move) | MyKCM

In addition to these great perks, you’ll also win big on your next move if you sell now. CoreLogic reports homeowners gained an average of $51,500 in equity over the past year. This wealth boost is the result of buyer competition driving home prices up.

You can leverage that equity to fuel a move, before mortgage rates and home prices climb higher. To get a feel for how rates are projected to rise, see the chart above. The longer you wait to make your move, the more it will cost you down the road. As mortgage rates rise, even modestly, it will impact your monthly payment when you purchase your next home. Waiting just a few months to make that change could have a long-term financial impact.

The good news is today’s rates are still hovering in a historically low range. According to Doug Duncan, Senior VP and Chief Economist at Fannie Mae:

“Right now, we forecast mortgage rates to average 3.3 percent in 2022, which, though slightly higher than 2020 and 2021, by historical standards remains extremely low . . .”

Selling before rates climb higher means you can make your move and lock in a low rate on the mortgage for your next home. This helps you get more home for your money and keeps your payments down too.

Bottom Line

As a homeowner, you have a great opportunity to get the best of both worlds this season. You can truly win when you sell and when you buy. If you’re thinking about making a move or want to explore your options, let’s connect so that you have the information you need to get the process started.

Phoenix and Scottsdale AZ Luxury Condo Sales – November 2021

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– Luxury Condo Sales in Scottsdale and Phoenix – November 2021 –

November was a very strong sales month for luxury condos in Scottsdale and Phoenix.

To be included in this report, only condo units with a list price of $1 million or more are analyzed.

ACTIVE LISTINGS AT THE END OF NOVEMBER

Inventory fell by one to close out the month with forty-one luxury units for sale. Thirty-two of them were located in Scottsdale and the remaining nine were located in Phoenix.

The most expensive condo for sale is new to the market and it has the highest asking price I have seen. This penthouse unit with four bedrooms, four and one-half bathrooms and 6,288 square feet is located in the luxurious ICON community in Silverleaf. The list price for this unit was $6,850,000.

The least expensive luxury condo on the market was located in The Reserve in Scottsdale. It has three bedrooms and bathrooms and 1,019 square feet. It was listed for $1,026,500.


UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

There were fourteen UCB contracts at the end of the month. This is a huge jump from the three UCB contracts at the end of October. Ten of the fourteen were located in Scottsdale.

UCB Condos in Scottsdale

  • SOHO Condominiums – Three bedrooms, two and one-half bathrooms, 2,365 square feet. Asking price was $1,250,000.
  • $1,300,000 and it sold for list price.
  • Scottsdale Waterfront Residences
    • Two bedrooms, two and one-half bathrooms, 1,611 square feet. Asking price was $1,365,000.
    • Two bedrooms and bathrooms, 2,265 square feet. Asking price was $1,530,000.
  • Optima Kierland
    • Two bedrooms, two and one-half bathrooms, 1,579 square feet. Asking price was $1,197,500.
    • Two bedrooms and bathrooms, 1,511 square feet. Asking price was $1,800,000.
    • Four bedrooms, three bathrooms, 2,619 square feet. Asking price was $2,495,000.
    • Four bedrooms, three bathrooms, 2,433 square feet. Asking price was $2,749,000.
    • Three bedrooms, three and one-half bathrooms, 2,839 square feet. Asking price was $2,800,000.
  • Optima Camelview – Three bedrooms and two and one-half bathrooms, 2,487 square feet. Asking price was $2,500,000.
  • Landmark Condominiums – Three bedrooms and bathrooms, 2,548 srfgretquare feet. Asking price $1,350,000.

UCB Condos in Phoenix

  • One Lexington – Two bedrooms, two and one-half bathrooms, 2,288 square feet. Asking price was $1,295,000.
  • The Residences at 2211 Camelback
    • Three bedrooms and bathrooms, 3,000 square feet. Asking price was $1,545,000.
    • Three bedrooms and bathrooms, 2,875 square feet. Asking price was $1,888,000.
  • Two Biltmore Estates – Three bedrooms, three and one-half bathrooms, 3,860 square feet. Asking price was $2,795,000.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

There were a whopping twenty-five pending sales at the end of November! Twenty-one of them were in Scottsdale and many of these were in the Seven community of Desert Mountain which is currently under development.

Scottsdale Pending Luxury Condos

  • The Reserve – This community is under construction.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,004,500.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,016,000.
  • Seven at Desert Mountain
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,505,002.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,515,800.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,530,700.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,536,004.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,612,768.
    • Two bedrooms, three and one-half bathrooms, 2,702 square feet. Asking price was $1,705,300.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,774,200.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,787,350.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,809,900.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,835,850.
  • Optima Camelview – Two bedrooms and bathrooms, 1,257 square feet. Asking price was $1,024,900.
  • Optima Kierland
    • Two bedrooms and bathrooms, 1,261 square feet. Asking price was $1,190,000.
    • Three bedrooms, two bathrooms, 1,758 square feet. Asking price was $1,195,000.
    • Two bedrooms and bathrooms, 1,290 square feet. Asking price was $1,195,000.
    • Three bedrooms, two and one-half bathrooms, 1,956 square feet. Asking price was $1,415,000.
    • Two bedrooms, two and one-half bathrooms, 2,000 square feet. Asking price was $1,800,000.
  • Safari Drive – Two bedrooms, two and one-half bathrooms, 2,714 square feet. Asking price was $1,025,000.
  • The Mark – Two bedrooms, two and one-half bathrooms, 2,165 square feet. Asking price was $1,075,000.
  • Plaza Lofts at Kierland – Two bedrooms, two and one-half bathrooms, 2,000 square feet. Asking price was $1,800,000.

Phoenix Pending Luxury Condo

  • Crystal Point – Three bedrooms, two bathrooms and 2,718 square feet. Asking price was $1,000,000.
  • The Residences at 2211 Camelback – Three bedrooms and bathrooms and 3,000 square feet. Asking price was $1,950,000.
  • Esplanade Place – Three bedrooms and bathrooms and 3,054 square feet. Asking price was $2,100,000.
  • Two Biltmore Estates – Two bedrooms, three bathrooms and 4,817square feet. Asking price was $2,975,000.

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Sales were up to ten in November. All of them were in Scottsdale with the exception of one.

Scottsdale Luxury Condo Sales

  • Optima Kierland – Two bedrooms, two and one-half bathrooms, 1,535 square feet. Asking price was $1,259,000.
  • Seven at Desert Mountain
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,495,000 and it sold for $1,405,000.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,868,410 and it sold for $1,800,000.
  • Landmark Condominiums – Three bedrooms, two and one-half bathrooms, 3,054 square feet. Asking price $1,250,000 and it sold for list price.
  • Scottsdale Waterfront Residences
    • Three bedrooms, two bathrooms, 1,907 square feet. Asking price was $1,250,000 and it sold for $1,175,000.
    • Three bedrooms, two bathrooms, 1,781 square feet. Asking price was $1,200,000 and it sold for list price.
    • Two bedrooms and bathrooms, 1,815 square feet. Asking price was $2,541,000 and it sold $2,500,000.
  • Optima Kierland
    • Three bedrooms, two and one-half bathrooms, 1,956 square feet. Asking price was $1,075,000 and it sold for $1,306,680
    • Two bedrooms two and one-half bathrooms, 1,535 square feet. Asking price was $1,259,000 and it sold for $1,240,000.

Phoenix Luxury Condo Sales

  • Fairway Lodge at 8 Biltmore – Two bedrooms, two and one-half bathrooms, 2,376 square feet. Asking price was $1,288,000 and it sold for list price.


Learn More About Phoenix and Scottsdale Luxury Condos

Search Phoenix and Scottsdale Luxury Condos for Sale

Disclaimer: Days on market figures are cumulative days on market. Information herein deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 12/1/2021 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. Information deemed reliable, but not guaranteed.  There may be new condo inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright ©2021 Heather Tawes Nelson | Joyce Tawes

Tips for Single Homebuyers: How To Make Your Dream a Reality

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Tips for Single Homebuyers: How To Make Your Dream a Reality
If you’re living on your own and looking to buy a home, know that you can make your dream a reality with thoughtful planning and the right team of experts. Research from Freddie Mac shows 28% of all households (36.1 million) are sole-person, and that number is growing. Over the past 40 years, the number of sole-person households has nearly doubled, and that’s a trend that’s expected to continue. According to Freddie Mac:

“Our calculation suggests that there will be an additional 5 million sole-person households in the United States by the next decade. This means 42% of the household growth will be contributed by sole-person households, . . .”

If you fall into this category, here are three tips to help you achieve your homeownership goals.

1. Know Your Credit Score

When you buy a home on your own, you have to qualify for your loan based solely on your own finances and credit history. Investopedia says:

“. . . lenders will be looking at just one credit profile: yours. Needless to say, it has to be in great shape. It is always a good idea to review your credit report beforehand, and this is especially true of solo buyers.”

It’s important to find out your score so you know where it falls. If you’re not sure if it’s strong enough or where to focus your energy to improve it, meet with a professional for expert advice on your individual situation.

2. Explore Down Payment Options

Next, look into down payment programs so you can get a feel for what you’ll need to save to buy a home. Rob Chrane, CEO of Down Payment Resource, explains:

“Buyers should discuss their program options with their loan officer and real estate agent to make sure they choose the program best suited to their personal needs.”

In this step, lean on the pros to determine what you’re eligible for and what’s right for you.

3. Think About Your Future Home and Your Needs

You should also spend time thinking about what you want. What type of home do you picture yourself in? To answer that question, Quicken Loans shares this advice:

“Think about your lifestyle, what you want out of your home and your needs. Is being close to work important? Do you need a lot of yard space? Do you want an extra bedroom that you can transform into a home office? Condo or detached home? Lots of space for entertaining? It’s all up to you (and your budget).”

Again, a professional can help you balance what you want and how much you should spend on your monthly housing costs to determine what type of home is right for you.

While buying a home solo can feel like a big challenge, it doesn’t have to be. If you lean on the professionals, they can help you navigate these waters and make sure you’re able to take advantage of the great opportunities in today’s housing market (like low mortgage rates) to buy your dream home.

Bottom Line

The share of sole-person households is growing. If you’re looking to buy a home on your own, be confident that the dream is achievable. When you’re ready to begin your search, let’s connect so that you have expert advice each step of the way.

Quick Video Update of the Scottsdale Real Estate Market – November 2021

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– November 2021 Scottsdale Housing Market Video –

Here is a one-minute video overview of the Scottsdale, Arizona real estate market that covers the month of November.

November 2021 – Video

Scottsdale Active Listings

Scottsdale homes for sale November 2021

Inventory continues to decline when we very much need to see it go up.

The number of homes for sale fell 21% between the end of October and the end of November. We closed out the month with only 490 homes for sale.

And if you compare November 2020 to November 2021, inventory is down 47%.

Median List Price for Scottsdale Homes

Scottsdale homes median list price November 2021

The median list price tells you the exact midpoint price of homes on the market. Half of the homes are priced higher and the other half are priced lower.

November’s median list price came in at $1.35 million. This is above October’s $1.2 million and also above November 2020’s $1.23 million.

Days on Market

Scottsdale homes days on market November 2021

This next chart is Days on Market. Days on Market (or DOM) is a way to gauge a market’s performance. When there is a high Days on Market figure, homes are taking longer to sell. Low Days on Market figures mean homes are selling more rapidly.

November’s DOM was 42 days. This is down 36% from last year at the same time.

Median Sales Price for Scottsdale Homes

Scottsdale homes median sales price November 2021

Similar to the median asking price, the median sale price is the midpoint price for all of the homes that sold in November.

November’s median sales price came in at $876K. This is a little lower than October’s ($900K), but higher than November 2020’s $720K.

Number of Homes Sold

Now we will take a look at home sales activity.

Scottsdale Home Sales November 2020 versus 2021

This first image shows a year-over-year comparison. Home sales, while strong, were down 8% compared to November 2020. As I mentioned last month, I would attribute some of this decrease to very low inventory combined with price appreciation.

Scottsdale home sales October and November 2021

Here we are comparing sales activity on a month-over-month basis. Even though inventory was low, we saw a 13% increase in home sales between the two months.

We hope that you found this video and commentary helpful as you gather more information to make smart informed real estate decisions.

For more Scottsdale real estate information or if you have any questions about the local area, feel free to contact Joyce at (480) 209-7843 or Joyce@LiveBetterinScottsdale.com.

Click to watch other videos on our Live Better in Scottsdale YouTube Channel.

Interested in other stats for our market? Visit our Real Estate Market Update page.

Disclaimer: Data deemed to be accurate, but is not guaranteed.

20 Unique Home Gifts for Every Person on Your List

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 Unique Home Gifts

Every year, it seems the holidays sneak up on us—and every year, that brings with it the dreaded last-minute gift panic. Finding a present that hits all the right notes can be surprisingly stressful, even when it comes to people you’ve known for years.

But have no fear! We’ve lined up a list of unique gifts for every “type” on your list. And since we work in real estate, they’re all centered around home life. From the coffee snob to the sports enthusiast, these presents are the perfect way to bring beauty, function or a touch of whimsy to your loved one’s home this holiday season.

FOR THOSE WHO ARE ALWAYS IN THE KITCHEN

We all know someone whose kitchen is their happy place—but once all the basics are covered, it can be hard to find the perfect present. These gifts will be a treat for the chef, baker, or food lover on your list, no matter how well equipped they are.

1. The Coffee Snob

Glass Pour-Over Coffeemaker – $36

Have a java lover on your list who just can’t get their brew right at home? This high-end pour-over system makes a smooth brew that can even be refrigerated and reheated so your recipient can enjoy a perfect cup at any time.

2. The Foodie

Shiitake Mushroom Log Kit – $30

Help your favorite gourmand create restaurant-quality meals with this kit that allows them to grow delicious mushrooms right in their cupboard. All they’ll need to do is soak the wood and put it in a cool place, then wait a few weeks, and voila—mushrooms! Best of all, they can keep growing mushrooms on the same log for years.

3. The Baker

Vintage Etched Cake Stand – $60

If you’re lucky enough to have a fabulous home baker on your list, give a gift that reflects the joy their treats bring to others. This lovely glass cake stand is the platform that a beautifully decorated dessert deserves.

4. The Tea Aficionado

Flowering Tea Set – $25

Your favorite tea lover may have tried all of the herbal blends out there, but we bet they haven’t seen tea like this. This set contains two “blossoms” of tea leaves hand-sewn around flowers that bloom when you place them in the included glass teapot and add hot water.

 

FOR THOSE WHO WOULD RATHER BE IN THE BACKYARD

For many of us, time outdoors is the ultimate source of rejuvenation. The nature-lover on your list is sure to appreciate these presents that help them maximize that joy in their daily lives.

5. The Gardener

Striped Garden Tote Bag – $37

Dedicated gardeners all need a great bag to carry their gear. This tote is attractive and sturdy and will help them keep their home’s exterior beautiful and welcoming.

6. The Flower Lover

Monthly Flower Subscription – starting at $40/month

If your loved one prefers to enjoy their flora without all the work, a delivery of farm-fresh flowers is sure to surprise and delight. And you can keep the joy blossoming year-round with a monthly or bi-monthly subscription.

7. The Environmentalist

Collapsible Metal Straw – $20

Know someone who is trying to bring less plastic into their home? This reusable metal straw means they’ll never have to buy a box of plastic straws again. And since it collapses into a tiny carrying case, they can use it at home or on the go.

8. The Outdoor Adventurer

Solar Phone Charger – $29

Have a camper or adventurer on your list? This solar-powered phone charger, which comes with a built-in flashlight and compass, is a must-have. It will also make a great addition to their home emergency kit.

 

FOR THOSE WITH THEIR NOSE TO GRINDSTONE

Like it or not, most of us spend a good chunk of our lives working—whether at a job or on projects and chores around the house. These gifts are designed to make that work a bit easier and more enjoyable.

9. The Remote Worker

Home Office Lap Desk – $35

Working at home can be great—in part because you can work from anywhere in the house. The remote worker on your list will appreciate this lap desk with a built-in mouse pad and phone slot, which will allow them to work comfortably from the couch or the bed without overheating their computer.

10. The Back-to-The-Office Worker

Bento Lunch Box – $27

If your loved one is heading back to the office, it doesn’t mean they have to give up the healthy habit of a home-cooked meal. Send them to work with this stylish lunch box packed full of nutritious food.

11. The Do-It-Yourselfer

65ft Laser Distance Measure – $50

The handy person on your list can say goodbye to unwieldy tape measures with this nifty device. It’s perfect for DIY projects up to 65 feet.

12. The Clean Freak

Portable Sanitizing Travel Wand – $60

In the COVID-19 era, we’ve all become a little germaphobic. This UV wand kills viruses and bacteria in seconds without any wiping or washing required. It’s perfect for disinfecting shoes, computer keyboards, and more!

 

FOR THOSE MOST PASSIONATE ABOUT THEIR HOBBIES

Of course, there’s a lot more to life than work. If you’re gifting a friend or family member who really lights up when they talk about their hobbies, we’ve got you covered.

13. The Sports Enthusiast

Hockey Stick BBQ Set – $45

Looking for a gift for the sports enthusiast in your life that isn’t another jersey? These BBQ tools made from repurposed hockey sticks are a great pick. Perfect for cooking up food to watch with the game!

14. The Bookworm

The Book Lover’s Journal – $13

Know someone who loves to curl up on the couch with a good book? This journal will help the book-lover on your list keep track of what they’ve read, as well as their ever-growing “to-read” list.

15. The Runner

Marathon Map Hydration Bottles – $36

Help the runner you love to stay hydrated (and motivated) with a water bottle inscribed with their favorite race route. It’s perfect for runs around the neighborhood or just toting around the house.

16. The Tourist

Travel Backpack – $100

Make it easy for the travel lover on your list to bring back souvenirs. This lightweight backpack folds flat so it’s easy to pack but sturdy enough to carry their new treasures all the way home.

 

FOR THOSE WHO PUT FAMILY FIRST

For many of us, the greatest joy in life comes from our relationship with our family. Help your recipient strengthen and celebrate those all-important connections with these thoughtful gifts.

17. The New Parent

4-in-1 Baby Food Maker – $155

It’s hard to know what to buy for new parents once their registry is cleared out, but if they’re interested in making baby food at home, this tool is a must-have. It makes the process, from steaming to mixing, fast and easy.

18. The Genealogy Fan

DNA Kit – $99

Know someone interested in reconnecting with their ancestral home? This DNA kit can help them trace their geographical heritage and uncover their family history.

19. The Pet Person

Custom Printed Socks – $25

Is your friend’s pet their favorite family member? These adorable socks are sure to put a smile on their face as they cozy up on the couch with their fur baby. And since you can feature up to four pets on each pair of socks, no one needs to feel left out.

20. The Documentarian

Mini Link Printer – $100

We all have that relative who snaps a million photos at every family event. Help them capture each precious moment with this unique gadget that essentially transforms a smartphone into a Polaroid camera. It makes it easy to customize and print out snapshots to display around the house or insert into a scrapbook for posterity.

 

READY TO GIVE YOURSELF THE ULTIMATE GIFT?

We want to be your real estate consultants through every season of life. So please don’t hesitate to reach out with questions or to ask for recommendations or referrals any time of year. And when you’re ready to give yourself the gift of a new home, contact us to talk about your options. From finding the right neighborhood to identifying the amenities that will make the biggest difference to your quality of life, we’re always eager to help.

 

Scottsdale AZ Single Family Home Sales – November 2021

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-November 2021 Scottsdale Homes for Sale and Home Sales –

Home sales rebounded in November, up 12.5% over October. And while UCB contracts fell, pending sales were up slightly.

SCOTTSDALE HOME SALES ACTIVITY – NOVEMBER 2021

Every month, we track the four sales metrics below:

– Single-family homes for sale – Orange Line – How many homes were on the market at the end of the month.
– Under contract, but accepting backup offers (UCB) – Gray Line – How many homes were in UCB status at the end of the month.*
– Pending home sales – Yellow Line – How many homes were pending at the end of the month.*
– Home Sales – Blue Line – How many homes sold over the course of the month.

NOVEMBER 2021 RESULTS

Scottsdale home sales November 2021
  • Scottsdale Homes for Sale: Inventory fell by over 15% between October and November. This is bad news for buyers as we desperately need more homes for sale.
  • UCB (Under contract, accepting backup offers): The number of UCBs fell to 263, a 6.8% drop over the previous month.
  • Pending Homes Sales in Scottsdale: The number of pending sales has stayed mostly level for the past three months.
  • Scottsdale Home Sales: As I mentioned at the beginning, home sales rebounded by over 12% in November, outperforming the past three months.

There are two more sales metrics we look at on a monthly basis.

Scottsdale real estate market November 2021

Percent Change Month Over Month – The top chart compares the current month’s activity to the month prior. For example, the number of active listings was down 15.8% over the previous month.

Sales Price to List Price – The bottom chart measures how much homes are selling for compared to asking prices. On average, homes sold for 99.6% of list price in November which means buyers were not getting much of a discount off of asking prices.


*Figures for active homes for sale, UCB sales and pending sales are based on the numbers at the end of the month.

Curious about your buying power? Click on the link to learn more.

Search Scottsdale AZ Homes for Sale

Here is a sampling of some of the homes on the market, or click the link above to see all of the homes for sale.

Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 12/1/2021. Information deemed reliable, but not guaranteed. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2021 Heather Tawes Nelson | Joyce Tawes

Don’t Believe Everything You Read: The Truth Many Headlines Overlook

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Don't Believe Everything You Read: The Truth Many Headlines Overlook | MyKCM

There are a lot of questions right now regarding the real estate market as we head into 2022. The forbearance program is coming to an end and mortgage rates are beginning to rise.

With all of this uncertainty, anyone with a megaphone – from the mainstream media to a lone blogger – has realized that bad news sells. Unfortunately, we’ll continue to see a rash of troublesome headlines over the next few months.

To make sure you aren’t paralyzed by a headline, turn to reliable resources for a look at what to expect from the housing market next year.

There are already alarmist headlines starting to appear. Here are two recent topics you may have seen in the news.

1. Foreclosures Are Spiking Today

There are a number of headlines circulating that call out the rising foreclosures in today’s real estate market. Those stories focus on an overly narrow view on that topic: the current volume of foreclosures compared to 2020. They emphasize that we’re seeing far more foreclosures this year compared to last.

That seems rather daunting. However, though it’s true foreclosures have been up over the 2020 numbers, it’s important to realize that there were virtually no foreclosures last year because of the forbearance plan. If we compare this September to September of 2019 (the last normal year), foreclosures were down 70% according to ATTOM.

Even Rick Sharga, an Executive Vice President of the firm that issued the report referenced in the above article, says:

“As expected, now that the moratorium has been over for three months, foreclosure activity continues to increase. But it’s increasing at a slower rate, and it appears that most of the activity is primarily on vacant and abandoned properties, or loans in foreclosure prior to the pandemic.”

Homeowners who have been impacted by the pandemic are not generally the ones being burdened right now. That’s because the forbearance program has worked. Ali Haralson, President of Auction.com, explains that the program has done a remarkable job:

“The tsunami of foreclosures many feared in the early days of the pandemic has not materialized thanks in large part to the swift and decisive foreclosure protections put in place by government policymakers and the mortgage servicing industry.”

And the government is still making sure homeowners have every opportunity to stay in their homes. Rohit Chopra, the Director of the Consumer Financial Protection Bureau (CFPB), issued this statement just last week:

“Failures by mortgage servicers and regulators worsened the impact of the economic crisis a decade ago. Regulators have learned their lesson, and we will be scrutinizing servicers to ensure they are doing all they can to help homeowners and follow the law.”

2. Rising Mortgage Rates Will Slow the Housing Market

Don't Believe Everything You Read: The Truth Many Headlines Overlook | MyKCM

Another topic that’s generating frequent headlines is the rise in mortgage rates. Some people are expressing concern that rising rates will negatively impact the housing market by causing home sales to dramatically decline. The resulting headlines are raising unneeded alarm bells.

To counteract those headlines, we need to take a look at what history tells us. Looking at data over the last 20 years, there’s no evidence that an increase in rates dramatically forces sales to come to a halt. Nor does home price appreciation come to a screeching stop. Let’s look at home sales first: The last three times rates increased (shown in the graph above in red), sales (depicted in blue in the graph) remained rather consistent. It’s true that sales fell rather dramatically from 2007 through 2010, but mortgage rates were also falling at the time. The next two instances showed no meaningful drop in sales.

Don't Believe Everything You Read: The Truth Many Headlines Overlook | MyKCM

Now, let’s take a look at home price appreciation (see graph below): Again, we see that a rise in rates didn’t cause prices to depreciate. Outside of the years following the crash, prices continued to appreciate, just at a slower rate.

Bottom Line

There’s a lot of misinformation out there. If you want the best advice on what’s happening in the current housing market, let’s connect.

Scottsdale AZ Luxury Home Market – October 2021

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– Scottsdale Luxury Home Market Performance for October 2021 –

October was a mixed bag in terms of sales performance. We saw pending contracts increase in some price ranges and decrease in others. Sales were up in three of the four price bands.

This analysis looks at luxury home sales in Scottsdale. These homes were listed for $1 million and above. To show more detail, we broke the data into four different price bands.

Each month, we track the following four things:
Active – The number of homes on the market at the end of the month.
UCB (Under Contract Accepting Backup Offers) – The number of homes under contract, but still accepting backup offers at the end of the month.
Pending – The number of pending sales.
Sold – How many homes sold over the course of the month.

– October 2021 –

Scottsdale Homes Priced Between $1,000,000 – $1,499,999

Scottsdale Homes for Sale between $1 and $1.5 million October 2021

– Active Scottsdale Homes on the Market: The number of homes for sale fell for the fourth month in a row.
– UCB Scottsdale Home Sales: UCBs rebounded in October to 60. This is ahead of the 12 month average.
– Pending Scottsdale Home Sales: Pending sales were back up to 57 after a few months with less activity.
– Scottsdale Homes Sold: Home sales dropped 27.3% after a strong September. However, UCBs and pendings are up, so I anticipate this number to increase in November.
– Sales Price to Listed Price: 98.9% – On average, buyers saw a discount of 1.1% off of asking price.

Scottsdale Homes Priced Between $1,500,000 – $1,999,999

Scottsdale Homes for Sale between $1.5 and $2 million October 2021

– Active Scottsdale Homes on the Market: Inventory in this price point was down again to 52.
– UCB Scottsdale Home Sales: UCBs fell to the lowest level we have seen in the past twelve months, with the exception of August.
– Pending Scottsdale Home Sales: Pending sales also saw a decrease, coming in at the second lowest we have seen them in the past year.
– Scottsdale Homes Sold: Sales rebounded by 18.4% over September. However, with lower UCB and pendings in the pipeline, this should fall again in November.
– Sales Price to Listed Price: 99.0% – On average, buyers saw a discount of 1% off of asking price.

Scottsdale Homes Priced Between $2,000,000 – $2,999,999

Scottsdale Homes for Sale between $2 and $3 million October 2021

– Active Scottsdale Homes on the Market: The number of homes for sale were up slightly over September. But if you contrast this with November 2020’s 136 homes for sale, you can really see the lack of inventory.
– UCB Scottsdale Home Sales: UCB contracts were up slightly to 26. They have been trending in this range since April.
– Pending Scottsdale Home Sales: Pending sales saw a significant drop in October, coming in at the lowest we have seen in the past year.
– Scottsdale Homes Sold: Sales were up slightly in October, closing out at 31.
– Sales Price to Listed Price: 98.2% – On average, buyers saw a discount off of list price of 1.8%.

Scottsdale Homes Priced $3,000,000+

Scottsdale Homes for Sale over $3 million October 2021

– Active Scottsdale Homes on the Market: Inventory was up slightly by the end of the month and it was just below the 12 month average.
– UCB Scottsdale Home Sales: UCBs were up by one by the end of the month.
– Pending Scottsdale Home Sales: Pending sales fell slightly, but still posted the second-highest performance of the past year.
– Scottsdale Homes Sold: Sales were up yet again in October, posting three months of gains.
– Sales Price to Listed Price: 95.5% – On average, buyers saw a discount off of list price of 4.5%.

If you would like additional detail on home sales activity, please visit our Scottsdale Luxury Home Market Reports page and click on the downloadable “Scottsdale Market Trends” report.

Search Scottsdale Luxury Homes for Sale

Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 11/1/2021 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This blog represents the opinion of the author. No warranties expressed or implied.
Copyright ©2021 Heather Tawes Nelson | Joyce Tawes

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