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Phoenix and Scottsdale AZ Luxury Condo Sales – September 2024

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Luxury Condo Sales in Scottsdale and Phoenix – September 2024

The September numbers are in for the luxury condo market in Scottsdale and Phoenix. 

Sales activity remains solid for this slower time of year. 

To be included in this analysis, all of the units had to be on the market with a list price of $1 million or more. 

ACTIVE LISTINGS AT THE END OF SEPTEMBER

We saw a big jump in inventory during the month of September. At the end of August, there were 68 active listings. At the end of September, there were 82 luxury condos for sale. Both Scottsdale and Phoenix saw increases, although the bulk of these units were in Scottsdale. 

As it has been for several months, the highest-priced expensive condo for sale is located in ICON at Silverleaf. It is also the highest-priced condo in Scottsdale’s history. This final penthouse unit is listed for $12,900,000. It has four bedrooms, four and one-half bathrooms and covers 6,288 square feet.

There were two lowest-priced luxury condos at the end of the month. Both were listed for $1 million. The first it in Toscana at Desert Ridge. It has two bedrooms, two and one-half bathrooms and 1,781 square feet. The second is in Optima Camelview. It has two bedrooms and bathrooms and is 1,448 square feet.

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

The number of UCB contracts increased by one by the end of September. The month closed out with six UCBs, four in Phoenix and two in Scottsdale.

UCB Condos in Scottsdale

  • Landmark Condominiums – Three bedrooms, two and three-quarters bathrooms, 2,591 square feet. Asking price was $1,750,000.
  • ICON at Silverleaf – Three bedrooms, four bathrooms, 3,239 square feet. Asking price was $3,900,000.

UCB Condos in Phoenix

  • Toscana at Desert Ridge
    • Two bedrooms, two and one-half bathrooms, 1,780 square feet. Asking price was $1,292,596.
    • Two bedrooms, two and one-half bathrooms, 2,025 square feet. Asking price was $1,556,951.
  • The Residences at 2211 Camelback -Three bedrooms, four bathrooms, 3,904 square feet. Asking price was $1,950,000.
  • Fairway Lodge at the Biltmore – Two bedrooms, two and one-half bathrooms, 2,376 square feet. Asking price was $1,575,000.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Pending contracts dropped by one to end the month at 122. All of the pending contracts were located in Scottsdale and the vast majority were located in communities currently under development.

Scottsdale Pending Luxury Condos

  • Optima Camelview – One bedroom, two bathrooms, 1,410 square feet. Asking price was $1,100,000.
  • Plaza Lofts at Kierland – Two bedrooms, two and one-half bathrooms, 2,046 square feet. Asking price was $1,800,000.
  • Portico Scottsdale Condominiums – This is a new development in North Scottsdale.
    • Two bedrooms, two and one-half bathrooms, 1,939 square feet. Asking price was $1,025,000.
    • Two bedrooms, two and one-half bathrooms, 1,939 square feet. Asking price was $1,060,000.
    • Two bedrooms, two and one-half bathrooms, 1,939 square feet. Asking price was $1,064,650.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,444,500.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,475,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,495,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,505,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,587,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,658,500.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,660,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,664,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,718,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,730,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,733,400.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,743,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,744,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,769,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,814,400.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,845,750.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,899,000.
    • Four bedrooms, three and one-half bathrooms, 2,768
    • square feet. Asking price was $1,935,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $2,007,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $2,016,950.
  • Ascent at the Phoenician – This is another fantastic development underway.
    • One bedroom, one and one-half bathrooms, 1,698 square feet. Asking price was $1,450,000.
    • One bedroom, one and one-half bathrooms, 1,698 square feet. Asking price was $1,475,000.
    • Two bedrooms, two and one-half bathrooms, 1,789 square feet. Asking price was $1,600,000.
    • Two bedrooms, two and one-half bathrooms, 1,847 square feet. Asking price was $1,600,000.
    • Two bedrooms, two and one-half bathrooms, 1,789 square feet. Asking price was $1,650,000.
    • Two bedrooms, two and one-half bathrooms, 1,847 square feet. Asking price was $1,650,000.
    • One bedroom, two bathrooms, 1,519 square feet. Asking price was $1,725,000.
    • One bedroom, two bathrooms, 1,519 square feet. Asking price was $1,725,000.
    • Two bedrooms, two and one-half bathrooms, 2,346 square feet. Asking price was $1,875,000.
    • Two bedrooms, two and one-half bathrooms, 2,547 square feet. Asking price was $1,925,000.
    • Two bedrooms, two and one-half bathrooms, 2,346 square feet. Asking price was $1,950,000.
    • One bedroom, two bathrooms, 1,896 square feet. Asking price was $1,975,000.
    • Two bedrooms, two and one-half bathrooms, 2,547 square feet. Asking price was $1,995,000.
    • One bedroom, two bathrooms, 1,678 square feet. Asking price was $1,995,000.
    • Two bedrooms, two and one-half bathrooms, 1,767 square feet. Asking price was $2,025,000.
    • Two bedrooms, two and one-half bathrooms, 2,374 square feet. Asking price was $2,050,000.
    • Two bedrooms and bathrooms, 1,847 square feet. Asking price was $2,075,000.
    • One bedroom, two bathrooms, 1,677 square feet. Asking price was $2,100,000.
    • One bedroom, two bathrooms, 1,678 square feet. Asking price was $2,100,000.
    • One bedroom, two bathrooms, 1,678 square feet. Asking price was $2,175,000.
    • Two bedrooms, two and one-half bathrooms, 2,589 square feet. Asking price was $2,175,000.
    • One bedroom, two bathrooms, 1,677 square feet. Asking price was $2,195,000.
    • Two bedrooms and bathrooms, 2,157 square feet. The asking price was $2,225,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,285,000.
    • Two bedrooms, three bathrooms, 2,244 square feet. Asking price was $2,325,000.
    • Two bedrooms, three bathrooms, 2,157 square feet. Asking price was $2,350,000.
    • Two bedrooms and bathrooms, 2,294 square feet. Asking price was $2,385,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,395,000.
    • Two bedrooms, two and one-half bathrooms, 1,848 square feet. Asking price was $2,395,000.
    • Two bedrooms, three bathrooms, 2,294 square feet. Asking price was $2,395,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,395,000.
    • Two bedrooms, three bathrooms, 2,157 square feet. Asking price was $2,425,000.
    • Two bedrooms and bathrooms, 2,068 square feet. Asking price was $2,485,000.
    • Two bedrooms, two and one-half bathrooms, 2,160 square feet. Asking price was $2,485,000.
    • Two bedrooms, three bathrooms, 2,510 square feet. Asking price was $2,550,000.
    • Two bedrooms, two and one-half bathrooms, 1,848 square feet. Asking price was $2,625,000.
    • Two bedrooms, three bathrooms, 2,593 square feet. Asking price was $2,695,000.
    • Two bedrooms, three bathrooms, 2,318 square feet. Asking price was $2,695,000.
    • Two bedrooms and bathrooms, 2,157 square feet. Asking price was $2,750,000.
    • Two bedrooms, two and one-half bathrooms, 2,160 square feet. Asking price was $2,795,000.
    • Two bedrooms and bathrooms, 2,579 square feet. Asking price was $2,850,000.
    • Two bedrooms, three bathrooms, 2,294 square feet. Asking price was $2,875,000.
    • Two bedrooms and bathrooms, 2,318 square feet. Asking price was $2,950,000.
    • Two bedrooms and bathrooms, 2,683 square feet. Asking price was $2,985,000.
    • Two bedrooms. three bathrooms, 2,510 square feet. Asking price was $2,995,000.
    • Two bedrooms. three bathrooms, 2,599 square feet. Asking price was $2,995,000.
    • Two bedrooms, three bathrooms, 2,497 square feet. Asking price was $3,050,000.
    • Two bedrooms, three bathrooms, 2,592 square feet. Asking price was $3,100,000.
    • Two bedrooms, three bathrooms, 2,527 square feet. Asking price was $3,275,000.
    • Two bedrooms, three bathrooms, 2,326 square feet. Asking price was $3,375,000.
    • Two bedrooms and bathrooms, 2,318 square feet. Asking price was $3,385,000.
    • Two bedrooms, three bathrooms, 2,510 square feet. Asking price was $3,395,000.
    • Two bedrooms, three bathrooms, 2,294 square feet. Asking price was $3,475,000.
    • Two bedrooms and bathrooms, 2,592 square feet. Asking price was $3,525,000.
    • Two bedrooms, three bathrooms, 2,576 square feet. Asking price was $3,585,000.
    • Two bedrooms and bathrooms, 2,526 square feet. Asking price was $3,695,000.
    • Three bedrooms, three and one-half bathrooms, 3,867 square feet. Asking price was $3,975,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,100,000.
    • Three bedrooms, four bathrooms, 3,037 square feet. Asking price was $4,150,000.
    • Three bedrooms, four bathrooms, 3,200 square feet. Asking price was $4,295,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,450,000.
    • Three bedrooms, three bathrooms, 3,141 square feet. Asking price was $4,475,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,500,000.
    • Three bedrooms, four bathrooms, 3,166 square feet. Asking price was $4,595,000.
    • Three bedrooms, four bathrooms, 3,166 square feet. Asking price was $4,675,000.
    • Three bedrooms and bathrooms, 3,200 square feet. Asking price was $4,725,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,750,000.
    • Three bedrooms, three bathrooms, 3,141 square feet. Asking price was $4,750,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,895,000.
    • Three bedrooms, three and one-half bathrooms, 3,945 square feet. Asking price was $4,950,000.
  • ICON at Silverleaf – Currently under construction.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $1,995,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,150,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,495,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,600,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,625,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,700,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,750,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,800,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,900,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,900,000.
    • Three bedrooms and bathrooms, 3,157 square feet. Asking price was $2,995,000.
    • Three bedrooms, three and one-half bathrooms, 3,170 square feet. Asking price was $2,995,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,175,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,195,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,200,000.
    • Three bedrooms, four bathrooms 3,157 square feet. Asking price was $3,350,000.
    • Three bedrooms, four bathrooms, 3,239 square feet. Asking price was $3,400,000.
    • Three bedrooms,  four bathrooms, 3,157 square feet. Asking price was $3,600,000.
    • Three bedrooms, four bathrooms, 3,867 square feet. Asking price was $3,600,000.
    • Three bedrooms, four bathrooms, 3,329 square feet. Asking price was $3,900,000.
    • Five bedrooms, five and one-half bathrooms, 5,534 square feet. Asking price was $5,400,000.
    • Five bedrooms, five and one-half bathrooms, 5,534 square feet. Asking price was $5,985,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $6,900,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,700,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,718,000.
    • Four bedrooms, four and one-half bathrooms, 5,534 square feet. Asking price was $8,000,000
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $8,350,000. 

Phoenix Pending Luxury Condos

  • There were no pending contracts in Phoenix at the end of September.

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

We saw another drop in closed transactions in September. There was a total of five sales. 

Scottsdale Luxury Condo Sales

  • Optima Camelview – Two bedrooms and bathrooms, 1,782 square feet. Asking price was $1,299,999 and it sold for $1,155,000.
  • ICON at Silverleaf – Two bedrooms, two and one-half bathrooms, 2,750 square feet. Asking price was $1,999,950 and it sold for $1,950,000.
  • Landmark Condominiums – Two bedrooms, two and one-half bathrooms, 3,744 square feet. Asking price was $3,095,000 and it sold for list price.

Phoenix Luxury Condo Sales

  • Fairway Lodge at the Biltmore – Three bedrooms, two and one-half bathrooms, 2,329 square feet. Asking price was $1,195,000 and it sold for $1,150,000.
  • Portland on the Park – Two bedrooms, two and one-half baths, 2,185 square feet. Asking price was $1,550,000 and it closed for $1,480,000.

Learn More About Phoenix and Scottsdale Luxury Condos

Search Phoenix and Scottsdale Luxury Condos for Sale 

Open Map
80 Matches Found
$2,095,000
15215 N KIERLAND Boulevard, 536, Scottsdale, AZ
Active
2BD 2.5BA 2,086SF
Last Modified: 7:41pm, November 21, 2024
IDX
Listing Office: Signature Properties
$1,298,000
7127 E RANCHO VISTA Drive, 2001, Scottsdale, AZ
Active
3BD 2BA 1,781SF
Last Modified: 3:40pm, November 21, 2024
IDX
Listing Office: Realty ONE Group
$3,200,000
5593 E EDWARD Lane, Paradise Valley, AZ
Active
3BD 3.5BA 3,620SF
Last Modified: 1:30am, November 21, 2024
IDX
Listing Office: RETSY
$1,345,900
7147 E RANCHO VISTA Drive, 5002, Scottsdale, AZ
Active
2BD 2BA 1,533SF
Last Modified: 11:52pm, November 20, 2024
IDX
Listing Office: HomeSmart
$1,575,000
7151 E Rancho Vista Drive, 2006, Scottsdale, AZ
Active
3BD 2BA 2,222SF
Last Modified: 10:39pm, November 20, 2024
IDX
Listing Office: The Agency
New Listing $2,695,000
15215 N KIERLAND Boulevard, 531, Scottsdale, AZ
Active
2BD 2.5BA 2,162SF
Last Modified: 9:12pm, November 20, 2024
IDX
Listing Office: Compass
$4,495,000
6311 E PHOENICIAN Boulevard, 18, Scottsdale, AZ
Active
3BD 3.5BA 3,188SF
Last Modified: 1:03am, November 20, 2024
IDX
Listing Office: Compass
$1,875,000
7137 E RANCHO VISTA Drive, 7008, Scottsdale, AZ
Active
2BD 2.5BA 1,955SF
Last Modified: 7:10pm, November 19, 2024
IDX
Listing Office: Compass
Open House $1,875,000
7180 E KIERLAND Boulevard, 1015, Scottsdale, AZ
Active
2BD 2BA 1,698SF
Last Modified: 6:36pm, November 19, 2024
IDX
Listing Office: Berkshire Hathaway HomeServices Arizona Properties
$1,025,000
7157 E RANCHO VISTA Drive, 1012, Scottsdale, AZ
Active
2BD 2BA 1,528SF
Last Modified: 6:09pm, November 19, 2024
IDX
Listing Office: The Brokery
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Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.
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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 10/1/2024 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 ©2024 Heather Tawes Nelson | Joyce Tawes

Where to Eat in Scottsdale: Moxie’s

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Moxies restaurant Scottsdale

This week, we had the opportunity to finally try Moxie’s at Scottsdale Fashion Square and ended up having a great meal. While there, we learned that Moxie’s is a chain in Canada and they are now opening restaurants in the United States.

We popped in at lunch and were greeted right away and seated quickly. The space is airy and contemporary. There are large windows that brighten the room and a patio seating. The center of the space has a large bar with lots of TVs, making it a great place to catch a game or two. 

The menu features foods and flavors from all over the globe and we were eager to try out a few dishes. (In a nod to its Canadian roots, poutine is on the menu.) Moxie’s offers a varied assortment of appetizers, soups and salads, burgers and sandwiches and main entrees. There is also a section of the menu dedicated to vegetarian, vegan and plant-based items. 

Moxies Scottsdale dining

My colleague ordered the Cashew Chicken Lettuce Wraps appetizer as her meal. The serving was generous and the bite I tried was delicious. The sauce was just right and not overly sweet. My colleague said this was the best chicken lettuce wrap she has eaten. 

I opted for the Caesar Salad and added chicken. The salad greens were crisp, the chicken was flavorful, and the salad came with a piece of tasty garlic bread that we split. 

I wish I had taken some pictures of the food, but I was too busy eating. Maybe next time…

We barely scratched the surface of the menu at Moxie’s so we are looking forward to going back soon. 


Information:
Moxie’s Scottsdale
Scottsdale Fashion Square
7014 East Camelback Rd, Suite 1423
Scottsdale, AZ 85251
– Open for lunch and dinner daily
– Happy Hour offered from 3PM to 6PM at the bar, Monday through Friday



 

 

Quick Video Update of the Scottsdale Real Estate Market – September 2024

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– September 2024 Scottsdale Housing Market Video –

Here is a quick video overview of the Scottsdale, Arizona single-family home real estate market that covers the month of September.

September 2024 – Video

Scottsdale Active Listings

Scottsdale active listings September 2024

Active inventory was up again in September. The month ended with 1,150 homes for sale, up 8.3% over August.

Year-over-year, inventory was up 18.3%.

Average List Price for Scottsdale Homes

Scottsdale average list price September 2024

I used to use median listing price data, but I no longer have accurate access to that information. Instead, I will track average listing prices. (Technically, the median price is a better indicator since the average price can skew one way or the other due to extremely low or extremely high list prices, but this will still give you a decent idea of the prices of homes in Scottsdale.)

After a couple of months of decline, the average listing price for homes moved back up in September.  Month-over-month, there was an increase of 4.8%.

And when we compare September 2024 to September 2023, the average list price was up 3.3%.

Days on Market

Scottsdale days on market September 2024


Days on Market, (also referred to as DOM,) shows you how quickly or slowly homes are selling.

September’s DOM came in at 87, which is up 5.7% from August. 

What really stands out is the contrast between September 2024 and September 2023. The difference in Days on Market was 29.9%.

Average Sales Price for Scottsdale Homes

Scottsdale average sales price September 2024

We looked at list prices above and now we will examine what homes were selling for. Scottsdale’s average sales price came in at just over $1.55 million in September.

This is up 7.9% over August and 13.8% over September 2023.

Number of Homes Sold

Scottsdale homes sold September 2024

This last section covers home sales.

There were 266 home sales in September. This was down 9.4% from August’s 291 sales. 

If we look at year-over-year performance, sales were down 2.6%.

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.

Here Are Some Scottsdale Homes Currently For Sale

2,076 Listings
6814 E OSBORN Road, Scottsdale, AZ 85251

$1,150,000 6814 E OSBORN Road
Scottsdale, AZ 85251 6814 E OSBORN Road
Scottsdale, AZ 85251Listing office: My Home Group Real Estate

6902 E BELLEVIEW Street, Scottsdale, AZ 85257

$669,995 6902 E BELLEVIEW Street
Scottsdale, AZ 85257 6902 E BELLEVIEW Street
Scottsdale, AZ 85257Listing office: My Home Group Real Estate

9275 E MISSION Lane, 219, Scottsdale, AZ 85258

$345,000 9275 E MISSION Lane, 219
Scottsdale, AZ 85258 9275 E MISSION Lane, 219
Scottsdale, AZ 85258Listing office: Opendoor Brokerage, LLC

8714 E JACKRABBIT Road, Scottsdale, AZ 85250

$870,000 8714 E JACKRABBIT Road
Scottsdale, AZ 85250 8714 E JACKRABBIT Road
Scottsdale, AZ 85250Listing office: Realty Executives

Newer SS Appliances Included

$325,000 7910 E CAMELBACK Road, 302
Scottsdale, AZ 85251 7910 E CAMELBACK Road, 302
Scottsdale, AZ 85251Listing office: DeLex Realty

7802 E BONNIE ROSE Avenue, Scottsdale, AZ 85250

$350,000 7802 E BONNIE ROSE Avenue
Scottsdale, AZ 85250 7802 E BONNIE ROSE Avenue
Scottsdale, AZ 85250Listing office: RHouse Realty

8002 E VIA DEL SOL Drive, Scottsdale, AZ 85255

$1,300,000 8002 E VIA DEL SOL Drive
Scottsdale, AZ 85255 8002 E VIA DEL SOL Drive
Scottsdale, AZ 85255Listing office: Keller Williams Arizona Realty

11108 N 129TH Way, Scottsdale, AZ 85259

$940,000 11108 N 129TH Way
Scottsdale, AZ 85259 11108 N 129TH Way
Scottsdale, AZ 85259Listing office: Real Broker

13051 N 70TH Street, Scottsdale, AZ 85254

$1,699,000 13051 N 70TH Street
Scottsdale, AZ 85254 13051 N 70TH Street
Scottsdale, AZ 85254Listing office: Real Broker

MLS IDX Listing Disclosure © 2024

Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.

Disclaimer: Data deemed to be accurate, but is not guaranteed. Data was pulled from ARMLS on 10/1/2024.

Stage to Sell: 7 Proven Steps to Attract Buyers and Boost Offers

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Selling your home quickly and at the right price takes more than just listing it online. To draw in potential buyers and secure top offers, your home needs to stand out. That’s where home staging comes in. By strategically preparing your home—through redecorating, repairing, and making it look its best—you can make a lasting impression and significantly increase its appeal.


The numbers speak for themselves: according to the National Association of Realtors, 81% of buyers’ agents report that staging makes it easier for potential buyers to envision themselves living in a home. Moreover, 44% of buyers’ and sellers’ agents say that staging can increase a home’s sales price, and 48% of sellers’ agents agree it shortens the time a house spends on the market.1 You can choose to stage your home yourself with advice from your real estate agent or work with a professional stager. Whichever route you take, here are seven essential strategies to transform your home into a buyer’s dream.

Step #1: Declutter and Depersonalize
The first step in staging is to declutter and depersonalize your home. A recent survey of real estate agents found that this simple step can increase your home’s sale price by 3-5%.2

Ideally, you want to create a clean, neutral canvas where potential buyers can imagine their own lives. Remember that staging isn’t interior design—the goal isn’t to add personal, homey touches but to take them away.3 While you may love having plenty of comfy furniture, family photos, and unique knick-knacks, these items can distract potential sellers and make your home feel smaller.4 Be especially mindful to remove children’s toys and pet items. 

The task can feel overwhelming, but consider it a head start on packing for your move — and an opportunity to clear out things you no longer need. If you have a lot of belongings, renting a storage unit might be a smart way to keep things tidy while your home is on the market. 

Step # 2: Deep Clean and Repair
A sparkling clean home leaves a fantastic first impression. Deep clean every room, paying special attention to areas that are often overlooked, like baseboards, switchplates, windows, and appliances. Even minor smudges, scrapes, or signs of pet hair can put off some buyers. Your goal? Make it look like no one has ever lived there!5 

Minor repairs are equally important. Fix slight imperfections like chipped paint, regrout tiles, and replace worn hardware. These easy cosmetic updates can make a big difference in how buyers perceive your home’s value. For example, refinishing hardwood floors can offer a 147% return on investment.6
Need help getting your home spic-and-span? Let us recommend a professional who can help.

Step #3: Pick Up a Paintbrush
While buyers may repaint after they move in, the color and condition of your walls still have a big impact on their impression of the home as a whole. Neutral tones like beiges and off-whites appeal to the widest range of buyers—and to the friends and relatives who may also be weighing in on purchasing decisions.7

If your home features bold colors or striking wallpaper, consider a repaint before you list. When choosing paint colors, make sure to think about how they’ll appear in listing photos and videos. Light, neutral shades can make rooms look brighter and more spacious.

Repainting is especially important in high-traffic areas like the kitchen. Painting outdated cabinets in white or a soft gray can also modernize your space.8

Step #4: Enhance Curb Appeal
First impressions matter, and your home’s exterior is the first thing buyers will see. That’s why 98% of agents believe that curb appeal is crucial to attracting a buyer.9 

Boost your home’s curb appeal by power-washing the exterior and touching up the entryway.5 You might also consider repainting your front door. If it fits the style of your home, research shows that a freshly painted front door in a classic shade like black or terracotta can increase offers by thousands of dollars.10

And don’t forget landscaping! Keep your yard, remove dead or dying plants, and consider adding seasonal flowers. Even standard lawn service can lead to a 217% return on investment.9 If you need assistance, we’re happy to offer a referral to landscapers in our area.

Step #5: Stage Key Rooms
When staging, concentrate on the rooms that matter most to buyers: the living room, primary bedroom, and kitchen. These spaces have the greatest influence on a buyer’s decision.1 

If you’re working with a professional stager, they may bring in furniture and decor.3 If not, make the most of what you have, and don’t worry about how you’d arrange furniture in real life. This is just about showing off the space. 

Arrange furniture to create an open, inviting flow.5 Use large rugs to make rooms appear bigger and ensure artwork complements rather than overwhelms the space.7 Add pops of color with fresh flowers or simple decor like pillows to bring warmth without personalizing the space too much.

Step #6: Put Your Home in Its Best Light
Lighting is key to creating a welcoming atmosphere in your home. Natural light in particular makes any room feel more airy and spacious, so it’s essential to make the most of it. 

First, remove heavy curtains or blinds — if a room feels bare without a window treatment, hang sheer curtains or light-filtering shades to invite the outdoors in. Next, take a look at the landscaping surrounding your home. If overgrown hedges or trees block windows, especially on the ground floor, consider cutting them back or removing them entirely to let in the sunshine. 

Of course, homes need more than just natural light — and it’s important to use a combination of types of lighting to suit different uses and moods. Experts recommend that each room have three light sources: ambient lighting (think ceiling lights or chandeliers), task lighting (like lamps or under-cabinet lights), and accent lights (like track lighting and picture lights).11 If needed, replace outdated fixtures with more modern options.12 Even swapping out lightbulbs can make a difference—opt for warm, 2700k bulbs to create an inviting glow.7

Have hard-to-reach windows or need help installing new lighting fixtures? We’re happy to refer a professional who can help.

Step #7: Show Off Your Work with Photography
These days, most buyers will first see your home online, making high-quality photos essential. According to the National Association of Realtors, 89% of agents agree that professional photos are critical to marketing a listing.1 

Depending on your home and market, you may also benefit from marketing your property with videos, virtual tours, and even virtual staging, where photo editors swap out furniture and colors to show how your home would look with different decor.

Talk to your agent about what makes sense for your situation, and work with them to hire professionals who can capture your staged home in its best light. When it comes time, treat the photo shoot like an open house—everything should be spotless, well-lit, and arranged to show off your home’s best features.

BOTTOM LINE
Whether or not staging is worth the investment depends on your home’s condition, your desired sale timeline, and your local market. Before committing to professional help or cosmetic upgrades, reach out for a free consultation. We can help you assess the best path forward and connect you with the best professionals to make it happen.

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

References:

  1. National Association of Realtors – https://www.nar.realtor/sites/default/files/documents/2023-profile-of-home-staging-03-30-2023.pdf 
  2. Homelight – https://www.homelight.com/blog/how-to-clean-out-a-house-to-sell/ 
  3. National Association of Realtors – https://www.nar.realtor/blogs/styled-staged-sold/6-things-home-stagers-wish-real-estate-pros-knew-about-staging 
  4. Coldwell Banker – https://blog.coldwellbanker.com/home-staging-mistakes-to-avoid/ 
  5. Zillow – https://www.zillow.com/learn/how-to-stage-house-to-sell/ 
  6. NAR – https://www.nar.realtor/magazine/real-estate-news/stub-for-148394 
  7. House Beautiful – https://www.housebeautiful.com/design-inspiration/real-estate/a61712558/how-to-make-your-house-sell-over-asking-according-to-professional-home-stagers/ 
  8. HGTV – https://www.hgtv.com/lifestyle/real-estate/15-secrets-of-home-staging-pictures 
  9. National Association of Realtors – https://cdn.nar.realtor//sites/default/files/documents/2023-03-remodeling-impact-outdoor-features-03-17-2023.pdf  
  10. Zillow – https://www.zillow.com/learn/what-color-paint-front-door/  
  11. Martha Stewart – https://www.marthastewart.com/2126982/how-to-layer-your-lighting
  12. Martha Stewart – https://www.marthastewart.com/outdated-lighting-trends-8421744

Scottsdale AZ Single Family Home Sales – September 2024

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– September 2024 Scottsdale Homes for Sale and Home Sales –

We saw a couple of interesting things in September. First, the number of homes for sale went up quite a bit. And second, we saw new contracts move higher, most likely spurred on by the drop in interest rates. 

– Single-family homes for sale – Orange Line – How many homes were actively for sale at the end of the month. 
– Under contract, but accepting backup offers (UCB)* – Gray Line – The number of UCB contracts at the end of the month.
– Pending home sales* – Yellow Line – How many pending contracts were at the month’s end.
– Home Sales – Blue Line – How many homes sold that month. 

SEPTEMBER 2024 RESULTS

Scottsdale real estate market September 2024

  • Scottsdale Homes for Sale: Inventory was up 8.2% over August. This is the second biggest jump we have seen in the past year, with January was the highest as this is when people put their homes on the market after the holidays.
  • UCB (Under contract, accepting backup offers): The number of UCBs rebounded in September, most likely due to lower interest rates.
  • Pending Homes Sales in Scottsdale: We saw a second month of pending contract growth. This is good news as UCBs and pendings determine sales volume for the following month or two.
  • Scottsdale Home Sales: This was the fifth month of sales volume decline. Interestingly, this is the same number of sales we saw in October 2023.

Here are two more sales-related metrics we measure monthly:

Scottsdale home sales September 2024


Percent Change Month Over Month – Here, we are looking at how each of the items performed compared to the prior month. For instance, there was a 15.1% increase in UCB contracts between August and September.

Sales Price to List Price -This metric measures what homes sold for in comparison to what they had been listed for. In September, buyers on average saw a 3.5% discount of off 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 All Scottsdale AZ Homes for Sale

Here are some homes in Scottsdale currently for sale:

2,076 Listings
6814 E OSBORN Road, Scottsdale, AZ 85251

$1,150,000 6814 E OSBORN Road
Scottsdale, AZ 85251 6814 E OSBORN Road
Scottsdale, AZ 85251Listing office: My Home Group Real Estate

6902 E BELLEVIEW Street, Scottsdale, AZ 85257

$669,995 6902 E BELLEVIEW Street
Scottsdale, AZ 85257 6902 E BELLEVIEW Street
Scottsdale, AZ 85257Listing office: My Home Group Real Estate

9275 E MISSION Lane, 219, Scottsdale, AZ 85258

$345,000 9275 E MISSION Lane, 219
Scottsdale, AZ 85258 9275 E MISSION Lane, 219
Scottsdale, AZ 85258Listing office: Opendoor Brokerage, LLC

8714 E JACKRABBIT Road, Scottsdale, AZ 85250

$870,000 8714 E JACKRABBIT Road
Scottsdale, AZ 85250 8714 E JACKRABBIT Road
Scottsdale, AZ 85250Listing office: Realty Executives

Newer SS Appliances Included

$325,000 7910 E CAMELBACK Road, 302
Scottsdale, AZ 85251 7910 E CAMELBACK Road, 302
Scottsdale, AZ 85251Listing office: DeLex Realty

7802 E BONNIE ROSE Avenue, Scottsdale, AZ 85250

$350,000 7802 E BONNIE ROSE Avenue
Scottsdale, AZ 85250 7802 E BONNIE ROSE Avenue
Scottsdale, AZ 85250Listing office: RHouse Realty

8002 E VIA DEL SOL Drive, Scottsdale, AZ 85255

$1,300,000 8002 E VIA DEL SOL Drive
Scottsdale, AZ 85255 8002 E VIA DEL SOL Drive
Scottsdale, AZ 85255Listing office: Keller Williams Arizona Realty

11108 N 129TH Way, Scottsdale, AZ 85259

$940,000 11108 N 129TH Way
Scottsdale, AZ 85259 11108 N 129TH Way
Scottsdale, AZ 85259Listing office: Real Broker

13051 N 70TH Street, Scottsdale, AZ 85254

$1,699,000 13051 N 70TH Street
Scottsdale, AZ 85254 13051 N 70TH Street
Scottsdale, AZ 85254Listing office: Real Broker

MLS IDX Listing Disclosure © 2024

Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.

Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2024. 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 © 2024 Heather Tawes Nelson | Joyce Tawes

Halloween Events in Scottsdale for 2024

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– 2024 Halloween Events In and Around Scottsdale –

Fall has arrived – although you would never know it based on the temperatures we have been having! But, with Fall comes a large number of Fall Festivals and Halloween events.

Here is a collection of upcoming events going on around the Valley to celebrate this time of year. Some are family-friendly and some are for the braver folks who love to be scared out of their wits.

Scottsdale Halloween 2024

 Halloween and Fall Festivals in Scottsdale and Greater Phoenix

  • Mother Nature’s Farm – Now – October 31st – It is pumpkin patch time again at Mother Nature’s Farm in Gilbert. Take a hayride, pick your pumpkin, feed cute animals, scale the hay bale maze and more. There is also a Mega Slide for an additional cost. Concessions are offered (cash only), but you are encouraged to bring your own picnic and make a day of it. Entrance is $15 per person. (Open daily)
  • Vertuccio Farms’ “Cooler Days in the Corn Maze” Festival – Now – October 31st –  Mesa’s Vertuccio Farms is back with their Fall Festival. Your favorite activities like the huge corn maze, petting zoo, carnival games and train rides are back. Plus, they have added a pig race ride and ropes course this year. Not in the mood for the festival but want a pumpkin? You are welcome to purchase a pumpkin without having to pay the entrance fee. Admission is $16 per person, but check the website to learn about discounts they are offering. (Closed Mondays and Tuesdays)
  • MacDonald’s Ranch Annual Pumpkin Festival – Now – October 31st – This is one of our family traditions. This North Scottsdale pumpkin patch is jam-packed with things to explore. You can pan for gold, select the perfect pumpkin, run through the hay bale maze, pop into the petting zoo, participate in a scavenger hunt and more. There will also be food and gifts for purchase. If you plan to come multiple times, there is a season pass for $50 that will get you five visits to the event and a small pumpkin on the first visit. Admission is $15 per person. (Closed Tuesdays. Some activities, like hayrides and pony rides have an additional cost. Please see the website for pricing, including special discounts.)
  • Tolmachoff Farms’ Pumpkin Days – Now – October 31st – In addition to lot of pumpkins, there are multiple mazes, (family and mini), train rides, a hay pyramid, pedal cart track and more. And if you dare, evenings morph into the AZ Field of Screams Haunted Corn Maze. Admission to the Pumpkin Days is $17 per person. Admission to the Field of Screams is $25 per person. And if you want to do both, the cost is $30 per person. (Closed Mondays and Tuesdays)
  • Pumpkin and Chili Party at Schnepf Farms – Thursdays through Sundays Until October 31st– Queen Creek’s Schnepf Farms knows how to throw a pumpkin and chili party! Experience carnival rides and games, a corn maze, pig races, stunt dog show and so much more. Get some chili and do a little shopping as well. If you are there in the evening hours, they will put on a fireworks show. Admission is $25.95 per person. ( Some activities have an additional fee and purchasing tickets in advance is recommended.)
  • Halloween Spook-Track-Ula – October 11th – October 31st – The McCormick-Stillman Railroad Park comes spookily alive with a family-friendly haunted train ride and more. Tickets need to be purchased in advance.
  • Spooktacular Balloon Festival at Salt River Fields – October 25th – 27th – On this 12th annual anniversary, over 20 hot air balloons will be onsite and each one will serve as a trick-or-treat station and you can even take a tethered ride for an additional fee. Did we mention there will be 4,000 pounds of candy to be handed out to the kiddos? Wear your best costume and try your luck in the costume contests. They have ones for kids, adults and teams. You can purchase tickets at the link we included.
  • Cave Creek Wicked – October 26th – The 21+ Cave Creek Wicked bar crawl and costume contest is back. Get your best costume on and get ready for a night of fun!
  • Strange Garden at the Desert Botanical Garden – October 27th – 28th -Take over the Desert Botanical Garden in your Halloween best. There will be live performances, food vendors and a Monster Bash with a DJ. Kids get to pick a pumpkin for free while supplies are available!
  • Spooky Stories of Scottsdale – October 28th – Join Bruce Wall for this daytime event as he covers some of Scottsdale’s spookier stories.

Like to Lose Your Voice from Screaming? These Haunted Houses and Mazes Are Not for the Faint of Heart

Scottsdale Haunted House

If zombies, ghouls, absolutely terrifying creatures and getting terrorized out of your mind are your preferred way to celebrate Halloween, you are in luck!

Here is a website that lists all of the haunted houses, scary events and more. There are several events all over the Valley, feel free to visit them all and scream your heart out!
Arizona Haunted Houses

Also, AZ Central has pulled together a great list as well. Best Haunted Houses in Phoenix.

This collection only includes a small number of Halloween and Fall festivals and events around town. If you have any others that you would like to add, please feel free to do so in the comments section!

Disclaimer: Information deemed reliable, but not guaranteed. Event dates, times and pricing subject to change. Most events are paid admission and some may sell out in advance.

Scottsdale AZ Luxury Home Market – August 2024

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– Scottsdale Luxury Home Market Performance for August 2024 –

As I predicted last month, sales activity declined in August after we saw some rebounding in July. August is typically a slower month and higher interest rates were not helping.

In this report, we take a detailed look into Scottsdale’s luxury home market. We have split the information into four price ranges and to be included in this report, all of these homes had to be listed for $1 million or more. 

– AUGUST 2024 –

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

Scottsdale home sales between 1 and 1.5 million August 2024

– Active Scottsdale Homes on the Market: The number of homes on the market fell slightly to 218. This is just below the 12 month average of 223.
– UCB Scottsdale Home Sales: On a promising note, the number of UCBs rebounded 39.2% to the second highest level we have seen in the past year.
– Pending Scottsdale Home Sales: Pending sales were up as well. There were 28 pending contracts at the end of the month. This is still well below the 12 month average of 37.
– Scottsdale Homes Sold: After a strong showing in July, home sales were back down in August.
– Sales Price to Listed Price: 96.0% – On average, buyers saw a discount of 4.0% off of list price.

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

Scottsdale home sales between 1.5 and 2 million August 2024

– Active Scottsdale Homes on the Market: Inventory has been decreasing monthly since May. We are now at the same inventory level as September 2023.
– UCB Scottsdale Home Sales: UCB contracts had a dismal month with only thirteen UCBs at the end of August. However, if you look at the figures from this time frame last year, we are in similar territory.
– Pending Scottsdale Home Sales: The number of pendings jumped 54.8% between July and August, which was nice. This is the second highest we have seen them in the past year.
– Scottsdale Homes Sold: After a strong July, sales fell back down in August.
– Sales Price to Listed Price: 95.7% – On average, buyers saw a discount of 4.3% off of list price.

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

Scottsdale home sales between 2 and 3 million August 2024

– Active Scottsdale Homes on the Market: Inventory was more or less level between July and August.
– UCB Scottsdale Home Sales: UCB contracts fell again and closed out the month at sixteen.
– Pending Scottsdale Home Sales: Pendings sales were up by one at the end of the month, turning in a decent performance.
– Scottsdale Homes Sold: The number of homes sold was down by one, which was a solid performance.
– Sales Price to Listed Price: 94.7% – On average, buyers saw a discount of 5.3% off of list price.

Scottsdale Homes Priced $3,000,000+

Scottsdale home sales over 3 million August 2024

– Active Scottsdale Homes on the Market: The number of homes for sale fell under the 200 mark for the first time since September 2023.
– UCB Scottsdale Home Sales: The number of UCBs was up 21.4% in August, although July’s performance was very poor.
– Pending Scottsdale Home Sales: Pending sales were down slightly in August, closing out the month at 22.
– Scottsdale Homes Sold: After a stronger June and July, home sales fell 50% in August.
– Sales Price to Listed Price: 95.0% – On average, buyers saw a discount of 5.0% off of list price.

If you would like additional details 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

Here is a sample of some luxury homes that are currently for sale:

905 Listings
6814 E OSBORN Road, Scottsdale, AZ 85251

$1,150,000 6814 E OSBORN Road
Scottsdale, AZ 85251 6814 E OSBORN Road
Scottsdale, AZ 85251Listing office: My Home Group Real Estate

8002 E VIA DEL SOL Drive, Scottsdale, AZ 85255

$1,300,000 8002 E VIA DEL SOL Drive
Scottsdale, AZ 85255 8002 E VIA DEL SOL Drive
Scottsdale, AZ 85255Listing office: Keller Williams Arizona Realty

13051 N 70TH Street, Scottsdale, AZ 85254

$1,699,000 13051 N 70TH Street
Scottsdale, AZ 85254 13051 N 70TH Street
Scottsdale, AZ 85254Listing office: Real Broker

8008 E DEL PLOMO Drive, Scottsdale, AZ 85258

$1,899,000 8008 E DEL PLOMO Drive
Scottsdale, AZ 85258 8008 E DEL PLOMO Drive
Scottsdale, AZ 85258Listing office: Russ Lyon Sotheby's International Realty

Custom built beauty!

$2,150,000 10787 E SUTHERLAND Way
Scottsdale, AZ 85262 10787 E SUTHERLAND Way
Scottsdale, AZ 85262Listing office: eXp Realty

Designer Touches Galore

$1,395,000 8620 E SAN MIGUEL Avenue
Scottsdale, AZ 85250 8620 E SAN MIGUEL Avenue
Scottsdale, AZ 85250Listing office: Homebright

11693 E PARKVIEW Lane, Scottsdale, AZ 85255

$1,849,000 11693 E PARKVIEW Lane
Scottsdale, AZ 85255 11693 E PARKVIEW Lane
Scottsdale, AZ 85255Listing office: Realty ONE Group

36530 N BOULDER VIEW Drive, Scottsdale, AZ 85262

$1,778,000 36530 N BOULDER VIEW Drive
Scottsdale, AZ 85262 36530 N BOULDER VIEW Drive
Scottsdale, AZ 85262Listing office: HomeSmart

38800 N 107TH Way, Scottsdale, AZ 85262

$2,300,000 38800 N 107TH Way
Scottsdale, AZ 85262 38800 N 107TH Way
Scottsdale, AZ 85262Listing office: Real Broker

MLS IDX Listing Disclosure © 2024

Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.

Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 9/1/2024 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 ©2024 Heather Tawes Nelson | Joyce Tawes

The Down Payment Assistance You Didn’t Know About

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Believe it or not, almost 80% of first-time homebuyers qualify for down payment assistance, but only 13% actually use it. And if you’re hoping to buy a home, this is a mission-critical gap to close – fast (see graph below):

down payment assistance

Here’s what you need to know to make the most of your down payment in today’s housing market.

Amplify Your Down Payment Potential

For first-time buyers, the name of the game with down payments is making sure you’re taking advantage of all the resources out there designed to help you. And a bunch of them can get you to your goal faster than you may have thought possible.

For example, there are loan options that require as little as 3% down, or even 0% for certain qualified borrowers, like Veterans. And let’s not forget down payment assistance, like grants and other opportunities, that can help you cover the upfront cost of your down payment.

If you’re interested in exploring those options and learning about what you may qualify for, connect with a trusted lender. If you don’t at least explore what’s available, you could be leaving money on the table and missing out on buying a home. By using these resources to boost your down payment, you may be able to lower your eventual monthly mortgage payment, and even avoid or reduce your fees like private mortgage insurance.

Don’t Let News Headlines About Down Payments Scare You

There’s one more thing to address. News coverage has been talking about how the typical down payment is rising. A report from Redfin states:

“The typical down payment for U.S. homebuyers hit a record high of $67,500 in June, up 14.8% from $58,788 a year earlier . . . This was the 12th consecutive month the median down payment rose year over year.”

But don’t let those high dollars scare you. Just because the average down payment is rising doesn’t mean down payment requirements are going up. That’s a key piece of the puzzle to understand. It’s really just because people are choosing to put more money down to try to offset higher mortgage rates, and current homeowners who are putting their equity to work are using that to increase their down payment on their next home. As HousingWire explains:

“. . . buyers are putting down a higher percentage of the purchase price to lower their monthly mortgage payment. And buyers also had more equity from their home sales, which gives them more cushion.”

Let’s break those two reasons down a bit:

1. A bigger down payment helps lower your monthly mortgage payment. Affordability has been a challenge for many buyers recently, which is why those who have the ability to make a bigger down payment are going to do so in an effort to lower their future housing costs.

2. Buyers who already own a home have a record amount of equity to leverage. Someone who bought a home a few years ago has gained a significant amount of value in their house, thanks to home price appreciation. These people can put down much more than the average first-time buyer who hasn’t owned a home yet.

Bottom Line

What’s the best thing to do? Talk with a trusted lender about your options. They’ll help you figure out where you stand today and how to access the resources you may qualify for. Because help is out there, you just need to work with a pro to take advantage of it.

And, if you do not have a lender you trust, we are happy to give you a list of several folks who have done a great job for our clients in the past. Simply reach out and we will be happy to help.

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