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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.

Phoenix and Scottsdale AZ Luxury Condo Sales – August 2024

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Luxury Condo Sales in Scottsdale and Phoenix – August 2024

Here are the August figures for the luxury condo market in Scottsdale and Phoenix. To be included, each of these units had to have been on the market for $1 million or more.

As we have seen over the past several months, the luxury condo market is plugging along. Sales remain strong and a large pending inventory of condos being built indicates continued strength.

ACTIVE LISTINGS AT THE END OF AUGUST

August concluded with 68 luxury condos being offered for sale. Fifty-five of these units were located in Scottsdale and the rest were in Phoenix. 

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

The lowest-priced luxury condo is located in Toscana at Desert Ridge. It has two bedrooms, two and one-half bathrooms and 1,781 square feet. The asking price was $1,000,000.

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

UCB contracts fell from eleven to five at the end of August. This is a decent drop, but the summer months tend to have less sales activity.

UCB Condos in Scottsdale

  • ICON at Silverleaf – Three bedrooms, four bathrooms, 3,239 square feet. Asking price was $3,900,000,
  • Optima Camelview -Three bedrooms and bathrooms, 2,320 square feet. Asking price was $1,775,000.
  • Scottsdale Waterfront Residences
    • Two bedrooms, two and one-half bathrooms, 2,041 square feet. Asking price was $2,199,000.
    • Two bedrooms, two and one-half bathrooms, 2,265 square feet. Asking price was $2,400,000.
    • Three bedrooms, two and one-half bathrooms, 2,284 square feet. Asking price was $3,200,000.

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.
  • Portland on the Park – Two bedrooms, two and one-half baths, 2,185 square feet. Asking price was $1,550,000.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Pending contracts were up slightly to 123 by the end of August. This large backlog can be attributed to several communities under development.

Scottsdale Pending Luxury Condos

  • Optima Camelview
    • Two bedrooms and bathrooms, 1,782 square feet. Asking price was $1,299,999.
    • Three bedrooms, two bathrooms, 1,777 square feet. Asking price was $1,495,000.
  • 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, 3,157 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

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

August saw a little bit of a slowdown when compared to July. Nine luxury condos sold in August and they were pretty evenly matched between Scottsdale and Phoenix. 

Scottsdale Luxury Condo Sales

  • Scottsdale Waterfront Residences
    • Three bedrooms, two and one-half bathrooms, 2,284 square feet. Asking price was $3,200,000 and it sold for $3,000,000.
    • Two bedrooms, two and one-half bathrooms, 2,265 square feet. Asking price was $2,400,000 and it sold for $2,025,000.
    • Three bedrooms, three and one-half bathrooms, 2,503 square feet. Asking price was $3,150,000 and it sold for $3,050,000.
  • Optima Camelview – Three bedrooms, three and one-half bathrooms, 2,320 square feet. Asking price was $1,775,000 and it sold for $1,725,000.

Phoenix Luxury Condo Sales

  • Esplanade Place
    • Two bedrooms, three bathrooms, 3,000 square feet. Asking price was $1,295,000 and it sold for $1,075,000.
    • Two bedrooms, three bathrooms, 3,542 square feet. Asking price was $1,796,000 and it sold for $1,612,500.
  • Toscana at Desert Ridge
    • Two bedrooms, two and one-half bathrooms, 1,780 square feet. Asking price was $1,262,389 and it sold for list price.
    • Two bedrooms, two and one-half bathrooms, 1,780 square feet. Asking price was $1,280,049 and it sold for $1,282,549.
  • Optima Biltmore – Two bedrooms, two and one-half bathrooms, 2,456 square feet. Asking price was $1,295,000 and it sold for $1,250,000.

Learn More About Phoenix and Scottsdale Luxury Condos

Search Phoenix and Scottsdale Luxury Condos for Sale 

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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 9/1/2024 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

Mortgage Rates Drop to Lowest Level in over a Year and a Half

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Mortgage rates have hit their lowest point in over a year and a half. And that’s big news if you’ve been sitting on the homebuying sidelines waiting for this moment.

Even a small decline in rates could help you get a better monthly payment than you would expect on your next home. And the drop that’s happened recently isn’t small. As Sam Khater, Chief Economist at Freddie Mac, says:

“Mortgage rates have fallen more than half a percent . . . and are at their lowest level since February 2023.”

But if you want to see it to really believe it, here’s how the math shakes out. Take a closer look at the impact on your monthly payment.

The chart below shows what a monthly payment (principal and interest) would look like on a $400K home loan if you purchased a house back in April (this year’s mortgage rate high), versus what it could look like if you buy a home now (see below):

drop in mortgage rates

Going from 7.5% just a few months ago to the low 6%s has a big impact on your bottom line. In just a few months’ time, the anticipated monthly payment on a $400K loan has come down by over $370. That’s hundreds of dollars less per month.

Bottom Line

With the recent drop in mortgage rates, the purchasing power you have right now is better than it’s been in almost two years. Let’s talk about your options and how you can make the most of this moment you’ve been waiting for.

Here is a selection of homes for sale in the Greater Scottsdale area: 

2,913 Listings
1070 E SANDPIPER Drive, Tempe, AZ 85283

$895,000 1070 E SANDPIPER Drive
Tempe, AZ 85283 1070 E SANDPIPER Drive
Tempe, AZ 85283Listing office: Realty Executives

Aerial

$5,150,000 39601 N OCOTILLO RIDGE Drive
Carefree, AZ 85377 39601 N OCOTILLO RIDGE Drive
Carefree, AZ 85377Listing office: Realty Executives

17131 N 51ST Way, Scottsdale, AZ 85254

$1,500,000 17131 N 51ST Way
Scottsdale, AZ 85254 17131 N 51ST Way
Scottsdale, AZ 85254Listing office: Berkshire Hathaway HomeServices Arizona Properties

5310 E KATHLEEN Road, Scottsdale, AZ 85254

$960,000 5310 E KATHLEEN Road
Scottsdale, AZ 85254 5310 E KATHLEEN Road
Scottsdale, AZ 85254Listing office: Success Property Brokers

Ascent at the Phoenician Golf Villas Unit 21

$3,135,000 6311 E Phoenician Boulevard, 21
Scottsdale, AZ 85251 6311 E Phoenician Boulevard, 21
Scottsdale, AZ 85251Listing office: Modern Portfolio Real Estate Services

1637 N Quartz Valley Road, Scottsdale, AZ 85266

$1,625,000 1637 N Quartz Valley Road
Scottsdale, AZ 85266 1637 N Quartz Valley Road
Scottsdale, AZ 85266Listing office: Russ Lyon Sotheby's International Realty

Home on 2 plus acres with views of The McDowell Mountains

$4,000,000 12183 E SAND HILLS Road
Scottsdale, AZ 85255 12183 E SAND HILLS Road
Scottsdale, AZ 85255Listing office: Compass

This spacious kitchen is newly updated with countertops, tile floors, sink, faucet and hardware.

$825,000 8728 E VIA DE VIVA
Scottsdale, AZ 85258 8728 E VIA DE VIVA
Scottsdale, AZ 85258Listing office: Compass

6130 E VIA ESTRELLA Avenue, Paradise Valley, AZ 85253

$2,450,000 6130 E VIA ESTRELLA Avenue
Paradise Valley, AZ 85253 6130 E VIA ESTRELLA Avenue
Paradise Valley, AZ 85253Listing office: Coldwell Banker Realty

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.

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

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– August 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 August.

August 2024 – Video

Scottsdale Active Listings

Scottsdale active listings August 2024

The number of homes on the market edged up slightly in August, after several months of decreasing inventory.

We see a much larger swing when we compare August 2024 to August 2023. The number of homes for sale was up by 19.6% year-over-year.

Average List Price for Scottsdale Homes

Scottsdale average list price August 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.)

Home prices have been on the decline for a bit now, which is good for buyers. In August, the average listing price was just over $2.1 million. This is down almost 5.0% from last month. 

Comparing this month’s average list price with August 2023, there was a 2.7% decrease.

Days on Market

Scottsdale days on market August 2024


Days on Market, (also referred to as DOM,) is a straightforward tool to give a quick assessment of the market by measuring how long it is taking homes to sell. For example, when you see a higher DOM, you know that the market is moving a little more slowly.

Days on Market in August came in at 82. This is down 3.7% compared to July, but up 9.8% when you compare it to last August.  

Average Sales Price for Scottsdale Homes

Scottsdale average sales price August 2024

Now we will take a look at average sale prices in Scottsdale. In August, this figure was just over $1.43 million.

The average sales price in August was 10.7% lower than in July. But there was a 5.0% increase in price year-over-year.

Number of Homes Sold

Scottsdale homes sold August 2024

Homes sold will close out the report. There was a 9.6% decrease in home sales when you compare August with July. And if you compare this information on a year-over-year basis, home sales in Scottsdale were down 14.8%.

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

2,094 Listings
17131 N 51ST Way, Scottsdale, AZ 85254

$1,500,000 17131 N 51ST Way
Scottsdale, AZ 85254 17131 N 51ST Way
Scottsdale, AZ 85254Listing office: Berkshire Hathaway HomeServices Arizona Properties

5310 E KATHLEEN Road, Scottsdale, AZ 85254

$960,000 5310 E KATHLEEN Road
Scottsdale, AZ 85254 5310 E KATHLEEN Road
Scottsdale, AZ 85254Listing office: Success Property Brokers

Ascent at the Phoenician Golf Villas Unit 21

$3,135,000 6311 E Phoenician Boulevard, 21
Scottsdale, AZ 85251 6311 E Phoenician Boulevard, 21
Scottsdale, AZ 85251Listing office: Modern Portfolio Real Estate Services

1637 N Quartz Valley Road, Scottsdale, AZ 85266

$1,625,000 1637 N Quartz Valley Road
Scottsdale, AZ 85266 1637 N Quartz Valley Road
Scottsdale, AZ 85266Listing office: Russ Lyon Sotheby's International Realty

Home on 2 plus acres with views of The McDowell Mountains

$4,000,000 12183 E SAND HILLS Road
Scottsdale, AZ 85255 12183 E SAND HILLS Road
Scottsdale, AZ 85255Listing office: Compass

This spacious kitchen is newly updated with countertops, tile floors, sink, faucet and hardware.

$825,000 8728 E VIA DE VIVA
Scottsdale, AZ 85258 8728 E VIA DE VIVA
Scottsdale, AZ 85258Listing office: Compass

8436 N Vía Linda, Scottsdale, AZ 85258

$1,950,000 8436 N Vía Linda
Scottsdale, AZ 85258 8436 N Vía Linda
Scottsdale, AZ 85258Listing office: Engel & Voelkers Scottsdale

9220 E WHITETHORN Circle, Scottsdale, AZ 85266

$1,295,000 9220 E WHITETHORN Circle
Scottsdale, AZ 85266 9220 E WHITETHORN Circle
Scottsdale, AZ 85266Listing office: Keller Williams Arizona Realty

10492 N 128TH Place, Scottsdale, AZ 85259

$2,870,900 10492 N 128TH Place
Scottsdale, AZ 85259 10492 N 128TH Place
Scottsdale, AZ 85259Listing office: Camelot Homes, Inc.

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 9/1/2024.

7 Mistakes to Avoid When Hiring a Contractor

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A recent survey found that more than half (52%) of American homeowners have a renovation project planned this year.1 If you’re among them, you know that embarking on home improvements can be both exciting and daunting. According to the survey, the median renovation budget is around $15,000, so you’re probably investing a significant amount—and you’ll want to ensure your project’s success.1

One of the most critical decisions you’ll make is choosing the right contractor to bring your vision to life. However, many homeowners fall into common pitfalls during this process, leading to stress, financial strain, and subpar results.

In this guide, we’ll explore seven mistakes to avoid when hiring a contractor to ensure your project runs smoothly from start to finish.

1. SKIPPING THE RESEARCH PHASE

A common mistake homeowners make is rushing into hiring a contractor without proper research. But to ensure the success of your renovation, it’s crucial to take time to meet with multiple candidates and educate yourself on best practices surrounding your project. You can also ask them to provide you with former clients who you can talk to and ask questions.

If you bypass the interview process, you miss the opportunity to evaluate different approaches, pricing, and expertise. This can result in overpaying or hiring someone whose skills and vision do not align with your needs.

Neglecting to research the processes and steps involved can also leave you vulnerable. Not only does it make it more difficult to ask the right questions, but you also risk hiring unqualified professionals or settling for subpar work.

What To Do Instead:

  • Educate Yourself — Read up or watch YouTube videos to gain a better understanding of best practices surrounding your project.
  • Interview Multiple Contractors — Search for and interview at least three contractors who specialize in the type of work you need.
  • Ask Specific Questions — Inquire about the processes and materials each candidate will utilize.
  • Seek Recommendations — Get referrals from trusted sources like friends, neighbors, and real estate professionals. We’d be happy to share a list of referrals!

2. CHOOSING BASED SOLELY ON PRICE

Once you’ve interviewed candidates and reviewed their proposals, it’s time to choose your favorite. But don’t make the mistake of rushing to the lowest bid.

While it’s natural to want to save money, selecting a contractor based entirely on price can be a costly mistake. Extremely low bids may indicate cut corners, subpar materials, or hidden costs that will surface later.

According to the National Association of the Remodeling Industry, when evaluating bids, make sure you’re comparing “apples” to “apples” and considering factors like quality, timeline, and scope.2 Are they fully licensed and insured? How long have they been in business? Do they warranty their work?

What To Do Instead:

  • Consider Overall Value — In addition to price, look at experience, reputation, and quality of work.
  • Ask for Detailed Breakdowns — Understand what’s included and what is not in each bid.
  • Be Wary of Low Bids – Bids that are significantly lower than others may be too good to be true.
  • Invest in Quality — Remember that quality work comes at a fair price, and investing in a reputable contractor can save you money in the long run by avoiding costly mistakes or repairs.

3. NEGLECTING TO CONFIRM CREDENTIALS & INSURANCE

When you’ve established a good rapport with a contractor, it’s natural to want to believe the best in them. But neglecting to check references and verify licensing and insurance could come back to haunt you.3

Hiring an untrained or unlicensed contractor puts you at risk for safety and code violations, not to mention shoddy workmanship. Without proper insurance, you could be left footing the bill for costly repairs, legal issues, or even medical bills if someone gets hurt on the job.4

Skipping out on a reference check can be equally problematic. It’s your best opportunity to ensure that their promises and your expectations line up with reality.

What To Do Instead:

  • Verify Licensing and Insurance — Confirm that the contractor is licensed according to local requirements and verify insurance, including general liability and workers’ compensation coverage.
  • Check Reviews — Read online reviews and confirm that the business is in good standing with the Better Business Bureau and other relevant trade groups.
  • Call References — When contacting references, ask questions and request to see photos of the contractor’s completed projects.
  • Visit Job Sites — If possible, visit a current job site to observe the contractor’s work in progress and interaction with clients.

4. PROCEEDING WITHOUT A WRITTEN AGREEMENT

A handshake deal might seem friendly and straightforward, but it’s a recipe for misunderstandings and potential legal issues. Verbal agreements are difficult to enforce and leave room for miscommunication about project scope, timelines, and costs.5

Instead, you should have a signed contract in place before any work begins.3 Paperwork can be tedious, but don’t skip the important step of carefully reading over your contract, asking questions, and pushing back on any terms that make you uncomfortable.

Don’t forget to ask for payment receipts and document any change orders or issues that arise throughout the project, as well.

What To Do instead:

  • Insist on a Written Contract — Outline all aspects, including scope, materials, timeline, payment schedule, warranty information, and a process for handling change orders.
  • Understand and Agree — Don’t sign anything until you fully understand and agree to all terms.
  • Keep Documentation — Once you’ve made your final payment, request a lien waiver or receipt marked “Paid in Full” to keep on file for legal and tax purposes.6

5. PAYING TOO MUCH UPFRONT

Another common misstep is paying a large sum upfront or the full cost of the project before the work is completed. This can leave you vulnerable if the contractor fails to complete the work or disappears with your money.

According to the home services platform Angi, deposits typically range between 10% and 33% of the total project cost.7 The remaining payments should be tied to progress milestones outlined in your contract.

Construction attorneys caution against paying a greater share of the project cost than the percentage of the work that’s been completed.3 If you end up dissatisfied with the outcome, you’ll have much less leverage if you’ve already paid.

What To Do Instead:

  • Be Cautious — Avoid contractors who demand large upfront payments or cash-only deals.
  • Establish a Payment Schedule — Tie payments to project milestones and stick to them.
  • Pay Only Upon Completion — Never pay in full until the project is completed to your satisfaction and all required inspections have been passed.

6. FAILING TO GET NECESSARY PERMITS

Skipping the permit process might seem like a way to save time and money, but it can lead to serious consequences. Without the proper permits, you risk running afoul of local building codes and regulations, which could result in fines, forced removal of work, or even legal action.8

Additionally, unpermitted work might compromise the safety and structural integrity of your home, potentially leading to hazardous conditions or diminished resale potential. Homeowners may also find themselves without recourse if issues arise later, as insurance companies often exclude coverage for unpermitted renovations.8

If your community has a homeowners association (HOA), don’t forget to check their requirements, as well. You may need prior approval to make modifications to your home or yard. HOAs have the power to enforce these restrictions with fines, and they can even put a lien on your home—so don’t skip this important step.9

What To Do Instead:

  • Discuss Permits — Talk about permits and HOA requirements with your contractor before work begins.
  • Include Permits in the Contract — Ensure that obtaining necessary permits and approvals is part of your contract.
  • Verify Inspections — Make sure all required inspections are completed during the project.
  • Keep Records — Keep copies of all permits, HOA approvals, and inspection reports for your records.

7. IGNORING RED FLAGS AFTER THE PROJECT HAS STARTED

Sometimes a contractor can check all the right boxes—until the work begins. Unfortunately, red flags that are spotted mid-project can be especially challenging to address.

If you’ve already paid a substantial amount or had a portion of your home demolished, you may feel trapped in a bad situation. However, if there are major problems that the contractor is unwilling to address, ignoring them can make things exponentially worse.

Don’t be afraid to seek legal or professional advice if issues persist. Taking immediate, informed, and decisive action is crucial to safeguarding your investment and ensuring the project’s ultimate success.10

What To Do Instead:

  • Review Your Contract — Make sure you thoroughly understand your rights and the agreed-upon terms.
  • Document Issues — Keep detailed records, including dates, descriptions of problems, photographs of subpar work or materials, and any communications with the contractor.
  • Communicate Professionally — Arrange a meeting to discuss your concerns, ensuring you remain calm and professional while clearly expressing your expectations.
  • Request a Resolution Plan — Ask for a plan to address the issues, set a timeline for resolution, and put everything in writing to ensure you’re both on the same page.
  • Seek Advice — If the contractor is uncooperative or dismissive, consider seeking advice from a legal professional. You could also contact your local licensing board or consumer protection agency for guidance.

BOTTOMLINE

Hiring the right contractor is crucial to the success of your home improvement project. By avoiding these common mistakes, you can significantly increase your chances of a smooth and successful renovation experience.

Remember, taking the time to thoroughly vet contractors, communicate clearly, and plan carefully will pay off in the long run. Your home is likely your most significant investment, and it deserves the care and attention that comes with making informed, thoughtful decisions about who works on it.

If you’d like help finding a contractor or want to know how planned improvements could impact your home’s resale potential, reach out for a free consultation!

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.

Sources:

  1. USA Today –
    https://www.usatoday.com/money/homefront/moving/home-renovation-statistics/
  2. National Association of the Remodeling Industry –
    https://remodelingdoneright.nari.org/Homeowner-Resources/Questions-to-ask/How-to-select-a-remodeler
  3. The Washington Post –
    https://www.washingtonpost.com/home/2024/07/08/how-to-find-good-honest-contractor/
  4. MarketWatch –
    https://www.marketwatch.com/guides/insurance-services/home-insurance-during-renovations/
  5. LegalZoom –
    https://www.legalzoom.com/articles/oral-contracts-do-they-carry-any-weight
  6. Better Business Bureau –
    https://www.bbb.org/all/home-improvement/your-home-improvement-contract
  7. Angi –
    https://www.angi.com/articles/how-much-should-i-pay-general-contractor-prior-starting-job.htm
  8. Bob Vila –
    https://www.bobvila.com/articles/remodel-without-permit/
  9. Bankrate –
    https://www.bankrate.com/real-estate/hoa-homeowners-association-rules/
  10. Angi –
    https://www.angi.com/articles/how-complain-contractors-effectively.htm

Scottsdale AZ Single Family Home Sales – August 2024

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– August 2024 Scottsdale Homes for Sale and Home Sales –

Sales activity for the Scottsdale housing market more or less trended down as we experienced seasonality combined with higher home prices and interest rates.

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

AUGUST 2024 RESULTS

Scottsdale Home Sales August 2024
  • Scottsdale Homes for Sale: Inventory moved up slightly in August. This could be attributed to lower sales numbers meaning more homes were staying on the market longer, although I do not know that for certain.
  • UCB (Under contract, accepting backup offers): The number of UCB contracts fell again, but at a much slower pace than the previous month.
  • Pending Homes Sales in Scottsdale: Pendings actually increased in August. Although the number of pendings was still on the lower end, this was a positive development.
  • Scottsdale Home Sales: Sales fell for the fourth month in a row, which correlates with our slower season.

Below are two more metrics we track monthly:

Scottsdale real estate market August 2024


Percent Change Month Over Month – The top chart compares month-over-month performance for each of the four items we are tracking. For instance, pending sales were up 7.4% over July.

Sales Price to List Price – Here we look at what homes are selling for relative to what they had been listed for. In August, the sales price to list price was 95.9%, meaning that buyers on average saw a discount of 4.1%.

*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:

2,094 Listings
17131 N 51ST Way, Scottsdale, AZ 85254

$1,500,000 17131 N 51ST Way
Scottsdale, AZ 85254 17131 N 51ST Way
Scottsdale, AZ 85254Listing office: Berkshire Hathaway HomeServices Arizona Properties

5310 E KATHLEEN Road, Scottsdale, AZ 85254

$960,000 5310 E KATHLEEN Road
Scottsdale, AZ 85254 5310 E KATHLEEN Road
Scottsdale, AZ 85254Listing office: Success Property Brokers

Ascent at the Phoenician Golf Villas Unit 21

$3,135,000 6311 E Phoenician Boulevard, 21
Scottsdale, AZ 85251 6311 E Phoenician Boulevard, 21
Scottsdale, AZ 85251Listing office: Modern Portfolio Real Estate Services

1637 N Quartz Valley Road, Scottsdale, AZ 85266

$1,625,000 1637 N Quartz Valley Road
Scottsdale, AZ 85266 1637 N Quartz Valley Road
Scottsdale, AZ 85266Listing office: Russ Lyon Sotheby's International Realty

Home on 2 plus acres with views of The McDowell Mountains

$4,000,000 12183 E SAND HILLS Road
Scottsdale, AZ 85255 12183 E SAND HILLS Road
Scottsdale, AZ 85255Listing office: Compass

This spacious kitchen is newly updated with countertops, tile floors, sink, faucet and hardware.

$825,000 8728 E VIA DE VIVA
Scottsdale, AZ 85258 8728 E VIA DE VIVA
Scottsdale, AZ 85258Listing office: Compass

8436 N Vía Linda, Scottsdale, AZ 85258

$1,950,000 8436 N Vía Linda
Scottsdale, AZ 85258 8436 N Vía Linda
Scottsdale, AZ 85258Listing office: Engel & Voelkers Scottsdale

9220 E WHITETHORN Circle, Scottsdale, AZ 85266

$1,295,000 9220 E WHITETHORN Circle
Scottsdale, AZ 85266 9220 E WHITETHORN Circle
Scottsdale, AZ 85266Listing office: Keller Williams Arizona Realty

10492 N 128TH Place, Scottsdale, AZ 85259

$2,870,900 10492 N 128TH Place
Scottsdale, AZ 85259 10492 N 128TH Place
Scottsdale, AZ 85259Listing office: Camelot Homes, Inc.

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 9/1/2024. 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

Are We Heading into a Balanced Market?

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If you’ve been keeping an eye on the housing market over the past couple of years, you know sellers have had the upper hand. But is that going to shift now that inventory is growing? Here’s a breakdown of what you need to know.

What Is a Balanced Market?

A balanced market is generally defined as a market with about a five-to-seven-month supply of homes available for sale. In this type of market, neither buyers nor sellers have a clear advantage. Prices tend to stabilize, and there’s a healthier number of homes to choose from. After many recent years when sellers had all the leverage, a more balanced market would be a welcome sight for people looking to move. The question is – is that really where the market is headed?

After starting the year with a three-month supply of homes nationally, inventory has increased to four months. That may not sound like a lot, but it means the market is getting closer to balanced – even though it’s not quite there yet. It’s important to note this increase in inventory is not leading to an oversupply that would cause a crash. Even with the growth lately, there’s still nowhere near enough supply for that to happen.

The graph below uses data from the National Association of Realtors (NAR) to give you an idea of where inventory has been in the past, and where it’s at today:

For now, this is still seller’s market territory – it’s just not as frenzied of a seller’s market as it’s been over the past few years. As Mark Fleming, Chief Economist at First American, says:

“The faster housing supply increases, the more affordability improves and the strength of a seller’s market wanes.”

What This Means for You and Your Move

Here’s how this shift impacts you and the market conditions you’ll face when you move. Lawrence Yun, Chief Economist at NAR, explains:

“Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”

The graphs below use the latest data from NAR and Realtor.com to help show examples of these changes:

Homes Are Sitting on the Market Longer: Since more homes are on the market, they’re not selling quite as fast. For buyers, this means you may have more time to find the right home. For sellers, it’s important to price your house correctly if you want it to sell. If you don’t, buyers might choose better-priced options.

Sellers Are Receiving Fewer Offers: As a seller, you might need to be more flexible and willing to compromise on price or terms to close the deal. For buyers, you could start to face less intense competition since you have more options to choose from.

Fewer Buyers Are Waiving Inspections: As a buyer, you have more negotiation power now. And that’s why fewer buyers are waiving inspections. For sellers, this means you need to be ready to negotiate and address repair requests to keep the sale moving forward.

How a Real Estate Agent Can Help

But this is just the national picture. The type of market you’re looking in is going to vary a lot based on how much inventory is available. So, lean on a local real estate agent for insight into how your area stacks up.

Whether you’re buying or selling, understanding how the market is changing gives you a big advantage. Your agent has the latest data and local insights, so you know exactly what’s happening and how to navigate it.

Bottom Line

The real estate market is always changing, and it’s important to stay informed. Whether you’re buying or selling, understanding this shift toward a balanced market can help. If you have any questions or need expert advice, don’t hesitate to reach out.

Things to Do in Scottsdale – September 2024

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– Scottsdale Events – September 2024 –

September has arrived! Here are some events going on in and around Scottsdale during the month.

  • Junk in the Trunk Vintage Market – September 13th – 15th – Junk in the Trunk at WestWorld is back and will host over 160 artists and vendors. Wear your walking shoes because the market is spread out over 120,000 square feet. Food trucks will be onsite and there will be live music as well.
  • Rockin’ Taco Street Fest – September 14th – This is the 13th year of this festival. Come to enjoy tacos, food and drink from over 20 vendors. There will be live music, Lucha Libre wrestling, taco and hot pepper eating contests and more!
  • 9/11 Memorial Stair Climb – September 14th – Honor fallen firemen, police and EMS by climbing the stairs at Salt River Fields by climbing a symbolic 110 stories. All proceeds will go to support the families of fallen front-line workers.
  • Fall Arizona Restaurant Week – September 20th – 29th– Arizona Restaurant Week is back! It is a great way to try some new places or revisit your favorites. As of the end of August, there are already 191 restaurants participating. Each restaurant will offer a prix fixe menu that costs $33, $44 or $55. There are also some places offering $44 and $55 per couple!

  • Scottsdale Fashion Week – September 26th – 29th – Four days of programming will highlight fashion as we head into Fall 2024. Each ticketed event takes place at a different location.
  • Maricopa County Home Show – September 27th – 29th – WestWorld will be hosting the final Home Show of 2024. Browse the vendors and check out the seminars and workshops being offered. There will also be a large food court if you get hungry.
  • Free Entrance to National Parks for National Public Lands Day – September 28th – Get ready to explore! On this day, you can visit national parks for free, including many in Arizona. Visit the Grand Canyon or explore Montezuma Castle in Camp Verde. There are plenty of choices to choose from! There are also many volunteer opportunities to participate in. Last year, over 7,600 people volunteered.
  • Scottsdale Bridal Expo – September 29th – Head to the Scottsdale Center for the Performing Arts to experience this one-stop-shop event. Vendors tied to all aspects of weddings will be present. The event is free, but you do need to preregister.

Disclaimer: Events subject to change, cancel or sell out.  Events may be ticketed. Please verify all terms and details in advance.

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