Short and sweet. (Really, this time!!!) Anyone going nuts with too much election stuff haunting us everywhere?

Click here to learn about a few easy steps you can take for your house to sell for more money.

Mortgage Interest rates are headed back up again. WTH!!!!

• The last 5 months have been extremely volatile for price per sq. ft. - up nearly 5% one month and down 3% next.This is partly because of the lower closing numbers. A smaller sample size tends to create more volatility in the averages. The median sales prices have been much more stable since the high-end of the market has little to no effect on medians.

• Median sale prices for the last 30 days are down 3.0%.

• This latest drop is more significant because seasonally we usually see an increase between September and October. With the Cromford® Market Index dropping below 95,we have buyers lacking enthusiasm and sellers lacking confidence.Price cuts are frequent and numerous. Bargains sell quicker than homes advertised at full market value.

• Rental rates in MLS for 1k-2k sf properties have remained flat for 3 years. This trend doesn't look like it will change any time soon.

• Among those pending listings we have 99.1% normal, 0.2% in REOs and 0.8% in pre-foreclosures (including a very small number of short sales). The level of foreclosure activity remains very low, and distress has fallen since last month.

• FHA mortgage interestrates went from 5.63% on 9/16/24 to being 6.32% on 10/21/24. If you want to time the market, you'll need to move faster than ever at finding a home when rates go down. These rates are acting like a bucking bronco and buyers keep falling off before the bell rings. (So very sad!)

Are you considering buying or selling a home? Reply to this email or text me at 602-730-2143.

The Phoenix Metro area is in a low balanced market.

• Buyers have someserious POWER right nowand most likely through the end of the year. After that, who knows?

• The west side of the Valley has fared worse than the east side, so far.

• The Mesa gauge above is from the Cromford Market Index. Supply is 38% below "normal," and buyers are 30% below. That puts Mesa at a weak seller's market. Here are some other city's indexes.

  • Seller's Markets: weakest to strongest:

    • Tempe 102

    • Phoenix 112

    • Gilbert: 118

    • Chandler 129

  • ?Buyer's Markets: buyers have all the control and sellers need to pay them large incentives to take the houses off their hands.

    • Entire metro is at a paltry 92

    • Queen Creek 70

    • Buckeye 61 (damn that hurts home prices!)

A warm thank you to the Cromford Report, and Tina Tamborer, for her invaluable insights and data for this update.

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When you hear a friend, family member, or co-work mention they are entertaining the idea of buying or selling a home,

pick up your phone call/text me immediately. Let's coordinate the best way for me to reach out and assist them.

Simply reply to this email or call/text me at 602-730-2143.

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