In the middle of August 2024, the real estate INDUSTRY in this country will be permanently changed. From then on, Buyers who work with realtors will need to sign an Employment Agreement that addresses the amount of a success fee that the Buyer's Agent will be paid. Click to watch me explain it in a YouTube short.

Historically, the Seller decides Buyer's Agent's commission, which has always been very flawed in my opinion.

Let's chat a bit about the Phoenix Metro. Click here to watch the video.

• The SE Valley, such as Chandler, Gilbert, and Mesa used to be the up-and-coming section of the Phoenix Metro when I moved here in 2000. However, the path of progress is now the NW, such as Surprise, Peoria, and towards Wittmann.

• Water matters. SHOCKING! Am I right? ;-) Click here for Maricopa's plan for the White Tank/Grand Ave growth and how they plan to handle such a limited resource. The report has other fun details, as well.

• In hindsight the surge of $10 more per sf between April and May looks like an unnatural blip and it has all evaporated one month later.(Home prices are mostly FLAT.)

• The current light volume of transactions means prices are more volatile than usual.

• What’s not reported in the media is the rising percentage and cost of SELLER INCENTIVESto the buyer. Median priced homes are closing with 55% of sales with seller incentives to supplement buyers’ payments temporarily, compared to 49% last June.

• Buyers are RECEIVING approximately $14,600 (an extra $2,400) in both price negotiations and closing cost assistance.

• Supply has been rising all year long, but has slowed its roll over the past 3 weeks. (Seasonally, supply fluctuations level out in the summer before picking up again around late September and early October.)

• The increase in listings has resulted in 12 Greater Phoenix cities in less populated outer cities sinking into a balanced or buyer’s market over the course of 2 months, while 13 out of 17 seller’s market cities in the densely populated interior weakened.

• As the market shifts abruptly from Spring to Summer, the median marketing time prior to contract has grown from a historical standard of 3 weeks to 4 weeks andmore than half of existing listings will experience at least one price reduction within that time frame.

• Sellers haven’t seen a supply/demand ratio like this since about 2014-2015, so managing expectations and patience will be key to navigating a successful sale.

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

Student loan debt forgiveness vs our nation's financial future in the long run?

Talk with any Gen Xer or Boomer and they will say that being able to retire gracefully takes money. Social Security doesn't pay a ton, everyone knows that. Pensions are old school. Retirement accounts, such as 401(k)s and IRAs, can absolutely help, unless there is another Great Recession. Plus, many folks end up dipping into it at some point, which reduces its future potential.

It is common for retirement aged buyers to purchase homes with cash that was earned from previous home ownership. A person who buys a home in their 30s can pay a mortgage for 30 years and own it outright at retirement.

Without a doubt, not having a mortgage and being able to retire has a huge impact on our nation. Not only do our older friends make a huge contribution to our economy, they also help our nation's heart and soul through volunteering. Without home ownership starting young, the chances of living mortgage free and being able to retire is stunted grotesquely.

I speak from my heart on this topic. My first home purchase, after a financially difficult divorce during the devastating 2009s, was in my 40s. I'm in the uncomfortable position of needing to find creative ways to better my financial situation so I can retire before my 70s.

Although the government's paying off student debt is controversial, I do understand how it will help the first-time home buying generation to move their financial focus from their past and to turn towards the future.

A home bought in January 2011 for a 2k sf home was about $162,980. That same sized home in June 2024 would cost about $598,700. Honestly, I don't even care what the interest rates would have been at either time. You can't tell me that even with expensive remodels those hypothetical owners won't benefit from housing appreciation and equity building.

A warm thank you to the Cromford Report, and Tina Tam borer, 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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Nancy Wittenberg