Hi it’s Jeff Cameron your friendly neighborhood Realtor at HomeSmart here Live from McDowell Mountain Ranch in north Scottsdale.
How about Our Arizona Cardinals 2-0. Not only 2 nice wins but they dominated both games. Can we put a fork in Summer? Not quite yet, but loving this cool weather. That rain last night was incredible. It poured at my house for 20-30 minutes.
Here is a link to the ARMLS market report for August 2015. Remember, I only look at Single Family Residences (Houses) where they count condos, town homes and other. I started tracking just homes back in 2005 and have just stayed consistent.
http://armls.com/docs/stat-2015/stat-september-2015.pdf
We have BIG changes coming in the Real Estate world! TRID What is it? TILA-RESPA Integrated Disclosures (TRID)
The TRID Rule combines four existing disclosures that are required under the Truth-in-Lending-Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) for most real property-secured closed-end credit transactions. To help improve consumer clarity and promote industry compliance with TILA and RESPA initial and final disclosures, the Good Faith Estimate (GFE) and initial Truth-in-Lending Disclosure will be replaced by the three-page Loan Estimate. The HUD-1 Settlement Statement and final Truth-in-Lending Disclosure is being replaced by the five-page Closing Disclosure.
http://pemco-limited.com/new-tila-respa-disclosure-rules
In a nut shell, we expect transactions to take 45 days to complete. Right now we can close the sale of a home in 10-14 days. Those days are gone. There will be total chaos in the coming months as they work through the adjustment. If you are looking to buy or sell a home, you need to understand it will take longer. An extensions could be a week when all they needed to do was change a document. Some of the time frames make absolutely no sense, but that is what we get. The RULES were written by those wonderful people that took us over the falls with the financial crisis, The Banks!
So, what is happening in the real estate market here in metro Phoenix, Scottsdale, my home… McDowell Mountain Ranch and Tatum & Bell neighborhood in Phoenix? I am really excited to bring this report to you!
Let’s look at the numbers…
As of September 1, 2015, the numbers are below for Single Family Home Sales. First, YTD we have closed 48,757 SFR 14% more than last year
| Area | Available Homes | % chgLast year | % chgLast Month | Pending | % chgLast year | % chgLast Month | ClosedHomeSales | % chgLast year | % chgLast Month | PPSF | % chgLast year | % chgLast Month | New Sales | % chgLast year | % chgLast Month | Months SupplyBased on closed | Months SupplyBased on new Sales |
| Metro Phoenix | 15621 | -19% | -2% | 8.14 | 9% | -3% | 5,945 | 10% | -11% | $129 | 6% | — | 5708 | 10% | -5% | 2.6 | 2.7 |
| Scottsdale | 1737 | -6% | -3% | 564 | 15% | -2% | 380 | 5% | -21% | $209 | 3% | -1% | |||||
| McDowell Mtn Ranch | 49 | -25% | 9% | 25 | 56% | -7% | 20 | 18% | 67% | $219 | -4% | -9% | |||||
| Tatum & Bell | 8 | -65% | -27% | 13 | 63% | 0% | 5 | -17% | -38% | $141 | 4% | -7% | |||||
There is a tight supply of homes for sale currently not just in McDowell Mountain Ranch, or Scottsdale but Valley wide! Buyer are chasing homes that are fixed up and turn key. They pay a good premium for these homes.
I have posted a link to the ARMLS report for August below. You can see their numbers. Please note, my stats are based on on SFR(Single Family Residence) only.
Do you have questions about your niche market? Call email or text me and I will be happy to walk you through your maket. Also, do you know anyone looking into real estate, please send them my way. I will be happy to assist them.
Jeff Cameron 480-652-2004.
HomeSmart
I want to be your Realtor… What can I do for you today?
Have you seen my Drone aerial videos of homes? Cutting edge marketing!
480-652-2004