The Hill Group

Coming in at numbers 6-10 of no-demo renovations, Zillow had picket fences, pergolas, fire pits, outdoor sound systems, and smart lighting.

Remember, I don't just sell homes. I want to be a resource to you for all things home-related.

If you ever want to make a home improvement of your own, message me and I'll point you in the right direction about what to do! 🛠️

Last week, the monthly average price per square foot for closed sales in Greater Phoenix not only increased but reached a new record high of $308.01.

Despite the constant doomsday predictions from the usual YouTube housing pundits since 2018, the market continues to prove them wrong. They repeatedly fall into the trap of thinking that a softening in demand always leads to lower prices.

However, the reality is that decreased demand alone doesn't push down prices—for that to happen, we'd have to see an abundance of supply coupled with desperate sellers. And that just isn't the current situation.

😯 This is the BEST priced single family home in all of Midtown Phoenix!

It offers a split floorplan with 3 bedrooms plus an office that could easily be converted to a 4th bedroom, 3 bathrooms, two living rooms, a private pool, and a detached 2 car garage. The kitchen features stainless appliances, quartz countertops, walk-in pantry, large center island, and a charming breakfast nook overlooking the golf course across the street.

Share this post with someone you know who loves a great deal!

🛏️ 3 bedrooms + office
🛁 2.75 bathrooms
🚗 2 car garage
📐 2,688 square feet
🏊 Private pool

For the address, price, or to schedule a private showing, call or send us a DM.

☕ In Downtown Phoenix, coffee isn't just a drink; it's an experience.

Hidden Track Café offers a taste of Europe thanks to its unique and diverse menu, while Songbird Coffee & Tea House brings historic charm to your caffeine break. Newcomer dialog is stirring up the scene with local art exhibits, and Central Records is where coffee meets vinyl in a symphony of flavors.

Night owls, don't feel left out. Xanadu Coffee Company serves up cosmic vibes and eco-friendly brews until the stars come out.

Have you been to either of these local gems? Which one is your favorite? 🤎

Last week's mortgage rates? So last week.

After peaking over 8%, the average 30yr fixed rate dipped below 7.4% today – the third biggest plunge in a decade.

Why the unexpected drop? A quieter Treasury auction and a mix of economic updates sparked the drop. Today's jobs report was the cherry on top, with softer numbers signaling a cooler labor market.

What does this mean for homebuyers? A mixed bag of rates, with some lenders quoting rates with discount points in the high 6's. But remember, with volatility comes variety, so the rate spread is wider than usual.

If you'd like to learn how to lower your mortgage rate even further, send us a DM so we can chat.

💥 OPEN HOUSE SATURDAY 8/26 AND NOW PRICED AT $800,000

Located on a secluded cul-de-sac in the sought after gated community of Paradise Ridge, this stunning 4 bedroom, 3 bathroom, 2,007 square foot home features 10-foot ceilings and designer finishes throughout.

Across the street, you'll find the community's many amenities, including a heated pool, spa, putting green, playground, and walking paths. A few moments away, there's easy access to the 101 & 51 freeways, Kierland Commons, Scottsdale Quarter, Desert Ridge, Whole Foods, and TPC Golf Course.

6516 E. Michigan Avenue
Phoenix, AZ 85054

Saturday 8/26
10:00am - 1:00pm

📨 Send this to a friend you know who's looking for a home in Phoenix. Or DM us for more information.

🤓 Your Greater Phoenix Real Estate Recap: August Edition

- Active Listings: 11,517
- Listings Under Contract: 7,853
- Months of Supply: 2
- Average Sales Price: $564,721
- Average Sales Price / Sqft.: $285.78

👋 Have questions about what’s happening in your neighborhood? Send us a DM!⁣

Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report
©2023 Cromford Associates LLC and Tamboer Consulting LLC
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🤓 How's the market?

Since the beginning of 2023, we've seen inventory decline by approximately 246 listings per week. This has caused the total supply of homes for sale to decrease by 42% since the peak in October 2022.

Now, let's talk about new home construction. Permits for new single family homes dropped by a whopping 74% in the second half of last year. However, since December, they have actually doubled. While this is encouraging, it's important to note that the build time for a new home is estimated to be about 10 to 12 months. So, even though builders are making progress on the permits and inventory from the first part of last year, there are fewer permits from the latter half to contribute to new supply this year.

Sales prices are recovering from the decline we saw in 2022. The silver lining for buyers is that they're not spiking at the moment. The appreciation rate since December has been more modest compared to the rapid growth we experienced from 2020 to 2022. Although year-over-year price comparisons have been negative since December, we might see them switch back to positive by July or August if the current rate of appreciation continues.

👋🏼 Have questions about what’s happening in your neighborhood? Shoot us a DM!⁣
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🤓 How's the market?

14 out of the 17 biggest cities in Greater Phoenix are experiencing a seller's market. Despite extreme mortgage rate volatility and two large bank failures, sales prices have risen for four consecutive months, and leading indicators suggest upward pressure on prices.

Buyers looking for rock-bottom prices may be in for a shock, as supply is decreasing rapidly, with not enough new listings coming in to replace those going under contract. While demand is considered 18% below normal for this time of year, supply is 40% below normal, with new single-family home permits dropping by 74% between March and December last year.

👋🏼 Have questions about what’s happening in your neighborhood? Send us a DM and let's talk!⁣
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🤯 After a wild 2022, the question on everyone's minds is, what will the new year hold for the real estate market?

We’ve rounded up economists’ predictions for 2023:

💸 Mortgage rates will fluctuate less

🏘️ Sales volume will fall and inventory will rise

💰 Home prices will remain relatively stable

📈 Rent prices will continue to climb

Wondering what these trends mean for homebuyers and sellers this year? Go to our link in bio to check out our latest blog post.

😊 Congratulations to the new owners of this beautiful home in Fulton Ranch! After relocating from Virginia and interviewing several other real estate agents, our clients chose us to help them buy their first property. Thanks to the slower pace of the market this time of year and guidance from , they were able to take their time, negotiate an excellent price, and even get a credit from the sellers so they can make a few repairs after closing.

Here's to many years filled with happy memories in Chandler.

Listed By:
Katherine Katz, Lois Chon
United Brokers Group
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😊 Congratulations to the new owners of this beautiful home in Fulton Ranch! After relocating from Virginia and interviewing several other real estate agents, our clients chose us to help them buy their first property. Thanks to the slower pace of the market this time of year and guidance from , they were able to take their time, negotiate an excellent price, and even get a credit from the sellers so they can make a few repairs after closing.

Here's to many years filled with happy memories in Chandler.

Property Listed By:
Katherine Katz, Lois Chon
United Brokers Group
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How's the market?

For Buyers:
The price reductions keep coming. Last week when mortgage rates hit 7.0%, the Greater Phoenix housing market responded with 4,427 price reductions, 24% of all active properties in the MLS. At least 50% of those dropped their price by $12,000 or more.

September saw 1,372 closings involving seller closing cost assistance to the buyer, equating to 23% of MLS sales, with a median concession of $7,000. This is a 334% increase from last June’s count of just 316 sales involving concessions.

Closing cost assistance is expected to continue to rise into the 4th quarter as mortgage rates continue to stay high and stifle demand for the time being. Aside from paying the buyer’s costs for title insurance, pre-paid taxes, insurance, lending fees, and other closing costs, seller-paid concessions can also be used to buy down a buyer’s mortgage rate, if applicable, and ease the pressure on their monthly payment.

For Sellers:
The 4th quarter is expected to be a test for sellers as mortgage rate hikes have reduced contract activity to levels not seen since 2008. Frankly, it’s not the best time to sell if you have a choice in the matter. Unlike 2008 however, most sellers today do have a choice and those without an immediate need to sell have chosen to wait. This is reflected in some of the lowest counts of new listings coming on the market recorded at this time of year going back to 2001. Thus keeping the market in a delicate balance for now.

Finally heading into the 4th quarter, expect marketing times to increase as they typically do this time of year. From October through December, active days prior to contract is known to rise anywhere from 44 to 56 days historically, with 50% of listings going longer.

The key words for sellers in this “new” market are condition, price, concessions, and patience.

👋🏼 Do you have questions about what’s happening in your neighborhood? Send us a DM today!⁣

Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report
©2022 Cromford Associates LLC and Tamboer Consulting LLC
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⁉️ How's the market?

For Buyers:
As mortgage rates remain volatile and difficult to predict, it’s important for buyers to get educated on the lending tools designed to ease the impact of dramatic rate swings. Tools such as the “Lock and Shop” option, offered by some lenders to allow buyers to lock at an acceptable rate for up to 90 days, and seller-paid permanent and temporary rate buy-down incentives designed to dull the sting of payment increases.

Buyers who are less affected by mortgage rates, but are looking for the best time to pounce on a home, should know that the 4th quarter of the year tends to be the best time for buyers seasonally. There is often a boost in supply around September and October with sellers eager to close before the end of the year. Once 2023 gets started, contract activity is expected to rise sharply from January through May. The upcoming Super Bowl, Phoenix Open, and Spring Training events are expected to generate more open house traffic and exposure for listings.

For Sellers:
For now, the housing market is not for the faint of heart, only serious sellers need apply. Gone are the days of buyers waiving appraisals and inspections, Wall Street cash buyers offering more than asking price, and multiple offers. Over the last 6 months, the housing market has shifted away from an intense seller market to a delicate balance, the predictability of which relies on the behavior of interest rates. Until rates move below 5%, demand in the coming months will most likely remain weak, thus putting more pressure on sellers to reduce their prices, offer permanent rate buy-downs, and pay for their buyers' closing costs.

👋🏼 Do you have questions about what’s happening in your neighborhood? Send us a DM today!⁣

Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report
©2022 Cromford Associates LLC and Tamboer Consulting LLC
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"There are several benefits to owning your home. A significant one, especially when inflation is high like it is today, is that homeownership can help protect you from rising costs."

The U.S. Homeownership Rate Is Growing The desire to own a home is still strong today. In fact, according to the Census, the U.S. homeownership rate is on the rise. To illustrate the increase, the graph below shows the homeownership rate over the last year:

The Hill Group Realtors updated their website address.

The Hill Group Realtors updated their phone number.

🔨 If you’re thinking about a home reno, read this post first! ⁣
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Customizing a home to your tastes is one of the best things about home ownership, but before swinging that sledgehammer there are a few things you should know to make sure you get max ROI. Check out these insights from the NAR’s 2022 Remodeling Impact Report:⁣
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Top 5 interior reno projects for max ROI:⁣
- Hardwood floor refinish: 147%⁣
- New wood flooring: 118%⁣
- Insulation upgrade: 100%⁣
- Finish basement area: 86%⁣
- Closet reno: 83%⁣
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Further down on the list?⁣
- Bathroom reno: 71%⁣
- Kitchen upgrade: 67%⁣
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Top 5 exterior reno projects for max ROI:⁣
- Replace roof: 100%⁣
- Garage door replacement: 100%⁣
- Upgrade to fiber cement siding: 86%⁣
- Vinyl siding replacement: 82%⁣
- Vinyl windows: 67%⁣
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Got another idea you’re mulling over? DM us and let’s chat about how it may impact your home’s value.⁣ 💵
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✅ No matter what you hear there’s no such thing as a maintenance-free home.⁣
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What there is? A home that’s totally manageable to maintain when you break it down month by month. To help, here’s your July Home Maintenance Checklist. ⁣
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1. Wipe down porch lights, replace burned-out bulbs, and use glass cleaner to freshen up your home’s exterior entryway. ⁣
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2. Get rid of washer build-up with a cup of diluted bleach or white vinegar in the drum. For the dryer, remove and wash the lint screen—especially if you use dryer sheets.⁣
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3. Wipe down and clean baseboards, doors, and light switches.⁣
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4. Clean garbage disposal by sprinkling a half-cup of baking soda and one cup of white vinegar in the disposal. Allow it to sit for 10 minutes before flushing it down the drain.⁣
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5. Drain your water heater to flush out any sediment that could be affecting your heater’s performance.⁣
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6. Wash pet beds, pet toys, travel carriers, etc.⁣
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7. Replace worn-out or dirty entry rugs.⁣
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8. Inspect fencing and gates around your home and make repairs as needed.⁣
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9. Plan your fall vegetable garden. Our recommendations? Brussel sprouts, broccoli, and kale. ⁣
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Remember, home maintenance doesn’t have to be overwhelming. Just do a little bit each month, be proud of yourself, then move on to bigger and better things!⁣ 😎
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How's the market? Let's take a look!⁣
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Buyers: Market conditions continue to get better as long as you can still afford today's mortgage rates. Since April, the inventory of listings priced between $400,000 - $1,000,000 has surged. This has pushed the total supply up 113% over this time last year.⁣
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Sellers: The market isn’t balanced yet, but it’s rapidly moving in that direction. It's important that you price your listing thoughtfully and be open-minded to negotiating terms with prospective buyers.⁣
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Do you have questions about buying or selling this summer? DM us today!⁣
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