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Jan. 31, 2023

Lower Mortgage Rates Are Bringing Buyers Back to the Market

Lower Mortgage Rates Are Bringing Buyers Back to the Market | MyKCM

As mortgage rates rose last year, activity in the housing market slowed down. And as a result, homes started seeing fewer offers and stayed on the market longer. That meant some homeowners decided to press pause on selling.

Now, however, rates are beginning to come down—and buyers are starting to reenter the market. In fact, the latest data from the Mortgage Bankers Association (MBA) shows mortgage applications increased last week by 7% compared to the week before.

So, if you’ve been planning to sell your house but you’re unsure if there will be anyone to buy it, this shift in the market could be your chance. Here’s what experts are saying about buyers returning to the market as we approach spring.

Mike Fratantoni, SVP and Chief Economist, MBA:

Mortgage rates are now at their lowest level since September 2022, and about a percentage point below the peak mortgage rate last fall. As we enter the beginning of the spring buying season, lower mortgage rates and more homes on the market will help affordability for first-time homebuyers.”

Lawrence Yun, Chief Economist, National Association of Realtors (NAR):

The upcoming months should see a return of buyers, as mortgage rates appear to have already peaked and have been coming down since mid-November.”

Thomas LaSalvia, Senior Economist, Moody’s Analytics:

"We expect the labor market to remain robust, wages to continue to rise—maybe not at the pace that they did during the pandemic, but that will open up some opportunity for folks to enter homeownership as interest rates stabilize a bit."

Sam Khater, Chief Economist, Freddie Mac:

“Homebuyers are waiting for rates to decrease more significantly, and when they do, a strong job market and a large demographic tailwind of Millennial renters will provide support to the purchase market.”

Bottom Line

If you’ve been thinking about making a move, now’s the time to get your house ready to sell. Let’s connect so you can learn about buyer demand in our area the best time to put your house on the market.

Jan. 23, 2023

What’s Really Happening with Home Prices? [INFOGRAPHIC]

 

What’s Really Happening with Home Prices? [INFOGRAPHIC] | MyKCM

Some Highlights

  • If you’re thinking about selling your house, recent headlines about home prices falling month-over-month may have you second guessing your decision—but perspective matters.
  • While home prices are down slightly month-over-month in some markets, home values are still up almost 10% nationally on a year-over-year basis. A nearly 10% gain is still dramatic compared to the more normal level of appreciation, which is 3-4%.
  • Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
Jan. 11, 2023

2023 Real Estate Market Forecast

The Arizona real estate market has changed! NOW may be the best time to reach YOUR goals so have a listen then connect with us to start on the path to reaching your real estate goals.

2023 has already seen an increase in home showings and buyer inquires, additionally the number of homes available is down.   Sellers have a opportunity to take advantage of the increased traffic while buyers can take advantage of rates that have eased recently!

Mortgage Rates Lower recently

Most industry experts predict a much more stable year ahead for pricing... the average of 100+ market experts (like NAR, Realtor.com, Freddie Mac etc) is a change of less than 1%, meaning far less volatility in pricing.   That also means there is little gain in waiting if you have real estate goals you want to reach!

Expert Real Estate Price Forecast 2023 The Drew Team

Avoid the hype of sensational headlines, instead follow the FACTS of the market and get focused on YOUR goals.   Here are two great visuals to help understand how this moment is very different from 2008.  These demonstrate how foreclosures are extremely limited and that we still have a housing shortage while jobs are up!

strong real estate market arizona drew team   Not a bubble Drew Team Arizona Real Estate

The Drew Team helped numerous people reach their real estate goals last year, if you have goals, dreams or even questions lets connect!  Your dreams may be closer than you think!

The Drew Team top 1% of Arizona Agents real estateWe want to be sure to thank all of our First Responders for serving our community!   Many sacrificed time with family so that we could be safe celebrating with ours.   The Drew Team wants to honor our First Responders by serving them, please pass it along!

Thanks to our partners who make the program possible!

 

Posted in market update
Jan. 6, 2023

3 Best Practices for Selling Your House This Year

3 Best Practices for Selling Your House This Year | MyKCM

A new year brings with it the opportunity for new experiences. If that resonates with you because you’re considering making a move, you’re likely juggling a mix of excitement over your next home and a sense of attachment to your current one.

A great way to ease some of those emotions and ensure you’re feeling confident in your decision is to keep these three best practices in mind.

1. Price Your Home Right

The housing market shifted in 2022 as mortgage rates rose, buyer demand eased, and the number of homes for sale grew. As a seller, you’ll want to recognize things are different now and price your house appropriately based on where the market is today. Greg McBride, Chief Financial Analyst at Bankrateexplains:

“Price your home realistically. This isn’t the housing market of April or May, so buyer traffic will be substantially slower, but appropriately priced homes are still selling quickly.”

If you price your house too high, you run the risk of deterring buyers. And if you go too low, you’re leaving money on the table. An experienced real estate agent can help determine what your ideal asking price should be.

2. Keep Your Emotions in Check

Today, homeowners are living in their houses longer. According to the National Association of Realtors (NAR), since 1985, the average time a homeowner has owned their home has increased from 5 to 10 years (see graph below):

3 Best Practices for Selling Your House This Year | MyKCM

This is several years longer than what used to be the historical norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your space. If it’s the first home you bought or the house where your loved ones grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from the sentimental value.

For some homeowners, that makes it even harder to negotiate and separate the emotional value of the house from fair market price. That’s why you need a real estate professional to help you with the negotiations along the way.

3. Stage Your Home Properly

While you may love your decor and how you’ve customized your home over the years, not all buyers will feel the same way about your design. That’s why it’s so important to make sure you focus on your home’s first impression so it appeals to as many buyers as possible. As NAR says:

“Staging is the art of preparing a home to appeal to the greatest number of potential buyers in your market. The right arrangements can move you into a higher price-point and help buyers fall in love the moment they walk through the door.”

Buyers want to envision themselves in the space so it truly feels like it could be their own. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. A real estate professional can help you with tips to get your house ready to sell.

Bottom Line

If you’re considering selling your house, let’s connect so you have the help you need to navigate through the process while prioritizing these best practices.

Dec. 31, 2022

Expert Insights to the 2023 Housing Market

Wondering what housing experts are calling for in 2023 and how it impacts your plans? Let’s connect so you’re prepared for what’s to come in the new year.   

The Drew Team's Robin & Steven Drew, Robin McAvoy, Casey Hurlburt, Tom Walton and amazing Admin Nancy Horn bring a combined 50+ years of experience in various real estate markets!  Together we have served over 1,000 people in home sales/purchase in Arizona, so we are uniquely equiped to help reach YOUR goals!   Ready to make a move, we can get you there!

#FindMyHome #reachYOURgoals #realestate #marketupdate #newyear #2023

Posted in market update
Dec. 21, 2022

Merry Christmas from Robin & Steven Drew

It has been a year of challenge and triumph in 2022 for The Drew Team allowing us the privilege of serving nearly 80 families!   This TIME of year is about Family, Friends and Faith at home for us, so we are wishing you the same and a very

Merry Christmas and a Happy New Year!

 

Please remember & support those who serve during the holidays...   

we want to honor our amazing First Responders

who are often sacrificing their time with family and friends so we

can safely enjoy ours, thus we have a program to serve them.

 

 

The Drew Team is:

Robin & Steven Drew, Robin McAvoy, Casey Hurlburt, Tom Walton and our amazing admin Nancy Horn

Posted in Merry Christmas
Dec. 21, 2022

Robin McAvoy wishing you a Merry Christmas

Greetings! In these busy days, I wanted to pause and take a moment to let you know how grateful I am for you and all those I have been fortunate to serve in any way this year. May this be a moment of celebration and joy, peace and comfort for you. From my crazy, beautiful family to you and yours...Merry Christmas and Happy New Year! 

           

The McAvoy Family

Robin McAvoy Family Christmas with The Drew Team  REALTORS

Also want to remember & honor our amazing First Responders

who serve our communities, often sacrificing their time with family

and friends so we can safely enjoy ours, thus we have a program to serve them.

 

             

Posted in Merry Christmas
Dec. 21, 2022

Merry Christmas from Tom Walton & The Drew Team

2022 Has been a year of ups & downs but I continue to be most grateful for all those who have allowed me to serve and those that I hope to serve in the coming year.  So from my family to yours, may you have a very

Merry Christmas and a Happy New Year!

Merry Christmas from Tom Walton and The Drew Team

Also want to remember & honor our amazing First Responders

who serve our communities, often sacrificing their time with family and friends so we can safely enjoy ours, thus we have a program to serve them.

Posted in Merry Christmas
Dec. 20, 2022

Casey Hurlburt wishing you a Merry Christmas!

2022 Has been a wild year with many ups and downs but I continue to most grateful for all those who have allowed me to serve and those that I hope to serve in the coming year.  So from my family to yours, may you have a very Merry Christmas and a Happy New Year!

Also would like to remember and honor our amazing First Responders who serve our communities, often sacrificing their time with family and friends so we can safely enjoy ours, thus we have a program to serve them.

 

Posted in Merry Christmas
Dec. 19, 2022

Mortgage Rates Are Dropping. What Does That Mean for You?

 

Mortgage Rates Are Dropping. What Does That Mean for You? | MyKCM

Mortgage rates have been a hot topic in the housing market over the past 12 months. Compared to the beginning of 2022, rates have risen dramatically. Now they’re dropping, and that has to do with everything happening in the economy.

Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), explains it well by saying:

Mortgage rates dropped even further this week as two main factors affecting today's mortgage market became more favorable. Inflation continued to ease while the Federal Reserve switched to a smaller interest rate hike. As a result, according to Freddie Mac, the 30-year fixed mortgage rate fell to 6.31% from 6.33% the previous week.”

So, what does that mean for your homeownership plans? As mortgage rates fluctuate, they impact your purchasing power by influencing the cost of buying a home. Even a small dip can help boost your purchasing power. Here’s how it works.

The median-priced home according to the National Association of Realtors (NAR) is $379,100. So, let’s assume you want to buy a $400,000 home. If you’re trying to shop at that price point and keep your monthly payment about $2,500-2,600 or below, here’s how your purchasing power can change as mortgage rates move up or down (see chart below). The red shows payments above that threshold and the green indicates a payment within your target range.

Mortgage Rates Are Dropping. What Does That Mean for You? | MyKCM

This goes to show, even a small quarter-point change in mortgage rates can impact your monthly mortgage payment. That’s why it’s important to work with a trusted real estate professional who follows what the experts are projecting for mortgage rates for the days, months, and year ahead.

Bottom Line

Mortgage rates are likely to fluctuate depending on what happens with inflation moving forward, but they have dropped slightly in recent weeks. If a 7% rate was too high for you, it may be time to contact a lender to see if the current rate is more in line with your goal for a monthly housing expense.