The Provinces Real Estate Market Update
Provided as a service by: Richard Park WEST USA REALTY
MOBILE: 602-390-5384  EMAIL: Rick@RichardParkRealtor.com

May 2018

Welcome to The Provinces Real Estate Market Update where you will find up-to-the-minute information that is helpful, interesting and occasionally even humorous!  Feedback is welcome and appreciated.
 

Provinces Garage Sale


The Provinces Garage Sale will be held in October this year.  To sign up for the garage sale to make sure that you get all of the updates as the time gets closer please click on the link below:


General Market Update

Market Activity
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Home Inventory Levels  Are Still Extremely Low

Currently there are approximately 16,493 homes on the market which represents an approximate 1.99 months supply of inventory.  For a balanced market we normally look for around 3-4 months supply of inventory.  This is the lowest inventory level since July of 2013. Home sellers  are still at an advantage in today's market with many homes selling quickly and multiple offers on homes a common occurrence.

Home Stats for the General Market Area
Average list  price:      $586,300
Average sold price:      $323,058
Average list to sales price ratio:   97.1%
Sales prices have increased about 10.5% since April 2017
Homes closed this year as of April 30  was 9171  This is an approximate 3.9% increase from last year.

Interest Rates
Current rates are running around 4.65%.  Interest rates charged for a loan can vary based on credit scores, loan program, etc
 

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It is a Good Time for Sellers to Sell 
and for Buyers to Buy!

Due to low inventory levels sellers are getting better prices and quick selling times so now is a great time to sell.

Buyers should buy as home prices and interest rates are increasing and buying sooner may save them a lot of money.



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California becomes the first state to require solar panels on all new homes.  




FANNIE MAE makes a major announcement
Fannie Mae (FNMA) recently announced that in a situation in which a borrower is buying a new home but the sale of the prior home will not close prior to the closing of the buyer's new home, the buyer may go ahead and close on the new home as long as the executed sales contract and confirmation that all financing contingencies have been cleared are provided.    

In the past the sale of the prior home needed to have closed before the new home would be able to close and this often has caused a time pinch on closing day as the effort is made to close both transactions on the same day. 






Time to Clean Your Clothes Dryer?

Did you know that 2,900 home clothes dryer fires are reported each year?  Have you checked your dryer recently for hidden treasures?




What is the Best Way to 
Sell Your Home?



Full Service Realtor Marketing?
Instant Offer Companies like Open Door?
Quick Investor Cash Buy-out?
For Sale By Owner?


Today there are plenty of options available for selling your home, but how do you know which one is the best for you?  This can depend on a variety of factors such as what is most important -  convenience in selling, getting a quick no-hassle sale, or maximizing the proceeds from the sale.

We can provide to you at no cost a one-stop shopping experience to help you to easily and simply learn about and evaluate the different alternatives for selling your home.

For more information go to:

or call
602-390-5384









Home Seller's Horror Story
Allowing a buyer to take possession of a home prior to closing based on their future qualifying is always a risky proposition.  This story illustrates how bad things can go when the wrong people are given prepossession of a house.

CLICK HERE 



Well, I bet it got a lot of attention...
 






What is the current value of your home? 

Find out your home's current market value with a
Free Home Valuation Report. 



Valuation can be delivered to you by email.    





And of course...

We Appreciate Referrals!
 
A s you know, the real estate business is very much driven by referrals. If you know someone needing the services of a real estate professional, I would appreciate your sending them my way. I will be happy to put my 25+ years of real estate experience to work for them!


Thank You! 

Please let me know if I can be of any assistance to you with your real estate needs or simply address any questions or concerns that you might have.

See you next month! 


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Richard Park
West USA Realty
602-390-5384 (mobile)
Rick@RichardParkRealtor.com