Welcome to Episode 2 of the Franco Dinh Show! I’m Francine Dinh, and I’m thrilled to bring you the latest updates and insights into the Arizona real estate market. In this episode, we’re covering current market trends, reviewing an intriguing property listing, and discussing the upcoming NAR settlement and its implications.
Franco Update
I’m preparing for an exciting two-week adventure in Costa Rica. I’ll be sharing updates and insights from my travels soon!
Market Update
We took a close look at the latest Cromford Report, which provides in-depth insights into the Arizona real estate market. Get the freshest data and understand what’s happening in the local market.
MLS Check
We assessed a duplex listing in 85257 to determine its viability for investors and house hackers. Unfortunately, the current rental rates would lead to a monthly loss of around $2,000. For this property to be a worthwhile investment, it would need to be priced at least $300,000 lower.
Real Estate News
The NAR settlement and rule changes will take effect on August 17th. Here’s what this means for you:
For Buyers: In Arizona, you’ll now need a signed Buyer Broker Agreement to tour MLS-listed homes. This agreement outlines your agent’s compensation and the duration of your working relationship. Buyers will be responsible for paying their agent’s fees, though you might be able to negotiate seller concessions to cover some or all of these costs.
For Sellers: You can still offer compensation to the buyer’s agent, but it won’t be displayed on MLS. While you’re not obligated to provide this, keep in mind that buyers are already facing significant expenses, including down payments and closing costs. Average seller concessions are currently around $9,900 and may increase following this change. Be cautious when selecting buyers, as different loan types (Conventional, FHA, VA, Investment) have specific limits on concession amounts.
Don’t Miss Out!
Thank you for joining us on the Franco Dinh Show. If you found this episode valuable, please leave us a like and consider subscribing to our YouTube channel. Your support helps us continue to bring you important updates and insights. Catch the full episode and stay informed on real estate trends by following the link below.
See you next time!
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