Hey everyone, and welcome to another episode of The Franco Dinh Show! Episode 18 is packed with exciting updates. In this week’s show, I’m diving into my kitchen remodel, giving you the latest market insights, where we stand with supply and demand in the Greater Phoenix area, and sharing a story about my VA client that got money at the closing table. Let’s dive in!
Kitchen Remodel Update
The big news in my life right now is the ongoing kitchen renovation. We are getting rid of soffits, putting canned lighting throughout, new cabinets, counter tops. Kitchens are one of the things in your home that you get the most ROI out of when you want to resell. I'm not only excited about a nicer kitchen, but also the value that we are adding.
Real Estate Market Update (Cromford Report)
Now, onto the real estate market! The market has shifted back to a balanced state with the Cromford Market Index sitting at 91.6.
Contract ratio is at 27.32. Contract ratio indicates how "hot" the market is on a scale to 100. The higher the number, the greater the buying activity relative to supply. In a balanced market for normal segments, the value of the contract ratio is between 30-60. When it lies below 30 it's considered a "cold" or "slow market". Above 60 is considered a "hot market". In high-end luxury markets it's usually less, between 15-25.
The spring market is expected to ramp up soon, and we’re anticipating more listings to come on the market as we head into mid-January. The best cities for sellers remain in areas like Chandler and Scottsdale, while places like Goodyear and Queen Creek are still more favorable for buyers.
VA Buyer Gets $3,500 at the Closing Table
Lastly, I’m thrilled to share the success story of one of my clients who used a VA loan to purchase a home. Not only did we save him $55K through negotiation, but he got his $3,500 he put down as earnest money back! The seller had contributed $10K towards his closing costs, he used all of that. With VA loans you don't have to put anything down, but there are still closing costs. Since we got all of that paid for, he was able to get what he put into the transaction back! If you’re a veteran or know someone who is, make sure you're taking advantage of this!
Thanks so much for tuning in! I hope you enjoy this week’s episode and find some valuable insights. Stay tuned for next week’s show, where I’ll continue sharing tips, updates, and success stories from the world of real estate.
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