Real Estate Update: Buyer’s Market Insights & Seller Tips

Hello, everyone! It’s hard to believe it’s already November. Time is flying by, and I’m keeping busy as usual! This week’s episode is packed with real estate insights, from the current market dynamics to an interesting case study I’ve been working on with a client. I also share some personal updates, including preparations for Thanksgiving and my upcoming tennis tournament!

Franco Update

This week, I talk about Thanksgiving preparations, hosting a friend, and how my Airbnb is fully booked. In case you didn’t know, I’m working through my broker license coursework, which has been a bit of a challenge with everything else going on—but I’m getting there!

Market Update (Cromford Report)

In real estate news, the market has officially shifted into a buyer’s market, with the Cromford Market Index now below 90. What does this mean for buyers and sellers? If you’re a buyer, this is a great time to make a move, as there are more homes to choose from than ever before. For sellers, it's crucial to adjust pricing, as homes that were once listed at higher prices are now being sold for less.

Interest rates are still high, hovering around 7.13% for conventional loans, though VA and FHA rates are slightly better. Buyers should keep an eye out for seller concessions to help reduce the impact of these rates.

MLS Check

I also share a case study with a client who’s been looking at properties in a buyer’s market like Peoria, Goodyear, and Surprise. I talk about a property priced at $380,000 that received multiple offers after just 3 days on the market, and what that tells us about current pricing strategies. The key takeaway here is that pricing your home competitively is critical to attracting offers.

Conclusion

To wrap up, I remind sellers that now, more than ever, pricing competitively is crucial. Make sure your listing is priced right based on comps and current market conditions. If you're interested in learning more about the market trends and how to make the most of the current conditions, make sure to tune in next week!

Stay tuned for more updates, and thanks for listening!