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Friday, August 26, 2022   /   by Kelly Cash

Rate Buy Down | 2/1 Buy Down | What is it and How Does it Work?

With this changing market and increased interest rates, many buyers are taking advantage of a rate buy down. Better yet, with the increase of inventory, some sellers are even covering the cost when negotiating! Ultimately a buy down is simply where you pay a fee in order to get a lower interest rate, thus making your monthly payments cheaper. 
This has been a common trend as this is saving buyers more per month in comparison to a price reduction. The reason price reductions have had little effect on affordability is a $10,000 price reduction only saves a buyer around $53 on their mortgage payment at 5.8%. Therefore, sellers are getting creative with being able to offer a credit in lieu of a price reduction, where the lender can utilize those funds to buy down the rate, either permanently or temporarily depending on the plan. This tends to knock off HUNDREDS on the buyer's monthly payment, thus being mutually beneficial to both parties. 
Now the 2/1 buy-down i ...

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Tuesday, August 16, 2022   /   by Kelly Cash

Why the Forbearance Program Changed the Housing Market

Why the Forbearance Program Changed the Housing Market


When the pandemic hit in 2020, many experts thought the housing market would crash. They feared job loss and economic uncertainty would lead to a wave of foreclosures similar to when the housing bubble burst over a decade ago. Thankfully, the forbearance program changed that. It provided much-needed relief for homeowners so a foreclosure crisis wouldn’t happen again. Here’s why forbearance worked.

Forbearance enabled nearly five million homeowners to get back on their feet in a time when having the security and protection of a home was more important than ever. Those in need were able to work with their banks and lenders to stay in their homes rather than go into foreclosure. Marina Walsh, Vice President of Industry Analysis at the Mortgage Bankers Association (MBA)


“Most borrowers exiting forbearance are moving into either a loan modification, payment deferral, or a combination of ...

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Thursday, March 10, 2022   /   by Ryan Nager

6 Tips To Help Buyers Compete

I’m sharing six things you can do to bolster your offer’s appeal.

In today’s market, many buyers are wondering if it’s worth going through all the effort to secure themselves a house with such little inventory available. After all, only one offer per home is accepted, and it can make the process frustrating if you don’t have the right tools at your disposal. Here are a couple of things you can do to make your offer stand out from the competition:
1. Submit a large earnest money deposit. Remember that your earnest money deposit goes toward your down payment at closing and that you can get that money back during various points of the loan process. There’s no risk to you, but to a seller, a larger deposit shows that you have both the resources and backing to make it to the closing table.
2. Get pre-approved with a lender. Before you even submit an offer, you need to speak with a lender. Get educated about the numbers so that you can make the stro ...

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  buying

Wednesday, December 22, 2021   /   by Ryan Nager

Where the Market’s Going Next Year

Here are my four predictions for next year’s real estate market.

2021 has been a banner year for real estate. We've seen high prices like never before and so I’m getting a lot of questions right now about what can be expected in 2022. Today I'll share four predictions that I have for next year:
1. 2022 will be more buyer-friendly. Over the last six months, we’ve started to see signs of the market starting to shift. We will likely continue to see the market balance out more next year. It won’t become a buyer's market, but it should be more buyer-friendly.
2. Expect to see more inventory. January is typically one of our heaviest months for new inventory and it can be a great time to start looking again. We will likely see more options for most buyers.
3. Don’t expect prices to fall. They're not going to go up as much as they did this year, but nothing in the data is telling us that prices are going to decrease. Most experts expect steady appreciatio ...

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  market

Friday, December 17, 2021   /   by Ryan Nager

How Zillow Lost Millions in Real Estate

Here’s why Zillow had to cancel all of their iBuyer operations.

One of the biggest iBuyers in Phoenix has completely ceased operations. That's right; it’s Zillow Offers, the same company I was talking about two months ago. But why did they fail? Let’s start with some backstory.

Zillow Offers started in about 2018, trying to compete with other iBuyers for the market. They were buying at a sustainable rate, but, over the summer, Zillow and other iBuyers started buying everything they could. Zillow came out recently and said they were losing so much money that they had to completely stop operations.
"It’ll be interesting to see where Zillow goes from here."

In Q2, Zillow lost $400 million on their iBuyer program, but what about the other companies? In my opinion, Zillow was making the most egregious offers out there, buying homes for way more than they were worth. Zillow had to sell 91% of the Phoenix homes they bought at or below what they paid for the ...

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  market

© 2022 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Stunning Homes Realty are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. October 5, 2022
© 2022 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. October 5, 2022
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