By Jaki Underwood, Editor-in-Chief and Licensed REALTOR®
Buying a home is one of the most important financial transactions you will make, and it can be daunting, especially in Arizona’s current housing market. The process can seem overwhelming with fluctuating interest rates, limited inventory, rising inflation, and industry changes. That’s why having a REALTOR® by your side is crucial to making one of life’s most important decisions.
The Essential Role of a REALTOR®
As a REALTOR®, I’m privileged to be your trusted advisor throughout home-buying. From our first consultation to negotiating the deal and ensuring a successful close of escrow, we provide the knowledge and expertise you need. We offer unbiased and up-to-date market data to help you make informed decisions.
By leveraging local market knowledge, your REALTOR® can provide valuable insights into Arizona’s housing market, including property values, market conditions, and more. We also advise on community amenities, school districts, local businesses, and other factors to help you choose the perfect home for your needs.
Navigating the Market
REALTORS® are essential links during the home-buying journey. They coordinate with lenders, inspectors, appraisers, title companies, and other professionals. Our established relationships with dependable partners save you time and stress. As skilled negotiators, REALTORS® work to ensure you get the best financial deal possible. Our goal is to secure a fair and equitable price while handling the complexities of the transaction.
Managing the Paperwork
Paperwork can be overwhelming, but it’s a critical component of the home-buying process. Numerous forms must be reviewed and signed, from your purchase agreement and pre-approval letter to inspection and appraisal reports. REALTORS® manages these documents for you, spotting issues before they escalate and ensuring all paperwork is completed correctly and on time.
Commitment to Ethical Standards
Every REALTOR® is committed to upholding a strict ethical code as a member of The National Association of REALTORS®. This means we prioritize our clients’ best interests and guarantee honest, transparent, professional service throughout home buying.
Adapting to Industry Changes
The home-buying process will continue to evolve, but Arizona REALTORS® is prepared to adapt to these changes and effectively meet your needs. We stay ahead of industry practices while maintaining the foundational principles of our profession. Having an experienced and ethical professional by your side ensures informed decisions and smoother transactions.
-fotor-2024092715135.png/:/rs=w:1280 "Our forecast for October 15 predicts an average sales price of $292.55 per SF, a slight 0.6% decrease from September.")
Mid-Month Pricing Update
Understanding the market is critical to making informed decisions. Each month, we analyze how pricing has behaved and forecast future trends. For the period ending September 15, we recorded an average sales price per square foot (SF) of $294.34, up 4.6% from $281.50 in August. Our forecast mid-point was $288.56, and the actual result exceeded our expectations.
The last few months have seen significant volatility in price per square foot due to lower completion counts, but median sales prices have remained stable. Anyone alarmed by the previous month’s 4.2% drop should be relieved by the 4.6% rebound. Prices typically dip in the third quarter before recovering from September onwards, and 2024 followed this pattern more dramatically than usual.
On September 15, pending listings averaged $326.35 per SF, down 0.6% from August 15. This suggests prices will stabilize between now and October, with fewer wild swings. Foreclosure activity remains low, but pre-foreclosures are on the rise. Our forecast for October 15 predicts an average sales price of $292.55 per SF, a slight 0.6% decrease from September. We are 90% confident that prices will fall within ±2% of this midpoint, i.e., between $286.70 and $298.40.
The Importance of REALTOR® Representation
Understanding these market trends is essential, but having a REALTOR® ensures you have the support and guidance needed to navigate these changes. Our expertise, integrity, and commitment mean you have a trusted ally to help you make informed decisions and achieve your home-buying goals. Stay tuned to Arizona Ascent Magazine for the latest trends, expert opinions, and stories that matter.
