June 2018 RE/MAX National Housing Report

June 2018 RE/MAX National Housing Report

We’re already halfway through 2018 and the housing prices are at record highs, while inventory is at record lows and home sales are trailing 2017’s pace, according to the RE/MAX National Housing Report. June sales were 5.5 percent lower than June 2017 in the fifty-four metro areas surveyed, marking the seventh consecutive month of year-over-year declines.

Headed in the opposite direction, the June Median Sales Price of $258,500 was an all-time high in the nine-year history of the report. It was 5.1 percent higher than the $245,000 recorded last June, bringing the consecutive months of year-over-year price increases to 27. In each of the previous five years – going back to June 2013’s $193,750 – June has posted the highest Median Sales Price of the year.

“Year-over-year prices have been climbing for more than two years now, which is great news for homeowners and sellers,” said RE/MAX CEO Adam Contos. “In the hottest markets, demand is especially high because there simply aren’t that many homes for sale. The slower sales figures we’re seeing are tied to inventory more than anything else.”

Forty-two of the fifty-four metro areas reported a year-over-year drop in inventory. That years-long trend is reflected in Months Supply of Inventory dropping to 2.7 – down 8.8 percent year-over-year and the smallest figure ever recorded for June. Fewer houses for sale generally results in a faster process: Homes sold in June averaged just forty-two Days on Market – five days less than June 2017 and three days under the previous nine-year low of forty-five days.

“Lack of inventory has become a theme for the year,” Contos said. “Having fewer homes to choose from poses a challenge for buyers, who need to be ready to act decisively and quickly. Working with a full-time, professional RE/MAX agent can prepare them for that.”

To access the housing report infographic, visit: https://rem.ax/2phKHWT or click here to download your copy of the June 2018 RE/MAX National Housing Report. If you are in the market to sell your Phoenix home or thinking about buying a house in Phoenix, please contact The Voss Team today!

Roberta Voss

The Voss Team

(602)-697-0730

7111 West Bell Road Ste 101

Glendale, Arizona 85308

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My Home Sold in FIVE Days!

My Home Sold in FIVE Days!

Every thirty seconds a RE/MAX agent helps someone find their perfect place. True to the claim, The Voss Team has been proudly serving the Valley since 2001. We are passionate about helping our buyers find that “perfect” property or special investment opportunity. In addition, we are proud to offer state of the art marketing methods to assure our sellers achieve the highest price for their property by gaining the maximum market exposure.

While we place a strong emphasis in the north, central, west and northwest Phoenix valley market areas, we have considerable experience in the east valley communities of Scottsdale, Mesa, Chandler and Gilbert. The Voss Team proudly maintains and continually strives to provide the best real estate experience for our clients. Here’s what one of our valued clients recently shared:

“Roberta is a stellar, top-quality, knowledgeable professional! She knows exactly how to professionally market your home! My home sold in FIVE days! She had excellent information about negotiations back and forth and the experience was quick, fun and with online options – it was WAY EASY! Loved the experience with Roberta! She’s a 10-star agent! Highly recommend her for ANY of your needs – she is well-connected and can help in a myriad of ways.” – Betsy G.

Whether you’re ready to quickly sell your Phoenix home or buy a home in Phoenix or the surrounding areas, the Voss Team is here to guide you through every step of the process. Contact us today for a knowledgeable and unforgettable real estate experience!

Roberta Voss

The Voss Team

(602)-697-0730

7111 West Bell Road Ste 101

Glendale, Arizona 85308

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Top 3 Refinancing Hacks to Lower Your Payments

Top 3 Refinancing Hacks to Lower Your Payments

The average conventional 30-year fixed rate mortgage is currently 4.695 percent, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS). The 15-year was clocked at 4.371  percent, and the 5-year mortgage is currently 4.791 percent. If you’re thinking about refinancing your home, here are the top 3 refinancing hacks to lower your payments.

  1. Calculate your savings: Before you refinance your home, you have to determine whether or not it will save you money. It’s best to calculate whether a new home loan will save you money based on the time left to pay off your old loan and whether or not you’ll have lower more manageable monthly payments.
  2. Be prepared: Refinancing your mortgage requires a lot of paperwork. Gather your essential documents such as proof of income, tax returns, bank statements and more and keep them all organized together or scanned in a safe online folder. Missing documents will only slow down the refinancing process so the more organized you are, the better.
  3. Perfect your credit: Your credit score plays a huge part in determining what rate you get on your new loan. Before you even apply for refinancing, get a free copy of your credit report and confirm there are no errors that could prevent you from getting the lowest rate possible. Any discrepancies should be addressed as soon as possible before applying and be sure they’ve been cleared up before moving forward.

Have questions about refinancing your home or looking to sell your Phoenix home? Call the Voss Team today for a complimentary assessment of your home’s current value. Our expectation is to make the real estate experience the best it can be for you!

Roberta Voss

The Voss Team

(602)-697-0730

7111 West Bell Road Ste 101

Glendale, Arizona 85308

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10 States with the Highest Cost of Living

10 States with the Highest Cost of Living

We all know that housing prices and the cost of living varies from state to state. Factors such as food, transportation, and energy costs can make the difference between paying a $300 A/C bill in Arizona and a $150 A/C bill in Rhode Island. Each year, the Bureau of Economic Analysis publishes data on “regional price parity,” which measures how much a certain amount of money can purchase in different places. A high price parity number means goods and services cost more for residents, and a price parity of above 100 means locals pay more for things than the national average. Here are the 10 states with the highest cost of living in descending order, according to their most recent analysis.

10.) New Hampshire

Regional Price Parity score: 105,

Median Household Income: $70,303

Actual Value of Salary: $66,955

Residents can expect to pay almost 5 percent more than the national average cost of living.

9.) Alaska

Regional price parity score: 105.6

Median household Income: $73,335

Actual Value of Salary: $69,465

Residents can expect to pay almost 6 percent more than the national average cost of living.

8.) Massachusetts

Regional Price Parity Score: 106.9

Median household income: $70,628

Actual Value of Salary: $66,069

Residents can expect to pay almost 7 percent more than the national average cost of living.

7.) Connecticut

Regional Price Parity Score: 108.7

Median household income: $71,346

Actual Value of Salary: $65,636

Residents can expect to pay almost 8.7  percent more than the national average cost of living.

6.) Maryland

Regional Price Parity Score: 109.6

Median household income: $75,847

Actual Value of Salary: $69,203

Residents can expect to pay almost 10 percent more than the national average cost of living.

5.) New Jersey

Regional Price Parity Score: 113.4

Median household income: $72,222

Actual Value of Salary: $63,688

Residents can expect to pay almost 13.4 percent more than the national average cost of living.

4.) California

Regional Price Parity Score: 113.4

Median household income: $64,500

Actual Value of Salary: $56,878

Residents can expect to pay almost 14 percent more than the national average cost of living.

3.) New York

Regional Price Parity Score: 115.3

Median household income: $60,850

Actual Value of Salary: $52,775

Residents can expect to pay almost 15 percent more than the national average cost of living.

2.) Washington D.C.

Regional Price Parity Score: 117

Median household income: $75,628

Actual Value of Salary: $64,639

Residents can expect to pay almost 17 percent more than the national average cost of living.

1.) Hawaii

Regional Price Parity Score: 118.8

Median household income: $73,486

Actual Value of Salary: $61,857

Residents can expect to pay almost 19 percent more than the national average cost of living.

Did your state or hometown make the list for 10 States with the Highest Cost of Living? Where do you think your state stacks up? If you’re looking for affordable living costs and want to sell or buy a home in Phoenix, please contact The Voss Team today!

Roberta Voss

The Voss Team

(602)-697-0730

7111 West Bell Road Ste 101

Glendale, Arizona 85308

thevossteam.com

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