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Phoenix Housing Market Update
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Source: The Cromford® Report
Local Companies with Delicious Products
I enjoy supporting local businesses, especially local companies with delicious products! Whether for your own enjoyment or to use as gifts, I hope you find something new to try.
ARIZONA FARMS CHEESE
Made in Tempe, you can buy Arizona Farms Cheese products at local Costco stores, along with several farmer’s markets including the Uptown Farmer’s Market and Scottsdale Old Town Farmer’s Market. A few items are also available on their website for pick-up at their Tempe location.
https://www.arizonacheese.com/
AUDREY’S CHIA COOKIES
Audrey’s better-for-you cookies are made with natural ingredients and packed with chia seeds. Find four varieties (lemon, almond, chocolate chip, and brownie) at AJ’s, Fry’s, or you can purchase them online.
CERRETA CANDY COMPANY
This family candy business is located in Glendale and was started over fifty years ago by Jim Cerreta, Sr. Today, four generations run the business. They make a variety of chocolate, other candy and nuts that can be purchased at their Glendale location or online. They also offer 30-minute tours weekdays.
FAIRYTALE BROWNIES
The owners of Fairytale Brownies met in kindergarten and opened their business in 1992 with a family recipe. Their bakery is located in Phoenix (open M-F 9-3) and while they no longer offer factory tours, there are large viewing windows where you can see the bakers hard at work. Most of their business is online and shipped, which makes it a fun gift, but you can also find them at select AJ’s and the Tempe Farmer’s Market.
HAYDEN FLOUR MILLS
This family-owned business is located on Sossaman Farms in Queen Creek, milled on the same farm where the grains are grown. They have a store in Gilbert or you can buy their products online. As an aside, the historic Hayden Flour Mill in Tempe is a historic site owned by the City of Tempe and used as an event space.
HONEY HIVE FARM
Based in Peoria, this family owned hive-to-table honey comes in several flavors, including orange blossom, local cactus, and mesquite. Shop online with free local shipping. They also offer beekeeping classes.
KETTLE HEROES POPCORN
Started in 2013 by two brothers, this company is based in Tempe. The popcorn is delicious with flavors inspired by the southwest, including Prickly Pear and Hatch Green Chile Cheddar. A portion of the proceeds are donated to the Pat Tillman Foundation and other local organizations. Find their products in Fry’s, AJ’s and other local stores, on their website, or visit them in Tempe for a fresh batch!
NOBLE BREAD
This artisan bakery has amazing bread and it’s no wonder because it takes them 36 hours to make a loaf of bread! Find it at AJ’s stores, local farmer’s markets and their wood-fired deli in Phoenix, Noble Eatery.
QUEEN CREEK OLIVE MILL
Based in Queen Creek, they have the most amazing olive oil and related products you can buy there, at their Kierland Commons stores in Scottsdale, or online. Visit their Olive Mill Estate in Queen Creek and and take their Olive Oil 101 tour. See their website for details and other events.
https://www.queencreekolivemill.com/
ZAK’S CHOCOLATE
This Scottsdale chocolatier has an award-winning small-batch craft chocolate store. Their truffles are a true work of art and make a beautiful gift. Find a list of their current flavors and pre-order online for pick-up at their Scottsdale location.
Try one of the above and let me know your thoughts. Please also share other local companies with delicious products you recommend!
Phoenix Residential Housing Market Update
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Source: The Cromford® Report
Southwest Wildlife Conservation Center
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Phoenix Residential Housing Market Update
The Phoenix residential housing market slowed in the second half of last year, but things are looking up for 2024! Metropolitan Phoenix is just barely a seller’s market. That means there are differences across the valley.
- Seller’s markets – Tolleson, Apache Junction, Fountain Hills, Chandler, Gilbert, Laveen, El Mirage, Anthem, Glendale, Sun Lakes, Phoenix, Scottsdale, Mesa, Avondale
- Balanced markets – Tempe, Litchfield Park, Sun City West, Peoria, Goodyear, Surprise, Paradise Valley, Cave Creek
- Buyer’s markets – Gold Canyon, Casa Grande, Queen Creek, Sun City, Buckeye, Maricopa
THINKING ABOUT SELLING?
Low Inventory, peak visitors and the Spring market are on your side.
Inventory of homes for sale is 38% below normal for this time of year but new listings are on the rise as we head into the Spring selling season and peak of tourism. Homeowners with extremely low interest rates on their current mortgage are generally staying put, but those with life changes affecting their housing situation are selling and capitalizing on tremendous equity that grew substantially in recent years.
THINKING ABOUT BUYING?
Don’t wait, now is a great time to buy.
Mortgage rates recently adjusted to more reasonable levels and they are expected to decline further this year. Rather than wait for that to happen when more buyers will be competing for homes (pushing prices higher), we can negotiate seller concessions now to buydown your rate until it makes sense to refinance. Also, a number of lenders are offering no cost refinancing up to three years after your closing date.
Buyers often ask if they should hold off buying a home because they’re hoping prices will decline. While I don’t have a crystal ball, experts say that’s NOT likely. A couple things to keep in mind:
- We’re still an inbound migration market with low inventory of homes to sell. Neither of those factors are expected to change anytime soon.
- Whether you believe we’re in a recession now or headed for one, home values have declined in just one of eight recessions in the last fifty years.
QUESTIONS OR MORE INFO?
As mentioned at the start of this blog, the Phoenix residential housing market definitely has differences across the valley. If you have questions or would like more information on a specific part of the valley, please don’t hesitate to reach out to me at 312-608-9041 or paula.rosentreter@azmoves.com
Source: The Cromford® Report
New to the Valley Hot Spots
As Phoenicians, we’re lucky to live in a growing metropolitan area with many new to the valley hot spots. Here are a few of my favorites and I hope you’ll discover one or two you’d like to try.
DRAFTKINGS SPORTSBOOK
Adjacent to TPC Scottsdale, DraftKings Sportsbook is a fun place to watch sporting events with lots of TV’s/video screens, a beautiful outdoor patio, VIP cabanas, and fire pits. See their website for more information about upcoming ticketed events for the Superbowl and WM Phoenix Open.
https://draftkingssportsbook.tpc.com/scottsdale
TREVOR’S
If you haven’t experienced Trevor’s yet and you appreciate a cocktail from time to time, you’re missing out. It’s like an amusement park for adults. At it’s core, it’s a liquor store with a great selection, but they also have a cigar lounge, indoor bar with a limited menu featuring wood-fired pizza, pet-friendly patio, simulated golf at the Mayo Trevor’s. They also have locations in Scottsdale and Arcadia, plus one coming soon as part of the PV mall redevelopment.
SCHEELS
Scheels opened it’s first store in Arizona last year in Chandler. It’s a sporting goods store…and a whole lot more, including a ferris wheel, 16,000-gallon saltwater aquarium, a wildlife mountain, arcade games, sports simulators, restaurant and candy shop. Talk about FUN!
https://www.scheels.com/store?StoreID=026
POPSTROKE
Tiger Woods is one of the owners of Popstroke, an outdoor mini golf experience where you’ll find 18-hole putting courses, foosball, cornhole, a playground, and ping pong. You purchase an all-day pass and they have lower rates Mon.-Thurs. They have local craft beer, wine, ice cream, and food to enjoy on or off the course. Current locations in the valley are Glendale and Scottsdale.
PUTTSHACK
If you haven’t been to Puttshack at the Scottsdale Quarter, reserve your tee time today for super fancy, tech-infused indoor mini golf! Of course, they have plenty of food and beverages as well.
https://www.puttshack.com/locations/scottsdale
BACKYARD
Coming to the Valley from the Dallas area, Backyard is a pet friendly bar and grill that will be opening in Desert Ridge where Sandbar used to be. It’s expected to open in the first quarter of 2024 and will be a great place to check out. with your furry friend.
https://backyardusa.com/phoenix/
MATTEL ADVENTURE PARK
Scheduled to open in Glendale near State Farm Stadium sometime in 2024, here’s what you can expect at Mattel Adventure Theme Park:
- 2 Hot Wheels roller coasters
- Hot Wheels go karts
- Barbie Beach House with a Dream Closet Experience and rooftop bar
- 7 Thomas & Friends rides and attractions plus an indoor play space
- Masters of the Universe laser tag arena
- Mattel toys and games mini golf course
- Uno climbing structure
- Lots of good food
Nov. Housing Market Update
Most of metropolitan Phoenix continues to be a seller’s market, though it has softened. On the outskirts, Buckeye, Goodyear, Queen Creek, Maricopa and Casa Grande are now buyer’s markets while Litchfield Park is balanced.
Inventory Still Low, But Increasing
Inventory of homes for sale continues to rise across the valley, up 22% in the last ten weeks, and days on the market will likely continue to climb through the end of the year. Supply is currently 41% below normal for this time of year. Homeowners with extremely low interest rates on their current mortgage are generally staying put, but those with life changes affecting their housing situation (growing family, job change, etc.) are selling and capitalizing on tremendous equity that grew substantially in recent years. That said, trends do vary by area and price range so let me know if you’d like more information on your home.
Great Time to Buy for Some
Cash buyers have leverage with inventory rising and sellers motivated to close by year-end. Buyer demand continues to be heavily impacted by mortgage rates with people either priced out of the market for what they want or people who can afford to buy but are waiting for rates to come down. Demand is currently 29% below normal for this time of year. Those waiting for rates to come down should consider the following:
- You may end up paying more for your home because prices will likely be higher and you’ll have more competition for homes when interest rates fall.
- You have leverage with sellers now, who are expecting to provide seller concessions to be used for interest rate buydowns.
- Lenders are offering incentives like no-cost refinancing, knowing that people buying now will refinance when rates go down.
- The end of the year is a great time to purchase a home because sellers are typically motivated and there’s less competition.
Rental Inventory Rising, Rates Stabilized
The supply of long-term rental properties (excluding vacation rentals) continues to rise due to build-to-rent properties hitting the market, short-term rentals becoming long-term rentals, and people with low interest rates trying to hold onto properties when they do need to move by renting them out. Of course, this growing inventory leads to a reduction in rental rates.
Questions or More Info?
If you have questions or would like more information on a specific part of the valley, please don’t hesitate to reach out to me at 312-608-9041 or paula.rosentreter@azmoves.com
Source: The Cromford® Report
Oct. Housing Market Update
Headlines in the residential real estate market across metropolitan Phoenix are similar to last month. It is currently a seller’s market across the valley except for five areas on the outskirts, which have moved to balanced markets: Buckeye, Goodyear, Maricopa, Queen Creek, and Casa Grande.
Inventory Rose Slightly
Inventory of homes for sale rose slightly in September, mostly due to declining demand rather than more homes being listed for sale. Homes are on the market slightly longer, but supply is still 47% below normal for this time of year.
Now May be the Right Time to Buy
Mortgage rates continue to sideline some buyers with demand 25% below normal for this time of year. However, buyers have less competition for homes right now so it may very well be the right time to buy. Keep in mind that interest rates are likely building pent-up demand that may eventually bring us back to a time where multiple offers and sales above asking price are the norm. In addition to negotiating for the seller to buy down a buyer’s interest rate for the first 2-3 year of a loan, lenders may also contribute toward that (in addition to no-cost refinancing) to earn the business.
Rental Inventory Continues to Rise
The supply of long-term rental properties (excluding vacation rentals) continues to rise, which has led to a stabilization of rental rates. This increased inventory is coming from both build-to-rent properties hitting the market and previous short-term rentals since our market is oversaturated in that area. Eventually, we expect a portion of these investment properties to move to the resale market.
Questions or More Info?
If you have questions or would like more information on a specific part of the valley, please don’t hesitate to reach out to me at 312-608-9041 or paula.rosentreter@azmoves.com
Source: The Cromford® Report
Craft Beer in the Desert
Arizona has more than 100 breweries and greater Phoenix is home to a number of growing breweries and craft beers. Many of them use local ingredients like desert wheat and cactus fruit.
The desert can be hot and dry, leaving locals and visitors plenty thirsty. Many of the breweries have great food so they can be fun to visit in person, but you can also find local beers at restaurants and stores throughout the valley. I just love the creative names and artwork that tie to the valley. There are too many to mention, but here are a handful to get you started.
Phoenix Area Breweries
Tempe-based Huss Brewing Co. is owned by Jeff and Leah Huss. They recently came out with two new ones – Papago Blueberry Wheat made with blueberry puree and Rio Salado Mexican Lager. They’re known for smooth fruit beers, including Papago Orange Blossom and Papago Cherry Blossom. My personal favorite is their Kolsch beer, Scottsdale Blonde.
Four Peaks Brewing Company, named after the iconic mountaintops, is known for its classic Kilt Lifter Scottish Ale. Their main brewery is in Tempe and their annual Four Peaks Oktoberfest is held at Tempe Beach Park. They were acquired by Anheuser-Busch several years ago so their beers are now available across the country.
Phoenix Beer Co. has multiple locations but their brewery and tap room is downtown Phoenix. Monsoon IPA, Sunset Sour and Arizona Gold are just a few of their specialties. Wren House Brewing in Phoenix brews the lager, Valley Beer, and they also have seasonal varieties like their Fall pie series.
Gilbert is home to several breweries. Arizona Wilderness is known for being environmentally friendly, innovative barrel-aging, and blended styles. For example, sweet potato Saison aged in tequila barrels and beer-wine hybrids. 12 West Brewing Co. is best known for their Zona pilsner beer.
Goldwater Brewing Co. started in Old Town Scottsdale where they have an underground repurposed bunker where they age batches of beer. They are likely best known for Machine Gun Teddy, a brown ale, and Desert Rose, a cactus kolsch.
State 48 Brewery started in Surprise but has multiple locations across the valley. Each location brews the popular Sound of Freedom IPA, Javelina Hefeweizen, Lost Dutchman Golden Ale and more.
Hops, Skip and a Jump from Phoenix
You’ll find plenty of views and brews in Sedona. Verde Brewing Co. prides themselves on using local ingredients grown in the Verde Valley in all of their beers. Their Gold Buckle Blond, for example, uses local honey. Sedona Beer Company is another sustainable business sourcing local ingredients and recycling their spent grains as feed for farms. Their Apple Sauce’d has such an apple flavor, it almost doesn’t taste like beer.
Flagstaff is home to a number of breweries as well. Flagstaff Brewing Company, often referred to as “Flagbrew,” is known for small-batch, hand-crafted beers like Blackbird Porter. Lumberyard Brewing is located in one of the last buildings from the area’s lumber era. They have a great beer garden where you can enjoy Flagstaff IPA, Knotty Extra Pale Ale and more.
A little further north in Williams, AZ you’ll find Grand Canyon Brewing Company. They recently added Prickly Pear IPA. They also make Prickly Pear Wheat Ale and Prickly Pear Vodka.
Sept. Housing Market Update
Residential real estate across the metropolitan Phoenix market was seasonally low in August, as expected. Luxury activity is particularly low during the summer months. It is currently a seller’s market across the valley except for Queen Creek, Maricopa and Casa Grande, which are balanced.
Inventory is Stabilizing, Still Very Low
We’ve seen a continuous decline in the number of homes for sale since last October, though the trend has slowed in recent weeks. Supply is 51% below normal for this time of year. The ratio between supply and demand is resulting in a seller’s market, though it is mild compared to the frenzy we saw eighteen months ago. Given that most homeowners with mortgages have extremely low interest rates, low inventory is likely to continue for some time. Those that do sell are capitalizing on favorable conditions.
Is There Ever a Bad Time to Buy?
Mortgage rates are keeping some buyers on the sidelines with demand 24% below normal for this time of year. However, finding the right home can be challenging in this market and buyers have less competition for homes right now so it may very well be the right time to buy. There are indications of pent-up demand that will eventually break free, which could bring us right back to multiple offers and sales above asking price. Additionally, here are some of the ways lenders are helping buyers get into the home they want now:
- Get a lower interest rate NOW – seller concessions can be used to buy down your mortgage rate for the first 2-3 years. This temporary rate buydown reduces your mortgage payment until rates hopefully come down and you refinance. As an example, if the mortgage rate you qualify for is 7%, a 2-1 buydown means it’s 5% for the first year (2 full points lower), 6% the second year (1 point lower), and then it goes to the full 7% after that.
- Refinance at no cost – most lenders are offering buyers the opportunity to refinance with no lender or appraisal fees after six on-time payments up to three years from their closing date.
Rental Inventory Rising, Rates Stabilized
The supply of long-term rental properties (excluding vacation rentals) continues to rise, which has led to a stabilization of rental rates. This increased inventory may be coming from short-term rentals since our market is oversaturated in that area. Eventually, investors may decide to sell these short or long-term rental properties, which could help ease the lack of inventory of homes for sale.
Questions or More Info?
If you have questions or would like more information on a specific part of the valley, please don’t hesitate to reach out to me at 312-608-9041 or paula.rosentreter@azmoves.com
Source: The Cromford® Report
