What's Happening in the Phoenix Market?

Thank you for joining me again! It is 115° in Phoenix today and buyers are still out looking for homes. The year is halfway over and I wanted to give you a market update!

There are multiple market segments in the Phoenix area and all have inventories of just around two months. A balanced market has a three to four month inventory. So it is still a strong sellers’ market today. Below are just a few of the market segments’ supplies:

East Valley: 1.7 months

Desert Ridge: 1.4 months

Northwest Valley: 2 months

Peoria/Glendale: 1.6 months

Southwest Valley: 1.8 months

I also wanted to tell you about the absorption rate. The absorption rate is the percentage of sales that sell each month. The higher the percentage, the more of a sellers’ market it is. Certain areas of town have very high absorption rates, they are:

East Valley: 58%

Desert Ridge: 70%

Northwest Valley: 51%

Peoria/Glendale 63%

Southwest Valley: 57%

What does this all mean? It is still a very strong sellers’ market. So now is the time to sell your home! Give me a call at 602.413.8195 so we can get started on putting your home on the market! Or send me a quick email Monique@moniquesells.com if you want information about your neighborhood!

What is a Prequalification Letter?

Watch on your mobile device >>

When you’re ready to start looking at homes, the first thing your agent will tell you is to get a prequalification letter. This letter is your license to buy a home; it tells the buyer, not only are you ready to buy a home, but that you are able.

There are two important parts to a prequalification letter. The most important is the payment amount; make sure you have a payment amount you are comfortable with. The second is your financials. To close the loan you need to present all your bank statements, pay stubs, W2s, tax returns, etc.

Once you’ve established a comfortable payment amount and your lender has gone over your financials, the lender will write a letter stating you can buy a house for a certain amount. You are able to show the buyer and close faster in this highly competitive market.

Professional Loans

Watch on your mobile device >>

Today we have Fred Gerten from BBVA Compass to tell you about their Professional Program. 

The Professional Program allows doctors, lawyers and CPAs to purchase high-end homes with low down payments.  Compass offers million dollar loans with as little as five percent down. 

All that is required to be eligible for this Professional Loan is a credit score above 700.  Employment and assets will also be verified, but there is no minimum employment length required. 

Loans of more than a million dollars are also available, but a slightly larger down payment is required.

While interest rates do fluctuate, Compass offers market competitive rates and no one else has a program like this. 

Please call us if you have any questions or want to get started with the Professional Program!