Joe Gill

10/21/2024

Do y'all know someone that wants to move and currently lives in a home like this?
If it's a good fit, we could make it really easy on ya 😉

09/26/2024

Let's do it!!!!!

I just initiated the first step in getting my AZ Broker License. This won't change too much for my clients at first, but it opens the stairwell door to the next floor. Knowhutimean?

It's 2 full days/week so I'm glad I chose the busiest time of year...😬

08/13/2024

I always have to review these before posting and I gotta say, this one seems more caffeinated than the usual run. Oh well, good! I packed a lot of stuff in there. Play it at 1.5x and try to keep up 🏃🏼 💨

Rising Rates, Shifting Markets: What Sellers Need to Know NowSellers, be prepared to navigate a dynamic landscape where up-to-date data is crucial. With acti...

05/20/2024

The photographer went a little heavy on the AI sunset. I often book twilight photos for my listings but I'm fully prepared to use ol' Mom Nature's recipe.

Do y'all think this is a nice touch or a bogus misrepresentation and I should pay for my sins? I'll probably ask them to dial it back next time.

Joe Gill - Keller Williams

05/08/2024

New Stats Video!

Things may seem a little flat, depending on your area of the Phx Metro. Want to see why? Watch this vid! Want to see your town or neighborhood? Well, you hav...

05/01/2024

10/19/2023

Another quick market update from yours truly.

Who needs to know this info?

08/11/2023

Market Conditions as of 8/9/23: stable.

02/10/2023

Phoenix Area Real Estate Market Summary
Week 4 January 2023

At the very end of 2022 and beginning of 2023, the Arizona Real Estate market saw signs of changing conditions and buyer/seller behaviors. This is a very concise summary of just a few of the many factors involved in that change.

BUYERS
You have been battling with rising interest rates since late ‘21/early ‘22. Were we spoiled by sub-3% loans? Maybe, but I digress… This caused a peak of activity around March or April and then a decrease in home sales as the year trekked on. Rates went above 7% in early October, 2022. The rate increases were so rapid, buyers smashed the pause button late September. Many sellers canceled their listings (around 35-40%), dropped their prices, or offered some tasty incentives like cash at close or credits toward the loan (to reduce the monthly payment). The Phoenix metro entered a buyer’s market for exactly 4 weeks with Thanksgiving right in the middle.

Luckily for sellers, buyers seemed to enjoy low 6% and started making offers on homes in the last 2 weeks of the year. Since then, we have seen a steady incline of homes under contract. We ended the year at about 5,000 homes under contract and see closer to 7,800 at this moment (2/8/23).

Buyers: Your leverage is dwindling as we move into the spring market. If you’re serious and want a great home, be ready to compete. Deals are out there and you’ll always have to act fast to find and get them.

SELLERS
November was painful but hope is in the air. Buyer interest slowed to a crawl in October/November and for some sellers, it felt like a race to the bottom. Interest rates have prompted buyers to turn that tide and get back into the market. Your competition (other sellers) is still pretty low (around 15,000) since the UNDER CONTRACT rate is loosely matching the NEW LISTING rate. How long will this environment last and which way will it shift next?

Nobody knows, I guarantee it. You are now more likely to see healthy activity (showings, feedback, offers) if you have priced correctly. If you were biding your time, I would argue that now is a great time to get your sale completed and move onto the next chapter of your life. If you’re waiting for the next real estate market peak (March/April 2022), then I will consult my crystal ball: all signs point to I-Have-No-Idea. Keep in mind, real estate sales data is lagging by 4-6 weeks. Once we see the market turn, we are 6 weeks behind the actual peak or valley.

Sellers: Your pricing should be based on competing with your nearby seller brethren (neighbors). We don’t wish them any ill-will but… we want to beat them!! Condition, concessions, and repair credits should be part of your planning conversations. The average seller is giving $10,000 to the buyer at close, depending on the sale price. Use the “Coming Soon” status to test your pricing in the MLS - zero activity means you might consider adjusting before going “Active”. Trust us to call on and visit nearby listings to get real and accurate feedback about what’s happening in your market.

Please click the link below to see the summary with data and graphs.