Jarred Bennecke-AZ Realtor

01/08/2024

10/14/2023

02/15/2023

Incredibly happy for my client on this deal!

This Townhome is in exceptional condition, tucked into a beautiful neighborhood, and in a great location near Hiking, Entertainment and close to the Freeway.

Best part yet, we were able to Close under List Price and negotiated Seller Credits!

See photos and price history of this 2 bed, 2 bath, 1,112 Sq. Ft. recently sold home located at 7006 E Jensen St Unit 110, Mesa, AZ 85207 that was sold on 02/14/2023 for $317500.

02/07/2023

There are examples of exorbitant Super Bowl short-term rental prices at all of the prime locations around the Valley.

02/03/2023

*JANUARY 2023 MARKET UPDATE*

Arizona Market- Key Takeaways:

- Greater Phoenix is back in a Seller's Market. (Just Barely) Meaning, less downward pressure on price due to fewer New Listings hitting the Market in the 4th Quarter of 2022.

-Cash Buyers have retreated significantly, creating more and more opportunities for FHA/First Time Homebuyers.

-Cash Home Sales are down 24%. 75% of Home Sales are up, resulting in less investors and cash sales.

-Owner Occupant Sales are back in a Normal Range at 75%.

-Buyer Season is among us. We have seen the most number of Accepted Contracts in January since June of 2022.

-Strong Buyer Markets in the Valley remain in Maricopa and Queen Creek/San Tan Valley. However, there have been more homes that are receiving Multiple Offers. Resulting in less Seller Concessions being offered and accepted.

-Seller Paid Closing Costs are at 51% of all January Closings. A Median Concession of about $9,750.

-Price Reductions have gone significantly down since November.

-Chandler and Mesa have now entered the Sellers Market Index as of January. Both coming out of a Balanced Market.

-Owners with 2+ Years of Ownership still close with Significant Profits. Rate Buydowns have been a key driver and will continue to be a part of Seller Costs until rates and affordability reach an optimum level.

-The sharpest declines in the Housing Market are now behind us. We already went through essentially a 10-15% drop in prices overall. We are down 14% since May, which was our peak.

-We currently have a Declining Supply Line. Low Inventory has halted prices from coming down. With Buyer Season heating up, this will lead to more Active Listings. Demand is slowly rising, while supply remains low.

-Interest Rates continue to dictate the current state of the Market. Inflation has a significant impact on them. Inflation Rate is currently at 6.5%, The CPI (Consumer Price Index) remains between 296-297. We will hopefully be at 2% by April/May.

-Interest Rates are about 6.04% for Conventional and about 5.5% for FHA.

Finally, In order to see ANOTHER 16% drop in prices going forward, which has been put out there in the media, we would need to see the following:

•Rising or Above Normal Inventory: The Greater Phoenix inventory is Declining, and is below Normal levels.

•Declining or Below Normal Demand: The Greater Phoenix Demand is below normal, but supply levels are low.

•Rising Price Reductions: The Greater Phoenix weekly Price Reductions continue to decline.

•Lastly, Rising Days on Market Prior to Contract: Greater Phoenix Days on Market numbers continue to decline.

01/05/2023

In 2023, Will you continue to Rent and pay someone else’s Mortgage? Or will you get off the sidelines and use the current Market to your advantage towards Ownership and Equity?

12/17/2022

After months of watching the cost of a new mortgage rise higher and higher, home buyers finally saw some affordability relief in November.

12/01/2022

Real estate agents are still hard at work during the final weeks of the year, but before you put your home on the market over the holidays, consider the following advice straight from the professionals.