Real Estate News

Jan. 8, 2017

Learning Real Estate Valuation Terminology

When it comes to buying or selling your Sotheby’s Phoenix home, you’ll come across real estate terminology that’s used to determine valuation. Below are common terms you’ll probably see and what they mean.

Comparative Market Analysis (CMA)

A licensed real estate professional at Sotheby’s Phoenix prepares a CMA. This is ...

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Posted in Real Estate News
Dec. 28, 2016

New Home Sales are Up

November was a good month for new home sales across the country. Newly constructed home sales posted a strong increase last month. The Commerce Department says new single-family home sales increased 5.2 percent in November. At Russ Lyon Sotheby’s, it looks like this trend will continue into 2017.

Last ...

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Posted in Real Estate News
Dec. 22, 2016

Prediction: Phoenix Will Be #1 Housing Market Next Year

Realtor.com predicts home prices in the Valley will jump to 5.9 percent in 2017 and sales will rise 7.2 percent. In return, that should make Phoenix the #1 housing market next year. The healthy housing market at Sotheby’s Phoenix comes from a steady growth in sales and ...

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Posted in Real Estate News
Dec. 20, 2016

What You Need to Know About Cash Offers

I’m sure you’ve seen the advertisements — “We pay cash for homes” or “We Buy Ugly Homes.” You might be curious what this is about and whether you should use a company like this with your McCormick Ranch home for Sale. Well, there’s the old saying, if it sounds ...

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Posted in Real Estate News
Dec. 13, 2016

Housing Might Not be Impacted by Higher Mortgage Rates

While it looks like the Federal Reserve will raise interest rates, it doesn’t look like it’ll impact the housing market around the country or at Sotheby’s Scottsdale. It’s possible the federal fund's rate will rise to between 0.5% and 0.75% this week. If this happens, it’ll be ...

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Posted in Real Estate News
Dec. 11, 2016

You’re About to Pay More in One of Your Monthly Bills

Many of you who own Russ Lyon Sotheby’s homes like to take out a home equity line of credit for home improvements or maybe new furniture. But interest rates are going up and that’s going to impact the amount you owe on your home equity line of credit.

 

While ...

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Posted in Real Estate News
Nov. 30, 2016

Home Sales Down Slightly Due to Higher Interest Rates

Since the presidential election, interest rates have gone up. And that has impacted home buyers at Russ Lyon Sotheby’s. Some are still home shopping due to fear of rates going up even higher in December. Others have dropped out of the market. 

 

Rates on a 30-year fixed loan ...

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Posted in Real Estate News
Nov. 25, 2016

Home Sales Up in October

For two months in a row, existing-home sales in the U.S. are up according to the National Association of Realtors (NAR). They even surpassed June’s cyclical sales peak to become the “highest annualized pace in nearly a decade.” That’s obviously good news at Russ Lyon Sotheby’s.

 

Total ...

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Posted in Real Estate News
Nov. 19, 2016

The Latest Home Buying Trends of Millennials

Millennials like to have fun and love urban living. But many are leaving the fun behind and moving to neighborhoods such as Terravita Scottsdale due to high prices in top cities. 

 

Only 17-percent of home buyers under 35 closed on urban residences, down from 21-percent from the year ...

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Posted in Real Estate News
Nov. 17, 2016

Where are the Repeat Home Buyers?

It’s a long, tedious process for first-time home buyers. They’re struggling to save for a down payment while paying off student loans, applying for a mortgage, and then finding a home they can afford when there are not a lot of properties on the market to choose from. As a ...

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