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  • Clever Ways to Put Your Tax Refund to Work for Homeownership

    Did you know the average tax refund in 2024 was $3,004 ? #1 💰 That extra cash could be a game-changer on your path to homeownership! If you’re planning to buy a home, here are four savvy ways to use your refund to make the process more affordable and achievable: ✅ Boost Your Down Payment - Many buyers believe they need a 20% down payment, but many qualified borrowers can put down as little as 3-5% . A tax refund could go a long way toward meeting that target. A larger down payment can help lower your monthly mortgage payment  and improve your loan options. ✅ Cover Closing Costs - Closing costs typically range from 2% to 4%  of the home’s purchase price. Instead of scrambling to cover these expenses, your tax refund could be enough to offset or completely cover closing fees , reducing your out-of-pocket costs. ✅ Pay Down Debt - When approving a mortgage, lenders look at your  debt-to-income (DTI) ratio . Using your tax refund to pay off credit card balances or other debts can lower your DTI, boost your credit score, and improve your loan approval odds. ✅ Lower Your Interest Rate - You may be able to use your refund to buy discount points  and reduce your mortgage interest rate. Discount points  are prepaid interest fees—typically 1% of the loan amount per point—that can help secure a lower rate, potentially saving you thousands  over the life of your loan. A tax refund is an excellent opportunity to invest in your future home . If you’re ready to start your home search, let’s connect at RelocateToAZ.com or Here 📞 Call or text me at 602-679-1025  to discuss your options! 🔗 Source:   #1 IRS Filing Season Statistics

  • January Market Update: Trends & Insights for Maricopa County

    January Market Update: Trends & Insights for Maricopa County The latest real estate data is in, and we’ve analyzed Maricopa County’s January 2025 filings to give you a clear picture of where the market stands. While we saw a notable increase in closed transactions compared to January 2024, the numbers remain lower than in December, signaling a seasonal shift. Market Snapshot Total Closed Transactions: 5,066, up 6.7% year-over-year but down 13% from December. New Home Sales: 1,138, up 4.1% from January 2024 but down 18% from December. Resale Transactions: 3,928, up 7.4% from January 2024 but down 11% from December. Home Prices Hold Steady Overall Median Sales Price: $484,990, up 6.6% year-over-year and 0.5% month-over-month. New Home Median Price: $539,715, up 7.9% from January 2024 and 1.2% from December. Resale Median Price: $460,000, up 4.8% year-over-year and 0.4% month-over-month. Market Shifts & Seller Strategies Despite a sluggish market in the low and mid-price ranges, the luxury segment continues to prop up pricing and transaction volumes. However, the new home market share dipped to 22.5%, down from 23.0% a year ago. New home builders have leveraged mortgage rate buy-down incentives for much of the past year to attract buyers. However, this advantage has eroded in recent months. Sellers of existing homes can compete by offering similar incentives; a strategy savvy agents can help with. City-Level Market Movements The data shows mixed conditions across the Valley: ✅ Strongest Markets: The Southeast Valley remains resilient, with Queen Creek, Mesa, Gilbert, and Goodyear seeing positive movement. 🔻 Fastest Declining Markets: Fountain Hills: Down 20% Maricopa: Down 15% Paradise Valley: Down 12% Other Declining Cities: Buckeye, Avondale, Cave Creek, and Glendale saw high single-digit declines. Currently, the market breakdown is as follows: 8 cities remain seller’s markets 4 cities are balanced 5 cities have shifted to buyer’s markets What’s Next? Historically, buyer demand has increased after the Super Bowl, so sellers should remain optimistic as spring approaches. If you’re thinking about buying or selling, staying strategic and informed will be key to success in 2025. *Cromford Market Index™ is a value that provides a short-term forecast for the balance of the market. It is derived from the pending, active, and sold listing trends compared with historical data over the previous four years. Values below 100 indicate a buyer's market, while values above 100 indicate a seller's market. A value of 100 indicates a balanced market. Mortgage Market and Economic Update – Week Ending February 7th, 2025 It was a crazy week for politics, and the markets saw 30-year mortgage rates drift closer to the 6s. The recent trends in inflation (PCE) were encouraging, but the BLS jobs report could set the tone for bond yields and mortgage rates over the coming weeks.   “Core” PCE (inflation) is flat at +2.8% YoY. While the “Headline” PCE did rise from +2.45% year-over-year in November 2024 to +2.55% in December (primarily due to higher fuel prices), “Core” PCE was flat at +2.79% YoY. But if you look closer, the monthly trend was very encouraging. [Bureau of Economic Analysis]   Over the last 6 months, “Core” PCE has risen by 1.13%. If you annualize that (multiplying by 2), you get 2.25%. Over the last 3 months, “Core” PCE has risen by 0.54%. If you annualize that (multiplying by 4), you get 2.15%. The Fed’s target for inflation is 2.00%, and when they talk about that target, they’re referring to the “Core” PCE. In other words, we’re getting close.   Job openings fell significantly.  The JOLTs report (Job Openings and Labor Turnover) revealed that total job openings had declined from 8.15 million in November to 7.60 million in December. The hiring rate was flat at 3.4%. The quits rate was also flat at 2.0%. Companies aren’t hiring much, and workers aren’t quitting much.   TP: The monthly job openings can have big swings (remember, the US has almost 340 million people). The most important thing is to look at the long term. The graph below shows that the COVID-driven hiring frenzy has ended, with job openings nearly returning to pre-pandemic levels. The quits rate, meanwhile, is already below pre-pandemic levels. Workers quit when there are more attractive opportunities(many job openings with higher pay). Total job openings (JOLTs report) Quits rate (% — JOLTs report) Mortgage Market Mortgage rates were briefly below 7%. Since hitting 7.25% in January, average 30-year mortgage rates have been drifting lower — not necessarily because the inflation or jobs data has supported higher bond prices (which means lower bond yields). Instead, we’ve had a ‘risk-off’ trade (from stocks into bonds) and, most recently, comments from the US Treasury that helped allay bond supply fears. [Mortgage News Daily] We could get a good (lower than expected) January jobs report and/or a good (lower than expected) January CPI report. In that case, I’m confident that average 30-year mortgage rates would move back into the 6s — just in time for the spring selling season.   Here’s what the Fed Funds Rate futures market is currently pricing for rate cuts. The current Fed Funds Rate policy range is 4.25–4.50%.   March 19 FOMC Meeting : 86% probability that the policy rate will remain at 4.25–4.50%. In other words, the Fed will stay on pause. 14% probability of a 25 bps cut (25 bps = 0.25% = a quarter percentage point) to 4.00–4.25%. May 7 FOMC Meeting:  59% probability that the policy rate will remain at 4.25–4.50%. There is a 36% probability of a 25 bps rate cut. You must attend the June 18 meeting before the probability of lower rates than today is greater than 50%. Average 30-Year Fixed - Rate Mortgage Housing Market Purchase mortgage applications fell 4% from the previous week, though they were flat from the same week a year ago. Realtor.com reports that more sellers are offering price cuts. Last month, 15.6% of sellers dropped prices compared to 14.7% in January last year. The NAHB says tariffs could push up new home prices. Economy The monthly JOLTs report showed a drop in job openings during December. Hiring, voluntary quits, and layoffs held steady. Treasury Secretary Bessent said the Trump administration will focus on lowering the 10-year Treasury yield, which may help mortgage rates. New tariffs on Canada and Mexico were delayed for 30 days, helping mortgage rates remain at current levels. Primary Mortgage Market Survey 02/06/2025 Weather East Valley Weather

  • Moving to Arizona: What You Need to Know.

    Moving to Arizona If you're considering relocating to Arizona, you're not alone. The Grand Canyon State has become a top destination for people looking for a fresh start, better affordability, and an excellent quality of life. Whether you're moving from California or another state, this guide will help you understand the key factors to consider, including the cost of living, weather, job market, and lifestyle. Cost of Living: More Home for Your Money One of the biggest reasons people move to Arizona is the affordability factor. Compared to California, the cost of living is significantly lower. Housing prices, property taxes, and utility costs all contribute to a more budget-friendly lifestyle. Home Prices : The median home price in Arizona is considerably lower than in major California cities. In places like Phoenix, Gilbert, and Queen Creek, you can buy a spacious home for a fraction of what you'd pay in Los Angeles or the Bay Area. Taxes : Arizona's state income tax is lower than California's, which means more money stays in your pocket. Arizona has a flat tax of 2.5% compared to California's progressive tax, which can go as high as 13.3%. Utilities : While summers can be hot, overall utility costs in Arizona are still lower than in California, where electricity and water rates tend to be higher. Our clients who moved to Arizona mentioned that the electrical service tends to be more stable, with significantly fewer rolling blackouts than in California.   Grand Canyon Hiking Weather: Sunshine Year-Round Arizona is known for its warm, sunny climate. While summers can be intense, the fall, winter, and spring seasons offer mild and pleasant weather. Summers : With temperatures often exceeding 100°F, many homes in Arizona are designed for heat resistance, and air conditioning is essential. When purchasing a home, we highly recommend considering several factors, with a dedicated AC inspection being one of the top priorities. Winters : With temperatures averaging in the 60s and 70s, Arizona offers a welcome escape from snow and cold in most of the state.  Outdoor Lifestyle : The sunny climate allows for year-round outdoor activities, from hiking in the Superstition Mountains to golfing, boating, fishing, and exploring national parks. Job Market: Opportunities Across Industries Arizona's job market has been steadily growing, with strong industries including technology, healthcare, construction, and manufacturing. Tech Hub : Cities like Phoenix and Scottsdale have seen an increase in tech companies and startups, attracting skilled professionals. Healthcare : With a growing population, healthcare jobs are in high demand. Remote Work : Many people moving from California are bringing their remote jobs, benefiting from Arizona’s lower cost of living while keeping their West Coast salaries. Sunrise Ski Resort Lifestyle: A Perfect Mix of Relaxation and Adventure Arizona offers a diverse lifestyle with something for everyone. Outdoor Recreation : Hiking, biking, and exploring national parks are everyday activities. Many are surprised to learn that northern Arizona offers multiple ski resorts for wintertime fun. Entertainment & Dining : Arizona boasts a vibrant dining scene, great shopping, and many entertainment options, from professional sports to live music. Slower Pace, Friendly Communities : Many people enjoy the more relaxed, friendly atmosphere compared to the hustle of big cities in California. Final Thoughts Moving to Arizona is an exciting opportunity to enjoy a lower cost of living, warm weather, a thriving job market, and a lavish lifestyle. If you're considering making the move, reach out for expert advice on finding the perfect home. Arizona has something to offer if you're looking for a family-friendly neighborhood, a retirement retreat, or an investment property. For personalized real estate guidance, visit www.relocatetoaz.com  or call (602) 679-1025 !

  • Where to Get Mortgage Help and Home Repair Loans After a Disaster

    If you live in a presidentially declared disaster area, you may be eligible for mortgage assistance or financial help to repair or rebuild your home. Mortgage payments on your home after a disaster You must continue to pay your mortgage even if a disaster damages your home. Contact your mortgage servicer if you are unable to pay. Ask your servicer if you qualify for  mortgage forbearance . Mortgage help for homeowners with FHA loans Borrowers with mortgages backed by the Federal Housing Administration (FHA) can qualify for additional help.  Answer this series of questions from the FHA  to determine what help you may be eligible for.  Once you answer the questions and know your eligibility, contact your mortgage service Get a home loan after a disaster - Get an SBA disaster loan to repair your home The Small Business Administration (SBA) loans money to homeowners and renters whose homes were damaged in a disaster. You may be eligible even if you do not own a business.  To qualify for an SBA home loan:  Your home must be in a presidentially declared disaster area.  The loan must be for your primary home.  The loan cannot duplicate benefits from insurance policies or benefit programs.  Learn more about SBA loans for homes and personal property and how to apply.   Before applying for an SBA disaster loan,  register with FEMA at DisasterAssistance.gov . Learn how to get an FHA mortgage to replace your home. The FHA makes getting a mortgage to rebuild or buy a new home easier.  The FHA offers mortgage insurance  if your home is destroyed in a disaster. Under this program:  You will not have to make a down payment.  You will pay the FHA mortgage insurance as part of your mortgage payment.  Contact an FHA-approved lender to apply for an FHA disaster mortgage. Contact Us

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