Weekly Newsletter July 1-5, 2024
Interest Rates
30-yr fixed7.08%
15-yr fixed6.53%
30-yr fixed FHA6.86%
30-yr fixed VA6.82%
*These mortgage rates are estimated by a third party using industry averages for owner-occupied properties and do not include refinancing options. Rates may vary based on availability and lender approval.

JOBS WEEK

There was big news for this short week, with all three jobs reports showing weakness continuing in the labor market. The U3 unemployment rate the Fed concentrates on increased to 4.1% from 4.0 and should be a hot topic at the next Fed meeting on July 31st. A number of the Fed members predicted unemployment would not exceed this 4.1% mark for the year; however, here we are five months ahead of that. While the probability they will cut rates this month is still low, we continue to see numbers support a cut sooner rather than later.

STAT SPOTLIGHT

According to ListReports, as of July 1st:

  • 848 homes were sold in Maricopa County last week, totaling over $550 million. 56% of those used conventional financing.
  • During the previous 12 months, almost 39,000 agents conducted the majority of their business in Maricopa County

According to the Cromford Report for June:

  • 50% of all closings had concessions, with the average being $9765
  • Last list price to closed sales price is at 97.8%
  • Median days on market at contract acceptance is 30

Want more Cromford stats? Look out for our Cromford summary email next week

MY FAVORITE THINGS: HOW TO REFER YOUR FAVORITE PARTNERS

Our commission reflects our expertise to guide each client by providing options for their specific needs. For this reason, you may have multiple partners in each category to which you need to refer clients. Financing is no different. Even if your preferred lender doesn’t have a specific type of financing (i.e., lot loans, manufactured homes, commercial lending, etc.), they should have solid contacts to seamlessly pass you and your client along. This eliminates the need to refer multiple lenders to your client. If the first one doesn’t work out, you can let your client know you can refer them to another. This helps you keep track of feedback about a partner from your client, and you control who you both work with. Refer one partner at a time; your client will trust you are also the best choice to work with!

SHOW ME THE NUMBERS: OPEN HOUSE HOME FEATURES AND NUMBERS

Buyers come to your open house to see the property with their own eyes and imagine living there. They do the same with the monthly payment. That’s why it’s just as important to display loan options at an open house as it is to show features. From buy-down and down payment assistance to renovation options, we’ve got a custom flyer for that! Contact me to put one together for your listing!