Mortgage Rates Just Plunged to Their Lowest Levels in Over a Year

Mortgage rates sank last week, with the average rate for a 30-year fixed home loan going from 6.73% last week to 6.47% for the week ending Aug. 8, according to Freddie Mac.  Sam Khater, Freddie Mac’s chief economist, said in a statement. “The decline in mortgage rates does increase prospective homebuyers’ purchasing power and should begin to pique their interest in making a move.”

This drop is significant enough to translate into "real savings," according to Realtor.com Chief Economist Danielle Hale in a recent analysis. Article (more)

NAR LAWSUIT: WHAT HAS CHANGED?

Strictly my opinion: To summarize the recent National Association of Realtors lawsuit, new rules have been developed to encourage homebuyers to select their own real estate agent, and to negotiate that representative’s compensation without any influence from the Seller.

      The result of the “commission settlement” also changes the forms that real estate professionals have been using. In addition, a  licensed REALTOR®  MUST now obtain a written agreement with a potential buyer prior to showing any home. 

     Effective immediately, any “Buyer Agent” compensation that the Seller is offering will no longer be published in the MLS. Agents will now need to call the Listing Broker/Agent to see if any compensation is offered. By the way, this is similar to commercial real estate.

      One thing that has not changed is the fact that compensation has always been negotiated. But the new rules encourage a homebuyer to select a representative, and encourages real estate professionals to earn the position. This is great news for the residential real estate industry. Homebuyers must agree to any compensation for their Agent, in writing, before looking at a homes. And the homebuyer must agree to pay that compensation stated on the Compensation Agreement.

If a homebuyer does not want to pay any compensation, they have a choice of being unrepresented.  This is similar new home sales. The agent is able to show the home for the benefit and best interest of their client the Seller. 

What Does a Buyer Agent do? 

True to their name, buyer’s agents are ethically obligated to work in a buyer’s best interest. They help real estate buyers navigate the real estate market and can also save you tons of time on the road to your new home.

Recently, the National Association of REALTORS® reached a settlement that goes into effect on Aug. 17. The settlement includes several changes between the agent and buyer relationship that benefit homebuyers.

Read on to learn how a real estate buyer’s agent can help you in your home search, and how to find the right one for you.

Link

Disclaimer:  This blog is strictly an opinion. You are encouraged to seek professional advice from your financial advisors.

We believe that using a tenured Real Estate professional will more than pay for any compensation, in addition to saving stress and mitigating liability. 

Our View: It is the NET that matters.

 Real estate can be one of the largest financial investments in a person’s life. Liability on the chain of title can outlive your legacy. We see this as a positive stride toward elevating the professionalism and acknowledgment that tenure plays in achieving optimal returns. Put tenure in your transition. Exec-Elite.com

Disclaimer:  This blog is strictly an opinion. We are not legal or financial advisors. You are encouraged to seek professional advice from your personal advisors.

Call me for any real estate related questions you may have 602-980-0737 DeniseVDB@Exec-Elite.com

Interest rates may be keeping buyers away this summer, but the luxury market is still hot. Link to full report from the Luxury Marketing Institute below.

Arizona's unemployment is near historic lows at 3.4%, well below the national unemployment rate of 4%.

Summer in Scottsdale is a great time for Summer Staycations, link cute photo taken at the Scottsdale Quarter to left.

Have a great week, and make sure to give us a call for any and all of your real estate needs, or those of your friends and family.

Warmly

Denise van den Bossche,

_{Realtor, Team Leader, Associate Broker}

_{Celebrating 4 decades in metro-Phoenix real estate}

_{Ranked #1 in Maricopa County 2022 Realty Executives International}

_{More on our team www.Exec-Elite.com}

After six months of steadily increasing levels of inventory and sales, March’s statistics also tell a story of continued strength. Positive seller sentiment is reflected in the uptick of new properties entering the market, which in turn, is fueling the opportunity for buyers to fulfill their new home expectations." Luxury Home Marketing Institute April Report is out. Download here for North America with local Scottsdale and Paradise Valley reports.

Luxury Marketing Institute has relased this month's report.

Luxury home buyers are in an upward trajectory with a busy spring expected nationwide. Here isn Scottsdale we are in a balanced market, while Paradise Valley and Phoenix have more opportunities and considered a Buyers Market. This is mainly due to the slower sales and increase in inventory to choose from. Click above link for a digital version of this month's LUXURY home marketing report. Call me to take a look at some homes! Denise 602-980-0737.