Which to Buy: Townhome or Condo?

Whether it’s your first time buying or you just want to purchase something smaller, townhouses and condos are both great options. Check out the differences between the two to help aid you in your search!

Condominiums

Condominiums are similar to apartments in that you purchase an individual unit inside of a larger building, but not the property it sits on. This generally includes access to the building’s amenities, such as the clubhouse, pool, and gym. However, condo owners are not responsible for the upkeep and repair of these common areas. Because of the number of shared spaces, living in a condo often allows for meeting new people and building a strong sense of community. There is a fairly similar vetting process for loan approval as for a full-sized home; however, the lender will also look at the health of the condo association.

Townhouses

Those who purchase a townhome are generally purchasing the complete unit, both inside and out, including the land it sits on. This might also include the driveway, yard, or roof. Traditionally, these units are two- or three-stories tall and may also include common areas like pools and parks. Townhome owners pay a fee to a homeowners association every month and the loan process is the same as buying a full-sized home.

Which is the best choice?

Both townhomes and condos offer less maintenance than a traditional home and generally offer great shared areas. Your decision ultimately comes down to you and your family’s needs and wants seeing as townhomes generally tend to be larger. Things you’ll want to take into consideration include location, lifestyle, family growth, and price. Another thing to consider is investment. Later on down the road once your family grows out of the condo or townhome, these properties can make great rentals. Checking on the HOA’s rules with renting is a good idea if this is something you’re interested in when buying.

Your Guide to Home Appraisals

Well, you did it, you found your dream house! Now that that part is done with, it’s time to cross all your T’s and dot all your I’s before you can call it home. One of the things to be done before you can close on your potential new home is the home appraisal. But, some might be wondering, what exactly is that?

The home appraisal is essentially a value assessment of the home and property. It is conducted by a certified third party and is used to determine whether the home is priced appropriately. What this does is protect you from over-paying for a home, but also it protects the company who is lending to you, which we’ll talk about in more detail below.

During a home appraisal, the appraiser conducts a complete visual inspection of the interior and exterior of the home. He or she factors in a variety of things, including the home’s floor plan, functionality, condition, location, school district, fixtures, lot size, and more. Upward adjustments can be made for things such as a home having  a deck, a view, or a large yard. The appraiser will also compare the home to several similar homes that were sold within the last six months in the area. By doing this, they make sure that the home you are buying is selling for what similar homes like it have sold for, thus validating its listed price.

The final report must include a street map showing the property and the ones’ compared, photographs of the interior and exterior, an explanation on how the square footage was calculated, market sales data, public land records, and more. All of these things, in the end, help show how the appraiser came to the conclusion they did when they say whether or not the home appraised.

After the appraisal is complete, the lender uses the information found to ensure that the property is worth the amount they are investing. This is a safe-guard for the lender as the home acts as collateral for the mortgage. If the buyer defaults on the mortgage and goes into foreclosure, the lender generally sells the home to recover the money borrowed.

If a home does not appraise for the price it is being purchased for, a lender will not lend that money in order for the buyer to get the home because it puts their investment at risk. When this happens, the sellers and buyers have a few options. The sellers can come down to the appraised price, or they can try to contest the appraisal and show that the home is worth what it is being sold for. The buyers can try to come up with more cash down to the cover the difference in sales price and appraisal price (generally not recommended because then you are buying a home for more than it is worth), or if the seller will not come down on price, the buyer can walk away.

This is just a very short description of home appraisals and how they generally work. If you still have questions, we’d love to talk to you more about them and you can always call our office at 928-771-1111.

First Time Home Buyer Struggles

In recent history, first-time home buyers once accounted for 40% of annual home sales in the United States according to NAR’s (National Association of Realtors) chief economist Lawrence Yun. However, 2019 has shown that the first-time home buyers of today still have not fully returned, making up only 31% of all homes sales thus far this year.

Because of this, home sales are still running at an annualized pace of 5 million, which means the housing market has essentially remained unchanged since 2000. This is odd because even though that number has remained the same, the US population has not.

From 2000 to 2019, the United States has seen growth of nearly 45 million people in population and 20 million in number of households. One would think that with a greater population and a greater number of households, that home sales would go up, but that hasn’t been the case because of first-time home buyers struggling to purchase.

So, why is it that first-time home buyers are having trouble breaking into the market? Well, there might be several things at fault here:

Student debt, which has tripled over the past decade. The population of those who have it are those who are younger, fresh out of college, in new careers, getting married possibly, and perhaps already have kids (or your general makeup of those whom are looking to buy a home for the first time). It’s hard to get qualified for a home loan when you aren’t making very much money, have to support a family, and have 50k plus in student loans over your head.

The real estate market is booming. What this means is affordability has gone down because home prices have risen fast. While interest rates have gone down and it takes a smaller share of monthly income to own, first-time buyers are struggling to find homes within their price range that meet their needs.

Starter home listings are in short supply. This is due to homebuilders focusing on expensive homes rather than affordable homes that millennials could buy, which makes it hard to purchase.

Not FHA Certified. A lot of homes that first-time home buyers could possibly afford are your condos and your town homes. However, many first-time home buyers also need to use an FHA loan, which cannot be used on these types of homes because they aren’t certified for them.

Credit Scores. Many millennials haven’t made the best decisions here with student loans (like mentioned above), credit cards, new cars, etc. Nowadays, a good credit score is crucial to purchase a home considering requirements to obtain a mortgage are tighter than ever because no one wants a repeat of the housing market crash.

These are just a few of the factors affecting first-time home buyers and we’re sure there are more because you never know what someone’s struggles may be, or why they’ve been having to rent all these years rather than purchase a home of their very own. Hopefully, as the economy continues to do well, so will those seeking to purchase a home, which will enable them to do so.

Are you looking to buy a home for the first time, but aren’t sure if you qualify or what you might qualify for? Call our office today at 928-771-1111. We work with some amazing lenders and it doesn’t cost a thing to talk to one, and see what your options might be!

How to Build Good Credit

Last week we posted a blog about why first-time home buyers are struggling to purchase. One of the main reasons was having bad credit. So, we wanted to touch on this subject further and find some ways the experts say you can build good credit.

Believe it or not, bad credit doesn’t always mean having made poor financial decisions. For a lot of people, they have bad credit because they have NO credit. They have avoided debt like the plague, having been instructed by parents and elders to not get themselves into debt. Ironically, it turns out that some debt is good. Why? Because it helps you build credit, and without credit, you can’t make any large purchase from a car to a house, or even a little “purchase” such as getting a credit card. One might stop there and ask, “Wait, how can I build credit if I can’t even get a credit card?”

According to thebalance.com, “having good credit means you’ve demonstrated that you can handle credit responsibly – that you’ve managed your credit obligations and have paid on time.” So, like we said, the first step in doing this is to first get credit (assuming you don’t already have credit). Here’s some ways to do this:

  • Apply for a secured credit card. A secured credit card requires you to make a security deposit against the credit limit before you can be approved for the credit card. The security deposit is used as collateral for the amount you charge on the card, which makes credit card issuers more likely to approve your credit card because there is less credit risk.
  • Get a retail store credit card. These are easier to get because the store will most likely have less strict credit requirements. However, beware because retail credit cards typically have low credit limits and high interest rates, and they can only be used at a specific store. So, if you choose this route, get a card at a store you frequent often, like Target, and remember you’re getting the card to build GOOD credit, not go on a shopping spree and get into bad debt.
  • Get a co-signer for a credit card or loan. This is when you get someone with good credit to co-sign on a credit card or loan in order to help you qualify. A co-signer would share liability on the card with you, which means that if you failed to make payments, it wouldn’t just affect your credit, but the co-signers as well. As long as you are reliable, then you’ll soon build enough credit to qualify for a loan or credit card on your own.
  • Make Your Payments on Time. Late payments are a huge factor on your credit score, if not the biggest of all. In order to build a good credit score, you need to make all your debt payments on time. The more on-time payments you have, the more your credit score will improve.
  • Watch How Much You Borrow. Just because you have a higher credit limit, doesn’t mean you need to spend all the way up to it. A good rule of thumb is to never borrow more than you can actually afford to pay each month. Not only does this make you look financially responsible to creditors and lenders, it also helps you not get yourself into any real debt. This same principle could be said for loans. No matter what a lender might say you qualify for, be careful not to take out more than you can afford to repay, otherwise you’ll dig yourself into a hole of debt that is hard to climb back out of.

These are just some of the main ways to help you build good credit, but there are so much more! If you’re still wanting to learn more about how to build your credit, you can do some research online, or visit your bank today to get some tips and tricks from the horses mouth.

iSquatters: When iBuyer self-tours go wrong

Today’s Real Estate game is changing and that includes new companies buying homes and turning around to re-sell them, commonly known as iBuyers. However, in places like Arizona where this type of Real Estate model is growing, there are some scary risks for agents and their clients whom go to see these iBuyer homes. Check out this article below from inman.com detailing just how serious and real some of these risks are.

Invasion of the iSquatters: What happens when iBuyer self-tours go wrong? Some iBuyers have drawn tech-savvy squatters who gain access to homes through company apps in a bid to find shelter or abuse drugs.

by Veronika Bondarenko

October 23, 2019

Mrgudich had been planning on touring a home listed on Opendoor with a buyer when he noticed something strange through a window. A child was running around the dining room while a woman looked on. Instead of buzzing the door open through an app on his phone, Mrgudich knocked — and promptly heard the sound of the lock clicking shut from the inside.

“I put one and two and three together and I go, ‘Alright we have a squatter here,’” Mrgudich, who works at West USA Realty in Peoria, Arizona, told Inman. “So I turn to my buyer and explain the safety issue briefly and suggest that we move on.”

The iBuyer model, which has grown in popularity for its convenience, has also posed new risks regarding squatters and people who enter the home to use drugs, party or engage in activities other than touring the home. Ever since Arizona police arrested a couple found squatting inside an Opendoor home with two children and a cache of drug paraphernalia in September, agents have been discussing safety issue they see with iBuyer homes.

Over the past four years, iBuyers have exploded in markets nationwide. Startups like Opendoor and Offerpad allow homeowners to unload their properties for an all-cash offer in exchange for a seller’s fee of approximately 7 percent.

Opendoor, which recently acquired a Georgia-based title and escrow company, currently operates in 20 cities and recently began providing home loans. Offerpad, meanwhile, has raised nearly $1 billion in equity and debt capital and hopes to operate in 30 cities by the end of 2020. Traditional real estate companies including Keller Williams and eXp Realty have also all launched their own instant-offer platforms.

Zillow Offers, another iBuyer platform, also operates nationwide and allows buyers to tour homes on their own through an app.

The iBuyer model has been particularly popular in states like Georgia and Arizona, where all of the major iBuyers have a presence.

With Opendoor, Offerpad and Zillow Offers, in particular, interested buyers can find for-sale homes near them through the companies’ apps and enter the property with or without an agent — either by entering a code on a front-door keypad or unlocking the home directly through a phone.

All Offerpad homes currently have traditional lockboxes but some also have instant access through a phone code.

Heather Gearhart, an agent in Chandler, Arizona, recalled in a recent Facebook post seeing a key left inside the front door of an Offerpad home. Bob Hertzog, another agent in Arizona, said numerous agents across the state have been discussing the problems they encountered when trying to tour iBuyer properties.

In August, Hertzog entered an Opendoor-listed home with a buyer when a man with disheveled hair ran past them while incoherently mumbling something about wanting to buy the property. They toured the home anyway but, upon coming in, noticed that the protection preventing the air conditioner from being tampered with had been torn off.

“In Phoenix, it gets so hot that people living on the streets or people who don’t have a home definitely look at this like an opportunity to shack up for a while,” Hertzog told Inman, adding that he tried to call Opendoor to report the problem but gave up after sitting on hold for nearly 30 minutes. “We’re starting to see it more and more.”

iBuyers acknowledge that their homes pose a risk of attracting squatters. An Opendoor spokesperson told Inman that, upon receiving reports of someone in a home, the company will “immediately engage with any impacted customers, investigate and regularly refer matters to local law enforcement.” It also said it has home monitoring systems, security patrols and customer-vetting systems in place to minimize risk.

Offerpad, meanwhile, told Inman that “home sellers have always encountered the unfortunate risk of becoming a victim to vandalization or breaking and entering” but that the company is working on a new security system that, once in effect, will improve safety at its homes.

Nonetheless, agents who have encountered problems at these homes believe the companies’ screening systems aren’t comprehensive enough considering that anybody with a smartphone can claim to be an interested buyer in a bid to gain access. Hertzog said that without the traditional high-security lockbox agents use to enter an open house, no security system can deter people with bad intentions from seeking out the homes.

“It takes seconds to kill somebody or hurt somebody really badly,” Hertzog said. “They can sit there and say all day long that they have monitoring systems and things like that but it didn’t work in my case.”

Robert Siciliano, a cybersecurity analyst and chief security architect at ProtectNow, told Inman there is no such thing as a 100 percent secure empty home — but the text-to-open-home model has attracted a new type of squatter that is specifically looking for homes with full amenities that are easy to open.

“When you can get a code online and walk into a house, you’re going to see a whole new stream of squatters take advantage of the situation,” Siciliano told Inman. “What you’re going to see is serial squatters with full knowledge of how to game the system.”

At the same time, Siciliano advises agents who are entering any open house alone not to “trust that the company is managing that risk” but rather take their own precautions every time they enter a home, iBuyer or not. This includes doing a full scan of the property before going inside, having alarms and easy access to law enforcement ready on one’s phone and getting trained in basic self-defense skills.

Given iBuyers’ young age (Opendoor launched in 2013 and Offerpad launched in 2015), the high risk of squatters may be part of the growing pains they need to get through as the companies work out more sophisticated systems and learn how to weigh easy access against security. But, at least in areas where iBuyers are most prominent, some agents are only now figuring out how to keep themselves safe while touring the homes.

“We’re just holding our breath, quite frankly, and hoping that there’s no worst case scenario,” Mrgudich said.

How to Cut Costs When Moving

As we get ready for the Holidays, cutting costs wherever we can is probably something that is on all of our minds. This is especially true if you’re in the middle of a move, or about to move.

If you’ve ever moved before in your adult life, you know that it can get really expensive really fast. So, in a time when you’re trying to save money for Thanksgiving and Christmas,  and all the gifts and travel costs that come with it, how can you minimize your moving costs?

Well, we’ve got some tips to help you do just that! Brought to you by our friends over at A & C Brothers Moving and Storage, here is some of their expert advice on how to best cut costs during your next move.

Here’s How You Can Cut Costs When Moving

Regardless of whether you’re just moving to the next town or all the way across the country, moving between homes can be a pretty expensive process. Despite the unavoidable expenses, though, it’s not impossible to move on a budget. From collecting boxes to hiring moving services, there are smart ways to keep your costs down when moving.

These tips will require plenty of extra work from you, but they’ll help you relocate successfully without breaking the bank.

Get rid of stuff you don’t need.

Most people are guilty of wanting to keep stuff they hardly use or probably won’t use anymore. Unless the items hold great sentimental value for you, now should be the perfect time to get rid of them.

When we say rid, we don’t mean throwing them in the trash. You can either arrange a garage sale, give them away, or donate them to charity. Surely, you can find a good use for the extra money you’ll earn at the garage sale. The possible tax deduction from donating your stuff isn’t so bad either.

By purging your stuff, you’ll have lesser things to pack and worry about. More importantly, you’ll end up with lower mover’s fees because there’s fewer stuff to move on the big day.

Use Improvised moving supplies.

You may not notice it, but moving supplies can eat up a good chunk of your moving budget. The great news is, it’s relatively easy to cut costs on moving supplies if you plan things ahead of time.

For starters, you can collect boxes from friends and family instead of buying them. If you can’t have them for free, try purchasing some from your neighborhood grocery stores. Don’t get brand new moving boxes, if possible. They’re quite expensive for something that you might end up using just the one time.

If you need packing supplies to protect your fragile belongings, make use of common household materials like blankets, towels, clothes, and newspapers as alternatives. They’re just as effective, but they won’t cost you a single penny!

Hunt for reliable moving companies with great deals.

If you want to score a good deal, ask for quotes, and get as much information from different movers before making a decision. However, never hire a moving company just because they’re offering you the lowest price. You’ll want reliable movers who can move your belongings from your old house to the new one without even a scratch.

When looking for the right movers to hire, always check online reviews – both on their website and social media platforms. These sources should provide you valuable insight into their quality of moving services.

Avoid moving on busier days and months.

As with most things, timing is everything. The schedule of your move has a significant impact on how cheap or expensive your relocation could be. Moving on weekdays is generally cheaper than moving on weekends, while the spring and summer are the busiest and most expensive seasons to relocate.

Most moving companies offer discounts for moves scheduled during the slower months of the year. If saving money is what you’re really after, you might want to move during the fall season or early winter.

While it’s so much easier to pay and have other people take care of the entire moving process for you, this will cost you a fortune. Like we said, moving on a budget is possible, but it will require a lot of effort and planning on your part. Anything that you can do on your own saves you from paying other people to do it.

Good luck!

Things to Never do to Your Home

Whether you are going to be in your home for 10 years or for the rest of your life, you always need to be considering resale when deciding which home projects to tackle next. That being said, here are some things you should never do to your house, both to save yourself money while you live there, and also to make your house more appealing when it comes time to resell.

Get Rid of Your Only Tub: No matter how much you want a super dreamy walk-in shower, if it requires getting rid of your only bathtub, don’t do it. A home without a bathtub can be a huge turn-off for many buyers who like having that option or who have kids and need a bathtub for this purpose.

Leave Your Cabinet Doors on While Painting them: Painting cabinets has become very popular in recent years because it is a cheap way to update your kitchen/bathroom look without the huge price tag of replacing the cabinets. It’s something that isn’t that hard to do yet makes a big difference in appearance. However, if this is your next project, make sure you remove the cabinet doors and drawers when you do so. Take the doors off and paint them separately, don’t leave them on while you do this. It makes for a much cleaner look in the end.

Plant a Tree Close to the House: This seems like it would be a no-brainer, but you’d be surprised. If you’re wanting to plant a new little sapling in your yard, make sure you do so with ample space away from the home. Otherwise, in years to come, that tree will grow large and could cause issues from falling branches and roots that grow underneath the home, going into foundation and piping. If that’s the case, it could cost you big bucks to remedy if you’re still living in the home, or even be something buyers ask you to remedy before buying your home.

Cover Wallpaper with Water-based Paint: Wanting to get rid of that tacky 70s wallpaper to have a fresh and updated look? Well, in case you didn’t know, depending on the condition of the wallpaper, you can actually paint right over it instead of going through the agonizing trouble of removing it. However, don’t use water-based paint when you do this. Water-based paint can actually re-activate the wallpaper glue and cause it to peel. We’re thinking peeling painted wallpaper wasn’t the updated look you were going for? Instead, make sure you use oil-based primer, let it dry, and then you can apply a normal latex paint over that.

Paint Exterior Brick: Now, this one might have some mixed reviews as to whether or not this is okay to do, but if you’re planning on being in your home for a long time, painting the brick on the outside of your home might not be such a good idea. Painting brick can destroy the brick and mortar, which could go so far as to cause a crumbling foundation. When comparing those costs, it’s just not worth it. If you’re looking to up your curb appeal, perhaps paint the door or add some shutters instead.

Tear Out Character: While your home might have some little corky features you aren’t thrilled about such as custom millwork, tin ceiling tiles, stained glass windows, etc., don’t be too quick to rip these things out (unless of course they are beyond saving and in disrepair). These classic details give your home character that buyers love and appeal that is hard to come by these days.

These are just a few things you should probably re-consider doing to your home or look further into to make sure you do them properly, if they are things you’ve been considering doing.

There are so many cheap and fun ways to update your home these days. Things that make it homier for you, but also things that can add great re-sale value to your home in the long run. But, make sure you do your homework on these house projects first! Not all of them are created equal.

How to Sell Your Home This “Off” Season

Although we love the Fall season, in the Real Estate business, it does start a downturn in our industry. The market slows with less people out looking to buy a home as they prepare for the holiday season with their family. Even though Prescott has a great housing market, we are not immune to this slower season.

So, what can you as a seller do then to help sell your home if you are trying to sell during this time? Well, check out this great article below from HomeLight about just that. They have some great tips on things you can do to sell your home this season, as well as some great advice to help with this process as well.

The Fed rate cuts: Good for Mortgages?

If you follow the housing market at all, odds are you have seen that interest rates for buying a home have dropped twice over the last year and are lower than they’ve been in quite some time. So, what does this mean for consumers and therefore, mortgages?

Well, check out the article below from Prescott’s own The Daily Courier to read what they’ve learned from sources such as The Federal Reserve and Freddie Mac:

What Fed’s rate cut means; good for mortgages?

The Federal Reserve has cut its benchmark interest rate again, big news for the U.S. economy but something that will likely have a muted impact on Americans’ personal finances, experts say.

That’s because the reduction doesn’t offset the increases of recent years. And as the key rate creeps closer to zero, financial institutions are less eager to pass borrowing benefits along. Lower rates could also further dampen the perks of savings.

As a reminder, the Fed slashed its benchmark rate — which affects a host of consumer and business loans — to near zero during the recession and kept it there until 2015. Then, as the economy improved, it raised rates several times. Now it has lowered them twice in one year, despite a fairly healthy economy, due to concerns about slowing economic growth and global trade tensions.

The central bank on Sept. 18 reduced its key rate by a quarter-point to a range of 1.75% to 2% and said it’s prepared to do what it deems necessary to sustain the U.S. economic expansion.

Here’s how the latest move may play out for consumers:

MORTGAGES

This is a bright spot for consumers. Mortgage rates remain at near historic lows and, while they do not move in lockstep with the Fed, they are influenced by some of the same factors. As of last week, the average rate on a 30-year fixed-rate mortgage was 3.56%. A year ago, it stood at 4.6%, according to mortgage buyer Freddie Mac.

Greg McBride, chief financial analyst at Bankrate.com, said that this full percentage point difference is “the single biggest impact on consumers” in this low rate environment. Low interest rates on mortgages can open the door for homeowners to refinance and save money or for people shopping for a house to secure an attractive rate. Someone with a $200,000 mortgage could potentially save $125 to $150 a month with a reduction of that size, McBride estimates, which is a meaningful increase in a household budget.

Mortgage rates fell sharply over the summer as broader economic concerns caused interest rates on government bonds to tumble. The yields on government bonds, especially the 10-year Treasury note, influence long-term mortgage rates. And while mortgage rates may move up slightly as they have in recent weeks, they remain historically low and no one expects major hikes soon.

BORROWING

The rate for other forms of borrowing — credit cards, home equity loans or personal loans — won’t see much of a change.

“The Fed raised interest rates nine times between 2015 and 2018,” McBride said. “Unwinding a couple of those puts us back to where we were this time last year, and rates are still notably higher than they had been as recently as a couple years ago.”

Lenders are also less likely to pass along decreases to consumers than increases.

Credit cards, for example, track the bank prime rate, which is 3% above the federal funds target rate. The prime rate will move down immediately after the Fed’s decision but many credit card issuers do not automatically adjust rates downwards because they have leeway in their contracts to do so. Some issuers may elect to keep rates unchanged to account for default risk or increase profits, said Tendayi Kapfidze, chief economist at LendingTree.

The average interest rate on a credit card is 17.61% as of Wednesday, according to Creditcards.com. A year ago it was 16.92%.

Other types of short-term borrowing, such as adjustable rate mortgages and home equity lines of credit, are more directly impacted by changes by the Fed. But Kapfidze said that as rates approach zero, they’ve been less responsive and he expects the latest reduction will see a muted reaction as well.

SAVINGS

Interest rates on savings accounts were already historically quite low and will likely stay that way.

The FDIC reports that the average rate paid on savings accounts in the U.S. is 0.09%. While some lenders have been competing online to offer high yield savings accounts with rates well above 2%, a few banks have already opted to dial back those offers. Marcus, the retail bank arm of Goldman Sachs, and Ally Bank both lowered the rates on their savings accounts this spring, just ahead of the Fed’s prior rate cut in July. There are still some savings accounts well above the national average available but those rates will likely dip after this most recent announcement.

All the same, this shouldn’t discourage people from saving, McBride said.

Consumers who find themselves worried about an economic downturn should still take steps now to shore up their finances, regardless of rates. That includes paying down debt, refinancing at lower rates and boosting emergency savings.

This “will enable households to better weather an economic downturn whenever one should materialize,” he said.

Market Statistics for August 2019

As we transition from our busy summer Real Estate season and into our slower winter season, we will start to see a decline in home sales through the next months.

Tom Ruff from ARMLS (Arizona Regional Multiple Listing Service) says, “This is the time of year sales slow. It’s simply the seasonality of our market… Demand almost always subsides every year between July and January… When judging your bushels of apples, you want to view the year-over-year trend. Sales in August were 8.6% higher than a year ago, which understates the real year-over-year improvement. There was one more business day last year, which brings our real improvement closer to 13%. This August accounted for the third highest sales volume in ARMLS reporting history, surpassed only by 2004 and 2005, with only 266 fewer sales than ‘04. With 690 more sales this year than last, 2019 sales year-to-date have now surpassed 2018. Looking ahead to how the year might end, I’m willing to go out on a limb and say the prognosticators were wrong back in January (I may or may not have been one of them). 2019 sales will surpass 2018 in both sales volume and price.”

Therefore, even though the graphs below show a slowing market, it isn’t cause for concern. Not only is this normal for this time of year, as stated above, but we are still doing better than proceeding years.