ORAN
Kelly McLain Realtor
602.625.4653
mclainjk@aol.com www.kellymclain.com
What can we expect in 2019?
Current Mortgage Rates No one can predict what the 2019 real estate market will look like, but the consensus is that interest rates will continue to rise. “In my opinion, you’ll see more houses on the market,” Buyers will have more opportunities to get a good deal. But you will see rising interest rates, and that puts the squeeze on what you can buy.” Interest rates could be another one-half to 1 percent higher in the spring, which would take some people out of the market. Higher mortgage rates reduce Mike Tompkins buying capacity. Other financial experts expect Sales Manager the Federal Reserve to continue the trend of Mortgage Loan raising short-term interest rates. The fed has Originator mentioned a lean towards neutral, but we shall see. “When the market anticipates that short-term interest rates will rise and remain high, longer term rates, (such as 30-year home loans) tend to follow, Seattle-based Zillow.com is predicting mortgage rates will rise steadily — to just under 6 percent by the end of 2019, the highest rate since the last recession.
OrangeTree
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The #1 Agent
FOR ORANGE TREE EQUESTRIAN MANOR WITH OVER 100 TRANSACTIONS!
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The real estate market in the Orange Tree area for 2018 has seen some interesting trends. Inventory remained low all year long, the Orange Tree area averaged 28 homes on the market each month in 2018. Usually a balanced market in the Orange Tree area has about 40 homes on the market. As of this writing we have 33 homes on the market so the trend is going up slightly. 2018 ended with 115 homes selling in the Orange Tree area, the average time to sell was 97 days, total sales of the 115 homes was $103,358,200. If we compare those numbers to 2017 remarkably the statistics are close to the same as 2018. In 2017 110 homes sold, average days on the market was 93 days, and total sales were $96,528,400. Prices rose 2.3% in our area for 2018 What’s driving the slowdown in price appreciation? Demand for homes is decreasing as rates rise, This is an extremely mortgage-rate sensitive housing market. What can we expect for 2019? According to the Fed, 3 more interest rate increases in 2019 - this will slow down the housing market somewhat, more homes will come on the market and prices will be fairly flat for 2019. For what it’s worth I feel the Fed will back down in 2019, perhaps one more increase or none at all. I don’t see prices coming down in 2019, but I’m currently seeing buyers waiting for home prices to be reduced in price, sellers have been pricing their homes over the market price, and eventually reducing their price after being on the market for 45 to 60 days without any offers. Once that reduction is in-line with the market sellers are getting offers.
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Thanks again to all of my readers, 2018 was another great year for me, I received my real estate license in 1989 and 2019 is my 30th year in the business. I have sold hundreds of homes in and around Orange Tree, and look forward to another busy 2019. One of my last listings is getting ready to close it’s located on 60th Street priced at $1,450,000 . Once 60th street closes my listing inventory is on the low side, so I look forward to putting your home on the market in 2019.
Kelly McLain
NMLS # 217645 602.329.6591 Direct tompkins@ksstatebank.com| www.ksstatebank.com
7373 Scottsdale Road, Scottsdale, AZ 85253 | 480.308.0395 MEMBER FDIC | EQUAL HOUSING LENDER
Orange Tree Pool Service & Repairs Steve Sherman | 480-570-1117
Candis Creel Account Manager
602-697-0232
ccreel@atsaaz.com
We look forward to handling your next Escrow!
ADDRESS
SQFT
BED BATH LIST PRICE
LIST PER SQFT
11001 N 60th St 5220 E Cholla St 6021 E Cortez Dr 11832 N Blackheath Rd 6216 E Via Estrella Ave 6216 E Gold Dust Ave 6242 E Laurel Ln 6229 E Gold Dust Ave 12006 N Oakhurst Wy 9827 N 57th St 12034 N 61st St 9819 N 61st Pl 6052 E Jenan Dr 11243 N Saint Andrews Wy 5802 E Shea Bldv 6115 E Shangri LA Rd 5428 E Cholla St 5430 E Sahuaro Dr 11820 N Blackheath Rd 5846 E Cochise Rd 10242 N 58th St 11030 N 54th St 5730 E Windrose Dr 12219 N 59th St 6345 E Gold Dust Ave 11460 N Century Ln 12254 N 59th St 12221 N 58th Pl 5537 E Wetherfield Rd 5513 E Desert Hills Dr 11431 N 56th St 5619 E Century Ln
6,000 7,083 5,231 5,752 5,210 5,586 6,004 4,900 6,303 5,634 4,200 4,400 5,087 4,362 4,629 4,104 3,342 2,858 2,820 2,800 2,239 2,950 2,856 2,850 1,492 2,326 2,243 2,421 2,118 1,760 1,646 1,347
5 5 3 6 5 5 6 4 7 5 4 5 5 6 5 5 4 4 4 4 3 4 5 3 3 3 3 4 4 3 2 2
$441.67 $360.02 $439.59 $398.99 $422.25 $393.39 $358.09 $406.10 $300.65 $328.36 $427.38 $397.73 $324.36 $298.01 $279.76 $304.58 $343.93 $297.41 $281.91 $271.43 $334.52 $250.85 $253.82 $228.07 $418.83 $236.03 $240.70 $187.90 $211.00 $218.75 $227.83 $263.55
Currently For Sale in Orange Tree Area 5.5 6.5 3.5 5 5.5 5.5 5 4.5 5.5 5.5 4.5 3.5 6 3.5 4 4.5 3.5 2.5 2 2.5 3.5 3.5 3 2.5 2 3 1.75 2 2 2 2 2
$2,650,000 $2,550,000 $2,299,500 $2,295,000 $2,199,900 $2,197,500 $2,150,000 $1,989,900 $1,895,000 $1,850,000 $1,795,000 $1,750,000 $1,650,000 $1,299,900 $1,295,000 $1,250,000 $1,149,400 $850,000 $795,000 $760,000 $749,000 $740,000 $724,900 $650,000 $624,900 $549,000 $539,900 $454,900 $446,900 $385,000 $375,000 $355,000
NEIGHBORHOOD Century Circle Estates Las Haciendas Equestrian Manor Century Club Estates Sunburst Farms Sunburst Farms Equestrian Manor Sunburst Farms Century Club Estates Country Club Acres Equestrian Manor Tierra Feliz North Paradise Manor Estates Century Club Estates Century Club Estates Orangetree Manor Orangetree Manor Orangetree Estates Century Club Estates Country Estates Country Club Desert Homes Century North Avant Sunburst Farms Century Place Avant Avant Rancho Saguaro Orangetree Villas Century Place Century Place
WANT YOUR PROPERTY TO BE OUR NEXT COVER HOME?
Call Phil for the most effective marketing strategies to sell your Biltmore property. All information is deemed reliable but not guaranteed. The properties on this list have been listed/sold by various members of the MLS. All information is deemed reliable but not guaranteed. Properties on this list have been listed/sold by various members of the MLS.
If your home is currently listed, this is not a solicitation for that listing.
Produced by DLP Marketing • (480)460-0996 • DLPmarketing.com
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