The #1 Agent &
ORAN
FOR ORANGE TREE EQUESTRIAN MANOR WITH OVER 100 TRANSACTIONS!
Kelly McLain Realtor
602.625.4653
mclainjk@aol.com www.kellymclain.com
OrangeTree I
N
S
I
D
E
R
Current Mortgage Rates Although they are rising, mortgage rates continue to remain below 3%. But a surge in home prices is threatening to make buying a home unaffordable once again. The 30-year fixed-rate mortgage averaged 2.99% for the week ending Aug. 30, rising three basis points from the week prior. It was the second consecutive week in which rates increased. Meanwhile, the 15-year fixed-rate mortgage jumped eight basis points to an average of 2.46%. The 5-year Treasuryindexed hybrid adjustable-rate mortgage rose by a single basis point to 2.91% on average. A couple of factors drove mortgage rates higher. “The rates advanced because the U.S. Treasury issued a Sales Manager large number of notes and investors are eyeing hopeful updates on COVID vaccine trials. Mortgage Loan Mortgage rates roughly track the direction of the yield Originator on the 10-year Treasury note, which has remained at its highest level since early July in recent weeks.But another factor contributing to the rise in interest rates was the surprise announcement last week that Fannie Mae and Freddie Mac were charging a new “adverse market” fee on mortgage refinances, a move that drew criticism from trade groups, consumer advocates and lawmakers on both sides of the aisle. “The announcement by the Federal Housing Finance Agency to apply a 0.5% fee to all mortgage refinance loans was one that caught lenders off guard, placing many in a difficult financial spot and forcing them to raise rates across the board — even for purchase loans, which aren’t directly affected by the new policy — in order to cover their losses.
Calling All Sleuths!
Mike Tompkins
602.329.6591 Direct NMLS # 217645 tompkins@ksstatebank.com| www.ksstatebank.com
7373 Scottsdale Road, Scottsdale, AZ 85253 | 480.308.0395 MEMBER FDIC | EQUAL HOUSING LENDER
I’ve been selling real estate around Orange Tree for a long time, never have I seen our inventory disappear at such a rapid rate. We usually have anywhere from 30 to 35 homes on the market in our area. Last month I reported 25 homes on the market, this issue of the Orange Tree Insider is showing 12 homes on the market. We are seeing a growing number of buyers coming into Scottsdale, most coming from Los Angeles, San Francisco, Portland, Seattle, Chicago, Kansas City, and Minneapolis. The last 2 months have seen the average square foot rise by 7.2%. This is a greater rise than we saw for the whole of the preceding 12 months, so appreciation has taken off like a rocket. Over the next month we expect to see a deceleration. Prices will probably continue to rise but at a less frenetic pace. However a 1% rise in a single month is still consistent with double digit appreciation for the whole year. CoreLogic’s analysts are predicting a fall in prices by the middle of 2021, I look for that to be revised, I feel Scottsdale is still going to be one of the top 5 destinations in the country, our inventory will most likely remain low over the next 6 months, eventually like everything else there will be a reversal. What else can I say? It’s a great time to sell your home and get top dollar!
Kelly McLain
ADDRESS SQFT BED BATH LIST PRICE PRICE PER SQFT Latest ACTIVE & Pending LISTINGS around Orange Tree
Orange Tree Pool Service & Repairs Steve Sherman | 480-570-1117
11001 N 60TH ST 11987 N 63RD PL 12004 N 63RD PL 9834 N 61ST PL 6116 E SHANGRI LA RD 5302 E SHANGRI LA RD 10462 N 60TH PL 5332 E POINSETTIA DR 5402 E WETHERSFIELD RD 6330 E DESERT COVE AVE 12602 N 56TH PL 12216 N 64TH ST
6,452 5,658 4,790 4,925 5,213 3,601 3,076 3,046 3,681 2,890 2,846 2,345
6 6 5 7 5 5 4 5 4 4 5 4
6.5 6.5 5 6 4.5 3 2.5 3 3.5 3 2.5 2
$2,999,500 $2,190,000 $2,040,000 $1,775,000 $1,299,000 $1,250,000 $999,777 $997,000 $925,000 $899,000 $819,500 $639,000
$464.89 $387.06 $425.89 $359.68 $249.18 $347.13 $325.03 $327.31 $251.29 $311.38 $287.95 $272.49
NEIGHBORHOOD CENTURY CIRCLE ESTATES ARABIAN GREEN ARABIAN GREEN TIERRA FELIZ NORTH ORANGE TREE MANOR DESERT HOMES TIERRA FELIZ NORTH WOODLEAF 3 RANCHO SAGUARO BAR TED ACRES CENTURY NORTH SHEA NORTH ESTATES
All information is deemed reliable but not guaranteed. Properties on this list have been listed/sold by various members of the MLS. Coming October 1, 2020
Proudly Serving Starbucks Coffee
Arizona Real Estate Market is Building Immunity
Individual Pumpkin Pies GoodNes If your home is currently listed, this is not a solicitation for that listing.
Produced by DLP Marketing • (480)460-0996 • DLPmarketing.com