Phoenix Real Estate Update: Cautiously Optimistic

By Jackie Briggs | Locality Homes

The Phoenix real estate market was quite the rollercoaster ride in 2022. We saw an insane “seller’s market” with record high prices and bidding wars in the spring, then a sudden slow down over the summer, finally entering an official “buyer’s market” in November. After a slow Q4 with sales down 45% and very few new listings (the lowest amount since 2000!), we are ending January with a cautiously optimistic update. In the first month of 2023, mortgage interest rates have dropped, resulting in a 22% increase in homes going under contract from the first week in January to the third week in January. Our ratio of supply-to-demand is now showing Greater Phoenix has moved back into a “balanced market,” reducing further downward pressure on prices. If inflation and mortgage rates continue to decline, we may be putting the rollercoaster days behind us and settling into a more stable market. In a balanced market, sellers need to be realistic about pricing and willing to negotiate with buyers on price, closing costs and repairs. Despite the doom-and-gloom headlines, homes are still selling in Phoenix! Prices have come down since their May 2022 peak, but the majority of sellers are still coming out ahead. The long-term appreciation rate is still an attractive 25% for those who have owned their home for 2 years. The appreciation rate jumps to 50% for homeowners who purchased 3 years ago, 63% for 4 years, 70% for 5 years and 86%+ for homeowners who bought more than 6 years ago. If you’re considering a move in 2023, contact Moon Valley’s real estate experts at Locality Homes for a no-pressure consultation.

REMEMBER?

How many of you were around when Moon Valley became the place to live? That would be about 1968-70 So if you were, you have a joy of driving the two lane road called 7th Street from downtown Phoenix, up over the huge mountain called North Mountain and then feasting your eyes on what?

Open desert with a sprinkling of lights from homes. Savoy builders and investors saw the potential and shortly there were model homes on Thunderbird and Hana Maui. The Moon Valley Country Club already had a presence. If my sources are correct Moon Valley County Club came into being because members of the Phoenix Country Club could not get a Tee time so they built their own golf course and country club. How kool is that!

Amazing what initiative, resources and money can accomplish. Of course it goes with out saying, that is free enterprise and capitalism in action. A previous article was written on the setting up of Block Representatives ie Captains. There were 48 areas with a person assigned to welcome new residents and deliver the illuninarias to the holiday candle tradition. It is quite amazing that our neighborhood, run by volunteers has keep the traditions going.

That is what makes Moon Valley unique and special. Lets support these traditions and the volunteer homeowners association. Together this commoradori makes a difference. Don’t forget our third Saturday in October GAIN Day. Plan to have a gathering on your drive way or help someone on your block do one. We invited our whole block for that Saturday from 5pm to 7:30 pm Our neighbors came with their personal beverage in hand and I had a ice chest full of our favorite ice cream bars and sandwiches. Couldn’t be easier then that. If you register your event the Community Officers working that day will stop by and say hi. A win win as you meet the men and women in blue that drive and protect our community.

Handy Dandy Classifieds Form

Use the form at right to mail or drop off your classified ad. You may also email a Word doc directly to info@mvtattler.com 20 WORDS FOR $20 (PER MONTH). Additional words are 50 cents each.

M&T Solutions Tech Tip of the Month

With the holidays in our rear view mirror, M&T Solutions recommends starting the new year off with changing your passwords for most, if not all of your accounts. Cybersecurity experts recommend changing your password every 3 months. This will help keep you secure if any of your information has been compromised in data breaches or phishing scams. Oxford Dictionary defines phishing as the fraudulent practice of sending emails or other messages purporting to be from reputable companies in order to induce individuals to reveal personal information, such as passwords and credit card numbers.

We also recommend enabling 2-Factor Authentication when possible. This will add another layer of security to your accounts and will also notify you if someone is trying to access your accounts. If you do not know how to enable this option, M&T Solutions will be more than happy to assist.

The following are best practices for password management:

• Create a Strong, Long passphrase (8 characters or more)

• This should include: upper and lowercase letters, numbers, and symbols

• Don’t use dictionary words

• Hackers have tools that can search through thousands of dictionary words and can crack the password easily.

• Use different passwords for different accounts

• Secure your phone with a strong password or biometric access

• Phones are commonly used to conduct business, shop, and more.

• Change passwords if there has been a potential threat or compromise to an account.

• Change passwords when an employee leaves your business.

• Avoid storing passwords if possible

• If passwords are stored, make sure they are kept somewhere secure and not in plain site or easily accessible.

• Use a password manager if necessary (e.g. PasswordSafe) passwords. Following the best practices above should help keep your accounts and information safe. If you have any questions or need any assistance, please reach out to M&T Solutions at Mike.Ortiz@nerdsonthemove.com or (602) 888-3305. We are here to help.

• Don’t share accounts and passwords on the business side if possible This will create issues when employees leave or if someone does something malicious while logged into another user’s account.