September 11 – 18 Weekly Recap and Forecast
Here are the stats for Corte Bella for the week of 09/11 – 09/18:
Active (For Sale): 23 (24)
Coming Soon: 0 (0)
Under Contract Accepting Backups 1 (1)
Under Contract Contingent on Buyer Sale: 3 (3)
Pending: 7 (6)
Sold Properties: 2 (1)
New Listings: 1 (9)
*The () indicates the previous week.
Inventory in Corte Bella stabilized last week with only one new listing for a new total of Active listings of 23. We had one price reduction.
Mortgage rates are hurting sales, as intended. The 30-year fixed conventional (not jumbo) rate jumped to 6.5%. Historically, 6.5% is a good rate but after 2.25% rates it seems like the end of the World. As mortgage rates remain volatile and difficult to predict, it’s important for buyers to get educated on the lending tools designed to ease the impact of dramatic rate swings. Tools such as the “Lock and Shop” option, offered by some lenders to allow buyers to lock at an acceptable rate for up to 90 days, and seller-paid permanent and temporary rate buy-down incentives designed to dull the sting of payment increases.
Buyers who are less affected by mortgage rates but are looking for the best time to pounce on a home, should know that the 4th quarter of the year is the best time for buyers seasonally. There is often a boost in supply around September and October with sellers eager to close before the end of the year. Once 2023 gets started, contract activity is expected to rise sharply from January through May. The upcoming Super Bowl, Phoenix Open and Spring Training events are expected to generate more open house traffic and exposure for active listings.
For now, the housing market is not for the faint of heart, only serious sellers need apply. Gone are the days of buyers waiving appraisals and inspections, Wall Street cash buyers offering more than asking price, and multiple offers. Over the last 6 months, the housing market has shifted away from an intense seller market to a delicate balance, the predictability of which relies on the behavior of interest rates. Until rates move below 5%, demand in the coming months will most likely remain weak, thus pressuring sellers to reduce their price, offer permanent rate buy-downs, and pay for their buyer’s closing costs.
MOJO REPORT -- The weekly Mojo Report is:
Inventory levels are up, but stabilizing. - (for Sellers) + (for Buyers)
Demand is down. - (for Sellers) + (for Buyers)
Mortgage rates are up. - (for Sellers) - (for Buyers)
Market Mojo. - (for Sellers) - for Buyers)
Reports of Snowbirds on the horizon are starting to come in! Get your errands and doctor appointments in now. In a couple of weeks you'll be out of luck!
I am a year-round Corte Bella resident and I put 100% of my effort into Corte Bella sales transactions although occasionally, I will assist my sales clients relocating to another area in Arizona. As the market changes it is important you have clear picture of the value of your home should you decide to sell. No one knows Corte Bella than I do. I sell Premier Properties with Premier Service.
ACTIVE LISTINGS AS OF 09/18/22:
12812 W Junipero Dr., Arcada Model, 1,660/sf., 2/2, vacant - $475,000
22512 N San Ramon Dr., San Ysidro Model, 1,812/sf., 2/2 + Den - $490,000
22027 N Arrellaga Dr., Arcada Model, 1,6854/sf, 2/2 + Den - $497,500
12948 W Micheltorena Dr., San Ysidro Model, 1,811/sf., 2/2 - $535,000
12750 W Nogales Dr., San Marco Model, 2,151/sf., 3/3, Casita, Fire Pit - $599,000
13432 W Los Bancos Dr., Encanto Model, 2,095/sf., 2/2 Plus Den, Corner lot - $599,750
12959 W Rincon Dr., San Marco Model, 1,904/sf., 3/2 - $600,000
23307 N De La Guerra Ct., Arcada Model, 1,684/sf., 2/2, Pool - $600,000
22823 N Los Gatos Dr., Encanto Model, 2,095/sf., 3/2, Casita - $619,900
13827 W Figueroa Dr., Encanto Model, 1,684/sf., 2/2, Covered Patio - $638,000
13524 W Sola Dr., Cambria Model, 2,362/sf, 3/2 Plus Office - $639,000
12904 W La Vina Dr., Cambria Model, 2,423/sf., 3/2 Plus Wine Room - $675,000*
22132 N Los Gatos Dr., Encanto Model, 2,095/sf., 2/2, Golf Course Lot - $699,000
13417 W La Vina Dr., Cambria Model, 2,470/sf., 3/2, Pool - $720,000**
22931 N Padaro Dr., Encanto Model, 2,095/sf., 3/2, Casita - $725,000
23109 N Hank Ramon Dr., Figueroa Model, 2,840/sf., 3/3.5, Casita, Golf Course Lot - $785,0000
23023 N Pedregosa Dr., Mirada Model, 2,593/sf., 2/2.5, 3-car garage, Pool - $798,000
22002 N Valerio Dr., Figueroa Model, 2,785/sf., 2/2, Spa, Golf Course Lot - $799,000
22817 N Galicia Dr., Mirada Model, 2,593/sf., 2/2, Cart Garage, Golf Course Lot - $827,000*
13147 W Sola Ct., Granada Model, 3,027/sf., 3/2.5, Golf Course Lot - $875,000
22111 N Giovota Dr., Mirada Model, 2,840/sf., 3/2.5, Casita, Golf Course Lot - $888,000
13239 W Rincon Dr., Mirada Model, 3,255/sf., 4/3.5, Casita, Golf Course Lot - $920,000
22108 San Ramon Dr., Figueroa Model, 2,784/sf, 3/3, 3-car garage, Pool, Golf Course Lot - $949,900
* New listing this week
** Price reduction
*** Temporarily off market
**** Back on Market
COMING SOON
None.
UNDER CONTACT ACCEPTING BACKUPS
22207 N Montecito Ave., Cambria Model, 2,423/sf., 3/2, Pool - $649,900
UNDER CONTRACT CONTINGENT ON BUYER SALE:
13510 Nogales Dr., Arcada Model, 1,684/sf., Private lot - $505,000
13005 W Panchita Dr., Cambria Model, 2,690/sf., 3/2, Casita - $699,995
23215 N Cardenas Dr., Mirada Model, 2,805/sf., 3/3.5, Casita, Putting Green - $729,950
PENDING LISTINGS:
22425 N Los Gatos Dr., Quinta Model, 1,283/sf., 2/1.75, Corner Lot - $409,000
23134 N Loreto Dr., San Marco Model, 1,904/sf., 2/2 - $574,900
23903 N Las Positas Dr., San Marco Model, 2/2, 1,904/sf., Golf Course Lot - $635,000
12826 W Rincon Ct., Encanto Model, 2/2, 2,143/sf., 3-Car garage, Casita - $649,000
12853 W Junipero Dr., San Ysidro Model, 1,837/sf., 2/2 - $675,000
13265 W Micheltorena Ct., Alameda Model, 2,726/sf., 3/2.5, cart garage, Pool - $725,000
13232 W Los Bancos, Figueroa Model, 2,784/sf., 2/2.5, 3 car garage - $795,000
SOLD LISTINGS (09/01/22 – 09/18/22):
13105 W Junipero Dr. Arcada Model, 1,684/sf., 2/2 - $489,900
22718 N San Ramon Dr., Arcada Model, 1,684/sf., 2/2, Golf Course Lot, Pool - $625,000
I may not be the listing agent on the above properties. If you or someone you know is interested in touring one of these properties, I would be happy to arrange a showing.
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