The Latest on the Luxury Home Market

Luxury living is about more than just stunning views and cutting-edge smart home technology—it's about elevating your lifestyle. And if you're in the market for a million-dollar home, now is an excellent time to explore the thriving luxury market. Here's why. The Number of Luxury Homes Is Growing The top of the market, or luxury homes, can mean different things depending on where you live. But in general, these are homes that are in the top 5% price range in any area. According to a recent report from Redfin, the average value of those homes has risen to over one million dollars: “The median sale price for U.S. luxury homes, defined as the top 5% of listings, rose 9% year-over-year to a record $1.18 million during the second quarter.” That same report goes on to show the percentage of homes valued at a million dollars or more has risen to an all-time high (see graph below): That means, if this is your desired price range, you have options to choose from, each with different features and styles. Whether you're looking for the latest designs, like modern kitchens with high-end appliances, exclusive amenities, or enhanced privacy and security, the market that fits this lifestyle is growing. Your Luxury Home Is an Investment In addition, a luxury home could help you build significant long-term wealth. As the Redfin quote mentioned earlier says, luxury home prices are rising. That may be the reason there are a lot of people investing in luxury real estate right now. According to the August Luxury Market Report: “By the end of July, the overall growth in the volume of sales in 2024 stood at 14.82% for single-family homes and 11.35% for attached homes compared to the same period in 2023.” Bottom Line With more million-dollar homes on the market and prices going up, you have luxury options to choose from and a chance to build significant long-term wealth. Want to see the best homes in our area? Let’s get in touch today.

How the Federal Reserve’s Next Move Could Impact the Housing Market

Now that it’s September, all eyes are on the Federal Reserve (the Fed). The overwhelming expectation is that they’ll cut the Federal Funds Rate at their upcoming meeting, driven primarily by recent signs that inflation is cooling, and the job market is slowing down. Mark Zandi, Chief Economist at Moody’s Analytics, said: “They’re ready to cut, just as long as we don’t get an inflation surprise between now and September, which we won’t.” But what does this mean for the housing market, and more importantly, for you as a potential homebuyer or seller? Why a Federal Funds Rate Cut Matters The Federal Funds Rate is one of the key factors that influences mortgage rates – things like the economy, geopolitical uncertainty, and more also have an impact. When the Fed cuts the Federal Funds Rate, it signals what’s happening in the broader economy, and mortgage rates tend to respond. While a single rate cut might not lead to a dramatic drop in mortgage rates, it could contribute to the gradual decline that’s already happening. As Mike Fratantoni, Chief Economist at the Mortgage Bankers Association (MBA), points out: “Once the Fed kicks off a rate-cutting cycle, we do expect that mortgage rates will move somewhat lower.” And any upcoming Federal Funds Rate cut likely won’t be a one-time event. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says: “Generally, the rate-cutting cycle is not one-and-done. Six to eight rounds of rate cuts all through 2025 look likely.” The Projected Impact on Mortgage Rates Here’s what experts in the industry project for mortgage rates through 2025. One contributing factor to this ongoing gradual decline is the anticipated cuts from the Fed. The graph below shows the latest forecasts from Fannie Mae, MBA, NAR, and Wells Fargo (see graph below): So, with recent improvements in inflation and signs of a cooling job market, a Federal Funds Rate cut is likely to lead to a moderate decline in mortgage rates (shown in the dotted lines). Here are two big reasons why that’s good news for both buyers and sellers: 1. It Helps Alleviate the Lock-In Effect For current homeowners, lower mortgage rates could help ease the lock-in effect. That’s where people feel stuck within their current home because today’s rates are higher than what they locked in when they bought their current house. If the fear of losing your low-rate mortgage and facing higher costs has kept you out of the market, a slight reduction in rates could make selling a bit more attractive again. However, this isn’t expected to bring a flood of sellers to the market, as many homeowners may still be cautious about giving up their existing mortgage rate. 2. It Should Boost Buyer Activity For potential homebuyers, any drop in mortgage rates will provide a more inviting housing market. Lower mortgage rates can reduce the overall cost of homeownership, making it more feasible for you if you’ve been waiting to make a move. What Should You Do? While a Federal Funds Rate cut is not expected to lead to drastically lower mortgage rates, it will likely contribute to the gradual decrease that’s already happening. And while the anticipated rate cut represents a positive shift for the future of the housing market, it’s important to consider your options right now. Jacob Channel, Senior Economist at LendingTree, sums it up well: “Timing the market is basically impossible. If you’re always waiting for perfect market conditions, you’re going to be waiting forever. Buy now only if it’s a good idea for you.” Bottom Line The expected Federal Funds Rate cut, driven by improving inflation and slower job growth, is likely to have a positive, though gradual, impact on mortgage rates. That could help unlock opportunities for you. When you’re ready, let’s connect. That way you’ll be prepared to take action when the time is right for you.

Deydalie Swims With Dolphins For An Unforgettable Family Adventure

After Deydalie graduated kindergarten, what started as a time of celebration turned to family concerns when Deydalie began to experience excruciating knee pain. Deydalie’s mom, Rosa, pleaded with the doctors for answers, knowing something was wrong with her daughter. Her intuition was correct. Deydalie, at just six years old, was diagnosed with acute lymphoblastic leukemia (ALL). It was a day that changed everything for Deydalie and her family, marking the beginning of a challenging journey filled with pain, fear, and uncertainty. Deydalie began chemotherapy immediately, enduring two rounds of treatment in a matter of 20 days. The physical toll was immense; Deydalie was constantly getting infections, causing fevers, pain, and fatigue.   “Deydalie couldn’t even study for an hour for school because she was so sick,” said her mom, Rosa. "She faced each day with quiet strength, even as she lost her hair, eyelashes, and eyebrows to the chemo treatment." Despite the overwhelming challenges, Deydalie's spirit remained unbroken. Rosa Deydalie's mom A year into her battle, hope arrived in an unexpected form. Deydalie's oncologist mentioned Make-A-Wish Arizona and she knew immediately that she wanted to go to Hawaii. Inspired by a trip her parents had taken, she longed to swim with dolphins and feel the warm embrace of the ocean. It was a wish that symbolized freedom and joy.  Her wish came true after ringing the bell to celebrate the end of her chemotherapy months before and entering remission. The trip was a family affair, with her parents, her 10-year-old brother, 13-year-old sister, and one-year-old baby sister joining her. Deydalie was not a cancer patient for one magical week but a carefree child. She donned a different bikini each day, her inner diva shining brightly. Swimming with the dolphins was a highlight, the pure delight on her face, a sight that Rosa would never forget. Even the rainy days did not stop Deydalie from experiencing Jurassic World film locations. It was a time of healing and happiness, a precious respite from the battles they had fought.  Since that transformative trip, Deydalie has blossomed. Now, in fourth grade, she’s improved significantly in her schoolwork, which is evident in her academic progress. This summer, she is looking forward to attending Rainbow Camp in Williams, AZ., a special camp where she will meet other children who have faced similar battles.  Deydalie's journey is far from over, but the worst is behind her. The trip to Hawaii was more than just a wish; it was a beacon of hope and a reminder of life's joy. For Rosa, watching her daughter smile and laugh was a gift beyond measure.   “Deydalie was so strong and never cried. She went through so much, and I am glad that she was able to experience her wish come true.”   Her journey continues, marked by hope and the promise of what's possible.  ***********************************************************We are on a mission to raise $10,000 for Make-A- Wish Foundation ARIZONA, so for every house we sell this year we are donating a portion of our income to them. As you know Make-A-Wish Foundation does create life changing wishes for Arizona children with critical illnesses. The children we serve are fighting for their lives, and their families are doing everything that they can to help them in their battles. Last year they served thousands of children around Arizona. Chances are your family or someone you know has benefitted from the great work they do. Who do you know considering buying or selling a home you could refer to our real estate sales team? Not only will they benefit from our award- winning real estate service, a very worthy cause will benefit as well. I want to make it easy to refer your friends, neighbors, associates or family member.You can go to our website and enter their contact info online or forward the link to who you know considering a move. Of course you can always call me direct as well. Thank you so much for the referral!. "I Make Dreams A Reality In Realty"