Market Update
Dear Friends,
I wanted to take this opportunity to update you on the National Association of Realtors settlement. I am sure you have noticed that the real estate industry has been in the headlines over the past month due the National Association of Realtors’ (NAR) proposed settlement of a class action lawsuit filed by a group of sellers in Missouri. Most of these headlines were quite misleading and very sensationalized, leading to a lot of questions and speculation, even among real estate professionals. NAR President Kevin Sears shared a video update on the association’s settlement agreement that brought some clarity to what was actually proposed and how this will impact both consumers and agents. You can watch the video here.
Kevin Sears: Discussing Key Settlement Considerations and Ongoing Advocacy Efforts On the Road (nar realtor)
The settlement terms need to be approved by the judge and possibly the Department of Justice, but we are already starting to prepare for the anticipated changes based on the settlement terms:
A real estate agent will be required to have a signed contract to represent a buyer, including the respective duties the agent and buyer have to each other, and what compensation is owed to the agent’s broker (Tierra Antigua is my broker) when that buyer successfully purchases a home. This requirement is already mandated in many states but will likely be required on a national level.
The Multiple Listing Service will no longer display whether a seller is offering compensation to a buyer’s agent. A seller can still elect to offer compensation to a buyer’s broker, but this information will have to be communicated to a buyer’s agent in a different manner other than through the MLS. There has been no clarity yet on how this will be done.
This proposed settlement protects brokers with 2022 closed sales under $2B against this lawsuit and other “copycat” suits by sellers that followed. Tierra Antigua Realty is the largest locally owned real estate company in Southern Arizona and has not been named in any lawsuits. No other details were announced, other than "minor changes to business practices would be made."
I will continue to update you as I learn how this will impact you as a buyer or a seller moving forward, and my relationship with you as your agent.
If you have any immediate questions or concerns, please reach out to me at 520-906-7400.
| | March Real Estate Statistics and My New Listings and Sales |  | March 2024 Market Statistics
New Listings - 2,093 (supply)
Pending Sales - 1,481 (demand)
Days on Market Until Sale - 22
Median Sales Price - $360,000
Average Sales Price - $439,948 (+4.92%)
Percent of List Price Received - 98.5%
Inventory of Home Sales - 3,566
Months Supply of Inventory - 2.45
Just Listed in Oro Valley
12851 N. Whitlock Canyon Drive
Listing Price $949,000.
4 bedrooms, 3 baths, 3-car garage, 2908 sqft, pool, spa, putting green, vaulted ceilings and designer finishes throughout. This home is the perfect example of style meets function. The home has been completely updated with Quartz, Travertine, custom cabinetry and tile, a Cantera stone fireplace, and contemporary lighting. Located on a cul-de-sac lot with no neighbor behind you and views of the Sonoran Desert, Arizona sunsets and mountains. NEW roof and two NEW highly upgraded HVAC units.
Click on the link to view the photos, map and floorplan.
https://12851nwhitlockcanyondr.com/idx
Just Sold in Tucson Country Club
2849 N Calle Ladera
Listing Price $999,000. Final Sales Price $882,500.
4 bedrooms, 3 baths, 3076 sqft, updated kitchen with subzero refrigerator, commercial grade gas cooktop, warming drawer and wine refrigerator. Impressive master suite with large picture windows and french doors to the backyard. Walk to the golf course and club house from this ideal location within Tucson Country Club.
Just Sold in Corona de Tucson
500 E Nashville Avenue
Listing Price $399,000. Final Sales Price $390,000.
4 bedrooms, 2 baths, 2371 sqft, .28 acre lot with no homeowner's association and located within the highly desirable Vail School District. This move-in ready home also has a raised garden bed with irrigation, chicken coup, an oversized 2-car garage, large storage room and work bench.
Just Sold in Central Tucson
4120 E. Megan Drive
Listing Price $315,000. Final Sales Price $315,000
3 bedrooms, 2 baths, 1316 sqft. My clients got full price for their Central gem! Everything was new including the HVAC, water heater, kitchen and bathrooms.
I look forward to keeping you informed about our local market and the changes coming to the real estate industry. As always, thank you for your business and your referrals.
Sincerely,
Mary |
|
| | | |
|