1. Terravita Market Update

Hey Gang,

I hope everyone is enjoying the Olympics with a bit of a break from politics and focusing on some great entertainment. This month’s update will be shorter for two reasons:

As usual, the Terravita real estate market is pretty quiet this time of year, so there really isn’t much to say.
I just had a total knee replacement last Friday and have been a bit preoccupied! Since we usually don’t have a lot going on this time of year, I took advantage and finally got er done. Many of you have watched the alternative therapies I have been trying over the years, but it was time. I still have 2 fifteen-year-old athletes in the house, and they need me to help them be the best they can be. BUT… like everything else we do here in our business, we found a better way. I had a groundbreaking new procedure done, and things are going unbelievably well. If you are considering replacing your knees, talk to me first!! Really.

Terravita had six closings this month, all at lower prices than we’ve been seeing. Only four contracts were accepted, and two of those were canceled. For the first time this year, the monthly average price per foot dropped below the annual average. None of this is unexpected, but my job is to keep you informed!

2. Terravita Mid-Year Market Report

Speaking of updates, the Mid-Year Report went out in the mail last month. If you didn’t get yours or just want to see the information again, here you go:

👉 CLICK HERE TO DOWNLOAD THE REPORT👈

3. Scott’s Scottsdale North Newspaper Article

We have seen some big changes in the costs of everything, but homeowners insurance is very high. My article this month might help.

Why Are Our Home Insurance Costs Skyrocketing? (And What You Can Do About It)

4. Seller Alert: Handling Unethical and Deceptive Investor Buyers

Last month, I mentioned dealing with a problematic investor/flipper. That transaction finally closed, but not because the buyer acted in good faith. The buyer showed no awareness, remorse, or apology for causing incredible inconvenience, added stress, and expenses to the sellers. They lied about the offer and reasons for noncompliance, leading us to believe they were untrustworthy and unscrupulous.

I’m debating whether to publicly share his name and the full story, but I’m happy to share it privately to help you avoid similar issues. If you’re interested, I can provide his name, our story, and tips on how to protect yourself from such experiences.

5. Phase 1 Of NAR Changes In Place

Starting yesterday, August 1st, there are big changes in residential real estate. While we’re still waiting for final approval from the Department of Justice, here are some key points:

Buyer agent commissions are no longer listed on the MLS.
Buyer agent compensation can be negotiated in the purchase contract, similar to commercial real estate.
Buyer broker agreements are now required before an agent can show property. This form includes buyer agent compensation.

There are some myths and rumors floating around, so here are a few clarifications:

It’s crucial for buyers to hire a trustworthy agent. Take your time to consult and ask questions before signing a buyer-broker agreement.
Buyers can still purchase a home with little to no money down if they qualify for down payment assistance programs or negotiate their closing costs and agent compensation in the purchase contract.
Sellers might not pay buyer’s agent compensation as part of the closing costs. A high-quality listing agent will help you navigate the selling process.
Realtor compensation on both sides is always negotiable.