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Elite Results Realty | Elite Results Realty Blog

Wednesday, June 10, 2020   /   by Vyral Marketing

How Mortgage Rates Are Calculated

Here’s why current mortgages rates hover around 3.5%, not 0.5% or 2.5%.


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Oftentimes, people will wonder why mortgage rates don’t follow suit when the fed funds rate drops significantly—as was the case at the onset of the COVID-19 pandemic and our current recession. The truth is, in today’s market, mortgage rates are not determined by the fed funds rate.

Though not calculated on the fed funds rate, mortgage rates do align closely with the 10-year Treasury yield. If you look at the history of the 10-year Treasury, you’ll notice that that yield tends to be about 2% lower than mortgage rates.

Back in 2007, when we saw the market crashing, mortgage rates were at 6.5% to 7%, and the Treasury yield was at 4.5% to 5%. It took a couple of years for the Fed to step in and start buying Treasury bonds, which caused the rates to go down.
 

The 10-year ...

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  elite results realty, buying a home, market updates

Monday, April 6, 2020   /   by Vyral Marketing

In the Real Estate Market, It’s Been Business As Usual

Despite all the economic turbulence caused by the coronavirus, it's been business as usual for real estate.


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How is the coronavirus affecting the real estate market? Sales-wise, it’s been business as usual, and we haven’t seen a drop-off in prices either so far. The same can be said on the mortgage side of things. Part of the government’s $2 trillion-dollar stimulus package involves them buying down rates, which makes now a great time to buy or refinance.

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  real estate market, elite results realty

Friday, March 16, 2018   /   by Rob Hale

Here is what elite results look like (with new video!)

In today's market, real estate transactions can move really quickly. In fact, we got some of our recent listings under contract in less than one week. However, these decisions can also take quite some time when our clients have different life factors that influence that decision. 

But that's ok with us. We stick by our clients throughout the whole process, even if they are years away from buying or selling. Take it from Kathy, who recently said this on our Facebook page: "Rob Hale stayed in touch with us for over a year and a half until we were ready to sell our home, and we appreciated his time to keep in contact with us."



We just got a different client under contract whom we had originally met with two years ago. We gave them some advice on how they could update their home, knowing they would sell within a few years. And it worked! They have been able to enjoy their updated home, and also see it quickly go under contract once they were ready to sell.

Having lon ...

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  real estate market, elite results realty

Thursday, March 8, 2018   /   by Rob Hale

Consider updates: enjoy your home AND your resale value

If selling your house is a possibility anytime soon, then you should be thinking about what to do to prepare. 

Working with sellers is definitely one of our specialties, so we have many clients who reach out when they are ready. When we sit down and talk through the numbers, they are often surprised when they learn how much more money they can get if they do at least a few simple updates. Most of them end up taking some of our advice by changing paint, flooring, landscaping, etc. 

However, it always makes me a little sad to see people go through the work and investment just in time for someone else to enjoy it. But every once in a while, I come across a savvy client who made the updates with enough time to enjoy before selling! 

The lovely Queen Creek home pictured below is a great example. Using some of our advice, the sellers updated the home about two years ago, and it is still in pretty much perfect condition. It shows wonderfully, and looks as though they f ...

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  real estate market, elite results realty, selling a home, seller's market

Tuesday, February 20, 2018   /   by Ellie R.T.

Check out the transformation of this Mesa mansion

Today is #TransformationTuesday, and we wanted to give you a break from all the before and after shots of your diligent friends who have been hitting the gym. Just feast your eyes on this 6,000 square-foot Mesa mansion that has undergone some change before recently hitting the market. It's fun to watch, whether or not it's in your price point.  



This home is a great example of how a face lift (guided by your dedicated seller experts... hint...that's us) can do wonders, even when we are in this strong of a seller's market.  

Speaking of the market, here are some current trends to note*:

Total sales for homes over $500,000 was up 25 percent from this time last year.
Supply is still very low, leading to continuously climbing prices.
The monthly median price is $249,900 (a peak not seen since Sept. 2007).
The price per square foot continues to increase as well, especially in the southeast valley.

If you want to capitalize on these peaking prices, reac ...

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  real estate market, elite results realty, seller's market