The ‘REAL’ News about Housing Affordability

Some industry experts are claiming that the housing market may be headed for a slowdown as we proceed through 2017, based on rising home prices and a potential jump in mortgage interest rates. One of the data points they use is the Housing Affordability Index, as reported by the National Association of Realtors (NAR).

Here is how NAR defines the index:

“The Housing Affordability Index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national level based on the most recent price and income data.”

Basically, a value of 100 means a family earning the median income earns enough to qualify for a mortgage on a median-priced home, based on the price and mortgage interest rates at the time. Anything above 100 means the family has more than enough to qualify.

The higher the index, the easier it is to afford a home.

Why the concern?

The index has been declining over the last several years as home values increased. Some are concerned that too many buyers could be priced out of the market.

But, wait a minute…

Though the index skyrocketed from 2009 through 2013, we must realize that during that time, the housing crisis left the market with an overabundance of distressed properties (foreclosures and short sales). All prices dropped dramatically and distressed properties sold at major discounts. Then, mortgage rates fell like a rock.

The market is recovering, and values are coming back nicely. That has caused the index to fall.

However, let’s remove the crisis years (shaded in gray) and look at the current index as compared to the index from 1990 – 2008:

Though prices and rates appear to be increasing, we must realize that affordability is composed of three ingredients: home prices, interest rates, and income. And, incomes are finally rising.

ATTOM Data Solutions recently released their Q1 2017 U.S. Home Affordability Index. The report explained:

“Stronger wage growth is the silver lining in this report, outpacing home price growth in more than half of the markets for the first time since Q1 2012, when median home prices were still falling nationwide. If that pattern continues, it will help turn the tide in the eroding home affordability trend.”

Bottom Line

Compared to historic norms, it is still a great time to buy from an affordability standpoint.  Give me a call for more information – J.P. Cook – 602-320-4253.

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42315 N Olympic Fields Court Anthem, AZ 85086

$1,350,000

4 Beds

4.5 Baths

3,770 SqFt

Status Active

MLS # 6783493

Property Type Single Family Residence

Price Type --

One of the most coveted streets in Anthem Country Club, with breathtaking desert & mountain vistas. The dramatic entry leads to formal living area, featuring elegant, curved wall & expansive windows that frame million-dollar views. The kitchen includes stainless GE Monogram refrigerator and dual wall ovens, granite counters, gas cooktop & breakfast bar island. Enjoy spacious, oversized bedrooms, including a Primary Suite with sitting area, dual entry walk-in shower and dual walk-in closets. The fourth bedroom, currently used as a versatile home office with a Murphy bed, includes its own private bathroom and closet. Backyard includes gas BBQ island, PebbleTec spa, extended paver patio & amazing mountain views. Additional features include rain gutters and an epoxy-coated garage floor.

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15730 E Greystone Drive Fountain Hills, AZ 85268

$1,350,000

3 Beds

2.5 Baths

3,984 SqFt

Status Active

MLS # 6781756

Property Type Single Family Residence

Price Type --

Beautiful custom 3-bedroom, 2.5-bath home with 3-car garage, motorized security screens, and magnificent mountain views from the back. Walkout basement with two bedrooms and full bath. Entry-level living area, kitchen, powder room, office, primary bedroom with full bath. Two full-length covered back patios. No HOA. Home was professionally remodeled in 2021, adding several high-end features and opening it up so the floor plan flows nicely. Recent exterior paint. Home theater seating, platform, and flat-screen TVs available under separate bill of sale.

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5634 E Justine Road Scottsdale, AZ 85254

$1,350,000

5 Beds

3 Baths

2,853 SqFt

Status Active Under Contract

MLS # 6772909

Property Type Single Family Residence

Price Type --

Experience the sophistication of this tastefully remodeled 5BR/3BA residence - a 14,000' lot nestled within one of Scottsdale's most coveted neighborhoods. Refined desert landscaping invites you into an expansive & open floor plan adorned with modern touches, providing warmth and elegance throughout. The sizeable kitchen is a masterwork of style and function highlighted by an impressive central island—perfect for entertaining & culinary pursuits alike. Step outside to a freshly revamped backyard oasis, revealing the best in Arizona outdoor living. A shimmering heated pool with a Pentair control system, built-in BBQ, shaded pergola & multiple lounging areas ideal for large gatherings. Immaculate throughout, this exceptional home places you at the center of Scottsdale's revered lifestyle!

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2866 S Petroglyph Trail Gold Canyon, AZ 85118

$1,350,000

4 Beds

3.5 Baths

3,043 SqFt

Status Active

MLS # 6782629

Property Type Single Family Residence

Price Type --

OFFERED FURNISHED & A GOLF MEMBERSHIP TO THE RENOWNED SUPERSTITION MOUNTAIN GOLF & COUNTRY CLUB, A LYLE ANDERSON COMMUNITY W/36 HOLES OF NICKLAUS DESIGNED GOLF W/A FULL PRICE OFFER ($100K value). Splendid Southwest contemporary designed by noted Tate Studio Architects, Luxe RED & Gold Nugget award recipients. Peacefully set on the 15th hole of the Lost Gold Course w/sunset, mountain & desert views. Private 24/7 guard gated community is less than 35 minutes to Sky Harbor & 20 minutes to Mesa Gateway. Golf club hosted 8 nationally televised Champion Tour & LPGA events. Single level & upgraded features 9'+ walls of glass on the much of its exterior taking in views of desert & golf. Its elegant simplicity creates a serene, luxurious environment perfect for entertaining or relaxation. Experience the pinnacle of desert living in this unparalleled property! Nine foot to 13.5' ceilings throughout. All concrete flooring. Trulite custom windows, large glass expanses, and clerestory accents all accentuate this striking modern southwest design. Kitchen and great room flow together creating a lovely setting for family, friends and social gatherings. ZLINE 6 burner gas stove with double ovens, Sub-Zero refrigerator, Cafe dishwasher, trash compactor, pantry. Butcher block countertops. Custom lighting. Kitchen island and breakfast bar. Three ensuite bedrooms/baths and one media room/office. Powder room accommodates the media room. Navien tankless hot water. Oversized 3 car garage with 23' offset bays complimented by a 41' width. Optional 4th car capacity by using a lift. Also, 220 volt charging outlet for EV's.Glimpses of city lights. Community has private streets and roving patrol. Golf club membership is not mandatory but option and is by separate agreement with club ownership. Social memberships also available. Gold Canyon is Arizona's best kept secret featuring low traffic and magnificent mountain views. Pinal county is 76% open space mostly Federal, State, and BLM lands taking the priority of ownership. Only one traffic light separates the residents from the Atlantic and Pacific Oceans via US 60 and the 101 to Sky Harbor! Best location, best value. Where else? Nowhere else but here! Gold Canyon is Arizona's best kept secret.

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8625 E Clubhouse Way Scottsdale, AZ 85255

$1,350,000

3 Beds

2 Baths

2,416 SqFt

Status Active

MLS # 6770711

Property Type Single Family Residence

Price Type --

Gorgeous Updated home in the Prestigious Guard Gated Pinnacle Peak Country Club Estates. This 3 bedroom 2 bathroom home is meticulously maintained and beautifully updated. The backyard provides a private Oasis for all of you outdoor entertaining. New kitchen, South facing windows and doors as well as new floors throughout, too many upgrades to list, please see attached document. Easy walking to Pinnacle Peak Country Club.

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6312 N 13th Street Phoenix, AZ 85014

$1,350,000

4 Beds

4 Baths

4,072 SqFt

Status Active

MLS # 6786904

Property Type Single Family Residence

Price Type --

An opportunity like this does not come often in Uptown Phoenix! This updated home is the perfect mix of mid century and contemporary living. Vaulted ceilings allow for a light, open feel downstairs and the sellers have retained the home's charms throughout the rehab process. With a bonus pool/game room, loft, and an upstairs guest suite with kitchenette, there are options for a 5th bedroom and flex space. The kitchen has been lovingly updated to include euro cabinets, granite counters, a pot filler, & timeless backsplash. The large yard, extended back patio, pergola, pool and spa make the property perfect for entertaining! With designer features and touches throughout, this home is ready for your personal finishes. Please excuse the dust as the sellers work to make this home yours!

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3800 E Lincoln Drive Unit 54 Phoenix, AZ 85018

$1,350,000

3 Beds

2.5 Baths

3,847 SqFt

Status Active Under Contract

MLS # 6787025

Property Type Single Family Residence

Price Type --

Perched on the hillside in exclusive guard gated Estate Antigua, is a lovely home eagerly waiting for new owners to make it their own. Positioned to take advantage of Camelback Mtn and Phoenix Preserve views at every turn. Generously sized rooms with tall ceilings only add to this gracious living space. 3 bedrooms and an office. Workspace and large storage room too. Estate Antigua has 2 sparkling pools as well as tennis and pickleball. Centrally located close to PV, Arcadia and the Biltmore. Hiking and golf at every turn. Perfect lock and leave property. Competitively priced, allowing new owners the opportunity to renovate and create a dream home. Truly a one of kind location in an unparalleled, distinctive community.

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4662 N 40th Street Phoenix, AZ 85018

$1,350,000

2 Beds

2 Baths

1,752 SqFt

Status Active

MLS # 6778246

Property Type Townhouse

Price Type --

Location! Location! Location! Come and see this stunning mid century townhome in the Bridgewood North 40 Community. Located in the highly sought after neighborhood of Arcadia Lite this home is move in ready. Floor to ceiling windows and pivot doors gives the floor plan the indoor/outdoor feel. Kitchen is beautifully appointed with warm wood custom cabinets with built in led lighting controlled by a state of the art Crestron system, built in Fisher and Paykel appliances with matching wood panels and stunning stone tops. Brand new hardwood floors on the stairs and throughout the second floor. Primary suite is on the second floor and it boasts a large walk-in dual head steam shower with body sprays, large soaking tub and gorgeous custom marble tiled walls. Large sliding pocket doors in both bedrooms. The second floor has a room down the hall from the primary that can be used for a closet or an in home office with a sliding pocket window and views of Camelback Mountain. Out back you have your own private pool with spill over spa. Large Ficus trees line the property and will provide additional privacy. Don't miss out on this Gem!!

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13043 N 14th Way Phoenix, AZ 85022

$1,350,000

4 Beds

4.5 Baths

4,071 SqFt

Status Active Under Contract

MLS # 6787267

Property Type Single Family Residence

Price Type --

Welcome to luxurious living in the private, gated community of the Reserve at Moonridge Golf Estates. Located on a desirable cul-de-sac, this stunning home combines modern design, elegance, and breathtaking panoramic mountain views. This custom 4,071-square-foot residence features 4 bedrooms, 4.5 baths, and an office, meticulously designed to embrace its natural surroundings and spectacular vistas. The open floor plan showcases a freshly painted interior with limestone flooring, crown molding, high ceilings, and multiple fireplaces, adding warmth to the cozy elegance. The layout includes a living room with a dual-sided fireplace shared with the formal dining area, as well as French doors leading to the spacious den/office with built-in cabinetry. The centerpiece of the home, the great room and kitchen, promote indoor-outdoor living with expansive windows that frame captivating views and open to the patio. The chef's kitchen is a standout feature, boasting recessed and pendant lighting, granite countertops, a custom island with a breakfast bar, a walk-in pantry, ample cabinetry, and stainless steel appliances. A cozy breakfast nook with a charming bay window provides the perfect spot for intimate meals. The primary suite is a true sanctuary, showcasing wood floors, a gas fireplace, a private balcony, and a lavish ensuite bathroom equipped with two vanities, a double-door walk-in shower, a jetted tub, and a spacious walk-in closet. Step outside to your personal paradise! The stunning backyard features an infinity pool, a built-in BBQ, a spa, and an extended covered patio, where you can unwind and enjoy spectacular sunset views behind the mountains. This luxurious haven promises a lifestyle like no other!

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4645 N 65th Street Scottsdale, AZ 85251

$1,350,000

2 Beds

2 Baths

1,894 SqFt

Status Active

MLS # 6775663

Property Type Townhouse

Price Type --

EXCLUSIVE LOCATION: 2 BR, 2 Bath, 2-Car Garage Villa on the 5th tee of the Phoenician Golf Course. Best Golf course/pond/nature views in community with large patio. Features: 24'' Travertine Stone throughout, transitioning to a spacious back patio; Natural Light-Filled Spaces from numerous clerestory windows and skylights; Vaulted Wood Beam Ceilings; Circular Dining Room with vaulted wood beamed ceiling and bay windows; Split Bedroom Plan for complete privacy; Large Primary Suite with patio access. Walk or ride to nearby Scottsdale Fashion Square, Old Town Scottsdale, and Scottsdale Waterfront, and enjoy all the amenities Scottsdale is known for. Plus, a short 15-minute drive to Sky Harbor Airport. Ideal as a year-round retreat or a lock-and-leave second home. Tucked near the base of Camelback Mountain, Phoenician East is a private residential community of luxury villas located across the street from the amenities of The Phoenician® Resort and near the boutiques, restaurants, and galleries of Old Town Scottsdale and Scottsdale Fashion Square. This luxury lifestyle is perfect for full time or part time residents.

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22448 N 77th Way Scottsdale, AZ 85255

$1,350,000

5 Beds

3 Baths

3,722 SqFt

Status Active

MLS # 6634506

Property Type Single Family Residence

Price Type --

WELCOME HOME TO THIS STUNNING IMMACULATE HOME IN SONORAN HILLS! THIS AMAZING HOME SITS ON A PREMIUM LOT BACKING TO NATURAL OPEN SPACE SHOWCASING THE BEAUTY OF THE SONORAN DESERT. ENTER THROUGH THE GATED PRIVATE COURTYARD WITH 5 SPACIOUS BEDROOMS, 3 BATHROOMS. OVERSIZED WINDOWS, HIGH CEILINGS LEND A VERY OPEN AND SPACIOUS ATMOSPHERE. THE BACKYARD IS GREAT FOR ENTERTAINING! HEATED POOL WITH WATERFALL. BBQ AREA. GOURMET KITCHEN FEATURES ISLAND WITH GAS COOKTOP, GRANITE COUNTERS, STAINLESS STEEL DOUBLE OVENS. THE MASTER SUITE IS DESIGNED WITH R&R IN MIND. A MUST SEE! FURNISHINGS AVAILABLE FOR SALE. HAVE A LOOK AT THE RENDERING PROVIDED TO MAXIMIZE THE OUTDOOR SPACE. THE FIFTH BEDROOM COULD BE CONVERTED TO A 3RD GARAGE.

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17370 W Wildwood Street Surprise, AZ 85388

$1,350,000

3 Beds

3 Baths

2,813 SqFt

Status Active

MLS # 6672082

Property Type Single Family Residence

Price Type --

One of the BEST PREMIUM GOLF COURSE LOT, This full 3 bedroom plus office Home is ready to move-in. Home has $550k+ in upgrades, Home has a Wine Closet, 12'' Patio Doors full Landscape to the Max, Includes all Appliances. Enjoy Resort Style Living at it's Finest at Sterling Grove Golf & Country Club in the 55+ Section of the Community. Looking for a Home that has everything with Gorgeous Mountain Views, Amazing Sunsets, Beautiful Golf Greens, A great custom Heated Pool and Spa to enjoy year round., Garage has EV outlet, epoxy floors, wood floors entire house

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