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Juan Grimaldo | THE GRIMALDO GROUP BLOG

Tuesday, August 31, 2021   /   by Juan Grimaldo

What Buyers and Sellers Need To Know About the Appraisal Gap

What Buyers and Sellers Need To Know About the Appraisal Gap


It’s economy 101 – when supply is low and demand is high, prices naturally rise. That’s what’s happening in today’s housing market. Home prices are appreciating at near-historic rates, and that’s creating some challenges when it comes to home appraisals.
In recent months, it’s become increasingly common for an appraisal to come in below the contract price on the house. Shawn Telford, Chief Appraiser for CoreLogic, explains it like this:

“Recently, we observed buyers paying prices above listing price and higher than the market data available to appraisers can support. This difference is known as ‘the appraisal gap . . . .’”

Why does an appraisal gap happen?
Basically, with the heightened buyer demand, purchasers are often willing to pay over asking to secure the home of their dreams. If you’ve ever toured a house you&r ...

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Monday, August 30, 2021   /   by Juan Grimaldo

National real estate company buys 450,000-square-foot facility near Goodyear airport

A national real estate company spent $56 million to purchase a 450,619-square-foot industrial facility next to the Phoenix Goodyear Airport months after it was built.
CIM Group, which is headquartered in Los Angeles, purchased the new industrial building on about 30 acres on Tuesday from Opus Development Company LLC, according to Sean Cummings, vice president of real estate development at Opus.
Opus Development Company LLC, which is connected to national real estate firm The Opus Group, initially purchased the lot adjacent to the railway and airport in 2019 for about $5.1 million from GP Goodyear LLC, which is associated with a real estate company headquartered in New York, Clarion Partners, according to real estate database Vizzda. 
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By Audrey Jensen, Reporter - Phoenix Business Journal ...

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Monday, August 30, 2021   /   by Juan Grimaldo

The Difference in Net Worth Between Homeowners and Renters Is Widening

The Difference in Net Worth Between Homeowners and Renters Is Widening


Becoming financially secure is an important goal for many people today, but some don’t realize just how much homeownership can help them achieve that dream. A recent report, The Journey Toward Financial Freedom, surveys Americans about their perspective on financial wellness and their goals. It shows there may be a significant misconception about the role owning a home plays in building wealth:

“Home ownership is one of the indicators Americans say is least connected to financial health."

Two major personal wealth goals – homeownership and net worth – work hand-in-hand. Below are just a few reasons why, if you’re looking for financial security, homeownership should be a top priority.
Homeownership Is an Important Cornerstone of Building Wealth
Every three years, the Federal Reserve releases the Survey of Consumer Finances which h ...

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Thursday, August 19, 2021   /   by Juan Grimaldo

More Young People Are Buying Homes

There’s a common misconception that younger generations aren’t interested in homeownership. Many people point to the fact that millennials put off purchasing their first home as a reason for this belief.
Odeta Kushi, Deputy Chief Economist for First American, explains why millennials have put off certain milestones linked to homeownership. Those delays led to their homeownership rates trailing slightly behind older generations:

“Historically, millennials have delayed the critical lifestyle choices often linked to buying a first home, including getting married and having children, in order to further their education. This is clear in cross-generational comparisons of homeownership rates which show millennials lagging their generational predecessors.”

So, it’s partially true that some millennials have waited on homeownership to focus on other things in their lives – and that’s impa ...

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  buyers, genz, millenials

Wednesday, August 11, 2021   /   by Juan Grimaldo

Are Houses Less Affordable Than They Were in Past Decades?

Are Houses Less Affordable Than They Were in Past Decades?


There are many headlines about how housing affordability is declining. The headlines are correct: it’s less affordable to purchase a home today than it was a year ago. However, it’s important to give this trend context. Is it less expensive to buy a house today than it was in 2005? What about 1995? What happens if we go all the way back to 1985? Or even 1975?

Obviously, the price of a home has appreciated dramatically over the last 45 years. So have the prices of milk, bread, and just about every other consumable. Prices rise over time – we know it as inflation.

However, when we look at housing, price is just one component that makes up the monthly cost of the home. Another key factor is the mortgage rate at the time of purchase.

Let’s look back at the cost of a home over the last five decades and adjust it for inflation by converting that cost t ...

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Keller Williams Realty Elite- The Grimaldo Group
Juan Grimaldo
2403 N Pebble Creek Pkwy #101
Goodyear, AZ 85395
480-365-8346

© 2021 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Juan Grimaldo - Keller Williams Realty Professional Partners - The Grimaldo Group (WINBACK) are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. September 23, 2021
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