2024 October InMaricopa Magazine

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average home in Maricopa, worth $380,000, has dropped $485 a month in the last year. The lower rates are already having an effect on Maricopa’s market. Our office has seen an uptick in activity. But will increased activity lead to higher prices and a boom like we saw during the pandemic? It’s not likely, and here’s why. While historically low mortgage interest rates fueled the housing market during the COVID lockdowns, worker shortages and supply chain issues also played a role in keeping newly built houses from reaching the market, which gave homeowners looking to sell during that period a monopoly of sorts. During the pandemic, we had one month where there were just 29 houses on the market in Maricopa. We’re not likely to see that scenario happen again anytime soon. We currently have over 500 active listings on the MLS. A $485 a month difference in mortgage pay- ments is not an insignificant amount, but for a market that a few years ago saw interest rates in the 2 to 3% range, it’s going to take further reductions to get more buyers and sellers motivated. Inman Intel and Dig Insights surveyed 3,000

working class adults in July. Two-thirds said they had no plans of buying a home in the next year. But, if the mortgage rates fell to 5.5%, one-tenth said they’d change their minds. If the interest rates fall to 5% that number doubles to 1 in 5. It demonstrates the problem from both sides. Buyers want cheaper payments and sellers know they’ll have to become a buyer and give up their 2 to 3% interest rate mortgages. The good news is that, at 6%, more buyers and sellers will be interested in getting off the sidelines, but it’s not enough to make a difference in price. The end result is a market equilibrium exists where activity will increase over the next few months, but prices are likely to remain stable.

N ATIONAL FIRE PREVENTION WEEK IS OBSERVED OCT. 6 TO 12 this year. This is a great time to think about how we can keep our homes and families safe from fires — although they can start suddenly and spread quickly, many are preventable with a few simple steps. Smoke detectors Every year, the National Fire Protection Association sets a fire safety theme for Fire Prevention Week. This theme this year is “Smoke alarms: make them work for you!” This year’s focus on working smoke alarms comes in response to NFPA data that shows most U.S. home fire deaths continue to occur in homes with no smoke alarms or no working smoke alarms. Smoke Alarm failure is usually due to one of the following: lack of or inaccurate placement, expiration or bad batteries. What is the proper placement of a smoke detector? Make sure you have smoke alarms in all the important areas of your home, like the kitchen and bedrooms. Arizona law requires smoke detectors to be hardwired with battery backups, and they must be in all sleeping areas of residential housing. What is the lifespan of a smoke detector? Having working smoke alarms in your home is crucial. Fire alarms can give you an early warning if a fire starts, which could save lives. But simply having fire alarms installed isn’t enough. Did you know that fire alarms expire? The typical lifespan of a fire alarm is 10 years. The expiration dates can be found on the alarm, usually on the inside cover. Older smoke detectors sometimes have a yellowish color. This can be a sign of expiration. Make sure your smoke detectors are current and up to code. How often should I replace the batteries in my smoke detector? Even if your smoke detector is hardwired, working batteries are essential. Batteries act as a backup in the event of a power outage. You should check your smoke detector once every month to make sure the batteries work. There is typically a small test button on the alarm. Hold the button down and wait for it to sound. You should change the batteries at least once a year, but ideally once every six months. Fire extinguishers Another important fire prevention tool is a fire extinguisher. It’s a device that can help put out small fires before they get out of control. Every home should have at least one fire extinguisher. Place it in an easy-to-reach spot and learn how to use it properly. Knowing how to use a fire extinguisher can make a big difference in an emergency. Check the fire extinguisher’s expiration date to make sure it is good to go in the event of a fire. Some fire extinguishers are “single use only” and need to be replaced if they have been discharged. Combustion checks Gas appliances can also be a source for fire. It’s also important to keep your home’s heating systems in check. Should I schedule my annual furnace tune-up? Getting a furnace tune-up annually can help ensure your heating system is working safely and efficiently. A combustion efficiency check is a routine Chirp... chirp... boom! Fire Prevention Week sounds alarm on smoke detectors — here’s what you need to know

Real estate market starting

to thaw, but how much? BY DAYV MORGAN

A FTER REACHING A HIGH OF 8% IN October of 2023, mortgage interest rates have been trending downward. In September, the rate fell to 6.1%. With the Federal Reserve Chairman Jerome Powell announcing the time for interest rate cuts has arrived, that number should continue to slide. The monthly payment for a mortgage on the

Dayv Morgan is a Maricopa Realtor and owner of HomeSmart Premier.

480-251-4231 DayvMorgan@gmail.com MaricopaHomeSmart.com

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part of a gas furnace inspection. An expert can spot potential problems before they become serious. What about gas water heaters? Any appliance, including gas water heaters, that uses gas should be checked annually to ensure it is working effectively. Check your gas lines and appliances for leaks or damage. Gas leaks can be very dangerous and increase the risk of fire. Schedule an Electrical Safety Inspection An annual Electrical Safety Inspection can identify issues like outdated wiring or overloaded circuits that might pose fire hazards. During this inspection, an electrician can also check if your smoke alarms are still within their recommended lifespan. Smoke alarms don’t last forever, and older models might not work as well. Education is key when it comes to fire safety. Everyone in your family should know what to do if a fire breaks out. Make a fire escape plan and practice it regularly. This means everyone in your household should know the quickest way out of the house and what to do once they’re outside. If you are interested in booking an Electrical Safety Inspection, Furnace Tune-up or Water Heater Tune-up, Penguin is happy to help. You can schedule an appointment online at PenguinAir.com or call our office at 623-305-0845. As we celebrate National Fire Prevention Week, remember fire safety should be a year-round concern. By following these simple steps, staying informed and working together, we can all help prevent fires and keep our homes and loved ones safe.

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