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CXT Realty Blog

Wednesday, February 1, 2023   /   by Adam Donaldson-Moxley

How much do you need to make to afford a Million dollar home?

Article originally posted on fortune.com on January 19th, 2023
The number of homes in the United States valued at $1 million or more has steadily increased in recent years. A February 2022 report from Redfin showed that a record 8.2% of U.S. homes (or 6 million homes) were valued at $1 million or more. That figure was nearly double the number of homes with such a steep price tag prior to the pandemic. 
If you’re a homebuyer in the market for a property in that costly ballpark, it’s important to have a clear understanding of what your annual salary needs to be to comfortably afford the mortgage payment.
While many factors ultimately impact the answer to that question—including the amount of your down payment, as well as your debt levels and mortgage interest rate—here’s a general guide to how much you need to earn to purchase a $1 million home.
By Kammer’s estimate, the monthly payment for a $1 million home k ...

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Monday, December 5, 2022   /   by Adam Donaldson-Moxley

Home sales will only get worse next year before rebounding in 2024

Article originally posted on housingwire.com on November 21st, 2022
The forecast for the housing market is expected to get gloomier next year before rebounding to 2022 levels in 2024. Fannie Mae‘s Economic and Strategic Research (ESR) Group forecasts single-family home sales to post 5.67 million in 2022 before dropping to 4.42 million in 2023 and then climbing to 5.25 million in 2024.
The latest forecast also projects that total mortgage origination activity is slightly increased at $2.34 trillion in 2022. The mortgage market is projected to slip further, however, to $1.74 trillion in 2023 before climbing to $2.11 trillion the following year, according to the government-sponsored enterprise.
The full effects of rate increases on home sales have yet to be felt, Fannie Mae’s November commentary said. With rates at escalated levels, it is affecting home buyers facing affordability challenges. 
“From our perspective, the good news is that demok ...

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Monday, July 25, 2022   /   by Adam Donaldson-Moxley

The stories behind 14 popular Tucson roads

Article originally posted on tucson.com on June 5th, 2022
Every street name in Tucson has a story behind it. Historian David Leighton, who writes the Star's regular Street Smarts column, shares what he has found out about some of the city's most popular roads. 
Congress Street
Actually, the street is named after the Congress Hall Saloon, built in 1868 at Congress and Meyer Avenue.
The saloon hosted informal meetings of the Arizona Territorial Legislature when Tucson was the capital of the territory. In 1871, a meeting of prominent townsmen was held there, during which the municipality of Tucson was organized and officers elected. The saloon's builder, and owner for more than 30 years, Tucson pioneer Charles O. Brown, was chosen as one of the councilmen.
Brown was born in Essex County, New York in 1829, and his family moved to Illinois when he was about 12 years old. Sometime later he ran away and headed to the California Gold Rush, where he made his fortune.
In 186 ...

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Tuesday, June 14, 2022   /   by Adam Donaldson-Moxley

Should you move to a vacation town?

Article originally posted on zillow.com on June 5th, 2022
Since the start of the pandemic, demand for homes to buy in vacation towns has skyrocketed. And with more remote work options and greater emphasis on outdoor living, it’s no surprise that recreation destinations from Tahoe to Tempe are among the most popular on Zillow.
As internet connectivity improves, remote and hybrid work options multiply, and the stress of faster-paced living ebbs and flows, it can be tempting to think about picking up and moving. But if you’re lucky enough to find yourself contemplating such a change, what’s the reality of buying a home in a vacation area and ultimately living in a tourist town? Dreaming about a move like this can feel like it’s all upside, but what if you aim to give it some serious thought? 

How do you feel about crowds?
Vacation towns are vacation towns for a reason: They’ve got fun things to do in and around th ...

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CXT Realty
Michael Shiner
313 S Convent Ave
Tucson, AZ 85701
520-314-9820

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