Let's Talk Interest Rates! Interest rates have been the talk of the town. And it's no wonder with how quickly they have risen and the daily fluctuations which could be as high as 3/4 of a point in one day. Rates are currently hovering in the mid 5's. That sounds shockingly high! In reality, it's not. Take a look at the chart below (courtesy of Eric Swenson with Nova Continue Reading
Balanced Market Here We Come
July Market Stat Highlights 🟢 Bidding wars have become a thing of the past 🟢 New inventory is up 7.7% month-over-month 🟢 Total Supply is up 237% year-over-year 🟢 3+ months of inventory in most SE Valley cities What does all this mean? Inventory is climbing and demand is dropping. The balanced market is right around the corner. Keep in mind stats are 30-45 days behind, so Continue Reading
Sharpest Market Deceleration Since 1980’s – June Snapshot
As we head further into Summer we are seeing more than our typical seasonal slowing of the real estate market. In fact, we are seeing the sharpest market deceleration since the 1980's! All of this was by design, of course. The rise in interest rates was purposeful in order to slow the market and that's exactly what it has done. We are now seeing both an increase in Continue Reading
The Market is Shifting – May Stats
As we analyze May's market stats, we see more and more signs of the Market Shift that we keep seeing pop up in the news headlines. Some highlights from the latest stats: 🟢Inventory has increased by 90% in the last 2 months alone ⚪️Buyer Demand has dropped by 8% in the same timeframe 🟢Year-over-Year price increases remain in the double-digits ⚪️Homes under $500K see the largest Continue Reading
How Rates are Impacting the Market – April Market Snapshot
How are interest rates impacting the market? Probably the #1 question I am getting right now. We did see a bit of a shift for Maricopa County as a whole in the month of April. In fact, for the first time in what feels like forever, we had an overall decrease in average sale price, dropping by $45,000 with a 67% increase in inventory. That being said, DON'T PANIC! It is Continue Reading
Market Snapshot – March 2022
Just like that, the first quarter of 2022 has flown by! As we head into the second quarter, it should be no surprise that we are seeing double digit year-over-year price increases. The cause of this Extreme Seller's Market remains the same: high demand with low supply. Even with the recent interest rate increases we have an abundance of people looking to purchase homes but not Continue Reading
Market Snapshot – February 2022
Demand Remains High while our Inventory Remains Low NAR (National Association of Realtors) reported the lowest level of inventory (nationwide) since 1999! Most local areas have seen a double digit year-over-year price increase as a result. However, interest rates are on the rise. The average home currently accounts for 24% of average income. Typically we say max housing Continue Reading
Buying a Home in a Tight Market
It is no secret that we are, and have been for quite some time, in what is considered to be a Seller's Market. This isn't just our typical Seller's Market for Arizona; we are currently in a hard core Seller's Market the likes of which we've never seen before. By now you've heard the woes of weary buyers who have been beaten out time and time again when making offers. If you Continue Reading
Where Have All the Sellers Gone?
2022 is speeding along. Now into the second month of the year and the real estate market is still on fire. My personal observations: I’ve heard a lot of talk about buyers slowing down, but I have not seen that in action. I’m sure certain areas or neighborhoods may have had a slower month (which is normal) but overall that’s just not the case. There is still high Continue Reading
2021 Economic Snapshot
The numbers are in and 2021 marked a 39-year high in Inflation with a whopping 6.8% increase. The housing market continued to climb due to a shortage of homes available for sale coupled with high demand. We saw an average year-over-year increase in sales price of 25.3%. That equates to an average sale price increase of $168,867 compared to just one year ago. The largest Continue Reading
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