We've all seen the news headlines, we've heard the Goldman Sachs prediction that the AZ real estate market is headed toward a 2008 level "crash". The stats just don't show that. ARE THEY LYING? A little back-story (bear with me for a moment and it will all make sense). One of my favorite college professors taught my statistics course. He would give the entire class the same set of Continue Reading
2022 Ended Where It Started
The start of the New Year tends to bring change and excitement. Our local real estate market is bucking that tradition this year. Instead, we are looking back. The price gains we saw in early 2022 have now evaporated and we are back to 2021 pricing. Not necessarily a bad thing given that many homeowners had been priced out of the market at this same time last year. Our sales volume is Continue Reading
Is it a Good Time to Buy a Home?
Buy now or wait! This is the question on all potential homebuyers’ minds this fall. Over the past few weeks, the mortgage interest rates have soared to a 14-year high. Excessive government spending combined with surging energy costs and rising inflation has caused many would-be homebuyers to lean toward the wait side of that argument. But is this really a bad time to purchase a new home? Maybe Continue Reading
We Officially Hit a Balanced Market
Stats have finally caught up to the reality of the market. As of August we have officially reached a balanced market. The Cromford Index hit 106; a balanced market is 90-110, so we are now in the upper levels of balanced. This is similar to what we experienced in 2018 and 2019 before the craziness ensued. In August we also saw a stabilizing of the inventory. After a few months of sharp Continue Reading
Marry the Home, Date the Rate
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
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