Buy or Sell Homes in South East Valley of Arizona

 March of 2020 saw the new spring market grind to a halt as COVID-related shutdowns and fear swept the country. Subsequently, real estate agents and brokers developed new and innovative ways to serve clients in the process of buying and selling their homes, paving the way for one of the most active and extended market recoveries in recent memory. Now, as the 2021 spring market gears up, it is a good time to think through your preparations to ensure that you are ready for what lies ahead. In the Phoenix market we never slowed down, so this spring seems like an extension PLUS of 2020.  As you prepare, here are the things you need to know to make the most of what promises to be an exciting spring selling season.  Technology is still essential The adoption of new platforms and processes allowed real estate professionals to continue to serve their clients throughout the darkest days of the pandemic. For many clients, there is still an expectation that virtual tours and contact...

Everyone wants a crystal ball especially in Real Estate- but the closest thing we have is the opinions of the experts and economist.  In the second half of this year, the housing market surged with activity. Today, real estate experts are looking ahead to the winter season and the forecast is anything but chilly. As Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), notes:“It will be one of the best winter sales years ever.”   The typical winter slowdown in the housing market is simply not on the radar for the 4th quarter of 2020 and going into 20121. While today’s historically low mortgage rates are expected to remain low, they won’t be this low for much longer. This could be the last chance for homebuyers to secure such low rates, and they’re ready to take action. In a recent article, Bankrate explained: “If you’re looking to buy a home…expect mortgage rates to remain low into 2021. However, the possibility of rates falling to 2.5 percent or l...

Navigating uncharted territory without a compass is challenging at best. Nothing about this year’s real estate activity fits into the usual cyclical patterns. Data companies are updating their projections seemingly daily. Projections are based on trends and it takes at least 3 weeks to see an emerging trend. Before the trends, there is consumer sentiment. Home has never been more important. Today we live, work, play, and teach at home. This is why real estate is the shining star in the midst of so much bad news. With a 58% increase in new starts from June to July, multi-family new builds made up the majority of the 22.6% new housing starts in July over June. The new builds are the only thing keeping prices from skyrocketing out of control. (Bisnow) In July, single family starts were up 7.4% year over year. (Elliot Eisenberg) New single-family sales are were up in July 36.3% year over year. (US Census Bureau & HUD) Resale closings in July were up 24.7% from June which were up 20.7% ...

In Arizona and all around the Nation-- heck the world- things are changing.  With Covid-19 looming around the corner on the door handle, on a light switch perhaps even in your car, you just can’t be too careful!   Arizona has been hit, but as bad as some states. In this new normal you will notice many more Virtual tours, open houses done through video, or Facebook, sanitizer wipes in each home asking the potential buyers to make sure they use them. Buying or selling a home can be stressful even under ordinary circumstances now add all of this-- it can be overwhelming!  Unfortunately, the current state of the world is far from ordinary and no one knows how long this will be our new normal. The housing market is feeling the crunch- but in some ways is becoming more efficient. As fewer buyers want to get out and shop for a home, and fewer sellers want to take a risk with selling. Brokers and Agents are finding creative ways to make it all work for their clients....

Inventory is the story for the greater Phoenix real estate market in July.  Active listings were down 4.1% to 15,442.  The median price continues to rise, up 4.1% to $279,000. Lack of inventory continues to squeeze buyers, especially below $200,000. And now buyers looking for something between $200,000 and $250,000 are having a difficult time too, as new listings in this price range were down a whopping 15.1%! Fortunately, interest rates are still favorable, with 30-year loans at 3.75% with .5 points, down .78% from one year ago (Freddie Mac, 07/11/2019). In their July/2019 report, Freddie Mac says: “The recent stabilization in mortgage rates reflects modestly improving U.S. economic data and a more accommodative tone from the Federal Reserve to respond to the rising downside economic risk from trade tensions and soft global economic data. On the housing front, the latest weekly purchase application data suggests homebuyer demand continues to rise, which is co...

Residential real estate in greater Phoenix continues to see price appreciation, driven by modest personal pay increases and falling interest rates.  Current 30-year conventional loans are 3.82% with .5 points. (Fannie Mae, June 2019)    Further, the Federal Reserve is now forecasting a drop in rates through next year with many Wall Street analysts predicting three reductions of ¼ point each over the next 12 months.   Why the change in rate forecast? Late last year, signs of a significant slowing in the U.S. (and global) economies began to emerge.  The Gross Domestic Product (GDP) had slowed, and forecasts were predicting continued slowing over the next several months.  Also, the U.S. found itself in a significant trade dispute with China (and for a brief time, Mexico), and trade disputes are almost never good for global economic growth.  With the economy significantly slowing, the Fed announced its intent to change its forecast of approximatel...

After a slow start in 2019, home sales and their corollary “listings under contract” continue their rise into early April, now slightly exceeding the sales and listings under contract for this same period in 2018.  Most of the improvement in sales and buyer interest can be attributed to our continually falling interest rates. Interest rates have declined throughout 2019 since peaking in early November of last year at 4.94% (Freddie Mac).  As of April, rates are down almost a full point from that high, to 4.08% (Freddie Mac, April 4, 2019). The monthly median sales price for greater Phoenix is up 4.6% year over year to $266,000, so buyers and sellers should still expect a relatively competitive market.  However, since much of what is driving our current market can be attributed to falling interest rates, buyers and sellers would be wise to keep an eye on rate changes (and their drivers), as any significant change in rates and rate direction would likely directly and qui...

Last month STAT projected a median sales price for July of $223,000 with the added caveat that their mathematical projections have been coming in slightly lower than the actual results for most of this year. They expected a decline in the median sales price in July, but they also thought it would probably not be as low as our projection of $223,000. The actual median sales price in July was $225,000, 0.9% higher than the $223,000 projected by our mathematical model.  Looking ahead to August, the ARMLS Pending Price Index projects a median sales price of $225,000. MLS sales volume in July 2016 was at 7,630, which was 284 fewer sales than July 2015 at 7,914. STAT had expected July sales volume to be lower than the total last year as there were only 20 business days this year compared to 22 business days last year. We begin August with 6,705 pending and 3,633 UCB listings giving us a total of 10,338 residential listings practically under contract. This compares to 9,726 of the same ...

Below is the my Real Estate Market Update compiled from Michael Orr’s ASU Monthly Housing Report, ARMLS STAT and The Arizona Republic. This data is typically 45 days behind current market conditions.  I hope you find this data and information valuable! June Stats from ARMLS ·         New Listings in June fell by 6% to 9,246 from the prior month. Year over year we are down .3% ·         Inventory:  T otal inventory declined again 1.1% to 19,511 in June… Months supply of inventory is 2.37 ·         As of July 11 th … ARMLS showed 15,725 active listings with 3,786 UCB listings…30,000 active listings is considered normal! ·         Home Sales: June sales decreased 12.8% to 8,228 from May. Year over year we are plus 1.2% ·         June’s median new list price remained flat at $199,...

Once our military men and women come home and try to become a part of society they have a lot of challenges and this group is determined to help with housing, vocational studies and all of the other things that seem to challange these great men and women who served our country in one of the hardest times to do so!!     I want to get the word out to let them know there IS help and each and every one of us Americans appreciate all you did for us!!   Click on the article to read more… http://www.dsnews.com/articles/hed-veterans-find-assistance-with-national-organization-2012-11-12

Here is the Market Report for the period ending May 2012. Prices are the highest they have been in 3.5 years, inventory continues to fall, and homes are selling faster than ever. For a more thorough understanding of how the market is shifting and how this affects you, please give me a call and we can discuss it in more detail. To view entire report, click HERE!