For Buyers: As the cost of purchasing a home increases in Greater Phoenix, the question of whether to rent or buy becomes harder to answer for some buyers. The overall median cost of a home is currently $425,000, and for a typical 1,500-2,000 square foot home, the median cost is $420,000. … [Read more...]
What Does A “Normal” Market Even Look Like Anymore?
For Buyers: Does anyone know what a normal, or balanced, housing market looks like anymore? In Greater Phoenix, the supply and demand indices have only come together twice in the past 21 years to form a balanced market. First from 2000-2003, then again from 2014-2015. There have only been two buyer markets recorded during … [Read more...]
Arizona Market Update – 12/10/2021
When you are asked, “How is the market?” what do you say? Is it a great time to buy? Is it a great time to sell? Is it a great time to be a homeowner? I would say yes to all of those. The data supports the continued growth, continued strength, and continued appreciation – just at a slower rate. Despite that housing still … [Read more...]
2022 Housing Predictions: Who to Believe?
For Buyers: ‘Tis the season for 2022 projections in the housing market and, as expected, there are conflicting opinions among national housing analysts. Zillow and Goldman Sachs predict home values will rise nationally 14-16% between now and the end of 2022. CoreLogic released their prediction that home values will only rise … [Read more...]
Phoenix Metro – Arizona – October Market Update
For Buyers: The housing supply shortage is still in full swing, and there is online speculation that the end of forbearance may be the source of relief as some homeowners may need to sell. According to Black Knight, the national number of mortgages in forbearance has declined 67% from a peak of 4.76M in May of last year to … [Read more...]
Phoenix Metro Residential Real Estate Update – September 2021
For Buyers: Buyer demand has rallied sharply over the past 4 weeks, which is unusual for this time of year. The rally is exclusively between $400K-$800K, spiking nearly 20% in contract activity since the end of July. We have to wait until the transactions close and record to identify the buyers but judging from … [Read more...]
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