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...]
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...]
The Greater Metro Phoenix Area Continues to Feel the Shift…
For Buyers: There is a little relief ahead for buyers in Greater Phoenix. Supply continues to rise in price points between $300K-$1.5M and buyer demand has settled into a normal seasonal cool down that is expected to last through the end of the year. What this means for buyers is the 2nd half of 2021 so far has more … [Read more...]
July 2021: What’s Ahead for Buyers and Sellers as Demand Decreases?
For Buyers: Buyers with budgets over $300,000 may be noticing they have more listings to choose from compared to a few months ago. This is especially true in the price points between $400,000 and $800,000 where inventory has grown 92% since February. When a buyer has, for example, 4 or 5 homes available that … [Read more...]
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