Questions? Will the Phoenix Metro listing inventory pick up the pace to provide our buyers with more buying options? Will mortgage rates ever return to their historic low levels of sub 4% or sub 5%? I don’t know the answer to the…
Mike’s Note: Silicon Valley Bank failed this past week, and it’s yet too early to see how mortgage rates will respond to this, though economic bad news is often good news for long term mortgage rates. How’s that for a positive spin?…
But Will 7% Mortgage Rates Play the Spoiler? Well, that didn’t last long. For 12 years, from November of 2010 until this past December, the Phoenix Metro residential sales market had been in a sustained seller’s (or briefly balanced) resale market as…
Everyone would love to know when the “bottom of the market” is, be it gold, stocks, or real estate. I’m continuing to see a number of national real estate pundits predict sharply falling home prices in some major metro areas in the…
Recent Rising Rates to Hinder? The new year, along with it’s former lower mortgage rates has brought about a wave of local home buying activity that’s been nothing short of amazing. Referring to the chart below, which is worth a thousand words,…
Since I had no dog in the Super Bowl fight yesterday, I was looking for an exciting game with a great finish. Very few Super Bowls have ever had two teams so equal, be it wins and losses, talented rosters, and even…
Before I re-launch on this important topic, let’s get you updated on January’s sales numbers extracted from our local MLS, courtesy of The Cromford Report. Active Listings: 15,598 vs 4,876 last year – up 220% – but down 4.3% from 16,298 last…
Many of our readers may have heard about or read last week’s Goldman Sachs story claiming four U.S. cities, Phoenix, San Diego, San Jose and Austin, will suffer huge price drops in 2023. My initial reaction was steam beginning to build up…
Historically, the 3rd week of January has been when sales volume seems to magically reverse course from its normal holiday dip. While we’ve started from an incredibly low place volume wise, you can see from the below chart that 2023 (in pink)…
The End of the American Dream? Before I wax philosophically prophetic, I’d like to share two Cromford Market Index charts that will perhaps act as a segue to my cloudy and rainy MLK day musings. August 25th: January 12th: In the opinion…