Jonathan Bodeen The Cromford Report put out its mid-month numbers two weeks ago and one line in there grabbed my interest. Of all the homes currently under contract in Greater Phoenix, 3.9% are in the early stages of foreclosure. In June that number was…
Since the summer of 2022, the price per square foot of a typical Phoenix home has barely moved. A home between 2,000 and 2,500 square feet is down about 1% in plain dollars. On paper, that is a steady market. On paper….
A few months ago, mortgage rates briefly dipped below 6%. Buyers who had been waiting started coming back out. Open houses had more traffic. Contracts were getting signed. Things felt like they were turning. Then the war in Iran started. Within weeks,…
How can that be? Well this is true for those who aren’t paying cash. Home prices are up, but not by much, not even keeping in line with inflation. And that is when looking at list price. When looking at closed pricing,…
But What Winds Will the New Year Bring? In our own business, we have felt a pickup in the last month or so. We are getting more phone calls from old clients and referrals as well (Thank you to all of you…
And What’s After That? It is trust to say demand IS improving. It is also true to say it is improving very slowly, and it is still what we would call low overall. Of course ours is a city made of many…
If you’re scratching your head wondering if you’ve missed the golden moment for super-low mortgage rates, you’re not alone. Recently, rates shot up to two-week highs just after the Fed cut its rate on September 20th. Many were expecting the opposite. But…
The Real Estate market has been slowly shifting across the valley. For a long time we’ve been reporting a tepid market that eked more and more into buyer market territory. In the last few weeks, correlating with mild relief on interest rates,…
It often occurs that different parts of our fair Phoenix metro area behave very differently from one another. One such phenomenon we have now is the case of two very different market conditions between our outskirt cities/neighborhoods and the more inner ones….
I would like to be certain that the times ahead will become easier for buyers and sellers alike. Last year, around this time, I was fairly convinced that interest rates would lower significantly come the late Spring and early Summer. I had…