Mike Bodeen Before we get to the mortgage rate news, let’s take a look at October’s ARMLS numbers, with gratitude, as usual, to the Cromford Report. This week, we’ve added some new home stats as well. Active Listings: 15,247 vs 20,582 last year -…
I’ve been through three of these downward sales cycle rodeos in my career. They are never fun. If we knew what the rate and listing trajectory would be over the next months, buyer and seller advice would be easier. Unfortunately, I left…
If I wanted to, I could spin our local real estate news favorably towards buyers or sellers, because on the surface there’s good news for buyers and sellers. And then again, there’s also bad news for buyers and sellers. And with a…
Plus Thousands of Other Affiliates? The question on most everyone’s mind who has any affiliation with residential real estate these days (buyers, sellers, Realtors, lenders, title companies, etc., etc.,) is: “What’s going to happen to real estate?” Another way we’re phrasing the…
But it’s a Catch-22 The numbers are in for September showing a swing towards buyers. Inventory is rising, sales are slowing. The Maricopa County recorded deeds* (Affidavits of Value**) recorded during September show us the following: There were 5,896 closed transactions, down…
Yet Prices Continue to Rise? In this current Phoenix Metro residential real estate market, something’s gonna have to give, and we’re not sure what that will be. Historically and economically, when mortgage interest rates rise, sales and new escrows will slow. When…
7 Cities Above $300 PSF Periodically new buyers in to our area will ask us what part of the valley is the nicest to live in. We usually reply that every part of the valley is awesome to live in. (Hey we’re…
As our readers are aware, the Bodeen Team has been sharing for awhile about a housing shortage that may be more chronic than anyone wants to believe. We’ve been exhorting prospective first-time buyers to get into the game even though we’ve passed…
7% Rates Get the Credit (or Blame) The most closely watched local real estate index, the Cromford Market Index (CMI), has been slowly turning south since mortgage rates hit 7+% this past July. The chart below shows the curvature of the Cromford…
It’s not wise to take just one month’s data point and put too much stock in it, but this last month’s average lease price per square foot (PSF) had the largest one-month gain in over 20 years and THAT caught my attention….