Mike Bodeen Last week we talked about mortgage rates soaring into the 7% range and whether or not this could have much of an impact on the market. Then, the “national debt ceiling” issue got dealt with and rates dropped back below 7%. Still…
This week’s chart, like most of the Cromford Report’s charts, is very interesting. It shows our market’s pricing per square foot (PSF) going back 9 years, including 2023. If you begin at 2015 and continue through 2019, you would notice that, for…
Chuck, a friend and client of mine in his early 60’s had never owned a home in his life. He had rented a room from a mutual friend of ours in Tempe for almost 20 years. Last year, as mortgage rates began…
Much ado has been made about the lack of buyer demand. This is not nothing. Buyer demand is certainly below the normal average! There are two reasons for this, and you’ve heard at least one of them: 1. High mortgage interest rates….
5 Months Improving Conditions for Sellers The unique thing about the Cromford Market Index Chart (below) is that it is a “predictive” tool that we use to give the earliest indication of a change in the market direction. On the first of…
With two exceptions, our local market is in “full-on recovery mode – a Seller’s market. In data we’ve obtained from the Cromford Report, virtually every residential sales category comparing to last month has been in favor of Sellers. For example: Compared to…
The amazing Cromford Report, which is our chief supplier of residential real estate data in every possible category, and more, is also my chief inspiration for many of my snapshot articles. And I’ve said it before, Cromford’s CEO, Michael Orr, many years…
For buyer’s sake, we’ve been hoping that the supply of more homes coming on the market would increase this Spring. This is not happening. In fact, the opposite – we’re losing more inventory. The other major hope that could help buyers would…
Back in 2014, we saw that the active amount of listings on the market was about 25,000 and the number of days on the market was 117. 20,000 to 30,000 homes (SFD, townhomes, condos, mobile homes) on the market is about average,…
Once again, Maricopa County is #1 in net population growth in the nation, adding 57,000 (figures rounded) residents in 2022, per figures recently released by the U.S. Census Bureau. This is a 1.3% population increase over 2021. Domestic net migration (births, death,…