Mike Bodeen Will 7% Become the New Mortgage Rate Sweet Spot? Active listings at May’s end continued increasing though much slower. Under Contract listings dropped noticeably, down 4.7% from one year ago and down 12% from last month. Sales shrunk 6.6% from one year…
Major Bank Survey Alarming for Buyers and Sellers When I began my real estate career in the summer of 1976, (200th Birthday of our country) the 30-year mortgage rate hovered around 9%. Because my market was a second home community (Donner Lake,…
Bold Negotiating Can Pay Off For Buyers Now Last week, in discussing possible rewards for a buyer to wait for rates and/or prices to drop, I made the following comment, which included a major math error. I said this: > On the…
Part One To be honest, I’m not thrilled about my title this week. It leans to the idea of stock day trading. But to deny this mostly buyer reality would not be realistic. Last week we mentioned the pent-up demand of homebuyers…
There is a pent-up demand for housing in Phoenix Metro and much of the nation. Values are now falling (see chart) and could very well continue. Mostly, buyers have been watching mortgage rates, hoping they’ll drop to levels to bring about affordability…
Buyers to Benefit We’ve been tracking the listing market regularly for quite some time now. This is giving us our best view of current and future trends in Phoenix Metro. Our listings, as of May 3rd total 26,337 in listing compared with…
Honest Reporting of Price Drops Can be Seen as Negative Last Week’s Snapshot ended with the following two paragraphs: “These are not the types of Market Snapshots that we get joy out of. But one thing you can know for sure. We…
No one knows (or is supposed to know) what a home actually sells for until it’s closed, as in the deed recorded, the seller gets paid, keys turned over, etc. This is because the negotiated sales price is confidential between seller, buyer…
Gurus Without Clues Greetings clients and friends. Most honest economic gurus have no clue what’s going on, let alone where the markets are going, so do yourself a favor: destress and disconnect, from your favorite real estate podcasts. And while I’m thinking…
This past Thursday and Friday saw the largest two-day drop-in stock market history. The last time our markets went through such an upheaval was 5 years ago during the Pandemic. In a week of such financial turmoil including the personal loss of…