Residential Real Estate May Never Be the Same Part 2 This last week, Safeway had a meat sale that included petite sirloin steaks and many of their roasts – for $6.99 per pound. One year ago, that same sale was half that…
Residential Real Estate May Never Be the Same I’ve been writing real estate columns and articles for 50 years. Yep, I started right out of the gate as a green Realtor rookie at the tender age of 22, sharing my real estate…
The numbers are irrefutable. High mortgage rates have adversely affected the Phoenix Metro residential sales market. How has it affected the market? Pricing and the number of sales. The following bullets, recently supplied to us by the Cromford Report, tell the tale….
Mortgage Rates Rise – Under Contract Listings Drop Reviewing May’s sales numbers was not surprising, even though the monthly median sales price increased from $450,000 to $455,000 – a 1.1% increase. Considering that demand from buyers has dropped, one could expect to…
Active Listings are near their highest point for this time of year (April) since 2014. They’ve been increasing monthly since the beginning of the year and are expected to continue increasing as the outcome of inflation has already seen an unprecedented increase…
Could the Iranian War Do the Same? Last week I wrote about how the Iranian war will likely raise mortgage rates from a recent drop of just under 6% due to the anticipation that higher oil prices and less global supply will…
I had settled in my own mind this weekend about our current Phoenix Metro residential real estate market and the effect war with Iran will affect it. If a middle east war gives way to higher oil prices (and it’s likely), that…
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,…
Examining stats from the 1st of December shows healthy improvement in our market. But healthier for whom? Well, for both buyer and seller, if that’s possible. Right now as the data shows, our listings are 14% higher than one year ago, which…
Over the past two weeks we’ve been comparing, from a value standpoint, single family detached homes (SFD) and Condo/Townhomes. This is the week to make the final comparisons and then I end this discussion by giving the reader my take about how…