Time to Get Off the Sidelines Buoyed by good news showing that our overheated economy is finally cooling, and inflation lowering, conventional rates have dropped down to 7.37% as of Friday, the 17th of November, per Mortgage News Daily. Better yet, FHA…
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…
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…
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….
Slight Summer Price Drop They’re saying that July 2023 was the worst (hottest) on record, but it’s August in the Valley of the Sun, that is the pinnacle of misery. September, though still hot, brings cooler mornings and is a reminder that…
But There is a Buyer Silver Lining First let’s look at the current home resale market. Home prices continue to rise, and it’s getting worse for buyers, however there is a silver lining for buyers which I’ll address shortly. The June 2023…
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….