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….
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…
Questions? Will the Phoenix Metro listing inventory pick up the pace to provide our buyers with more buying options? Will mortgage rates ever return to their historic low levels of sub 4% or sub 5%? I don’t know the answer to the…
Before I re-launch on this important topic, let’s get you updated on January’s sales numbers extracted from our local MLS, courtesy of The Cromford Report. Active Listings: 15,598 vs 4,876 last year – up 220% – but down 4.3% from 16,298 last…
Many of our readers may have heard about or read last week’s Goldman Sachs story claiming four U.S. cities, Phoenix, San Diego, San Jose and Austin, will suffer huge price drops in 2023. My initial reaction was steam beginning to build up…
Historically in most all residential real estate markets across the land, sales and related activities slow down over the holidays – as well they should. This year, unlike last year, activity is being, well, VERY peaceful. November closings have been well below…
In the above “Cromford Index” a reading south of 90 indicates a buyer’s market. If the wise Yoda was asked about the current state of the Phoenix Metro real estate market, what would his response be? “A Buyer’s Market you are in….
What Can Sellers Do? In less than a year, our torridly hot Phoenix Metro residential real estate Seller’s market has slammed on the brakes and gone into reverse. The seller’s market is now a buyer’s market. (See Cromford Market Index Chart) Yes,…
Today, we have two sets of stats for your observation. The first, the Arizona Regional Multiple Listing Service (MLS) gives us numbers for current and under contract listings plus sales, in all the MLS, for all types of homes, which includes a…
When I began my real estate career in the mid 70’s, brevity and simplicity was the rule. Sellers were king! Those were the days of one-page real estate purchase contracts with lots of open lines for agents to write the deal down…