In recent weeks, the Real Estate market here in the Phoenix area has been reheating, some might say dramatically. This is mostly true in the median price ranges (500k and below). The luxury market, while showing signs of improved demand, is not…
April’s numbers are in, showing that supply increased, demand decreased, sales took a sharp drop, and prices weakened slightly. Here are the basics ARMLS (Multiple Listing Service) numbers for May 1, 2020 compared with May 1, 2019 for all areas & types:…
It’s a question that’s being asked more regularly in real estate circles since the pandemic began. And I can save you some time right now, that if you’re looking for a quick definitive answer, you won’t find it in today’s snapshot. The…
As you can imagine, Real Estate has slowed in the Phoenix area along with most other industries. We first noticed it in the first weeks of March when the COVID-19 federal guidelines were released. It wasn’t until that Tuesday however, when our…
I’m old school. I love reading. I particularly enjoy reading a genuine leather bound or hard back book. I subscribe to the print edition of the Wall Street Journal. Confessedly, I also read a lot (too much?) online. So, a few days…
Mike, where do you see the real estate market heading? (AKA home price direction) In so many words, I’ve been asked this question so many times over 4+ decades in my industry. Until the dot-com bust or the recent great recession, that…
For the past decade, mortgage interest rates have averaged under 5% for the year. The two lowest years on record, according to Freddie Mac stats, are 2012 (3.66%) and 2016 (3.65%). Oh, hey, those were presidential election years. And in this 2020…
Californians may laugh (or cry) that the Phoenix/Scottsdale Metro high end market is considered to be over $600,000 when you literally “might” be able to buy a converted 1 car garage in SF for a million. Phoenix metro has, or is near,…
Personal income is a large determiner for future home appreciation. In the Phoenix area, most of the last 25 years had stagnant wage increases and therefore consistent but modest home appreciation, aside from the rise and fall of the local and national…
Our market continues to escalate for sellers and degenerate for buyers. Active listings are down 35% from one year ago and 1.4% from last month. Now, 1.4% may seem small, but not when this is the time of year for increasing listing…