Every Monday Amber Kovarik with Guild Mortgage and I spend 15 minutes (or less) talking about what is currently happening in the real estate market, title, and lending. We give a few key points to share without taking up too much time.
Today’s Big Takeaways:
- Inventory and demand are increasing, showing that the health of the market is improving
- April 19th was a turning point for Arizona and the whole country
- Arizona is running about 45% below where we should be for inventory, our demand has dropped and is at about 20% below normal.
- When inventory is lower than demand, prices rise.
- Since April 5th we have seen a 32% increase in week over week growth in new contracts
- Physical showing requests continue to increase, we have now made up 44% of the 63% drop since the 2/22/2020 peak.
- Appraisals are coming in low
- Simply inquiring about forbearance puts a borrower into forbearance and they will not be able to obtain a new loan until they have 12 months of consecutive payments after being placed in forbearance. Look for this to change as this is very detrimental for those who never end up missing a payment.
- Super low rates are bringing out the side-lined buyers
copyright 2020 by Sarah Perkins
Sarah has been with Lawyers Title of Arizona since 2004. As an award-winning sales executive, Sarah’s role is to bring transactions to Lawyers Title. To do this, she focuses on supporting her clients and helping them navigate the ever-changing real estate space through thorough research and understanding of current trends impacting today’s home buyers and sellers.