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:
- May’s job report was way better than predicted. Rather than losing 8 million jobs, the United States created 2.5 million jobs!
- Demand has grown 7% in the past 3 weeks and it is increasing daily. It has increased to only 20% below normal.
- Inventory is decreasing daily and we are now nearly 49% below normal.
- With demand being higher than inventory, prices are pushing upwards.
- Many listings are seeing multiple offers. One of Amber’s clients had a new listing that had 70 showing requests this past weekend.
- Lending guidelines are clearer now. New options available including self employed loan options and jumbos.
- It is very important to get pre-qualified early on as houses are moving so quickly right now.
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.