Cady : “Yeah, I like math.” Damian : “Eww. Why?” Cady: “Because it’s the same in every country.” (Mean Girls, 2004) When I was in elementary school, I complained about math class too. And then I became a grown-up. It may be tough to figure out when someone rowing a boat at 8MPH will arrive inContinue reading “Math is Good”
Yes, we have more demand than we have supply. Yes, prices are going up. And no, this is not a hot market, a hot market has those and high velocity. Today’s market is low velocity. We have below normal buyer demand and far lower seller interest. The few buyers we have are easily outpacing theContinue reading “Housing is Stable”
Sex sells but fear sells more. The crashing housing market that is all over YouTube is not real life. One of the market’s biggest challenges is bad information. The sky is not falling. Fluctuating interest rates are not devastating the housing market like they did last fall. Buyers are buying. Fewer than in recent yearsContinue reading “Greater Phoenix Housing: Request, Beg, Plea”
“Those that fail to learn from history are doomed to repeat it.” Winston Churchill Humans are incapable of making a decision without emotion. This was found when studying people who had lost the ability to feel emotions. They are unable to make choices. Fear and panic insight action. That is how on a non-descript Thursday,Continue reading “Bank Runs & Lower Mortgage Rates 3/14/2023”
The speed of change spooked the 2022 housing market, not just the demand market, but the entire market. Interest rates skyrocketed, listings increased quickly, and demand dried up. And you know what else dried up? New listings.
Housing economists worry that the Fed has already over-corrected and is leading us to recession because the inflation data is a lagging indicator (tells us where we were). The Fed is expected to increase the Fed funds rate by 0.5% to 0.75% before the end of the year.
Founder and owner of the Keystone Law Firm, attorney Francisco Sirvent, discusses the best practices for property and asset protection in a volatile housing and economic environment.
Interest rates have been very volatile and while inflation remains persistent despite the Fed’s continued efforts it is unlikely rates will decline any time in the near term. We need rates to be stable and boring and not bounce around like they are. This constant fluctuation is hurting the already tight affordability.
Welcome to a balanced market. We are currently in stage 3 of the market shift, an increase in seller concessions. We will likely stay here for a while. It is important to set clear expectations with your home buyers and sellers. While the days of the runaway seller’s market are long gone, today’s sellers are not desperate (aside from iBuyers) and will not sell if they do not have to. We are working our way through the chaos and a stable market may actually be in sight.
After 8 years of wanting to go, this year I finally got to go to an Inman Connect conference. Earlier this month, I joined 3,000 other real estate professionals at the Aria in Las Vegas to talk about real estate. It was awesome! This is my summary from 36 pages of notes.