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.
Category Archives: AZ Real Estate
Greater Phoenix Housing Update 8/26/2022
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.
Inman Connect Las Vegas 2022
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.
Clear Title Makes the Inc. 5000 List
For the 4th Time, Clear Title Agency of Arizona has been recognized as one of America’s fastest-growing companies on the Inc. 5000 list
Greater Phoenix Housing Update 7/21/2022
Despite knowing that the market was going to normalize – no market lasts forever, especially not savagely unbalanced, unsustainable markets – but the speed of this change has been surprising, to say the least.
The Greater Phoenix residential real estate market has seen 15 weeks of change but in the past 4-5 weeks that change has been amplified by a lot.
National Housing Update 7/20/2022
Sellers have less power than they did only 6 weeks ago. The market is very different than it was recently. It is not catastrophically bad, but it is far trickier than it was.
Greater Phoenix Housing Update 6/22/2022
While the Greater Phoenix housing market follows the same trends of the national housing market, it does so first (currently running 4-6 weeks ahead versus the usual 6-9 months ahead). The cooling trend emerged 10-12 weeks ago locally, while nationally the trend became more apparent in April. Not only does the Greater Phoenix market run ahead of the national market, it has bigger swings. Our highs are higher and lows are lower. For example, over the past three months, the national single family inventory has increased by 64% and during the same time period, Greater Phoenix’s single family inventory increased by 148%.
Greater Phoenix Real Estate Market Update 6/15/2022
Overall, active supply is up 92.4% year over year and at the same time listings under contract is down 15.9% year over year. Buyers are seeing inventory rise after two years of rejection. Now is the time to prepare your sellers for what is happening right now. Today’s market is very different from the market of only a few months ago.
National Real Estate Market Update 6/14/2022
There are a lot of forecasts from different publications, analysts, and economists. It seems as though the analysts and economists who are not in real estate tend to predict that home prices will decline. Many of the housing analysts and housing economists say that appreciation will go flat but unlikely go negative by much if at all. I am not sure if the housing analysts either know more than the others or they do not want to give bad news to the real estate industry. I’d like to believe that it is because they know more but at this point, anything could happen.
5/27/22 National Real Estate Update: Velocity
The US housing market is shifting and it is shifting quickly. The speed in which the changes are happening is making both real estate consumers and practitioners uncomfortable. The velocity of rate increases, the velocity of inflation (despite the very recent modest decline), the velocity of price appreciation, and now the simultaneous velocity of growing inventory and declining buyer demand. Using facts and not emotion is the best way to address the discomfort.