The market is softening = slowing = normalizing = moving closer to balance which are all good things even though it feels weird. After the wild ride of 2020 and the nearly non-existent inventory levels of Q1 2021, the real estate market is working out its kinks. I have mentioned it before and will say it again, it is impressive what a person can get used to. We got used to 10 or 15 buyers for each listing. We even (kinda) got used to only 4,000 active listings (when we should have 25,000). Now we have to prepare today’s buyers and sellers (and ourselves) for another new normal, a much healthier one.
Category Archives: AZ Real Estate
AZ Forbearance Update 6/30/2021
In this 19 minute video, Lydia Wietsma and I discuss the latest in forbearance, extensions, and tax liens. We share this information to help provide guidance for real estate professionals and struggling borrowers.
Greater Phoenix Real Estate Update 6/25/2021
Today is all about the AZ market. On Tuesday, Lawyers Title hosted a presentation with Tina Tamboer with the Cromford Report. She always shares pertinent and timely information. Below I have combined a lot of her information from her presentation, along with additional information from my research.
This Week in Greater Phoenix Housing 6/21/2021
It is incredible what a human can get used to. Some people are afraid of moving into a more normal, more balanced market. We got used to operating under extreme pressure due to high demand and low inventory. That market isn’t healthy and it peaked in March. Now, we are, very slowly, moving towards a healthier market and it is a good thing.
Greater Phoenix Real Estate Update 6/18/2021
The real estate market continues to shift and change, slowly moving towards normalization. Prices continue to increase, demand is slightly subsiding, and inventory is growing (and has a LONG way to go). The intensity is cooling (from 500 degrees to 350 – its still HOT), and fatigued buyers are writing fewer offers before one is accepted. The headlines attempting to explain the still very hot, yet cooling market seem to be causing more confusion than clarification.
AZ Forbearance Update 6/16/2021
In this 18 minute video and post, Lydia Wietsma and I discuss the latest in forbearance, extensions, tax liens, and servicing.
Greater Phoenix Real Estate Update 6/11/2021
While today’s residential real estate market remains unhealthy (remember when 10% appreciation was a lot?), initial progress has been made. Prices are leveling off, supply is increasing, and immediate sales are declining. This is good for buyers, especially first-time homebuyers, which are foundation of the real estate market.
AZ Forbearance Update 6/2/2021
This week was week number 13 of continued improvement in the forbearance numbers and are now down to 4.18% of loans in forbearance or about 2.1 million borrowers. This is fewer than half the total amount of borrowers who were initially in a forbearance plan in May of 2020 which was about 8.47% of borrowers which was way below the predicted 30% of borrowers who were expected to go into forbearance.
Greater Phoenix Real Estate Update 5/28/2021
April saw its best sales rate in 15 years and at the same time sales declined again for the third straight month. Homes are selling faster than ever before, and prices are higher than ever before; yet the signs are all there, the market is slowing – very slowly – and just starting to normalize.
This Week in (Greater Phoenix) Housing 5/24/2021
In this 12 minute video, Amber Kovarik and I talk about supply, demand, lending, and discuss what the numbers mean and what the actual buyer experience is like versus only following general data trends. The numbers don’t always tell the whole story.