The lens we use to interpret data matters. I am not talking about heated agendas but about how closely we look at the info. The big picture or 30,000 foot view is very different from the more focused picture or 15,000 foot view which is very different from the detailed picture or 1,000 foot view. Each picture is important and together they illustrate a complete story. For example, remember when the subprime mortgage backed securities failed and took down the stock market and then you had to explain to your next-door neighbor the difference between a foreclosure and a short sale? Real estate is national and hyper-local at the same time. National influences what happens locally.
Category Archives: Weekly Market Update
Phoenix Area Real Estate Update 8/7/2020
Disneyland announced its closure due to COVID-19 on March 12. Despite being the usual 31 days, March lasted longer than any other month in history. People all over the world were glued to the news; trying to make sense of what was happening. April 19 was the turning point for Arizona real estate. In May the end was in sight. And then it wasn’t. Now it is August, a time when we used to buy school supplies and take the first day of school photos we are, instead, buying laptops for Kindergarteners begging them to hold still for one more minute.
Afternoon Bite 8/3/2020 (Video)
Every Monday afternoon Amber Kovarik and I talk about what happened this week in our local and national real estate market in 15 minutes or less. https://videopress.com/v/WZFP39A7?posterUrl=https%3A%2F%2Ftheazmarket.com%2Fwp-content%2Fuploads%2F2020%2F06%2Fbite.png&preloadContent=metadata Today’s Takeaways: Communication with your clients is key. Be sure to share what is going on in real estate. The real estate industry is the driving force inContinueContinue reading “Afternoon Bite 8/3/2020 (Video)”
Phoenix Area Real Estate Update 7/31/2020
Realtors, lenders, buyers, and sellers are exhausted. The Spring and Summer home selling season has been crammed into two months. Not to mention the worldwide pandemic, economic uncertainties, delays in school re-openings, and a heated political climate. To say that there is a lot going would be an understatement. Despite the stress of the unknown, we do know that real estate is driving our economic recovery.
Phoenix Area Real Estate Update 7/24/2020
It is ironic that real estate caused the Great Recession and only 10 years later real estate is driving our economic recovery. As we face our economic reality of today; we have to look at the good (real estate), the bad (employment struggles and school closures), and the ugly (unemployment).
Phoenix Area Real Estate Update 7/17/2020
The available listing inventory in the Phoenix metro area has been dropping every day since May 12. As of yesterday, our inventory is over 60% below normal. Our total active inventory is down 30% year over year. When we remove under contract accepting backups (UCB) we are down 43% year over year. We desperately need more listings.
Phoenix Area Real Estate Update 7/10/2020
Maybe the 10 years of growth were the calm before the storm. Even if it was not, the storm is here now. As we adapt to extreme inventory shortages, get comfortable in our masks, and try to stay healthy we now face a new challenge, surviving economic re-closures. Pending sales are up, buyer demand is up, inventory is down.
Phoenix Area Real Estate Update 6/26/2020
Phoenix metro is the fastest growing major employment market in the country year to date. That means we have lost the fewest jobs, as a population percentage, in the country. This could have major implications for real estate. A larger employed population could lead to fewer potential issues down the road.
Phoenix Area Real Estate Update 6/19/2020
The Phoenix Metro area is seeing active inventory drops while demand continues to grow.
Phoenix Area Real Estate Update 6/12/2020
In 1789 Benjamin Franklin wrote, “In this world, nothing can be said to be certain, except death and taxes.” I suppose we should add his quote to his list as another certainty. Recently some experts were discussing whether or not real estate is going through a recovery right now or not. They asked, how can somethingContinueContinue reading “Phoenix Area Real Estate Update 6/12/2020”