Despite our fear of change, humans are quite resilient and are far more flexible than we realize. Quite often, change is good. Demand is declining and seasonality is beginning to emerge in the market. I am hearing stories about an FHA buyer who finally had a contract accepted and a seller who agreed to a few concessions. This is good news for our exhausted buyers; they need some wins too. This is how the machine is supposed to work.
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Greater Phoenix Real Estate Update 4/9/2021
Now, this is a headline that says it all, “Who’s Lying About The Housing Market? The housing market is heating and cooling at the same time, depending on the data in question. Who’s telling the truth? Actually, maybe everyone…” Author, Matthew Graham explains that prices are appreciating faster than they have in 15 years, homes are selling in minutes, and bidding wars are commonplace all while demand is actually falling. Demand was THAT high and remains above normal.
AZ Forbearance Update (video) 12/30/2020
The biggest news in forbearance is FHA’s extension for entering a forbearance plan. If a borrower has an FHA loan they can now call their servicer through February 28, 2021 to get started on a forbearance plan. For all other mortgage types, the deadline is tomorrow, 12/31/2020.
This Week in Phoenix Real Estate (video) 12/28/2020
The biggest news for our industry is the $25 billion in rental assistance which allows landlords to apply for funds to cover rents in arrears, utilities, and other housing costs. This is great for landlords as the majority of landlords are mom & pop investors.
AZ Forbearance Update (video) 12/23/2020
In this 13 minute video, Lydia Wietsma and I discuss the most recent five things you need to know about forbearance. The majority of borrowers leaving forbearance are current upon plan exit, only 13% of borrowers leaving their forbearance plan do so without having a loss mitigation plan in place. There is not much time left if someone needs to take advantage of these CARES Act benefits.
This Week in Phoenix Real Estate (video)
The very low supply and above normal demand has pushed prices up all year. We have been in an appreciating market for 8 years. Year over year, the greater Phoenix is running at about a 17% appreciation rate. The huge increases have made some people afraid we are in a bubble, however, today’s market is dramatically different. Dr. Lawrence Yun said, “There is no comparison” between today’s market and the bubble from 2004-2006.
Greater Phoenix Real Estate Update 12/18/2020
Experts forecast a stabilizing housing market for 2021. A stable housing market is good. It is expected that inventory will rise and prices will continue to increase, only at a slower rate. This is not a collapse, it is normalization and it is the path towards stability. Be mindful of the fear-mongering headlines, no bubble, no collapse, no foreclosure crisis. In 1710, writer Jonathan Swift wrote, “Falsehood flies and the Truth comes limping after it.” Somethings never change.
AZ Forbearance Update (video) 12/16/2020
In this 13 minute video, Lydia Wietsma and I discuss the most recent five things you need to know about forbearance. The majority of borrowers leaving forbearance are current upon plan exit. There is not much time left if someone needs to take advantage of these CARES Act benefits. We do these updates to helpContinue reading “AZ Forbearance Update (video) 12/16/2020”
Greater Phoenix Real Estate Update 12/11/2020
2021 talking point: forbearance expiration, foreclosure moratorium expiration, and affordability. New listings are up 6% so far in Q4 2020. November new listings were up 2% year over year. November sales were up 26% year over year. Under contract up 28% year over year. Luxury is a huge part of the increase. 2020 has been a rollercoaster. Any stability in 2021 will be welcome.
AZ Forbearance Update (video) 12/9/2020
We have talked about 3 weeks creates a trend. Well, after two weeks in a row of slight forbearance count increases, we were closely watching the numbers. And this past week, they remained flat, unchanged at 5.54% of loans and roughly 2.8 million loans in a forbearance plan.