Bank Runs & Lower Mortgage Rates 3/14/2023

“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”

Greater Phoenix Housing Update 9/27/2022

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.

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.

Been There Done That: Reflections on a Market Shift

In 2005 I was 25 years old and thought I would never be able to buy a house. Four years later I bought my first house and promptly watched my new investment plummet in value. But we could afford the payments and needed a place to live so we stayed. Housing is shelter and is a basic human need regardless of price.

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.

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%.