Projections, forecasts, and predictions are educated guesses and are the only guides we have available today. Navigating uncharted territory without a compass is challenging at best. Nothing about this year’s real estate activity fits into the usual cyclical patterns. Data companies are updating their projections seemingly daily.
Tag Archives: #theazmarket
Afternoon Bite 8/24/2020 (Video)
Many economists are calling this a K shaped recovery. That means that some are having a positive recovery or are fully recovered while for others the struggle continues to worsen. Economist and real estate consultant, Elliott Pollack calls it the “have and have not economy.” Those with jobs have saved money and are in good financial standing. Those who have lost their jobs, who are usually not homeowners, are finding themselves with fewer job prospects and, with the expiration of the CARES Act, significantly smaller unemployment checks.
Phoenix Area Real Estate Update 8/21/2020
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness.” Leaving politics aside, the opening of Charles Dickens’ 1859 novel, A Tale of Two Cities, accurately describes today’s environment. Dickens continues, “It was the epoch of belief, it was the epochContinueContinue reading “Phoenix Area Real Estate Update 8/21/2020”
Phoenix Area Real Estate Update 8/14/2020
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.
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).
Afternoon Bite 7/20/2020 (Video)
Know your numbers to communicate what is really happening in real estate. Provide good information to buyers, sellers, and borrowers. Without actual numbers, it is difficult for a potential consumer to make decisions.
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.