Residential real estate is outperforming the rest of the economy. The strong market going into the pandemic combined with historic low interest rates enabled to us to get here. We learned that these low rates trump COVID and our home is our castle. Despite the unexpected growth we are experiencing today, many experts are seeing warning signs around future affordability.
Tag Archives: #weeklymarketupdate
Greater Phoenix Real Estate Update 10/9/2020
Last week a client told me about an acquaintance of hers who had received their 3-month forbearance letter stating they now owed their lender $8,000. They got scared and sold their home to Opendoor. They did not know they had extension options or the ability to stay in their house. There is an extreme lack of information being shared on forbearance.
Greater Phoenix Real Estate Update 9/25/2020
Big money keeps getting bigger with sky-high valuations and it is coming after real estate, that isn’t new, but the volume of capital is. I expect demand to continue to be strong, as long as rates stay low. At some point, likely in the not too distant future, more homeowners will realize how much equity they are sitting on and will be inspired to list bringing up inventory levels and providing buyers more options.
Phoenix Area Real Estate Update 9/18/2020
If you see headlines stating “delinquency rates on the rise” those rates include mortgages in forbearance which are planned deferrals. According to Black Knight Financial, there are about 2 million more delinquent mortgages than there were in February. This chart shows that 30-day delinquencies are 14% lower than pre-pandemic numbers and the initial wave is subsiding.
Phoenix Area Real Estate Update 9/4/2020
Local economist Elliott Pollack states that the Phoenix metro housing market will remain strong. Between the strength of our job market, affordable prices, stability, and good weather people will continue to move here from other parts of the country.
Phoenix Area Real Estate Update 8/28/2020
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.
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 6/5/2020
Things truly are better than only a few weeks ago; consumer sentiment is up month over month. Things are definitely better than what the headlines read. As David Childers, with KCM, said, “The media often does more to terrify than clarify.” He is right. With all that said, we cannot diminish everything that is happening in our world today.
Phoenix Area Real Estate Update 5/29/2020
The other day I was talking with Tina Tamboer with the Cromford Report and she said, “Real estate is going gangbusters, I don’t think that it got the memo about the world-wide pandemic.” There continues to be increased optimism and momentum in real estate. Even the national economists are talking about the positive movement inContinueContinue reading “Phoenix Area Real Estate Update 5/29/2020”
Phoenix Area Real Estate Update 5/15/2020
Over the past 2 weeks the CEO’s of Realogy, Zillow, Redfin, RE/MAX, Keller Williams, and eXp all stated their confidence in the real estate market and expect continued increases in demand. Sellers are selling and buyers are buying. We are still not out of the woods yet and we do not know what will happenContinueContinue reading “Phoenix Area Real Estate Update 5/15/2020”