Low-interest rates keep housing demand high while available supply continues to dwindle. Today’s market is tough on buyers yet it is still a great time to buy; so we must continue to encourage them. And we must do the same for the sellers as well.
Stories of 75 offers in one weekend or a fixer selling as-is for $50,000 over asking come almost daily. Real estate is not for the faint of heart nor is it boring.
As of Monday, total single family homes available in the US dropped down to 388,678. That means that only 0.05% of all single family homes in the country are available. With NAR’s 1.4M members, there are 3.5 Realtors for every house for sale.
To say that these are times are weird would be an understatement we have confusing elections, a worldwide pandemic, high unemployment, and the residential real estate sector is supporting the US economy.
Our economic recovery is complicated and Q4 2020 will be a continuation of the complication. I expect we will see more of the same; tight inventory, high demand, continued recovery – slower than we would like but progress nonetheless, and holiday commercials will replace political ads. The AZ Market: Real estate consultant Jim Belfiore expectsContinue reading “Greater Phoenix Real Estate Update 10/2/2020”