The Inventory of homes for sale is finally rising from 30 days or less supply to over 3 months. The frenzied pace of 2020 and 2021 is finally calming down. There were more homes for sale last week than the same week in 2019. Keep in mind the 2019 was a strong seller's market. "According to NAR statistics, the median real-estate experience of all Realtors is eight years. The last time we … [Read more...]
Housing Market Nationally And Metro Phoenix Real Estate
Since the beginning of the Covid-19 pandemic in 2020 and 2021 Real Estate saw double digit appreciation in home values. Mortgage Interest Rates on a 30 year fixed rate reached the lowest level in December 2020 at 2.68% with the annual average rate of 3.11% according to Freddie Mac and 2021 averaged of 2.96%. Rates bounced above and below 3% during this time. Federal Reserve Chairman Powel … [Read more...]
Greater Phoenix Metro Area Real Estate Market News
“I’m a greater believer in luck, and I find the harder I work the more I have of it,” Thomas Jefferson Years ago, until I was in the market to buy my first home I was not paying attention to real estate prices, inventory or interest rates. Once I became an active buyer I was very aware of what was happening in my local market. Shortly after I bought my first home I became a real estate … [Read more...]
2020 Remarkable Year For Real Estate In Phoenix Market! What’s Next in 2021
2020 Remarkable Year For Real Estate In Phoenix Market exceeding all expectations! Despite all the challenges we faced the year was transformed into the most successful sales year in ARMLS history. (Arizona Regional Multiple Listing Service) "A strong first quarter was followed with a 27.1% year-over-year drop in sales volume in April and a 33.7% drop in May. Historically, April and May are in … [Read more...]
The New Normal: A Strong Housing Market Expected to Continue into 2021
“2020 will be known for a lot of things, and a record-breaking year for real estate will certainly be one of its more unexpected legacies,” prominent economist Daryl Fairweather said.1 And he’s right: most of us would have expected the housing market to suffer from circumstances like a once-in-a-hundred-years pandemic and historic inventory shortages. But, rather than a slowdown, we are … [Read more...]
Lowest Mortgage Rates in History: What It Means for Homeowners and Buyers
Lowest Mortgage Rates in History: What It Means for Homeowners and Buyers In July, the average 30-year fixed-rate mortgage fell below 3% for the first time in history.1 And while many Americans have rushed to take advantage of this unprecedented opportunity, others question the hype. Are today’s rates truly a bargain? While average mortgage rates have drifted between 4% and 5% in recent years, … [Read more...]
2020 Outlook: Real Estate Market Forecast
We’re in the midst of the longest economic expansion in U.S. history, and economists think there’s still room to grow. A recent survey by the National Association for Business Economics found that experts believe the U.S. economy will remain positive throughout 2020.1 Still, given that recessions are a natural (and necessary) part of a business cycle, we know this period of growth will … [Read more...]
Mortgage Limits Increase For 2020!
Here is a quick update on the official Mortgage Limits changes for 2020! "Conventional – new limits for all loans delivered after 1/1/2020 will be $510,400 (whoo hoo!!!) This means First time home buyers using (3% down payment) can buy at a maximum purchase price of $526,185 5% down Owner Occupant Buyers can buy at a maximum purchase price of $537,263 FHA made their official announcement and … [Read more...]
“How’s the Market?” What’s Ahead for Real Estate
While no one can predict the future with certainty, most experts expect to see modest growth in the U.S. housing market for the remainder of this year and next. Inventory will remain tight, mortgage rates will continue to creep up, and affordability will remain a major issue in many parts of the country. So what does that mean for home buyers and sellers? To answer that question, we take a … [Read more...]
Real Estate 2018: What to Expect
Real Estate 2018: What to Expect As we head into a new year, the most common question we receive is, “What’s the outlook for real estate in 2018?” It’s not just potential buyers and sellers who are curious; homeowners also want reassurance their home’s value is going up. The good news is that a strong U.S. economy, coupled with low unemployment rates, is expected to drive continued real estate … [Read more...]
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