Posts with tag 'Sellers'

Why Buyers Should Stay in the Game in 2023
Sellers: Prepare for Longer Days on Market in Q4

For Buyers:

When first-time home buyers talk to their parents or grandparents about today's mortgage rates, they may get a response similar to, "I purchased my first home in the 80's at [insert range of 10%-18% interest here]." In fact, some carry their high mortgage rate like a badge of honor because it turned out to be a great decision, despite the uncertainties of their time. In their 20s and early 30s, Baby Boomers endured 4 recessions, 4 rounds of high unemployment, and erratic mortgage rates that started from a low of 7% and rose to a peak of 18%. However, those who got in the game where they could, with a long term mindset, were rewarded and are looked upon as "lucky" to have gotten in when they did.

Flash forward to 2023. While admittedly there is a large swath of buyers priced out of purchasing a home du...

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Get the scoop on the Phoenix area real estate market including the impact of mortgage rates and seller concessions.

For Buyers:

Not a lot of changes are happening in the housing market right now. It's as if both buyers and sellers are in a holding pattern awaiting a sign before making a move. Conventional mortgage rates have held steady in the high 6% and low 7% range for nearly 3 months now with little signs of a decline yet, keeping contract activity restricted since the 4th of July and overall demand 22% below normal for this time of year.

The continuous drop in supply we've been experiencing since October has slowed and flattened out over the past 6 weeks as well, but still 52% below normal for the past month and 39% below last year's supply count. The ratio between supply and demand is keeping Greater Phoenix in a seller's market, but it's mild compared to the last 3 years. This indicates an upward pressure on price, but more subdued. Betwee...

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Whether you're a buyer seeking the perfect time to make your move or a seller contemplating your options, this video is a must-watch. With the fewest new listings in 23 years in the greater Phoenix area, both buyers and sellers will find out how this scarcity affects your opportunities and decisions. From rising interest rates to future predictions, I uncover it all in less than 3 minutes.

#azhousingmarket #azrealestate

Cindy Nelson is an Arizona native and REALTOR® with Realty ONE Group and serves the Phoenix Metro area and the White Mountain region. Cindy is a subscriber to the Cromford Market Report and an active Trusted Advisor University member. 

Numbers don't lie. Here is what is really happening in the Phoenix area real estate market. Find out why now is an ideal window for buyers to make a move.

Cindy Nelson is an Arizona native and REALTOR® with Realty ONE Group and serves the Phoenix Metro area and the White Mountain region. Cindy is a subscriber to the Cromford Market Report and an active Trusted Advisor University member. 

After 200% Increase, Supply Still Nearly 40% Below Normal

Sale Prices Up 3.5% Since December

For Buyers:

Rates defied industry predictions once again and rose over a point from 5.99% to 7.1% between February 2nd and March 2nd. For the past 4 weeks, rates have hovered in the upper 6% range, figuratively "pinching the hose" on demand during the popular Spring season for buyers. At 9,001, contracts are at their 4th lowest count since 2005, the lowest counts were in 2006-2008 and normal range is 11,000-13,000. Buyers are not the only ones holding back due to higher mortgage rates, sellers are too. New listings added to the Arizona Regional MLS are the lowest ever recorded going back at least 23 years. This may be shocking to some as there has been a 200% increase in supply year-over-year, but last year at this time supply was merely 4,820 active listings. The reality is that ARMLS active supply spiked over...

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