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Our thoughts and hearts go out to everyone who is impacted by the coronavirus and all the chaos it has sown in the world lately. No industry has gone unaffected by it, and real estate is no exception. Naturally, people who were planning to buy or sell this year are concerned about the fate of their transactions, so today we’ll spend some time talking about what is currently happening in Arizona real estate and what you can expect as time moves forward.

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As we enter March, let’s take a look back at what happened in February in our Phoenix real estate market. February continued to show that we have a very tight inventory. These are actually some of the lowest inventory levels we’ve seen in the last decade. 


There just aren’t enough people who want to sell their homes to meet the demand of those who want to buy them. Builders are building as fast as they can, but more and more buyers are getting priced out of the market and left behind.


Another thing we’re seeing is that iBuyers are struggling to buy homes as well because of this low inventory. 



One interesting thing that we saw last month is what’s happening in the luxury price points. Homes above $800,000 are seeing 50% year-over-year increases in home sales. Apparently, people have more money to spend on homes in early 2020 t ...

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Are we heading into a recession?
 
With the looming presidential election, talk of volatile interest rates, and inventory shortages (or surpluses, depending on which part of the country you live in), we understand why this question is getting bandied about a lot. 
 
Unfortunately, our crystal ball is broken, but we do know a few facts. Interest rates are really low and, as we just mentioned, so is inventory. These indicate that we’re in the opposite of a recession. Fannie Mae and Freddie Mac both expect interest rates to stay low, and rental prices have increased in the Phoenix area. 
 
So we don’t appear to be headed for a recession anytime soon, but there are other factors at play, and these conditions won’t last forever. In the meantime, though, our market is healthy, and we need more home sellers. If you’re thinking of sel ...

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What is in the future for our Phoenix real estate market? This may surprise you, but the Phoenix housing market inventory is down 30% compared to a year ago. This means there are 30% fewer homes for sale today than there were last January. 


We’ve had an excellent run in the last five to seven years in our market. There’s more demand now, but less inventory than we’ve seen since August 2005! Our population has done nothing but increase for the last 15 years. This suggests that we’ll see more multiple offer situations, meaning more buyers competing to purchase houses. Then, this would likely increase home prices in the Phoenix metro market in 2020. 


We’re expecting 2020 to be an outstanding year. Hopefully, we’ll see more sellers come out of the woodwork since we need more supply. Also, get ready for those bidding wars!


If you ...

What do you need to do in order to create the best possible first impression when you sell your home? Here are our tips and tricks.

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It’s 2019—almost everyone in this day and age is starting their home search online. That means if you’re planning to sell your home, whatever you put in your online advertising materials for the home needs to make a great first impression. If you can’t get potential buyers to fall in love and imagine themselves living in your home from the moment they see your online advertisement, you might not even be able to get them to walk through the front door.


As part of our consultative selling process here at Group 46:10, we enlist our home stager to help us make your home look its very best. After the transformation is complete, we then hire the best of the best photographers to make sure we capture the right photos of your h ...