Leading Indicators

Leading indicators are the only way to accurately make a realistic prediction of future performance. Trailing indicators, such as "Sold Prices" show what has already happened 30 to 60 days ago. We have seen Sales price per square foot increase every month in 2023, up 6.4% since December. So what happened? "Listings under contract" is another indicator, and we’ve seen the fewest numbers of buyers in escrow at any time since 2009. This indicates a very slow market. Low buyer activity, paired with even lower seller activity, points to more upward pressure on prices in the Valley. Watch this month's 3 minute market update to understand why Market Report.

How the PHOENIX VALLEY ranking of #1 in the Nation is contributing to a continued appreciation in the housing market

The Valley is still the hottest ticket for employment opportunities thanks to the advantages companies are finding relocating or expanding here far too vast to summarize here. Over the last few years the growing pool of home buyers were shut out of the buying market due to competition and lack of inventory - and though we still have a shortage of properties for the size of our population, active listings are at the highest level for this time of year, with buyers having more choices than they have in over 4 years. Sellers are still helping contribute to help with those higher interest rates by providing interest rate buy-downs. Despite what is happening in the rest of the country, Phoenix is attracting businesses, employees and retires like never before.

Though most of the valley is in a seller’s market there are areas of the Valley that still favor buyers. Call for details. And take a look at this month's 2 minute market update.

Our team is growing. Have you ever considered a career in real estate? Exec-Elite is a community within the Realty Executives Phoenix community of over 1,000 local agents, allies and colleagues providing the support essential to facilitating the most successful home purchases and sales for our clients. Our local group is supported by the even larger community of Realty Executives International, providing camaraderie and the mastermind of the most tenured agents worldwide. Van den Bossche discusses the high standards required of Agents invited to join the Exec-Elite team in the upcoming Phoenix Agent Magazine. 

One thing remains constant and is even more true than ever: Your Home Equity is a significant asset in your portfolio and you deserve expert guidance.  Is Now a Good Time to Buy or Sell a Home? Call Denise 602-980-0737, celebrating nearly 40 years in Metro-Phoenix Real Estate.  Ranked #2 Worldwide in Solo Agent Production for 2022 at Realty Executives International, one of the oldest and largest brands in residential real estate.

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Three Great Reasons to Buy an Arizona Home Now

*If you buy now, many lenders are offering programs that allow you to refinance with little to no cost when rates do drop. And if rates do rise, there is a cost to waiting.

*Secondly, most homeowners today are sitting on major equity. Based on the continued growth of the Valley and lack of houses for sale, you can expect prices to shift up again in the near future.

*Lastly, we may actually be at the bottom of the market, which is always a good time to buy.

Luxury Home Marketing Update

     Understanding real estate cycles are important as they provide reliable information about how and when to buy and sell. We have moved out of 2 and ½ years of the most dynamic luxury real estate markets, with experts now speaking of ‘correction’ rather than ‘crash.’  Yep, that's Bella as a kid at a Barrett-Jackson event! (No, she didn't buy the car)

      While some markets are being affected by downward pressure on prices, others are still reporting increases. This disparity is seen when looking at markets that hold the opportunity for either more affordability, or potential price growth

     It is predicted that the millennial generation in 2023 will become a strong investor in the entry level luxury real estate market, while the mass affluent will continue to increase demand for second and third homes.

     The very high net worth are looking for homes that offer more than just luxury. Lifestyle has become their driver, and homes that offer unique experiences, access to adventure and are filled with high-end amenities are more their concern than worries about higher interest rates.

     Download the full Luxury Home Marketing Report here.

_{One thing remains constant and is even more true than ever: Your Home Equity is a significant asset in your portfolio and you deserve expert guidance.  Is Now a Good Time to Buy or Sell a Home? Call Denise 602-980-0737, celebrating a near 40 year career in Metro-Phoenix Real Estate.}    

According to Goldman Sachs, the U.S. housing market may have already hit bottom. Download Article. Reported by the New York Times February 6, 2023.  "Instead of U.S. home prices falling 6.1% in 2023, which was their Jan. 10 prediction, researchers at the investment bank now expect national home prices to end 2023 down just 2.6%."

2023 Market Predictions 

Greater Phoenix now Balanced

We are now entering the height of the Valley's buyer season with a continued shortage of inventory. Some markets are still hot, this depends on the price point and neighborhood. Owner's who have owned for two years or longer are still sitting in an excellent equity position, and over 65% of active listings were purchased more than 2 years ago.

Luxury Lull

All indicators point to a lull, rather than a crash, as the affluent start to reevaluate their long-term goals. Expect to see slower returns on investment, as buyers and sellers remain hesitant until the economy stablizeds; a continued movement to more affordable markets and watch climate change play an important role in where the affluent choose to purchase homes. Current Luxury Market National Report.

A real estate 'reckoning is at hand' 

According to Inman, "Economists and other housing experts predict the market will be more balanced among both buyers and sellers. Home prices won't change much while mortgage interest rates will continue to drop."

 _{One thing remains constant and is even more true than ever: Your Home Equity is a significant asset in your portfolio and you deserve expert guidance.  Is Now a Good Time to Buy or Sell a Home? Call Denise 602-980-0737, celebrating a near 40 year career in Metro-Phoenix Real Estate.}