The market has shifted from 'insanity,' to 'frenzy,' to 'hot,' to 'warm.' Houses not selling the first day they hit the market is no reason to panic.  

This month's 3-minute market update looks at the numbers.

In nearly every recession over the last 50 years, interest rates rose at the beginning of the recession, but in order to come out of recession, interest rates were lowered to stimulate the economy. Last week's rate hike didn't immediately affect mortgage rates, but even at today's higher rates, some Sellers are offering creative buydowns to cover the interim until rates fall, expected around the end of 2022.

There are more licensed Realtors then ever in history, thanks in large part to restaurants and other service-industry closures at the onset of the pandemic. According to The New York Times on March 4, "As few as 10 percent of them will last long enough to make a full-time living selling homes." 

CONTRACT RATIOS & OTHER DATA COMPARING FACTORS AFFECTING THE 2005-2008 HOUSING VALUES TO TODAY'S MARKET:

THIS MONTH'S LUXURY MARKET REPORTS:

“In short, despite increasing inventory levels and the slowing of sales transactions, experts are very clear that buyers waiting for prices to plummet to pre-COVID levels are unlikely to witness a nosedive any time soon.” Click here for link to the newest issue of the Luxury Market Report.

THE LOCAL MARKET AS VIEWED BY THE EXPERTS:

 A look at the Supply and Demand during 2007-2009 as compared to today is inverted. The numbers just don't support a crash. Worst case could be a 10% decline in values, much of which would include those Sellers "testing" the market with very little desire to actually sell.

^{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.  Don’t Discount Your Net Worth. Put Tenure in Your Transition. Is Now a Good Time to Buy or Sell a Home? Call Denise 602-980-0737, celebrating a 36 year career in Arizona Real Estate.}

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HAPPY INDEPENDENCE DAY!!

Realty Executives recently featured in Military Makeover! 

 In the housing market, a new report by Realtor.com states that June saw the number of real estate listings rise by 18.7% compared with a year earlier, the second straight month of growth and the fastest on record since July 2017. However, we still have a long way to go before housing inventory levels are back to where they were before COVID-19. Three years ago, in June 2019, there were 53.2% more homes on the market—more than double what’s available today.

Luxury Market Housing Report 

Download the most current report of the Institute for Luxury Home Marketing, Nationally, and locally in Paradise Valley and Scottsdale here.

JULY's 3 Minute Market Video

_{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 36 year career in Arizona Real Estate.}  

2005 Too Many Homes ...  2022 Not Enough Homes.

• 2005 Zero Down Loans Freely Available ...  2022 Borrowers must have "Skin in the Game." 
• 2005 was dominated by Investors ...  2022 Buyers are Homeowners, or those wanting badly to be homeowners.
• So what is the Worst Case: A Crash. However, there is nothing in the math that supports a crash.
• Best Case: No Effect.
• Most Likely: A short term market shift or correction. Interest rates could go back to 5% as early as this Fall.   

Interested in the increased number of listings and lower market demand here in the Valley of the Sun? Watch my 3 minute June Market Re-cap Video Here. 

The Arizona Purchase Agreement is an As-Is contract, and due diligence is the responsibility of the Buyer. So when a Buyer states they are willing to purchase "As-Is" in this competitive Seller's market, it is redundant and really doesn't carry any weight. However, a Seller may require the Buyer to waive the lines of the contract regarding the BINSR process.   But importantly, if the Buyer submits a repair request anyway, the Seller should not respond based on the stricken language, or it may negate the Seller's intention.  More in this month's 3 Minute Market Recap HERE