I’ve been watching the numbers and talking with colleagues and there have been no massive changes in the real estate market here in AZ since the Coronavirus hit.
March surpassed February’s closings with a very healthy amount of pending sales that are likely to close in April. The inventory levels are still low and we are still seeing demand in our market place.
I’m seeing (and hearing) a normal amount of cancellations and, of course, not all related to the current situation that the world is in. There are many reasons that would cause a sale to cancel. Except for those iBuyer companies (not surprised TBH), they are canceling on purchasing homes which is likely leaving many sellers in a pinch as they scramble to figure out a Plan B… and are likely halfway through moving. ? This is probably better for the sellers in the long run IMO because those companies always take way more than they are worth and give less than they promise anyway. If you don’t know what an iBuyer is, message me and I’ll explain.
Though we are in uncertain times, it’s definitely helpful that equity is plentiful in many of our homes and homes financed with subprime loans are very few and far between. This is good. Also, not everyone is out of work and very few in our immediate buyer pool have been affected by this situation.
As always, if you have any questions about this update or anything regarding AZ real estate, please reach out. You don’t have to be in the market, one of our clients or even in AZ. I love real estate and I’m happy to talk about it anytime.
Stay strong and healthy,