Market Update

Phew… last month was absolute insanity, just like July for us here in the Phoenix area.  Thankfully though, August brought us a few more listings which we desperately needed.  Sellers, that doesn’t mean we’re good…we still need your homes to sell to all these hungry buyers we have.    Interest rates are still unbelievably low which has the lenders in somewhat of a refinance frenzy along with all the purchase money loans.  Oh and that new refinance fee was postponed until December 1st.

In 14 years of selling homes here in the Phoenix area, I’ve never experienced such low inventory levels.  Sellers!   List your homes now.  It’s very much needed and you’ll do very well in this sellers market.  We have been experiencing some issues with appraisals though.  The bidding wars are causing pricing in some areas to soar well above appraised values and that is requiring renegotiating in some circumstances.  Contact me to discuss pricing or if you have questions on navigating this current market as a buyer.

The inventory levels are getting dangerously close to only one month’s supply. Sellers! It’s time to sell! We need your homes to balance the market a bit. Curious where you would move to if you sold? Call me, I have a trick up my sleeve for those with this contingency. The interest rates are also super duper low… I can’t even believe that FHA and VA dipped below 3% this week.

Here’s Season 2, Episode 1 of R.E.A.L. with Matt and Katie: Be the offer that wins in a multiple offer situation

We still haven’t seen any affect to the real estate market from COVID and even the riots that are happening across the country do not faze it a bit.  We are up a little in inventory since last month but, if you haven’t been living under a rock, you know that our market is moving swiftly and homes are selling within days of listing as long as the property is positioned correctly.  We are still seeing For Sale By Owners, outlandishly priced properties and properties listed by discount Brokers sitting, however.

Here are the stats that the National Association of Realtors just released.