Just like that, the first quarter of 2022 has flown by! As we head into the second quarter, it should be no surprise that we are seeing double digit year-over-year price increases. The cause of this Extreme Seller's Market remains the same: high demand with low supply. Even with the recent interest rate increases we have an abundance of people looking to purchase homes but not Continue Reading
Market Snapshot – February 2022
Demand Remains High while our Inventory Remains Low NAR (National Association of Realtors) reported the lowest level of inventory (nationwide) since 1999! Most local areas have seen a double digit year-over-year price increase as a result. However, interest rates are on the rise. The average home currently accounts for 24% of average income. Typically we say max housing Continue Reading
Where Have All the Sellers Gone?
2022 is speeding along. Now into the second month of the year and the real estate market is still on fire. My personal observations: I’ve heard a lot of talk about buyers slowing down, but I have not seen that in action. I’m sure certain areas or neighborhoods may have had a slower month (which is normal) but overall that’s just not the case. There is still high Continue Reading
2021 Economic Snapshot
The numbers are in and 2021 marked a 39-year high in Inflation with a whopping 6.8% increase. The housing market continued to climb due to a shortage of homes available for sale coupled with high demand. We saw an average year-over-year increase in sales price of 25.3%. That equates to an average sale price increase of $168,867 compared to just one year ago. The largest Continue Reading
Heading into the 4th Quarter of 2021
We have made it to the fourth quarter of 2021! Which means, it's time for our monthly market recap. The last few months we've been holding pretty steady. Looking at Gilbert as an example, since July we have seen an average sales price in the upper $570's to low $580's (small fluctuations are normal). This is a good sign for Buyers who were wanting to see the market steady a Continue Reading
Are We in a Bubble?
One of the top rated "Google Searches" for 2021 is "Are we in a housing bubble?". It's not surprising that for those of us who were in the housing crash a decade ago, there would be concerns about a repeat. The overall consensus is that NO we are not in a housing bubble and NO there will not be a crash. WHY? The main difference is that back in 2005-2006 we were actually Continue Reading
Is the Market Softening?
We are now heading into the second half of 2021! The BIG BUZZ phrase right now is "Market Softening". We are hearing it all over the place. Some people think that means we are now balanced, others think nothing changed, and a few people are still saying we are crashing. Let's look at a few stats to show what's really happening: New Inventory is UP 5.8% month over month Continue Reading
What it REALLY Means to Waive the Appraisal Contingency
Our Summer Market is in full swing! Below is a snapshot of May's Stats. No surprise, we still sit with extremely low inventory. This shortage is continuing to drive pricing up and days on market down. One tactic that many Buyers are using to compete in the bidding wars is to use a Full Appraisal Contingency Waiver. What does this really mean? A full Appraisal Contingency Continue Reading
February Stats – Luxury Market Increases
Time for our next Market Update. No secret... we are still in a hardcore Seller's Market. This Month's Market Question: Is it just the lower price points that are seeing multiple offers and considered the "Seller's Market"? Answer: Nope, not all. In fact, the Luxury Home Market has seen a very large surge in recent months. Now "luxury" means different things to different people. Continue Reading
Jan 2021 Market Update
The start of 2021 is continuing in the same path as the previous year. Very low inventory of homes is keeping us in that Seller's Market. Instead of going into the same details, this month I want to answer a question that I have been repeatedly hearing over the last few months: "Why is the Days on Market still in the upper 20's when we are seeing homes go under contract in just a Continue Reading
