April 2024 Arizona Housing Update

[@JasonWalter1]

Looking to Buy or Sell a Home in the US? Get Connected To a GREAT Real Estate Agent here: realestateteamfinder.com Compilation of Housing Market Forecast videos kzbin.info/aero/PLiQQpOejscIcBF1Jw2zG6Uvg7qDav_oGi Please SUBSCRIBE HERE bit.ly/31kAR73 Products I use and like: #ad My Gear I Use for KZbin: www.amazon.com/shop/jasonwalter

[@anthonyrodriguez-tu7fp]

There’s a lot of stubborn sellers with their 120+ day listings.

[@tpolarbeart]

I took one for the team. I just bought a house so with my luck the housing market will crash. You're welcome everyone.

[@davidonewayticket3388]

Thanks for your help😂

[@olabodefehintola4251]

For some reason, this was so funny to me. Congratulations on your new house

[@JasonWalter1]

Congrats on your purchase! My advice for everyone: buy when it’s right for YOU.

[@davidallen2682]

Haha thank you.

[@davidallen2682]

@@JasonWalter1spoken like a true realtor

[@codystone5931]

100% right on Jason. Regarding the balance market not being a six month supply. In fact, we should be paying much more attention of supply RATHER than inventory levels. Because if we have low inventory, but even lower demand, prices can still fall. We’ve already seen this here in Idaho

[@JasonWalter1]

Yep and we saw that in 2022 👍

[@AJourneyOfYourSoul]

Months of supply is everything. It takes into account supply and demand.

[@0529mpb]

​​​@@AJourneyOfYourSoulTrue, but the old rules of thumb no longer hold because it takes much less time to complete the transaction than it did 15 years ago. 4 months of supply is now a balanced market in most markets.

[@JuanRodriguez-ql2zu]

Price reductions and if can’t be done, then foreclosure and eventually bank repos.🎉🎉🎉

[@bigstickful]

yup

[@MaggieBeaini]

I'm so excited! There's this amazing video all about the Arizona Real Estate Market that really captures what's happening right now. The homes in good condition are still getting sold, but for the others, it looks like we'll have to be a bit patient. It might be a good idea to consider lowering the prices soon before we end up with even more homes flooding the market! Cant wait to see what happens.. Would love to buy home next year for more affordable

[@Steverz32]

Good morning Jason, see you & Jim this afternoon👍

[@JasonWalter1]

Good morning! See you then.

[@davidallen2682]

I’m seeing a 20% decrease in asking price for the homes around 1.2 million. Some have just pulled their house off the market because they didn’t get their 500,000 equity they wanted.

[@davidonewayticket3388]

Good morning Jason ❤

[@JasonWalter1]

Good morning!

[@labitcoineragt3596]

I live in AZ and I’ve been following the micro market in Gilbert, Queen Creek and Vail. I’ve physically been to all three of these communities and the supply is larger than everyone is talking about. A home I had an eye on but considered it was overpriced in the Whitewing community was listed for almost a year and it barely sold I think last month around 500k less then they were asking. Honestly still overpriced but better? Anyway, and you come to Tucson and the new build communities are out of control with all of them not listing on Zillow, realtor etc the crazy amount of already new built homes they have just sitting there. Across the street from me there is a community with 46! Yes, 46 already built “move in ready” homes 😂thank goodness I’m a Bitcoiner because that gave me the patience of a saint in any market 😂 and the eye to see what’s coming. I’ll just sit tight, I can tell the market correction is just barely getting started. I’m excited. It’s probably not what anyone wants to hear but… be prepared with money in your pockets and a good credit score people! (Unless you’re also a Bitcoiner and don’t need a credit score to buy a home 😂). Be ready to buy the dip!

[@StephieBaker]

Over here in West Valley, the market is flooded with new builds and still building. Like you said, they aren't all on the market for sale yet. It's absolutely insane.

[@neilcanlas]

Hey Jason, great videos! What software do you use to do your videos?

[@JasonWalter1]

Send me an email to [e-mail] and I'll share with you everything I use.

[@billjohn3287]

I honestly, like lots and lots of Americans, will not be able to buy until those prices at least " at least will come down to 70% " those investors are very bad people, besides most of Californian they sold their house running away from the corrupt liberal State of California and came to Phoenix area and "jacked up the prices paying CASH 70-80% above the value" that is very bad. beside the interest rate is very high 7% that is ridiculous, AND the inflation- No jobs- high gas prices- high food prices, in conclusion I honestly will not even think of buying or renting until thing gose back to before 2019.

[@afsharlady]

40% price reductions says it all. GREAT report.

[@JasonWalter1]

Thank you for watching

[@zipporaid]

Market is still being screwed up by people with fomo and DINK millennials imo. Sales nearby in upstate ny are now just two buyers bidding against each other, theyre still doing the "offers due in one week" thing. Gone are the days of 20+ offers.

[@GilbertoMartinez0811]

Great video and analysis, could you do a similar analysis for other hot markets like Miami, FL?

[@HausofPatronus]

I wonder if I-buying companies are dumping their inventory in Arizona

[@BarbTodd]

3-6 months is an average market in the Phoenix area. It increased so drastically because the DOM before had been 1 day … it was crazy. And all offers were over the asking price. We are finally heading to normality. Let’s see what the economy does … that will dictate the price.

[@Sir-Gerlad]

Thanks for this update. Going to Arizona next month for a week to explore and look at new construction homes.

[@JasonWalter1]

Nice! Please let us know what you find. Builders offering incentives, lots for sale, etc?

[@JBoy340a]

Great analysis. I agree with you that the 6 months supply as a "balanced market" is incorrect. Imagine how a buyer must feel when their home is shown for 4-5 months with no solid offer. There is no mystery why prices need to fall. And no surprise that 40% of the homes must decrease the price. But that 40% seems high to me. Are realtors and sellers mispricing these homes that badly?

[@JasonWalter1]

Thank you very much!

[@davidallen2682]

Yes, boomers still think they won the lottery and got their retirement

[@kpenn8516]

yes they are. I have been in Tucson all of my life and the prices that some of these sellers are asking for downright dumps in awful parts of town are so laughable.

[@JBoy340a]

@@kpenn8516 Amazing. So much for being real estate "professionals".

[@bothfeetinadventures1962]

Just spent a week visiting my brother in Phoenix. LOTS of new construction near Glendale by the stadium & NW from there. I’d be curious what the ratio of new construction vs. existing home listings is. If people are getting out of their home in this high interest market…that would be a big concern. Why leave a good interest rate unless you can’t afford it anymore..

[@jvz28az]

Arizona will fall just like most places. I sold my houses in the nw valley last summer. I only kept my condo down in rocky point.

[@MaddieBr]

Yes, seems to me that new construction, particularly at higher prices, will affect DOM and prices of existing inventory

[@trishamarie1015]

We have plenty of million plus dollar homes if anyone is rich & interested in getting a heat stroke & constant debris damage to your vehicle while driving on the freeways 😊

[@JBoy340a]

But, after watching "Fridays with Frank" you do have some cool traffic cops.

[@letsgobrandon911]

Add to that, we have the worst drivers.

[@oldschool6798]

@@letsgobrandon911 65 mph is >80 mph in Arizona speak! I-17 is a freaking NASCAR race! Lol

[@RyanLundquist]

Yeah, not a fan of lumping in pending contracts. They need their own category.

[@davidf707]

If you are planning to stay in the house for at least 5-7 years, there is no need to even try to time the market. Honestly, nobody knows the short term direction of the housing market. But if you buy the house for your own use as a long term investment, it always pays off, especially in Phoenix where there is a robust job market.

[@mike7972]

I see the amount of FoMo bros is dropping like flies. Still some left once eliminated we hopefully will see some price drops thats if the government will allow the market to go down.

[@kpenn8516]

Seeing the same thing. Desperate fomos are drying up and native AZoans refuse to overpay for what's out there becasue they know they are not worth that much money. Of course the prices still seem very low to the Californians, etc.. who come here and they will overpay. Hopefully that drys up too

[@joegrow1273]

Would your predictions be the AZ market will continue to struggle to sell while supply increases resulting in price reduction to some form of normality (20%). I dont see it ever being pre pandemic levels but getting within apitting distance would be some great news.

[@jvz28az]

We’ve always had a lot of people moving here. This economy is a fake economy and overstimulated. A lot of people bought more than they can afford and others who previously bought their home will struggle to keep up with the cost. Arizona has a lot of people moving here from California and other places that they will move back to.

[@StephieBaker]

With how many houses there are up for sale and for rent, it only makes sense for it to start decreasing with not as many buyers. I've notice quite a few investor homes going up for sale at a lower cost than what they purchased for. Seeing as we are a very investor heavy market, I could see that being a reason for sudden increase in inventory and decrease in price for competition sake. Too many houses for rent, can't get their houses rented, so move it as a loss. However, there is a lot of factors that can make the market change. Desperation is a big one, whether it is a person who lost their job or an investor, both just trying to move inventory quickly.

[@bigstickful]

Only way to get home prices down is if for home sales to decease by 100%

[@cherylcampbell7495]

It’s too darn hot here. Too much traffic. 100 years from now there saying Phoenix will be uninhabitable. Sooner I think.

[@kpenn8516]

the heat last summer was more than i could bear, but honestly it's better than snow, hurricanes, tornedos and earthquakes.

[@amandabrau-v6w]

Same here in Fl! I e are planning a move to Ga next year

[@filmingNgaming]

Everyone's trapped in apartments. Their rates are insane

[@richardLee-dd3gn]

High supply and low demand.... Prices should come down. And they're too high at present anyway.

[@Steverz32]

1😊

[@JasonWalter1]

👍👍

[@adamjaynes1503]

everything is fucked.

[@EK-wq1vw]

Where-ever you buy the house, good community will always have a high demand. Arizona has lots of great community surrounded by high demand jobs and school district. If you have a money, and found a good community, don’t hesitate to buy. For the long term, housing price in a good community always goes up.

[@jvz28az]

You don’t understand the market or the fact that this economy was completely stimulated. There are bad times to buy, they just aren’t usual. This is a bad time to buy. Markets work off of supply and demand.

[@EK-wq1vw]

@@jvz28az We have to face the reality. Market will never go back to pre-pandemic. Government pumped trillion amount of dollars, and everything went up including stocks, real estate, and wages. Arizona is keep growing. Huge organizations like Intel, TSMC, LG, Amkor, etc are expanding in Arizona, continuously dragging the highly talented individuals to the state. There could be market “correction”, but absolutely no crash. Since the Pandemic, housing market went up 200% in AZ, and 10% down (if it goes down) really can be considered as “crash”? Buy, when you can. From 20 years from now on, your house would be more than doubled anyway.

[@jvz28az]

@@EK-wq1vw The fed has to raise interest rates dramatically to control and keep inflation under control. Housing prices will fall. I would suggest you study more about how markets work. I have been studying them for the last 15 years and was in the gfc at the highest levels working with all of the other Fortune 500 companies that were our clients. I bought and sold Jaime Dimon’s house in doing Chicago and moved he and his vp’s to nyc and Connecticut. I was on the phone with bear and Lehman as they collapsed and their employees were stranded around the country. We had every large employer in the country. Banks, investment firms, airlines, government agencies, etc

[@letsgobrandon911]

The schools suck in Arizona.