Home Prices Continue to Rise | Phoenix Real Estate Market Update

[@yourphoenixrealestateagent]

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[@mikejames829]

As a first time home buyer who makes well over 6 figures I simply won't give you what you're asking. I will offer you the 2019 price. Sorry but the value is not there.

[@vvs_Pre]

For real! I’m not giving away my hard earned money for the f*ck of it

[@HaydonAshurstFamily]

Good luck

[@mikejames829]

@HaydonAshurstFamily I'd be willing to pay a bit more but nothing like what I see on listings. Maybe black rock has the cash or someone from California.

[@apilgrim8715]

The cost to access resources is going up. Houses are just wood boxes near resources. You would have to find a place with the resources of 2019 to get those prices and everyone is packing themselves into cities.

[@Stanley-px3bt]

I'm with you. I'm not going to pay 500-700K for a boomer's old mildew smelling house, that cost 300K in 2017.

[@thesoccertrotter1]

Prices are not increasing. Home sales price is increasing. The Zillow zestimate on most houses has been decreasing. The difference is less median homes have been selling taking the average up. The less homes sell and more homes sit for sale the more this false average homes sales price will inflate. Once prices keep cutting on affordable homes and sales numbers start to increase, the number will drop off a cliff

[@jbcomics88]

I would like to see the numbers. I know that many home builders are reducing their prices. However, I only see sales in the $600,000+ range and not much activity in the lower price brackets. These lower-end prices are significantly impacted by the economy and affordability concerns.

[@jaday4230]

Renting is a better option now, you can rent a million dollar home with 3800, plenty choices across the valley. But the same money only covers a 500k fix up home. Plus the first 2-3 years all goes to interest

[@michelletribble71]

They have brand new luxury apartments all over the valley now. It is like staying in a high end hotel all year round with beautiful pools, landscaping and state of the art gyms.

[@walshshane]

I for one hope the prices keep going up by 20 to 30% every year. For those selling, keep pushing the prices as far as you can. I know my salary only goes up 3% every year, but that doesn't matter, house prices should jump by double or triple digits.

[@NoOne-h7o]

This is always how it happens. Eric Basmajian of EPBResearch lays this out. Affordability -> Volume -> Jobs -> Prices. Nothing new. Prices are flat for 3 years nominally.

[@deano9304]

no doubt. The reality is homes are sitting and not selling and there have been lots of price reductions. Look at the 10 year, it's up and going higher. Until realtors start communicating with sellers then need to list with lower prices, you are not going to sell your home. People are broke and can't qualify. Forclosures in Arizona have gone up significantly in the last 6 months, and many now are in the Phoenix metro area, not just down in Nogalas, and Kinman. Trying to tell us homes are going up in Phoenix.... come on Catlin....

[@0529mpb]

Demand is decreasing in the $400,000 to $600,000 and increasing in higher price ranges where rates don't matter as much. So, even the median gets skewed. I wouldn't say that the same house is increasing in value.

[@NoOne-h7o]

yet median prices are flat for 3 years

[@TylerShort]

Correct, agents are not analysts nor savvy financial/economic commentators. They are incentivized to make sales. I love Caitlin for her data. I skip over any and all commentary because it's elementary, as is the commentary from every other agent incentivized by commission.

[@waterbug1135]

Sales are slow, but prices up because sellers are OK staying in place. Listing a house is never a commitment to sell to the highest bidder. There are always 2 buyers. There's the buyer making an offer but the seller also acts as a buyer. "For that price we'd rather stay here." Homes seem worth more to owners than buyers. This may be a new normal for at least a few more years. Owners seem pretty happy staying in their house and renters happy renting.

[@NoOne-h7o]

So why in months supply spiking?

[@GodsStrongestLeon]

A lot of sellers are sitting on 3% mortgages and don't have to care about buyers' affordability issues, sure, but they don't really matter to the market in the long term - there is always a contingent of sellers that DO have to sell promptly due to death, divorce, and other life matters, and once the comps from those forced sales build up in the MLS, real price discovery can happen, and the inflated "zestimates" that all the other sellers are using to justify asking $500,000 for a $250,000 house will evaporate as quickly as they inflated.

[@NoOne-h7o]

@@GodsStrongestLeon oh they care when their neighbor has to sell

[@janereinhardt4715]

Price increases for houses are well under the rate of inflation, so they are effectively decreasing in price.

[@deano9304]

Except when you get a divorce or a new job and have to sell. Then you sell at what you can get and now the neighborhood comps are lowered and you Mr. I can wait have a lower home value too. So why even bother, you enjoy people running thru your home every week and making sure your bed is made because some realtor has a person who wants to see your house in an hour. Ya sounds like a good time.

[@tinasmith8241]

We can thank the government and the real estate agencies for keeping prices high.

[@HousesByDunn]

With a housing shortage still looming larg and the glut of money, and other factors, the market supports higher prices. People will should also focus on the tax benefits of homes. The are LOTS of new mortgage programs that make buying your first home moer affordable to people like first responders, teachers and more. People just need to get the right mortgage broker.

[@criticalthinker9829]

another cheerleader 😂

[@claytonelofgren]

Good video. Rents are also very expensive right now which helps people justify home prices

[@aaronthibodeaux3558]

This has nothing to do with feelings. The logic behind “home prices will also increase” is simply unsustainable. If you apply this thinking across a 10-15-year span, you have to also believe and be ok with the median selling price of a home being 600-900k. Does anyone believe the average person's salary will increase enough to be able to sustain a market with normal homes at those prices? We are seeing it now that its unaffordable

[@ROKKANS]

Rates are going up not because of a booming economy 😂 but because of anticipated out of control inflation

[@stevefu1737]

I think we are heading into stagflation😢

[@armandgalleon8077]

There is a price increase of $1 miilion at least in Silicon Valley in Fremont mission district.

[@roadtrip2943]

Houses are considered a store of value during an inflationary era

[@NoOne-h7o]

Redfin is totally useless, you need Cromford

[@JustinLanier]

Don’t worry an opportunity economy is coming if Harris is elected, I’m not sure what that is; but Kamala cash will allow us to buy expensive things, unlike Biden bucks. 😂

[@fixagent81]

I think if the presidential outcome is democrat and first time home buyers are able to get a credit of 25k we could see a bubble again there’s not telling if you give some one a first time home buyer 2( if they can afford the payment

[@NoOne-h7o]

So your logic is $140k overpriced houses only need $25k? No data supports this

[@fixagent81]

@ it’s a down payment of a sort I don’t have all the details but just think about it look at the policies she’s mentioning that’s one of them

[@raygonzales197]

If this ever actually passes then now many people are going to qualify. Those that would qualify are going to have to go through so many hoops. Not to mention the long term effects are going to hurt. Similar to the $2500 credit from COVID. This doesn't solve the problem either and I think the 25k is a short sighted band aid. Plus, I thought it was only for "first generation home buyers"

[@fixagent81]

@ nope according to what I’ve heard it can be used every 3 years or something like that what tax payers don’t understand is yes it could be like the variety of tax credit that come out only to find it has a certain purpose and once you commit to that purpose your either lucky or screwed either way in this reality I don’t see the mortgage rates coming down

[@deano9304]

what you smoking....if you can't afford a down payment, you can't afford the payments. I sold mortgages, losers are still losers even if you give them a few bucks. They won't be getting loans.