Phoenix Housing Market Opportunity | Tables Have Turned

[@yourphoenixrealestateagent]

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[@swlc5555]

Investor buys a house in 2020 for 300K. They raise the sale price to 600K. They've now dropped their asking price to 580K. "Hey gang! Sellers are starting to make price cuts!!!"

[@Rickhelps]

The majority of price cuts are not from investors currently.

[@swlc5555]

@@Rickhelps Correct. The investors were the ones who originally ballooned the prices up to ridiculous levels. People with FOMO agreed to pay those insane prices. And now people with existing homes are naturally raising their prices to match those of the original investors since there are still people foolish enough to pay those prices...though they're getting fewer.

[@Rickhelps]

@@swlc5555 The economy was injected with low interest money thus packing future purchases to happen in 2021. The shortage of supply drove up prices. Investors made up 24% of total purchases.

[@yourphoenixrealestateagent]

@@Rickhelps good info, Rick!

[@msingleton]

It’s absolutely hilarious to hear you say buyers aren’t writing offers unless it’s the right property, and are waiting until they find something they actually like. It’s insane they ever did this at all! Glad we are one step closer to a healthy market.

[@yourphoenixrealestateagent]

Lol true

[@grQTbVMrZ]

Agreed. Pretty foolish caving into FOMO

[@mick_justmick]

I've been watching all homes 4BD, 2+BT under 2k sqft in 85037 and all the price drops are from houses that were priced 100-200k above average price for that size. So do these 1-10k price drops really mean anything to the market besides they were shooting at stars hoping one would stick?

[@douglasgilbert486]

IMO yes, they do. The GFR and crash did not happen overnight. RE agents seldom show these charts, but they are assessable. A massive crash or reset - if you want to call it that - takes time. You'll hear the "lock-in effect", good economy (lol), jobs, etc. Sellers are potentially delusional or simply in denial with the list prices. People are struggling to make ends meet. Those that thought they are sitting on mountains of equity will sell; investors will get out of the market and supply will go straight up. Again, this will not happen overnight, and patience is a virtue.

[@tyshaw2442]

Prices are higher year over year because of the high end market…The majority of the market is cutting prices.

[@gingerkilkus]

Back in the day, when I purchased my first home to live-in; that was Phoenix in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[@fadhshf]

If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.

[@hasede-lg9hj]

Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.

[@LucasBenjamin-hv7sk]

@@hasede-lg9hj Impressive can you share more info?

[@LucasBenjamin-hv7sk]

Impressive can you share more info?

[@hasede-lg9hj]

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Annette Marie Holt for about 4 years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

[@arizonagolfandrealestate4508]

Good job Caitlin!

[@yourphoenixrealestateagent]

Thank you!

[@jeffg4096]

That report can't keep up with real time (lagging). I'm looking at a small sample size, but there are now several price cuts per home in Chandler. Already dropped 8+% as I predicted. Trend is your friend! Most Fed will drop rates is maybe 1/2% by year's end. As a buyer, would you rather buy that house for $500k now or if you wait another year, that could be about $450k? All depends if you want/need a house "now".

[@yourphoenixrealestateagent]

That's assuming home prices go down by next year. Rates might, but will prices? There's no certainty in that. The report is updated on a weekly basis so its pretty close to real time!

[@wlonsdale1]

How about around the original price of about 300k?

[@RhysHuntoffice]

I moved from Tampa to Phoenix a few months ago and I’m thinking of purchasing a single family home there, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? Looks like NVDA, TSM and AMD and AVGO are strong buys this week.

[@FreemanJameZ]

it’s a personal decision, but according to Forbes, housing activities will remain stagnant for the most part of the year, so maybe hold off a little.

[@AdamWright8fool]

well you could put a downpayment on a home and as well diversify as much as you can into Ai, energy and big pharm. stocks like Pfizer and JnJ, ASML, MLM and S&P 500 ETFs. I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I making a whooping $738k in Q4 last year

[@ArchieJohnson5h]

I’m an art collector, this is not very new to me but has a nuance to it. Can you assist me?

[@AdamWright8fool]

There are many advisors to choose from. But I work with 'Leah Foster Alderman' and we've been working together for years and she's fantastic. You could check her if she meets your requirements. Just research the name. You’d find necessary details to work with

[@ArchieJohnson5h]

Thanks for the recommendation, I just googled her and I'm really impressed with her credentials, I reached out to her since I need all the assistance I can get.

[@claytonelofgren]

6.625% with 5% down on a 30 year right now paying 1 point. Assuming a 780 FICO and DTI under 40%. Loan size $200K-$755K

[@johnseaberg5028]

The government numbers are adjusted 2-3 months later that reflect persistent upward inflation. Lower gas prices for the moment drew the inflation numbers down a bit.

[@thetradingfarmer]

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