The Housing Market Just Changed | Phoenix Real Estate Market Update

[@yourphoenixrealestateagent]

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[@tinasmith8241]

All agents talk about lower rates bringing back buyers, but that is simply not the case. The average worker in AZ cannot afford the price tag on these overpriced (and cheaply made) homes. Very few agents want to be honest about this, or talk about how they are the reason prices are unaffordable. They want to ignore the truth, and go around the mountain, and just act like the prices are normal. They love the high prices because it benefits them. Only the wealthy can buy these days, unless the buyer is foolishly putting himself in over his head. Also, most offers for homes priced below $500K are FHA loans, which is telling that buyers are unable to afford to buy (and which puts the seller in the hot seat to pay all the buyer's hefty closing costs, which most sellers frown upon).

[@Davefitz04]

The amount of ignorance in this post is incredible. You clearly don’t know much about the housing industry. You know just enough from KZbin shorts or TikTok to be completely uninformed.

[@WorkHarder14]

Also the local governments are getting a kick out of this boost in prices because it means property taxes are going crazy high too!

[@TheMcCartneyTeam]

The market is shifting and if it continues like it has for the past 6 months you can expect values to adjust lower. This does not indicate a crash but perhaps a correction in values. There are some caveats to this and it is dependent on the location and price ranges throughout the valley. Scottsdale and Phoenix as a whole are now balanced in terms of supply and demand. Some areas are seeing a higher amount of homes available relative to the demand side of the equation and it is a buyers market. Interest rates do have the ability to increase demand but it is important to look at the whole picture and local market. In the past we have experienced interest rate reductions while also experiencing a declining value of homes. It is important to interview agents when looking to buy or sell and work with the agent you feel will best represent you and understands your needs. The variance in opinion may be the result of the local market that agent serves or is referring to when making a statement.

[@tinasmith8241]

@@Davefitz04 You must be an agent. I am a seasoned 20-yr buyer and seller and can write a book on real estate. When we lived in CO, an agent we knew told us that everytime a house sold in a certain area, the next new listing was hiked up $5000 over, to raise prices, and that all agents were doing this. That was 5 years ago, and then prices just soared and soared there to unaffordability. And now, the entire nation is unaffordable.

[@Davefitz04]

@@tinasmith8241 I’m sure you could buy a book on real estate, i just hope no one would buy it. And no I’m literally a certified appraiser. Your misconception starts at the foundation on how values are even formed. It’s an agreement between two parties and if both are of sound mind and the transaction is not illegal, the home will sell at the price which is set by the market. It’s an appraisers job to try and determine market value. Value is based of simple supply and demand, i have to take you to an Econ 101 class for you to regrasp the subject on how value is formed. Nothing scarier that an overconfident idiot. A real estate agent can’t change the value of something anymore than any business owner can. If a business raises prices too high his revenues don’t always go up…. Because then people stop buying said thing. Your little anecdote example that you’re basing this belief on is just what i would expect. Take a probably false anecdote and apply it to an entire system you don’t understand to give yourself someone or something to blame.

[@luck9837]

That jobs report will 100% be revised lol

[@stevefu1737]

realtors should be happy, not upset when home price drops, it means more business for them in most cases, just like stores lowering prices to lure in more customers.

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[@jimgraham6407]

Wait a couple weeks when they adjust the jobs numbers down. Like clockwork.

[@claytonelofgren]

Good video. Although I think it’s very unaffordable to live in the Phoenix are now. Many people can also not live in Phoenix or Arizona. There is many places in the USA where you can still get a decent house for $250,000 and a 6.5% interest rate on that is still affordable especially if the cost is split between two people

[@timber-rider]

Not in the West, period. Because of the C-19 absurdity you have to go to places that were not in demand when everyone thought they would work remotely for the rest of their lives. So, midwest, northeast, etc. You can get good deals in non Tier 1 cities. But, for those of us, especially in the Intermountain West, it will take years for the Covid Absurdity to wear off. All price discovery around housing is completely broken. And, until the Dept of Treasury stops injecting liquidity it will remain broken.

[@CaptainCaveman1170]

I live in California, but I track Buckeye, Goodyear, Tolleson, Avondale and Maricopa religiously, just out of curiosity. I am amazed how prices have held up there in the face of increasing supply. But Maricopa is especially confounding. At the peak I was absolutely shocked that anyone would pay in the mid 4's to live there but today I am still shocked that prices there have seemingly plateaued in the high threes. That's a 250k place in my book and not a penny more. You can find decent digs al day and night for 250k in San Antonio now, so 250k isn't a "grandpa figure" in my book (yet anyway!). I feel like I am actually seeing more weakness/capitulation in parts of California than in Arizona or Nevada for that matter. But the weakness inn California is ONLY visible if you look at the sold prices, not the active prices, those are still delusional. Supply in many parts of California is still absurdly tight. Tighter than just the lock-in effect could explain in my view. Great information as always.

[@pablo81778]

The FED doesn't set the interest rates, they follow the bond market; mostly the 2 year.

[@Davefitz04]

False lol. False as false can be.

[@sburns2421]

@8:24. If these are raw numbers and not normalized for the population, it is much worse than 1995 numbers (when mortgage rates were higher than today). 1995 you had 260-ish million people. Now about 335M, unknown how many unofficial visitors from the south increase that number.

[@sburns2421]

@7:30 Median selling price increase. Could it be the locations with higher index numbers also are more expensive areas like Scottsdale or Paradise Valley. Neither one of those have single family homes under $455k, so every unit that sells pulls the median up

[@jkody]

Single family homes on 27th ave and Indianschool in the worst parts of town are still 300+.

[@CaptainCaveman1170]

Yes, the mix-shift effect that is really hard to track. Some realtors have pointed it out, but most do not.

[@deano9304]

The reason the 10 year bond went up was not because of the Jobs report. The reason the 10 year bond went up was because the Fed lowered interest rates, and now the market believes Inflation will be going up, and NO ONE wants to buy US Treasuries unless the rates are higher. Don't be a dummy and think higher mortgage rates are related to the Jobs report. It is not because of Government Spending and Inflation.

[@NYCity112]

As I said before, Index will go down to red zone. It will gradually keep going down.

[@scorch3earth]

Jobs report always comes in high till they fix it

[@chrismagos2987]

Greed is the real reason, labor market is just an excuse and they just build there story for whatever they want from there

[@Carl_in_AZ]

How, if any, will Milton affect our housing prices in Arizona?

[@WorkHarder14]

I feel like the winter birds will probably seek more stable places like PHX and ABQ new mexico

[@sburns2421]

@@WorkHarder14 They will not IMO. The rationalization for some will be "they say this is a once-in-a-lifetime storm. It's here, so nothing to worry about for another 100 years!" ;)

[@WorkHarder14]

@@sburns2421 maybe so! I'm ignorant on the historical weather in the areas that are getting hit so take what I say with a grain of salt, but aren't these areas always getting hit with wild stuff?

[@sburns2421]

@@WorkHarder14 I guess you missed my attempt at humor. I currently live in a tornado-prone area. Had one take the roof off in 2020. Some do not grasp probability that just because you were hit previously this does not lower your chances of it happening in the next storm!