Here’s what you need to know about our market as we head into July.

COVID-19 has massively impacted so many people and so many industries, but we’re grateful that real estate has continued to move forward. We did see a small slowdown in March and April, but at this point, our market is back and stronger than ever. The luxury market and anything under $400,000 is an absolute frenzy, and more and more big companies are expanding here in Phoenix. Our listing inventory is 36% lower than it was last year and almost 25% of homes sold in the last 30 days pulled in more than their asking price. To learn more about the opportunities for buyers and sellers in this market and how we’re continuing to keep our clients safe and healthy, watch this short video.

 iBuyers are back in the Phoenix marketplace, and this is big news.

For those of you who are not familiar with iBuyer companies and how they’re structured, allow me to explain: 

iBuyers are groups of investors who offer to purchase your home for cash with fast closing time, and they make money in one of two ways: service fees, and the difference between what they purchase your home for and what they sell it for.

There are three major players in the iBuyer game: Opendoor, Offerpad, and Zillow. Recently, these companies have announced that they are purchasing homes again here in Phoenix, and that’s significant.

To understand why, let’s look back two months ago when the pandemic started coming into play. All of the iBuyers completely halted their purchases and withdrew from the market. They not only stopped purchases, but they also canceled transactions with homeowners mid-contract. That left a lot of homeowners scrambling to get their properties sold on the market. In fact, we worked with many of these sellers ourselves.

If you’re thinking about taking advantage of these market conditions, we would love to provide you with a side-by-side comparison of all your options. Reach out to us to schedule a time for us to meet and discuss your real estate needs.

If you’re on the fence about buying or selling a home, allow me to help.

We know that there are a lot of you out there who are on the fence about buying or selling right now. We’re going to share some information with you today that will hopefully ease your worries. We entered this health crisis in a strong position as one of the hottest markets in the nation, but where are we now? We’ve had a 6.4% increase in listing inventory over the last month, but inventory is down overall by 19.8% from where it was at this time last year and our seller’s market is as strong as ever. To learn more about how our market is doing, watch this short video.

I’m discussing whether a housing crash is coming soon due to the health crisis changing everything in the market.

The most frequent question I receive is: Are we headed for a housing crash similar to that of 2005 through 2008? Thankfully, the answer is no. Before the health crisis, we were in a real estate frenzy, and there was a very high demand for homes. We were seeing about 2,500 to 2,700 contracts accepted weekly. Now, during the pandemic, we had 1,500 accepted contracts just last week, so lots of activity is still happening. To learn more about why the 2020 market is different from 2008, watch the short video above.

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.