Real Estate The Local Real Estate Market Continues to Grow By John Cabezas with LIV AZ Realty
I
recently had a conversation with a client who said he was going to wait until the housing market crashed again before purchasing a home. His reasoning was, as he put it, “Everyone keeps telling me that the pandemic will drive another housing crash.” He believes that the market will become a buyers’ market before the end of the year. I explained to him that those that know and understand the real estate market are predicting a strong sellers’ market into 2021 and perhaps beyond. Unlike the previous real estate market crash, lenders guidelines are as strict as they have ever been. Those that can purchase, and have purchased, were and must be well-qualified. At the start of this year, Realtor.com released their Housing Recovery Index. The index is a weekly guide. The index shows if and how the COVID-19 outbreak impacted the real estate market. The index looks at four key components of the housing industry: 1. Housing Demand – Growth in online search activity
2. Home Price – Growth in asking prices 3. Housing Supply – Growth of new listings 4. Pace of Sales – Difference in timeon-market The index compares the current status “To the January 2020 market trend, as a baseline for pre-COVID-19 market growth. The overall index is set to 100 in this baseline period. The higher a market’s index value, the higher its recovery and vice versa.” The graph below charts these four components. It shows how the real estate market started out strong in early 2020, and then dropped at the beginning of March, when the COVID-19 outbreak shut down the economy. More importantly, it shows the strength of the recovery since the outbreak.
OUR MARKET IS HOTTER THAN HOT
E
ven with historically low inventory our market broke a record July with over 10,303 homes sold! Not only is this the highest July ever, but one of the highest months of sales in our history. Don’t miss this window of opportunity to sell your home in one of the hottest home markets ever! Call, Text, or Email for your home valuation Ask us about the Our Heroes program to financially assist our essential workers in the sale or purchase of a home.
For a full list of comps for your exact neighborhood, call (602) 300-0797 or email us at lynn@livarealty.com.
602.300.0797 LYNN JANSON - BROKER OWNER
480.399.7051 JOHN CABEZAS - REALTOR® OWNER
The current index of 107.7 is at its highest point of 2020. This includes the time prior to the COVID-19 economic shutdown. ALL INDICATORS SHOW THE MOMENTUM STILL BUILDING Yes, there is some evidence that the overall economic recovery may be slowing, but the real estate market is still strong and getting stronger. On a weekly basis, Zillow.com consistently tracks the number of homes that go under contract. In fact, their latest report confirms the continued strength of the market. Buyer demand is steadily and dramatically outpacing last year, and the percent increase over last year is growing. All in all the indications are for a strong real estate market well into 2021, and perhaps beyond. Frank Martell, President and CEO of CoreLogic, explains it best: “On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic.” BOTTOM LINE If you are waiting for the market to become a buyers market, you will be waiting well into 2021 and perhaps 2022. Arizona is experiencing a large influx of new residents from multiple states.
LET’S REFINANCE YOUR HOME AND SKIP THE APPRAISAL! VIP Mortgage is happy to announce that we approve many loans without the need of an appraisal. Eligible Transactions: - Purchases up to 80% - owner occupied - One-unit properties including condominiums - Rate and term refinancing up to 90% - Cash out refinancing up to 70% Check with me regarding ineligible transactions
Reach out to me and I’ll explain how you can potentially benefit from this appraisal waiver offer. BOB WASIEKO NMLS 243140
Branch Manager
480-257-9080 9221 E Via de Ventura Scottsdale, AZ 85258 bobwasieko@vipmtginc.com bobwasieko.vipmtginc.com V.I.P Mortgage Inc. does Business in accordance with Federal Fair Lending Laws NMLS ID 145502 AZ Mortgage Banker License No BK 0909074 VIP Is not acting on behalf of or at the direction of the FHA/HUD or the Federal Government. This product or service has not been approved or endorsed by any governmental agency and this offer is not being made by any agency of the government VIP is approved to participate in FHA programs but the products and services performed by VIP are not coming directly from HUD or FHA Information rates and programs are subject to change without notice All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts Other restrictions may apply .This is not an offer to enter into an agreement. Not all customers will qualify.
Ductless mini splits are the most cost effective and most healthy option to a ducted system. Only cool the rooms you are in. You don’t leave all the lights on all night why cool the entire house while you are sleeping? Or bedrooms when they are unoccupied? No energy losses!
OUR MARKET IS HOTTER THAN HOT
E
ven with historically low inventory our market broke a record July with over 10,303 homes sold! Not only is this the highest July ever, but one of the highest months of sales in our history. Don’t miss this window of opportunity to sell your home in one of the hottest home markets ever! Call, Text, or Email for your home valuation Ask us about the Our Heroes program to financially assist our essential workers in the sale or purchase of a home.
For a full list of comps for your exact neighborhood, call (602) 300-0797 or email us at lynn@livarealty.com.
602.300.0797 LYNN JANSON - BROKER OWNER
480.399.7051 JOHN CABEZAS - REALTOR® OWNER
LET’S REFINANCE YOUR HOME AND SKIP THE APPRAISAL!
California, Illinois, and Washington are where most new residents are coming from. Arizona has never been in a better position for continued growth.
VIP Mortgage is happy to announce that we approve many loans without the need of an appraisal. Eligible Transactions: - Purchases up to 80% - owner occupied - One-unit properties including condominiums - Rate and term refinancing up to 90% - Cash out refinancing up to 70% Check with me regarding ineligible transactions
Reach out to me and I’ll explain how you can potentially benefit from this appraisal waiver offer. BOB WASIEKO NMLS 243140
Branch Manager
480-257-9080 9221 E Via de Ventura Scottsdale, AZ 85258 bobwasieko@vipmtginc.com bobwasieko.vipmtginc.com
A Cuban born immigrant and businessman, John spent 25 years as an executive in corporate America, has co-written a real estate ‘How To’ book, is a three-time guest on Real Estate Matters (960AM) Talk Show and is currently a partner and Realtor at LIV AZ Realty. In his 20 years as a Realtor, John has been involved in major remodel and renovation projects throughout the Valley. View his real estate blog at livazrealty.com. V.I.P Mortgage Inc. does Business in accordance with Federal Fair Lending Laws NMLS ID 145502 AZ Mortgage Banker License No BK 0909074 VIP Is not acting on behalf of or at the direction of the FHA/HUD or the Federal Government. This product or service has not been approved or endorsed by any governmental agency and this offer is not being made by any agency of the government VIP is approved to participate in FHA programs but the products and services performed by VIP are not coming directly from HUD or FHA Information rates and programs are subject to change without notice All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts Other restrictions may apply .This is not an offer to enter into an agreement. Not all customers will qualify.
Cleaner air! No viruses from outside! Up to 25 SEER!
FREE TICKETS!
Come see our booths #1509 & OD12
Runs on four solar panels! (optional) 26% Solar Tax Credit on entire installation! Expires Jan 1st 2021
42 years experience | www.savenrg.com | 602-867-3176 18 • October 2020 • NORTH 32ND NEWS
myhyperlocalnews.com
