Real Estate

The Local Real Estate Market Continues to Grow

By John Cabezas with LIV AZ Realty

Irecently 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

Even 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 fi nancially 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.

OUR MARKET IS HOTTER THAN HOT

Even 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 fi nancially 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

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immigrant and 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.

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.

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 refi nancing up to 90% - Cash out refi nancing up to 70% Check with me regarding ineligible transactions

Reach out to me and I’ll explain how you can potentially benefi t 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

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