Gilbert Sun News Real Estate - 03.21.2021

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REAL ESTATE

GILBERT SUN NEWS | MARCH 21, 2021

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Winds of change gently blow in housing market BY MINDY JONES NEVAREZ GSN Guest Writer

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s an Arizona native, I don’t know when Spring officially starts but I do know that I had to manually change the clock on my Alexa, so we must be getting close. Day light savings time has always eluded me but figuring out what time it is now in other places has always been the signal for good weather, baseball and more outdoor events here than anyone could possibly schedule. COVID obviously has left its impact on

Melanie Nemetz

all of these things except the weather – and it has been a big player in the real estate market, something else that typically ramps up this time of year. We’re also marking the one year anniversary of the Feds committing to buying up mortgage-backed securities, starting the buying frenzy as average interest rates dropped into the low and mid 2s (I’m not quoting rates here, just to be clear). We would ultimately see some fluctuation but for the most part, we stayed in the 2s until this month – when we popped up over the 3s again. The intention, of course, was to ensure that nothing derails our housing market, which has otherwise been doing well – thanks in part to builders under-building

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for the last 10 years and population growing. Put simply, we don’t have enough houses for the people who want to buy them. But even as we celebrate the anniversary of the best interest rates in history and the greatest jump in appreciation we’ve ever recorded (north of 20 percent in just 12 months), we’re also experiencing a much different market than we were just six months ago. Last summer, as we started to see interest rates hold steady and resale options

decline in availability, we shuffled all of our ready buyers to new construction. Many of them are actually moving into their houses over the next couple of months – with a ton of equity and gratitude that they masked up and gloved up to look at model homes. Back then, you could still walk into a builder, hand them a check and pick your house. Today you’ll likely be added to a list, given the option of offering highest

see MINDY page RE5

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