Wednesday, September 30, 2020 / by Sharyn Younger
Anyone who has searched for a resale home to buy in 2020, is well aware of the limited housing supply in the Phoenix valley. Buyers have had to endure multiple offer situations and properties going under contract before their schedule even permits a showing. The frustration of having to compete with cash buyers coming in from places like California is palpable. Home prices in other states have allowed people to sell for many hundreds of thousands of dollars more than the same house would sell for in metropolitan Phoenix. These buyers see our market as exceedingly affordable compared to where they just left, and are coming in with their pockets loaded with cash equity from the sale of an out of state home. And while there are screechers out there waving up and down about an impending housing crash, we do not see demand slowing down. History suggests that it would take possibly years to have our supply catch up with demand. NOT the conditions we would need to see to predict a crash.&nb ...
Monday, June 29, 2020 / by Sharyn Younger
25,000. Keep that number in your head. 25,000 is a nice round number that reflects an estimate of the typical amount of homes for sale in the Phoenix metropolitan area during a "normal" real estate market.
10,000. The Phoenix metropolitan area has less than 10,000 properties for sale at the moment. Many of you have heard me talk over the last few years about a strong sustained sellers market and predict that eventually, as in most things, the pendulum would swing back in favor of buyers. Not today my friends. Not today!
Buyers are frustrated by competing with high demand and low supply. One would draw the logical conclusion that while it's a phenomenal time to be a seller in this market, it's a nightmare for buyers. However, the very reason that demand is so high, makes it a great time to be a buyer. And I can summarize that reason in one word: Affordability!
The graph above illustrates this affordability well. A home that sold in the final quarter of 2018 for $300 ...
Thursday, March 19, 2020 / by Sharyn Younger
I've been fielding calls all week from friends, family and clients asking about the impact of COVID-19 on the Phoenix real estate market. It's difficult to imagine an industry NOT effected by COVID-19. Consider this a side effect of the steps necessary in the short term, in order to avoid protracted, more significant impacts in the long term. Of course the real estate market will be impacted. We've already seen a slight increase in cancelled contracts by buyers getting cold feet related to fears of economic downturn. We've also seen a minor increase in sellers taking their homes temporarily off the market - less in response to economic fears, and more related to wanting to limit opening their home to strangers....and germs. The likelihood of a 2020 recession has increased. At this time, however, we are not seeing a significant shift in the market. And we have many reasons to be optimistic:
Phoenix sees the second highest rate of in-migration in the nation as professionals follow ...
Wednesday, March 11, 2020 / by Sharyn Younger
Every one of us here at Copper Summit Real Estate loves vets and active military families. That's because every one of us has family members or friends currently serving in various branches. As a result of those connections, a sizable portion of our clientele are veterans or active military. We've sold properties in and around Luke Air Force Base from Glendale to Goodyear and beyond.
Our commitment to helping veterans and active military runs deep. Our resources include lenders who specialize in VA loans and offer cost savings to veterans such as free appraisals. Copper Summit agents offer free home warranty programs and concierge services to veterans, helping them settle in to their new community. And with the low to no downpayment programs offered by the VA and currently historic low interest rates, there truly is no better time for veterans to purchase a home.
So where are our active Air Men and Women purchasing homes that are conveniently located near the ba ...
Wednesday, March 11, 2020 / by Sharyn Younger
Unless you've been living under a rock, you have heard news of the spread of the Corona Virus. You've probably heard everything from "there should be no more to fear than there is of the flu - business as usual'" to "anyone with a cough or cold symptoms should quarantine themselves for 14 days". A lack of solid information, in combination with EVERYONE having an opinion, makes it hard to know how to react to a possible pandemic.
Unfortunately, I can shed no more light on the subject than anyone's guess. But I CAN talk about the effects of COVID-19 on the Phoenix real estate market. The best way to describe the effect, is to think of it as a seesaw with a positive effect on one side, and a negative effect on the other. And depending upon the trajectory of this thing, one side may be left hanging up in the air!
On a positive note, my phone has been ringing off the hook from buyers who had been kicking the tires on the idea of buying a home and are now wanting desperatel ...