Arizona Real Estate Market Update And The Coronavirus.
I have received many questions and concerns regarding the current state of the Arizona real estate market, along with how the Coronavirus has or will continue to affect the real estate market in Arizona. With that said I have put together some highlights and facts below. As it is my job to help educate my clients and guide them through the real estate market in both the good and bad. I have always taken great pride in not being just a “salesman” but a person that genuinely cares for my clients and being someone they can truly rely on at anytime. Regardless of your situation, I want to help you make the best decisions possible for you and your family.
As I write this today (March 19th, 2020), we have seen the greatest impact of the Coronavirus here locally in Phoenix Arizona and Maricopa county within about the past few weeks. With that said to give you a better idea, you will see that the below facts and figures via the Arizona MLS will reflect only these past couple weeks. However keep in mind this does not include non MLS sales or new build sales.
- From March 1, 2020 to March 19th: 3,590 homes have went Active / Listed for sale on the MLS.
- From March 1, 2020 to March 19th: 7,826 homes have went Pending / Under contract in the MLS.
- From March 1, 2020 to March 19th: 4,758 homes have Closed / Sold in the MLS.
To narrow it down even a bit further 1,823 homes have been listed for sale within just the past 7 days alone. This just goes to show you that home sellers and home buyers are still active in the market. However the less serious home buyers and sellers might stay on the fence and hold off on buying or selling. As it’s no secret that consumer confidence has been shaken up from everything that is going on. Although there are others that simply have to have a place to live and needing to move due to multiple factors such as; they have a lease ending, relocating, cashing in on their equity, or taking advantage of the extremely low interest rates.
In addition to the above, some of the latest news highlights that have recently taken place affecting the overall real estate market.
- The Federal Reserve has dropped the interest rate, which in turn affects mortgage interest rates. The fed rate does not mirror mortgage rates, but does affect the interest rates that mortgage companies can offer. With that said if you are thinking about purchasing, refinancing, or a cash out refinance, now would be a great time to speak with a lender regarding your options.
- Housing & Urban Development suspends foreclosures and evictions until the end of April. This will hopefully lend some peace of mind for home owners and renters that have been struggling prior to the Coronavirus or that might have financial hardships as a result of the Coronavirus outbreak.
As we continue to move forward please feel free to reach out for any updates or questions. Although we are never 100% sure what the future holds, I promise to do my very best to serve my clients with the best intentions in mind and at the highest level of service possible.
I will be in contact with updates and as more news unfolds. Wishing everyone the very best health, wealth, and happiness. please reach out anytime. : )