Number of Phoenix Houses for Sale is Back to Pre-Covid Levels
I think I see a trend.
I got quoted in Newsweek and Business Insider last week!!!
And I came out with a new piece on Forbes.com, “The Great Appreciation Of Home Prices Is Now Over“.
“All of the real, inflation-adjusted U.S. home price appreciation from 1990 to 2021 was due to falling interest rates, at least according to this simple analysis. U.S. mortgage rates may never go lower than they were last year so the multi-decade Great Appreciation of house prices is now over.”
The Fed just came out with a paper titled, “Volatility in Home Sales and Prices: Supply or Demand?“. A month earlier I came out with a post titled, “The Volatility Mismatch Theory of Housing Supply and Demand, and House Price Instability“.
Mike Orr at The Cromford Report.
“If you have a home in the price range $500,000 to $600,000, our advice is to accept that you have a lot of competition from other sellers and the market trend is not moving in your favor. Be realistic in your expectations and you will probably be fine. But price too high and you could be left chasing a falling market with price cuts that may come too late.”
I haven’t heard an allusion to the, “Chasing the market down” expression in years. What’s next, “Catch a falling knife”?
After the boom and bust of the 2000s, this became my standard advice to sellers.
“Price your house where you think prices will be in 2 months. Don’t chase the market down. Get ahead of the market.” - John Wake
This pricing strategy works well whether prices are going up, down, or sideways.
Click on the Tweet below to see the full graphic.
Phoenix was #4 for increases in the percentage of houses purchased by investors from Q1 2021 to Q1 2022, at least according to the measure they used.
The whole Twitter thread is good.
But mainly what I did last week was help Liz babysit our first grandkid, Jamie.
Click on the graphs to go to the full-size, interactive version.
Let’s zoom in on New Listings and Solds.
This information can vary a lot in different parts of metro Phoenix. Your real estate agent can find the data for your specific city or zip code at The Cromford Report.
Phoenix Weekly Market Graph (only)