Monday, March 22, 2021 / by Bryan Staley
Your Phoenix Homes Market Update
Spring is almost here, and many are wondering what it will bring for the housing market. Even though the pandemic continues on, it’s certain to be very different from the spring we experienced at this time last year. Here’s what a few industry experts have to say about the housing market and how it will bloom this season.
Danielle Hale, Chief Economist, realtor.com:
“Despite early weakness, we expect to see new listings grow in March and April as they traditionally do heading into spring, and last year’s extraordinarily low new listings comparison point will mean year over year gains. One other potential bright spot for would-be homebuyers, new construction, which has risen at a year over year pace of 20% or more for the last few months, will provide additional for-sale inventory relief.”
Ali Wolf, Chief Economist, Zonda:
“Some pem ...
Saturday, March 13, 2021 / by Bryan Staley
Many in our industry are concerned that our Phoenix market is shaping up to be like "last time". However, there are many reasons this real estate market is nothing like 2008. Here are six visuals to show the dramatic differences.
1. The mortgage standards for loans today are nothing like they were last time.
Back in 2007-2008, it was to easy to get a mortgage. Today, it could be argued that it's tough than ever to qualify. Recently, the Urban Institute released their latest Housing Credit Availability Index (HCAI) which “measures the percentage of owner-occupied home purchase loans that are likely to default—that is, go unpaid for more than 90 days past their due date. A lower HCAI indicates that lenders are unwilling to tolerate defaults and are imposing tighter lending standards, making it harder to get a loan. A higher HCAI indicates that lenders are willing to tolerate defaults and are taking more risks, making it easier to get a loa ...