Will the Housing Market Bloom This Spring?

Monday, March 22, 2021   /   by Bryan Staley

Will the Housing Market Bloom This Spring?

Your Phoenix Homes Market Update


February, 2021
 
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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 Economistrealtor.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 people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed. This suggests more inventory will be for sale in late 2021 and into the spring selling season in 2022.”

 
Freddi Mac:

 “Since reaching a low point in January, mortgage rates have risen by more than 30 basis points… However, the rise in mortgage rates over the next couple of months is likely to be 

more muted in comparison to the last few weeks, and we expect a strong spring sales season.”

 Mark Fleming, Chief Economist, First American:

 “As the housing market heads into the spring home buying season, the ongoing supply and demand imbalance all but assures more house price growth…Many find it hard to believe, but housing is actually undervalued in most markets and the gap between house-buying power and sale prices indicates there’s room for further house price growth in the months to come.”

 
Bottom Line

The experts are very optimistic about the housing market right now. If you pressed pause on your real estate plans over the winter,  let us show you your options and how you can re-engage in the home buying process this spring. Contact us today!


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Our current market conditions are a direct result of extremely low supply, steady demand and historically low interest rates. With both ownership and rental costs far outpacing wage growth, the conversation on housing affordability deepens. Fixed mortgage rates dropped to historic lows in December 2020, bottoming at 2.65% for a 30-year fixed mortgage.

In conclusion, we all know real estate markets are cyclical and our current market cannot continue forever. Eventually, market dynamics will shift, and we will return to a balanced market. In the meantime, buyers should remember it is not just about submitting the winning offer, but it’s about submitting a winning offer that works within their budget.

 


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Phoenix is home to over 320+ days of sunshine a year.  Winter visitors and retirees alike flock to the Phoenix area and the suburbs it has to offer with an overwhelming desire to call Phoenix home.  Maricopa County is home to over 25 cities in and around the Phoenix area.  Scottsdale, Gilbert, Chandler, Tempe and Cave Creek are just some of the popular communities where family come together and enjoy what the Phoenix outdoors has to offer.  

Founded in 1912, the greater Phoenix area has grown to a population of over 4.5 million with new shopping venues, restaurants and entertainment throughout while providing family’s with quality schools, safe neighborhoods and outdoor adventures that bring families together. Welcome to Phoenix.



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We know you have choices. Thank you for being a part of Phoenix Homes and Phoenix Homes Real Estate.  We continue towish you and your family health and safety in these difficult times. We look forward to answering any questions you may have and assisting you with all your real estate needs.

Bryan Staley, Associate Broker
The Phoenix Homes Team
480-731-HOME (4663)
Bryan@PhoenixHomes.com

PhoenixHomes.com
PhoenixHomesRealEstate.com
Bryan Staley
The Phoenix Homes Team
10601 N Hayden Rd
Scottsdale, AZ 85260
480-731-4663

© 2021 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Bryan Staley - HomeSmart are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. June 13, 2021
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