Who could have predicted such a crazy six months as we’ve seen in the first half of 2020. COVID-19 has made everyone sit back and wonder if there is any normalcy left in the world. The pandemic and the associated events have left many wondering how the real estate market has fared. That’s what we’re going to look at in this Phoenix real estate market update for the 1st half of the year. If you are curious, click to find out.
Real Estate Market Update for First Half of 2019
If you are wondering how things in the real estate market have started in 2019, I’d like to share some information with you. Are short sales and bank owned properties coming back? How often do sellers contribute toward buyer closing costs? And what has been happening to residential rental lease rates?
Check out the video below to have these and other questions answered.
Was there something that I missed or didn’t get answered? Please let me know and it may be the subject of my next video,.
Last year buyers enjoyed a real estate buffet that served a combination of foreclosures/REO’s, short sales, or normal/traditional sales at historically low prices. The inital buyer consultation included an explanation of the in’s and out’s of each. Frustrated sellers knew they were competing with distressed sale pricing as they tried to obtain the highest price for their traditional sale that had seen years of declining value. It was common for most valley cities to have a majority of the sales to be distressed foreclosure or short sale transactions. Distressed sales as a percentage of total sales were above 80% for a couple of Phoenix valley cities! It was the exeception for a city to have less than 50% of total as distressed sales. The chart on the left shows the percentage of sales by each category for May 2011 for each valley city. As you know things change in real estate, so read on to see what has happened since last year.