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.
Driving forces in the 2020 real estate market
The driving forces for Phoenix can be reduced to a couple of elements; low inventory in all price ranges but most significantly in the under $300K range, and equally important buyers are motivated by historically low interest rates. The uncertainty for the future will focus around the unemployment and job losses that have accompanied the pandemic. Delinquency rates on loans will be the metric to watch. Forbearance attempts through the CARES act can only last so long. For a more in depth review, watch the video below.
Interestingly enough, listings under contract are higher than they have been in years showing that buyers are undeterred in their search for homes even during a pandemic. Adding to their motivation are rising lease rates for single family homes, making the decision to buy more attractive.
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