While the market was bracing for higher mortgage rates as the Feds try to cool a hot economy, the failures of Silicon Valley Bank and Signature Bank changed that, and mortgage rates are now on the decline all of a sudden. That could translate into a good thing for the real estate market in the Phoenix area. FOX 10’s Linda Williams reports.
#housing #bank #phoenix #arizona
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Arizona’s real estate landscape is rapidly changing following bank failures in the state. The Great Recession saw many banks fail, resulting in foreclosures, short sales, and decreased property values. However, in recent years, Arizona’s real estate market has experienced a resurgence, with new trends emerging in response to the changing landscape.
One trend is the increasing number of cash buyers in the market. According to a report by ATTOM Data Solutions, 35% of homes sold in Arizona in 2019 were purchased with all-cash. This is likely due to the large number of investors and retirees who are flocking to the state, eager to take advantage of declining property values and low interest rates. These cash buyers are also likely driving up prices, making it harder for first-time homebuyers to break into the market.
Another trend is the rise of virtual home buying. With the COVID-19 pandemic, more buyers are opting for virtual tours and online bidding processes. Many realtors are also offering virtual consultations and walkthroughs, allowing buyers to view properties from the comfort of their own homes. This trend is likely to continue even after the pandemic subsides, as it allows buyers to search for properties in a more efficient and convenient manner.
Another change in the Arizona real estate market is the increased demand for affordable housing. In previous years, there was a glut of luxury homes on the market, but now, more developers are shifting their focus to building affordable housing. This is in response to the growing population of young professionals and families who are seeking affordable housing options in the state.
Lastly, the Arizona real estate market is seeing an increase in urban infill projects. Developers are turning their attention to underutilized and abandoned urban areas, turning them into new residential and commercial spaces. This trend is helping to revitalize urban areas and create more housing options in the city.
In conclusion, the Arizona real estate landscape is changing rapidly, driven by changing market forces and a recovering economy. While the state still faces challenges, such as rising property prices and affordable housing shortages, these trends offer hope for a brighter future. As the state continues to attract new investors and residents, it has the potential to become a hotbed of real estate innovation and growth.
Wait..rates dropped from 7 to 6. Time to buy. Only if you are an idiot.
Lack of new builds and private equity investment are killing Arizona, which investors describe as “underserved.” Not any more. Now, the average household income can’t buy half of the average home price. It’s f**king insane. Interest rates aren’t the problem or the solution. Relocation of remote job workers making California wages in an Arizona economy are.
#LIES!
Funny, they are not talking about lowering the prices of these homes which make them unaffordable in the first place.
Moral of the story: banks cannot and should not be trusted.
Arizona has been a Mecca for real estate scams and shenanigans since the days of Tombstone. Arizona bankers are the most dumbed down in the nation.
Communist adoption response
Talking to a mortgage broker LOL
Its all a money scam president trump said that biden would creat this crap and he's been right on everything so far
Some rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them..
i love how they spin the narrative to keep foolish people buying. =) banks failing is good.. buy buy. lol. they'll learn. =)
Half a million $ for an apartment (sorry, loft) in Phoenix?
The best thing in are country is for the house market crash to bring down homes to what there Worth it's a true scam as of now the market and fools market value of a home is way way above
Thanks democrat communist.
Prices reflect a sub 3% rate environment, this guy thinks 6.25 is going to somehow double local income? Irresponsible journalism from a brain dead anchor. Shamefull
I don’t understand why people are still buying right now. Someone in my neighborhood just purchased a 3 bed/2 bath million dollar house with no views other than a house turned into an Airbnb right next door, an abandoned house on the other side of that, & a super seedy apartment complex located directly across the street from them. I really want to ask them why, lol. The house was totally rehabbed & then sat empty for several months before they took the bait. I just don’t get it.
2nd largest institution failed ? What .. Try 16th !
Does he think banks are lending? I thought banks are short of cash, people are pulling their cash out. Where is the bank getting the money to loan?
I can not believe how brainwashed they have made us.
We are now buying maximum payments that rape us instead of a properly priced home
Now is a great time to buy a home. Mortgage rates are plumbeting and you all will miss out if you do not buy in now as supply will go to 0 once the rates are down
Hahahaha you just have to laugh. Real estate agents were looking for any reason to blame a black swan event for house prices to come down.
You are a fool at these inflated prices do to a fake money market people are screwed. Nothing you say is true the difference between 3, years ago is like a 69% hike in prices however you failed to mention that wages did not go up to match such skyrocketed cost of living. You are in a desert with no water you can’t fool people into getting stuck at a dead en state.
Half a mil for an apartment?
No thanks.
Interest rates are to high if u smart u know buying right now is stupid, unless u have cash to buy payments are ridiculous with intest rates .