June Arizona Real Estate Price Direction
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- Опубліковано 29 чер 2024
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That was a great presentation. It is so refreshing that someone is calling out the absurdity out there.
Thanks!
I'd be shocked if house prices are up over next 6mo. Inventory is climbing everywhere. Not saying they'll drop in price much either.
@@RealLifeFinance I also do not see an increase.
@@RickhelpsRick has blocked people from commenting for some reason so I'm asking him what the deal is here?
@@amdg2023 I have not. I do have restrictions on profanity that send comments to be reviewed but that is it.
@@amdg2023 Have you had a comment blocked?
@@Rickhelps I'm not sure maybe I hit the wrong button or symbol, no big deal Rick, great channel
The only thing I know is that at the 2022 peak, I couldn't find anything in Buckeye, Goodyear, Tolleson for under 400k, and now there are plenty of options in the mid 360's...definitely a 10%+ slide without any recession or anything. Maricopa seems to have been hit a bit worse that that. It's actually shocking that it's only come down that much given the old realtor "rule of thumb" that every 1% of rate movement changes the house price by 10%. You don't hear that one anymore, but I still consider it valid in the longer run personally.
I am not sure where the rule of thumb came about the 1% of rate movement came from but it was simple math that not longer applys
@@Rickhelps MeetKevin was a big cheerleader of that rule and repeated it often when rates were dropping...but I had heard ot before. The idea being if rates drop from say 5% to 4% you can afford 10% more house.
Wow. Best first half stock market in an election year ever. And not so much for Arizona real estate. This coming Friday looms NFP. Will it favor rate reduction? Or not? It is a month early in my view and I wonder if the oligarchs will view a falling economy or a healthy one. Either view lends to rate reduction in my opinion. 6.865% rates this morning on Zillow. Next Monday will interesting for up, down, or no change.
I think home prices still have 25% - 30% drop to go. If that takes two years, I’m fine waiting. Three bdrm 2 bath small yard across the street sold for $723k…insane. My 4 bdrm 3 1/2 bath cost me 400k 2.5% interest 5 years ago. Sure the houses are only 5 years old in way north Peoria. The buyers I know that bought in the last couple years have buyers remorse as they watch their home drop in price. We’re waiting for the crazy house prices to come back down to normal.
That is a huge price correction to wait for
Gradual price declines is exactly what we need. The housing reset continues!
You must’ve missed the part when he mentioned sales price has increased 7% year over year.
Rick please share the rent data in the flexmls
I have tried to find what you were referring to that Caitlin already shared but could not locate it.
My sample size is very small . But the ones I've been looking at (for kicks) have had a couple of price cuts already.. but who knows if they were initially priced above market? Predictions are just that... But I'll throw my personal that prices are dropping probably 8-12% over the next near term (from the peak).
We are overdue for a decent recession/correction. Inflation, increased costs on almost everything. I have under 3% fixed for 30 years and still, both my car+house insurances have increased about $100/month (combined).. I have no claims on either as well.. and I've heard much worse increases from others. Costs we can't control go up whether we like it or not.
I agree that while we concentrate on the mortgage we are bombarded with the increased cost of everything else.
Great info as always my friend!
Thanks again!