Current real estate market trends and pricing. Here go some highlights.
Rate of Mortgage application decline is decreasing. That means, more people are looking at getting prequalified to buy a home. This is good news.
Realtors Report a Decline in Home Buyer Interest - 76% of Realtors report this.
There is a discrepancy on Buyers thinking that prices will drop and Sellers who are not budging on the list price. Right now, buyers are coming in at the list price and not able to get a lower price.
Rigidity of the Resale Market is Good for Now. Sellers are staying firm with their list prices. In most markets the List price and closed price is at 100%.
Other than the 2008 financial recession, home prices generally don't drop. In Phoenix, there is only a 2% drop in real estate prices.
There is optimism with the real estate market!
Pent up Demand for Real Estate is Real This Cycle -
Demographics - a lot of millennials looking to buy a home
Homeownership rate levels are still very low - even though the highest since 2013, still low.
Low Mortgage Rates