Don't listen to inexperienced agents when it comes to Market Values and where Home Values are heading

Dated: June 3 2020

Views: 126

Arizona Home values remain strong - Values not affected by Covid19

As soon as we were knee deep in the Pandemic, I started seeing signs along the roadway, "How has COVID19 Affected real estate values" giving off the impression (at least in my eyes) our market was crashing or on the verge of crashing. 

Nothing could be further from the truth!

In fact, since Mid March 2020, when the pandemic started in full force and the stay home order was underway, we (Maricopa County) closed over 6,200 single family homes, all with a minimum of 3 bedrooms, 2 bathrooms and a two car garage. Understand, Maricopa County has a total area of 9,224 square miles, with a population (as of 2019) just under 4.5 Million. 

Now you may be saying, well, lets compare this year to last year (same time frame, from April 15th to June 3rd- NOTE, I chose April 15th as the first date to look at closings, due to time from open to closing escrow).

So, in 2019, all data the same as listed above, we saw a total of 9,292 closings, which is DOWN from last year, which again, shows we are in a sellers market and inventory remains low. 

If our Market was to "Crash" like it did back in 2007 to 2008, the number of listings (houses for sale) would dramatically increase, not drop by 1/3. 

Couple thoughts on the drop in closing, obviously some homeowners felt it wasn't the time to sell. Feb to June is typically our hottest span of sales in the valley (in my 21 years experience anyway). In July we all but shut down, due to the heat, and no one wants to move in August. We kick back in September and ride the last quarter quite nicely, with a bit of slow down from Halloween to New Years (due to holiday season).

Currently, June 3, 2020, we have 5,435 properties listed for sale in Marcopa County. Again, criteria is minimum 3 bedroom, 2 bath home with a 2 car garage. If we break those down into a few cities, this is what our inventory looks like:

Phoenix: 990 properties for sale. Glendale: 175. Mesa: 355. Tempe: 67. Peoria: 314. Scottsdale: 1,088. Chandler 255. Gilbert: 288. Queen Creek (Maricopa County side): 184. Goodyear: 215. Buckeye: 179

To summarize, our market is strong, values are not decreasing, we are not going to "Crash" as some of the media and "fire salesmen" are trying to make us believe. 

If you are wanting to find accurate value of your home, not the smoke and mirrors value as some of the "iBuyers" want to spin your way, reach out, I have 21 years of experience, helping buyers buy and sellers sell. In the past 12 months, I have closed 40 transactions, 13 of those were working directly with selling the home, the other 27 were directly working with home buyers. 

Experience and knowledge is what counts when you are ready to sell your home. I will protect your investment, get you the most money possible and even help you purchase your next home (I call those domino deals, do them around 6-7 times per year). Feel free to Google me, Chris Dunham-The Real Estate Guy™, you're going to see everything I do to market homes and get my sellers top dollar! Remember, when you're ready to SELL or Buy, call the Real Estate Guy™.

 

 

Blog author image

Chris Dunham

Better Business Bureau Accredited Business. Greetings....Chris Dunham here. I am a father of two, consider myself a pretty cool Dad. I love hanging out with my son but at the present time, he is i....

Latest Blog Posts

Selling homes Fast in Arizona - How to sell your Home Fast

Selling homes Fast in Arizona - How to sell your Home Fast Regardless of the market, work is still needed to be done when placing a home on the market. Whenever I list a home, I have a ten

Read More

What is driving our Real Estate Market? Inventory? Nope and heres why:

Arizona Market Update- Inventory is not whats driving us.  So what's the issue with Arizona's market? Is it a buyers. market or a sellers market? Rumor has it, the lack of inventory is

Read More

The Real Estate market in Arizona is on FIRE with no signs of being extinguished

The Real Estate market in Arizona is on FIRE with no signs of being extinguishedIts all about location and inventory and when you have 100 people, looking in the same Zip Code, for a limited number

Read More

Is now the best time to sell a home? What about buying?

Buying or Selling - When is the right time to do either in Arizona? The questions we professional Realtors get asked on a consistent basis in Real Estate: When is the perfect time to sell?

Read More