Buyers have LEFT?… | Arizona Real Estate Market

Buyers have LEFT?... | Arizona Real Estate Market
Buying Real Estate



The impact of interest rates continues… where are the buyers?

I am a realtor in the Greater Phoenix area serving all surrounding communities from New River south to the City of Maricopa.

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Rick McHone
Realtor with EXP Realty
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26 Comments

  1. The cuts have begun. They are big cuts off of sky high prices so still no good deals out there. It won't be long now. Things are moving surprisingly FAST.

  2. Yesterday I looked in my zip code Sun City 85351 at the one by Open Home etc., what they bought them for vs for sale now. One unit is $5 k over what they bought it for.

  3. I did a video today breaking down how the institutional investors have hurt the Phoenix market. Invitation homes is a problem.
    Another major issue is that though there may be some drops in price, today's interest rate make the homes less affordable than they were at the higher price points with 4% and below interest rates. For example, of a home os listed at $550k but goes down to $490K that payment is still higher than what it would have been in March, people need to understand this is simply mental gymnastics.

  4. I'm in escrow. Scared to death. First investment property. Sellers offered to us 100k under appraisal because they got scared they wouldn't sell it. Got 5.85% rate. Wish us luck..in Lake Havasu AZ.

  5. A house $500,000 @ 2.75% is only worth $350,000 @ 5.75%. and agents are pushing buyers to hurry up. agents need to give sellers a wake up call. be ethical and don't let buyers overpay.

  6. Rick, I sold high end house in IL with full basement and attic for $157/sqft last year. I refuse to pay over $200/sqft for junk house on slab with no attic, no basement. My house was exactly what I paid for it in 2005 and I put $75k in updates to it (hard wood floors throughout, new nice tiles in kitchen, all oak trim throughout, paint everywhere, some doors and windows, new roof, new patio behind). Here in AZ prices are now double what they were in 2005. If AZ prices don't go lower by 30% I will keep renting.

  7. We are not buying because houses are not worth the asking price. Perceptions aren’t the truth when you take emotions out of the equation and do the math. Do people ever research and analyze the data? Can’t buy stupid or repair dumb.

  8. AZ home prices are unfortunately too blown out! I live in California. Sitting on 7 figures, however with your prices in Queen Creek nearly at CA levels, no point buying now.

  9. Interest rates and payments have doubled, along with gas and food doubling and wages have only increased about 3 percent for most. Doesn’t make sense. Not buying at these prices. Maybe with a 50% drop. Realistically interest has to increase even more to probably 10 percent to combat inflation of around 9. This is a fed interest rate bubble because of cheap debt.

  10. Option 1: Wait 3-6+
    Purchase house low, interest rate high.
    Refi eventually & you have a win-win (lower purchase price/interest rate.)
    Option 2: Buy now (fear)
    High purchase price and high interest rate (fear may go higher).
    Then if/when (more like when) prices come down you are upside down on your home and stuck in your home unless you short sell or foreclose.
    I’ll take the safer option #1.
    PS: Wish there was a Rick Helper on youtube handling Florida market.
    Appreciate your straightforward info!
    Moving CA to FL 4th Quarter.

  11. Buyers need time to adjust to the new rates being between 5.50 and 7 percent. Sellers will need to adjust to their homes staying on the market for 3 months. Realtors and inspectors and people in the lending business are going to be squeezed hard! Some will likely lose their jobs and feel like they are in a depression. This is the new normal buyers. Very similar to 1990 to 1996. Prices didn’t collapse new builders came down 25 percent in San Diego to compete with the existing home sales prices was all. If you look at the new homes by builders that are listed today they are much higher than than the similar sized existing homes that are on the market. I’m a real estate investor and I had to adjust to houses going to the prices where they don’t cash flow. That’s what the Fed wanted. They want to slow investors and take those who are leveraged to the wood shed and any assets they have borrowed on. Lucky for me I own all my real estate outright except for one property where I have a 3.125 percent rate. Rick is right you need to have a game plan. Waiting for the market to crash is not any kind of strategy. My strategy would be to have 20 percent down. Finance a 30 year loan at 30 percent of my gross pay. Avoid PMI. Get a pre approval to see how much home you can afford. Then shop and when you find a home put an offer in with Rick or whoever and offer the seller 15 percent below his list price. Get off of the fence. If you find a home you love just buy it and do an inspection and enjoy life. Hopefully bid wars are done. If your lucky I believe you can negotiate a deal for 15 percent off with the right seller with some distress. If a seller has no distress trust me you won’t get a good deal. If your a buyer you might ask what is distress? Distress can be a seller is buying a new build and can’t make the deal close without selling their home. Distress might be a job issue. My guess is you have a window of time where the seller thinks it will sell in a week and just gets frustrated! Last thing have fun real estate is the future foundation of your retirement. Remember that and it’s where you raise your family. You can buy anytime and even high and still do great, it’s a long term investment. Plus once you own your home when crashes come rates usually drop so you can refi and all those people in lending will be coming back as things improve. It cycles, but don’t bet prices will go down and rates are what they are you can make it work.

  12. Papa Powell is bringing the PAIN 😈😈

    By fall/winter the full impact of 6-7% mortgage rate will be felt.

    By end of year real estate will be in free fall.

    I am seeing quite a few single family homes which sold in last 2 years fail to go for rent and are now up for sale.

  13. Builder is saying they’re working on an adjustment for new build that rate was not locked, what type of things can be done on the builders end to address the rate increase?

  14. We qualified for a $500k loan and now with these interest rates it looks like we would qualify for $350k loan. That buys a crappy small condo in AZ now. Sad and frustrating for first time home buyers right now. I hope these prices go down way more otherwise we are out of here lol.

  15. How many homes are on the market and what is our months of supply? Rates will most likely stay in the 6% range. I'm betting we see the FED chicken out early next year and cut rates 2-3 times in Q1 and Q2 of 2023 and restart QE.

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