According to Tina Tamboer, Senior Housing Analyst at The Cromford Report, what we’re seeing in the housing market is not a correction, but rather a disruption and the next few months are going to be a very telling time. Jason Hartman and Tina put the Phoenix housing market under a microscope to see exactly what’s happening with buyers, sellers, listing prices, foreclosures, landlords, rent increases and rate hikes!
Supply is rising and prices are being reduced in the Phoenix area market as there have been a significant number of seller reductions each week in various price ranges.
We are seeing a slowdown and we're seeing the tables turn a little bit more towards the buyers in this market. We’re not seeing people waving inspections or paying quite as much over listing price as we have the past two years, but that doesn’t mean we’re in a buyer’s market. It does not mean that sale prices won’t continue on an upward trajectory. We’re just seeing sellers getting a little more accommodating and conceding to concessions.
0:00 Welcome back Tina Tamboer, Senior Housing Analyst at The Cromford Report
0:39 Big difference in the housing market, depending on whether you're under $400,000 or over
3:13 Will Interest rate sensitivity cause people to stay in the renter pool?
5:07 Upward pressure on rents
6:31 Adjust your expectations and settle for less
8:26 When supply rises like this, sellers have to adjust their expectation on price also
11:01 Are these price reductions real market value reductions?
13:45 List prices down and days on market up
16:13 More houses under contract than what's available for sale under $600K
19:22 Scottsdale home sold overnight for $400K over list price
20:59 Median mortgage payments are actually quite low historically
23:42 Crash in the auto industry as soon as the manufacturers catch up
26:03 Mortgage rates cannot be predicted
26:42 Interest rates have gone down at the end of every recession historically
28:35 Where do you expect incomes to go in the future?
30:35 What we have right now is not a correction, but a disruption
34:09 Phoenix area foreclosures are still below pandemic levels
39:17 Learn more at https://cromfordreport.com/
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