The listings are NOT climbing like we THOUGHT… | Arizona Real Estate



There is more and more evidence that regular single family homeowners may not be listing their homes out of fear of price reductions in the Arizona real estate market.

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
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22 comments

  1. Hello, I had a question. I am relocating to Arizona soon based on my job transfer and I will be selling my home in California and buying a home in Arizona. The rates are higher, but is there a forecast on when they may come down in terms of refinancing at a lower rate. I definitely want a fixed rate.

  2. The 2/1 buy downs scare me. They look like the 2/28s that crashed the market last time. It is very likely that the equity required to refinance will not be there. So, we may get a wave a forced sells after 1 year and will get a wave of forced sells after 2 years.

  3. I recently noticed that the greater Phoenix listings had shrunk by several thousand over just a few days. These properties obviously didn't all sell but were pulled from the market.

  4. I asked CA commenters who is still buying homes on Jason Walters channel. Many commented that families, many of foreign cultures, are combining resources to qualify for the $800,000 plus homes there. It’s not uncommon to have several families living in one home now. Probably the new normal.

  5. I've been following Phoenix real estate listings for years. Over the last few weeks I'm seeing 2k to 50k price slashing for the first time. We've entered a buyer's market. No two ways about it. And this is only the beginning.

  6. Everything they’re saying is completely contradictory to what the CEO of the NAHB said this week 🤷🏼‍♂️. If we enter a heavy recession there will be job loss and with job loss come relocations and foreclosure/short sales.

  7. till home prices come down or below pre-pandemic prices, forget it. think about the property taxes that come with sky high home prices. gas, food, higher credit card interest rates and keeping a job are a priority. Arizona home prices use to be reasonable, but after 2019, forget about it.

  8. Thanks for the update Rick. I appreciate you. I had an offer accepted a couple of weeks ago on a townhome in phoenix. The ones that sold a few months ago went for 400, 420, and even 450k a couple of months ago. I got mine for 380k with a 10k seller concession and negotiated to keep the fridge, washer, dryer, and have all necessary repairs done!

  9. We spent the 4th of July weekend at a friend's cabin in Heber-Overgaard. Weather was wonderful, 81 for the high and 60 for the low each day. We drove to Show Low for dinner Friday night so if you are there tomorrow, be sure to go to the Cattlemen's Steakhouse for prime rib. You won't be disappointed!

  10. I’ve noticed the homes priced to sell are moving quickly. Comparable homes that are priced $50k+ higher are the ones sitting for 30 days. And gotta love those Opendoor listings sitting for 30-60 days LOL. Personally I could make the numbers work on the monthly payment with a seller rate buy down but I’m struggling to make the 20% down which I really want to do. I’m so close. That’s why I’m waiting.

  11. How do people afford $2,500 a month mortgages? That seems crazy high to me. I'm looking for homes in Mesa, and the prices for "meh" looking homes is still over $400,000. Ridiculous

  12. 11:00 She mentions the horse market. Yeah, Wickenburg slows to a crawl for selling and buying for those with horse property. All over Arizona there are more and more needs for property for equine. Yet, no one is enjoying a season in the desert from May to October. The lady speaks the truth! Preach!

  13. Hey Rick and all participants, great content while everything is leveling down for buyers. Lots of people will be leaving their second holiday homes. Bring it!

  14. Hey Rick! Can you explain how it benefits a seller to reduce their price by $20K and contribute $20K to buy down the buyer's interest rate instead of reducing their price by $40K?

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