The economic fallout from the orchestrated coronavirus pandemic has been felt in almost every sector of the economy, and the US housing market is no exception. In June 2020, the value of US homes topped out at an impressive $47.7 trillion, but since then there has been a steep decline in both numbers and percentages. According to Redfin, the total value of US homes dropped by $2.3 trillion or 4.9% over the...
by The Offer Company 
In times of financial hardship, homeowners may find themselves in need of a way to avoid foreclosure and manage their debt. One option available for homeowners in this situation is the short sale process. In this article, we will discuss what a short sale is and how it works in Arizona to help individuals avoid foreclosure.Definition of a Short SaleA short sale is when a homeowner who needs to sell their...
by The Offer Company 
Inflation is a term that typically brings up images of prices going up, but it has an impact on many things in the economy. One area of the economy where inflation affects significantly is that of home prices. In this article, we'll explore the relationship between inflation and home prices to gain better insight into how they are connected. Historical Overview It's important to look at past changes in...
by The Offer Company 
It's been fifteen years since the housing market crash of 2008, and Goldman Sachs is predicting that four US cities are likely to experience a similar crash. According to a report from Goldman Sachs, the cities most at risk are Phoenix, Las Vegas, San Francisco, and San Diego. The report states that these cities have seen an increase in home prices since the last housing crisis due to low mortgage rates...
by The Offer Company 
As economists, analysts and real estate brokers predict, the housing market in 2023 may be sluggish to begin with as prices of homes, inventory, and interest rates remain stagnant.As the pandemic began, workers no longer had to travel far to get to their offices; however, they yearned for extra space in their homes. Consequently, cheap debt and a persistent need for relocation caused many Americans to go...
by The Offer Company 
According to the National Association of Realtors, pending home sales have shockingly declined 37.8% in comparison to November of last year. The statistics On Wednesday, the National Association of Realtors released an index showing that U.S pending-home sales had plummeted by 4% in November - marking six consecutive months of decline. This figure is at its lowest since April 2020 during the peak of...
by The Offer Company 
After months of sizzling growth, the housing market in metro Phoenix is finally beginning to experience a cooling trend. According to Zillow's November Market Report, home values have dipped 8.1% since their peak, and inventory has grown 36% higher than last year and 11.6% since 2019.Home selling in the U.S. is dwindling, with a recent report finding that a home takes an average of 44 days to sell compared...
by The Offer Company 
The red-hot housing market in 2022 already has an estimated 270,000 homebuyers who owe more than their house is worth. According to Black Knight's analysis of the 450,000 underwater borrowers from Q3 this year, around 60% had mortgages issued during the first nine months of 2022 - that's one out of every twelve homes purchased with a mortgage! Additionally, nearly 40% have less than 10% equity left for any...
by The Offer Company 
Homebuyers who have been struggling with unaffordable prices and lack of selection recently are not alone - home flippers also haven't had much luck lately. According to ATTOM's latest report released on Thursday, flips (i.e., homes purchased by investors, renovated, then sold within 12 months) have seen a decline for the 2nd consecutive quarter in Q3 this year. This goes to show that even experienced real...
by The Offer Company 
The Phoenix housing market has been on a roller coaster ride over the past few months. After hitting record highs in September 2022, median home prices have dropped for two consecutive months, entering into a buyer's market for the first time since 2010. So what does this mean for potential home buyers in Phoenix? Does this new buyer's market signal that it is finally time to take the plunge and purchase...
by The Offer Company 