Across the US the consensus is low housing inventory, rising sales, and more buyers than sellers. And it's not just housing sales. The housing rental market is also constrained.
Homes for rent are far and few between so tenants with low credit scores and challenges on their credit history can challenge a tenant in finding an accepting landlord.
So how long is this sustainable? How long before the number of buyers equals the number of sellers?
Part of that answer lies in the mortgage interest rates charged for loans. If interest rates rise, some buyers may be priced out of the market, as mortage payments increase. Rising prices have eliminated some buyers already, but when rates dipped into the 2% range, the number of refinances and buyes escalated.
Another part of that answer is multiple offers by multiple buyers. Since it's so difficult to get a contract accepted for those with low down payments, some of them are making multiple offers on more than one property at a time. So the true number of buyers in the market may be skewed. Just the other day, an agent reported hearing of 52 offers on one listing in Gilbert, Arizona, one of the hottest areas in the Phoenix Metro Area.
These results are for the entire Phoenix area, Maricopa County, population over 4.6 million people. This snapshot is dated February 9, 2021. As of March 3, 2021, our inventory of all types of residential property (single family homes, condos, townhomes, mobile homes and lofts) is 3,992! Our record high in 2011 was over 56,000 properties.
A realtor friend of mind shared a pun "I'm thinking of buying a house. How's the market?" The realtor answers, "Remember back in April when you were trying to find toilet paper? It's kinda like that! "
If you're looking for a realtor that works tirelessly for buyers and sellers, contact me!