“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ I AM YOUR LAND / COMMERCIAL AND INVESTMENT REAL ESTATE SPECIALIST / LOOKING FOR OWNERS & BUYERS. Call me if you want to sell your property and need an estimated value. Phone: 480-948-5554 Prefer cell: 520-975-5207 or email me walterunger@ccim.net.
Catherine Reagor, Arizona RepublicPublished 6:00 a.m. MT April 5, 2020
Metro Phoenix fares better in economic downturns not led by the real estate market, but that doesn’t mean the Valley’s housing market will be unscathed by the COVID-19 crisis.
Listings have climbed 20% in the past few weeks, which could indicate that homeowners struggling financially are hoping to get out from under mortgages or short-term rental owners who don’t have customers want to sell.
The number of homes for sale is still 32% below the same time last year, said Arizona Housing expert Tina Tamboer of the Cromford Report.
Veteran Arizona economist Elliott Pollack and others expect the Phoenix housing market, like pretty much every other sector, to hunker down for the coming months.
“People aren’t moving now and that means they aren’t buying homes,” Pollack said. “’Phoenix’s strong population growth was driving the housing market. That’s over until this crisis is over.”
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Latest housing data and trends
Preliminary reports show home sales and prices climbed in March, though both are lagging indicators because the deals were struck at least a month ago, before the coronavirus shutdowns began.
Pending sales show the median home price could hit a record $301,000 for March, according to pending sales tracked by the Arizona Regional Multiple Listing Service.
Other indicators of the market’s response to the pandemic include:
- Most ibuyers such as Opendoor that use technology to make instant offers on homes have stopped buying houses due to the uncertainty with the health and economic crisis.
- Potential buyers are still looking at Valley homes for sale because virtual tour views are jumping.
- To close sales, title agencies are offering drive-through service for homebuyers.
- More Airbnb or short-term rental owners who don’t have customers now are trying to sell homes in the Valley, though the exact number is tough to track, Tamboer said.
- Demand for new homes is falling and will continue to drop into this year’s third quarter, according to Belfiore Real Estate Consulting.
“We anticipate this fall-off to be temporary, with the market leveling off in the fourth quarter and bursting upward into the first quarter 2021,” Jim Belfiore said. “Heading into mid-March, the new home market was better than during any period in the last 15 years.”
What to watch in housing
If home prices are going to fall, the first step in that direction would be seeing sellers drop their listing prices. “That hasn’t happened,” Tamboer said.
The median listing price of a metro Phoenix home hit $315,000 in February, according The Information Market, owned by ARMLS. Listing price and sales numbers for March will be out in a few weeks.
A housing market crash led the economy into the Great Recession in 2008. Speculators and subprime loans backed by Wall Street led to a 50% spike in metro Phoenix home prices during 2005 and 2006, and then a record number of foreclosures from 2008 to 2012.
Phoenix-area home prices climbed steadily between 7% and 10% during the past few years, and foreclosures in February were at the lowest level since 2005.
Housing analysts don’t see any similarities between the housing market crash and now.
“The sooner stimulus money gets in peoples’ pockets, the sooner the economy will recover,” Pollack said.
Silver lining by end of year?
Tamboer, Pollack and Belfiore think metro Phoenix’s housing market will take off fueled by pent up demand as soon as the fourth quarter if the coronavirus pandemic eases.
“It will be like a hose with a kink that is suddenly fixed,” Tamboer said. “Home buyers will pour out. Buyers looking for prices to plummet will be disappointed.”
Reach the reporter at Catherine.Reagor@arizonarepublic.com or 602-444-8040. Follow her on Twitter @Catherinereagor.
FROM ME:
Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also international as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial en.wikipedia.org/wiki/CCIM I AM YOUR LAND / INDUSTRIAL AND INVESTMENT SPECIALIST / LOOKING FOR OWNERS, PLEASE CALL ME – cell: 520-975-5207 or email me walterunger@ccim.net
I AM YOUR LAND / INDUSTRIAL AND INVESTMENT SPECIALIST / LOOKING FOR OWNERS
Walter Unger CCIM
Associate Broker
West USA Commercial Division
7077 E MARILYN RD.
Suite 200, Building 4.
Scottsdale AZ, 85254
Phone: 480-948-5554
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I AM YOUR LAND / INDUSTRIAL AND INVESTMENT SPECIALIST / LOOKING FOR OWNERS
“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ ARE YOU READY TO SELL OR PURCHASE YOUR INDUSTRIAL / OFFICE OR RETAIL BUILDING OR YOUR LAND in Phoenix, Maricopa County and Pinal County, Arizona, please call me. Office: 602-445-4113, , cell: 520-975-5207 or email me walterunger@ccim.net.
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History of Arizona from 900 BC – 2017 -Timeline.
8 Reasons You Should Invest in Land
History of Arizona from 900 BC – 2017 -Timeline.
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
DOT – LOOP 202 / SOUTH MOUNTAIN FREEWAY / PHOENIX AZ – UNDER CONSTRUCTION
ARIZONA FACTS – YEAR 1848 TO 2013
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
- The average age of the population is 34 years old.
- The health cost index score in this area is 102.1. (100 = national average)
- Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).
LIST OF ECONOMIC DEVELOPMENT PROJECTS IN PINAL COUNTY, REVISED 2-14-17
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Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
Walter Unger CCIM
Associate Broker
West USA Commercial Division
7077 E MARILYN RD.
Suite 200, Building 4.
Scottsdale AZ, 85254
Phone: 480-948-5554
Cell: 520-975-5207
I AM YOUR LAND / INDUSTRIAL AND INVESTMENT SPECIALIST / LOOKING FOR OWNERS
“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “
Also Call me if you need an estimated value of your Property.
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
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