April 16th 2020 Arizona Mid Coronavirus Housing market update. 🏠

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Important Update on the Arizona Housing market mid Coronanvirus. Please visit https://jaybrugroup.com/%f0%9f%8c%85important-covid-housing-market-update-going-ok/
For the full report.

Hi Its Jay Bru here, hope everybody is safe and life hasn’t been disrupted too much, I’d like to hear your stories, please reach out. I’ve really been studying the numbers, graphs and of course watching the depressing fear based news like most.  I’ve been ok, just a lot trips to the fridge and missing the office and gym.

Please read these quick facts and watch the video for the complete slideshow and explanations.  But let’s start by saying it’s too early to completely tell what will happen to the long term Arizona housing market, this is a snap shot of what’s going on now.  The president gave his speech as I was writing this about the reopening, listen to it here which gives us hope that there is an end.  Also, Arizona and Doug Ducey have been doing a great job at protecting us with little infection rates and AZ is a well run state.  These factors along with some positive Real Estate news may set some ease into us all.  Unfortunately there are 22 million Americans unemployed and bankruptcy’s looming ahead for some with an invisible enemy in the air.

It seems we’ve been through a lot, and I am so sorry if you’ve been affected in any way but there’s been good news as of late.  From doing so many webinars with Real estate experts, reading, and putting the video together, I feel a lot better about living in Arizona and am not as fearful from a housing collapse at this moment, please watch my video that has all of the charts, here.  (But anything can change daily)

Quick facts about the Phoenix metro area market:

Still in a Sellers market currently and demand is still here, some patiently. 
Rental Rates as of April 2020 still holding its own at $1.01/sqft up 7.4% from a year ago.
Accepted Contracts to back on market properties have takin a hit.
All price ranges average at $187/sf which is still very high.
Active Listings for sale are down 23.1% from a year ago. WOW
Contracts/sales have been down last few weeks with buyers waiting.
Recession looming but does not = housing crash.
Dow Jones Industrial in 4.5 weeks dropped 22,000 points which can disrupt our economy. 
This is not similar to 2007 housing crash, better loans and banking methods are in place now.
Inventory today is 3.1 months compared to 2007 which was 8.2 months of supply. A neutral market is more at 6-7 months.  Supply increased 31% in past 4 weeks though.
53.8% of home owners have over 50% equity in their homes.
Unemployment rates and home sales do not have a direct relationship.
Home prices have increased 3 of the last 5 recessions.
Rental supply +15% in March.
Owning an Airbnb seemed like a good idea at the time, right?
Cromford report index still says a sellers market.
Listings under contract -24% from last year on April 9th 2019.
Sellers can still ask what their home is worth.
Buyers currently have more to choose from.
Home ownership is so important, right?  Where are you living right now?  Everyone needs a home!!
Some quick facts/links to track what is happening with the Virus.
The curve seems to be flattening, I use https://www.worldometers.info/coronavirus/
Every article, newsletter, webinar and fact checking is day to day for now.
Click here daily for Arizona Department of health Covid
Limit watching the news, I feel that this is the biggest single factor of fear, anxiety, and depression right now.

We simply just have to wait to see how the economy reopens.  Doug Ducey will be laying out a plan soon.

I hope you can trust me to not spread misinformation.  I do not want to be overly optimistic or doom and gloom.

Stay safe,

Jay Bru

480-466-4917

jay@jaybrugroup.com

April 16th 2020 Arizona Mid Coronavirus Housing market update. 🏠, Oklahoma City Retail Mortgage Lenders

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