Greetings friends,

Here is the latest market update from the world of residential real estate in the southeast region of metro PhoenGreetings friends,

Here is the latest market update from the world of residential real estate in the southeast region of metro Phoenix, as I see it anyway:

Damand for housing falters as interest rates remain higher than most buyers can or will pay.

Most real estate market shifts happen slowly, and over a period of time, like a large ship taking a long time to turn. Since early 2024 the market has been slowly shifting in favor of buyers.  Thus forcing sellers (and their Realtor’s), to adjust expectations along the way.

That slow shift seemed to turn course September,  when the Federal Reserve made good on their signals and lowered the Federal Fund Rate.  Both buyers and sellers responded. Demand was up approximately 14% compared to a year ago.  Given that it has been over 3 years since we’ve seen any improved year over year numbers, this was good news for sure. The problem for sellers is  supply is also up – 52% over last year and up 3.7% in just the past week.

The realization that the Federal Reserve Fund rate adjustment did not translate directly to mortgage rates put a wet blanket on the increased buyer pre-qualification activity.  What buyer’s were finding was that mortgage rates actually increased slightly after the Fed action and have remained higher than most buyers can stomach or afford at this time.    

The market shift that was anticipated, was a mirage and faded quickly.

Traditional seasonal trends show increases in inventory this time of year, only to drop off as the holidays appraoch.  Our friends at the Cromford Report point out: “Buyers are still gaining negotiation power as supply rises… The general picture is of low volumes but stable pricing. The outlook is for volume to improve a bit and for prices to remain stable with a slight downward tendency due to the slight excess of supply over demand…Unless the trend changes direction we are headed toward a buyer’s market.”

On top of interest rates, still high home prices compared to pre pandimic prices, sticky inflation and oh yeah…an election that features two parties running on the promise of complete destruction of the country if the other side wins.  Consumer sentiment in residential housing remains surpressed at best.  

The best advice for sellers is to hire a qualified and experienced listing broker and get pricing and marketing right from the beginning. For buyers, recognize you have a window of opportunity to buy with stable pricing and choices.

As always, lean on experienced counsel and professional representation in these very important transactions.  Public perception does not always match reality of day to day market trends.  

Until next time my friends,

 Mark Newmanix, as I see it anyway:
Greetings friends,
Greetings friends,

Here is the latest market update from the world of residential real estate in the southeast region of metro Phoenix, as I see it anyway:

Damand for housing falters as interest rates remain higher than most buyers can or will pay.

Most real estate market shifts happen slowly, and over a period of time, like a large ship taking a long time to turn. Since early 2024 the market has been slowly shifting in favor of buyers.  Thus forcing sellers (and their Realtor’s), to adjust expectations along the way.

That slow shift seemed to turn course September,  when the Federal Reserve made good on their signals and lowered the Federal Fund Rate.  Both buyers and sellers responded. Demand was up approximately 14% compared to a year ago.  Given that it has been over 3 years since we’ve seen any improved year over year numbers, this was good news for sure. The problem for sellers is  supply is also up – 52% over last year and up 3.7% in just the past week.

The realization that the Federal Reserve Fund rate adjustment did not translate directly to mortgage rates put a wet blanket on the increased buyer pre-qualification activity.  What buyer’s were finding was that mortgage rates actually increased slightly after the Fed action and have remained higher than most buyers can stomach or afford at this time.    

The market shift that was anticipated, was a mirage and faded quickly.

Traditional seasonal trends show increases in inventory this time of year, only to drop off as the holidays appraoch.  Our friends at the Cromford Report point out: “Buyers are still gaining negotiation power as supply rises… The general picture is of low volumes but stable pricing. The outlook is for volume to improve a bit and for prices to remain stable with a slight downward tendency due to the slight excess of supply over demand…Unless the trend changes direction we are headed toward a buyer’s market.”

On top of interest rates, still high home prices compared to pre pandimic prices, sticky inflation and oh yeah…an election that features two parties running on the promise of complete destruction of the country if the other side wins.  Consumer sentiment in residential housing remains surpressed at best.  

The best advice for sellers is to hire a qualified and experienced listing broker and get pricing and marketing right from the beginning. For buyers, recognize you have a window of opportunity to buy with stable pricing and choices.

As always, lean on experienced counsel and professional representation in these very important transactions.  Public perception does not always match reality of day to day market trends.  

Until next time my friends,

 Mark Newman
Here is the latest market update from the world of residential real estate in the southeast region of metro Phoenix, as I see it anyway:

Damand for housing falters as interest rates remain higher than most buyers can or will pay.

Most real estate market shifts happen slowly, and over a period of time, like a large ship taking a long time to turn. Since early 2024 the market has been slowly shifting in favor of buyers.  Thus forcing sellers (and their Realtor’s), to adjust expectations along the way.

That slow shift seemed to turn course September,  when the Federal Reserve made good on their signals and lowered the Federal Fund Rate.  Both buyers and sellers responded. Demand was up approximately 14% compared to a year ago.  Given that it has been over 3 years since we’ve seen any improved year over year numbers, this was good news for sure. The problem for sellers is  supply is also up – 52% over last year and up 3.7% in just the past week.

The realization that the Federal Reserve Fund rate adjustment did not translate directly to mortgage rates put a wet blanket on the increased buyer pre-qualification activity.  What buyer’s were finding was that mortgage rates actually increased slightly after the Fed action and have remained higher than most buyers can stomach or afford at this time.    

The market shift that was anticipated, was a mirage and faded quickly.

Traditional seasonal trends show increases in inventory this time of year, only to drop off as the holidays appraoch.  Our friends at the Cromford Report point out: “Buyers are still gaining negotiation power as supply rises… The general picture is of low volumes but stable pricing. The outlook is for volume to improve a bit and for prices to remain stable with a slight downward tendency due to the slight excess of supply over demand…Unless the trend changes direction we are headed toward a buyer’s market.”

On top of interest rates, still high home prices compared to pre pandimic prices, sticky inflation and oh yeah…an election that features two parties running on the promise of complete destruction of the country if the other side wins.  Consumer sentiment in residential housing remains surpressed at best.  

The best advice for sellers is to hire a qualified and experienced listing broker and get pricing and marketing right from the beginning. For buyers, recognize you have a window of opportunity to buy with stable pricing and choices.

As always, lean on experienced counsel and professional representation in these very important transactions.  Public perception does not always match reality of day to day market trends.  

Until next time my friends,

 Mark Newman
Damand for housing falters as interest rates remain higher than most buyers can or will pay.

Most real estate market shifts happen slowly, and over a period of time, like a large ship taking a long time to turn. Since early 2024 the market has been slowly shifti jl blj lj ljb lj blng in favor of buyers.  Thus forcing sellers (and their Realtor’s), to adjust expectations along the way.

That slow shift seemed to turn course September,  when the Federal Reserve made good on their signals and lowered the Federal Fund Rate.  Both buyers and sellers responded. Demand was up approximately 14% compared to a year ago.  Given that it has been over 3 years since we’ve seen any improved year over year numbers, this was good news for sure. The problem for sellers is  supply is also up – 52% over last year and up 3.7% in just the past week.

The realization that the Federal Reserve Fund rate adjustment did not translate directly to mortgage rates put a wet blanket on the increased buyer pre-qualification activity.  What buyer’s were finding was that mortgage rates actually increased slightly after the Fed action and have remained higher than most buyers can stomach or afford at this time.    

The market shift that was anticipated, was a mirage and faded quickly.

Traditional seasonal trends show increases in inventory this time of year, only to drop off as the holidays appraoch.  Our friends at the Cromford Report point out: “Buyers are still gaining negotiation power as supply rises… The general picture is of low volumes but stable pricing. The outlook is for volume to improve a bit and for prices to remain stable with a slight downward tendency due to the slight excess of supply over demand…Unless the trend changes direction we are headed toward a buyer’s market.”

On top of inteGreetings friends,

Here is the latest market update from the world of residential real estate in the southeast region of metro Phoenix, as I see it anyway:

Damand for housing falters as interest rates remain higher than most buyers can or will pay.

Most real estate market shifts happen slowly, and over a period of time, like a large ship taking a long time to turn. Since early 2024 the market has been slowly shifting in favor of buyers.  Thus forcing sellers (and their Realtor’s), to adjust expectations along the way.

That slow shift seemed to turn course September,  when the Federal Reserve made good on their signals and lowered the Federal Fund Rate.  Both buyers and sellers responded. Demand was up approximately 14% compared to a year ago.  Given that it has been over 3 years since we’ve seen any improved year over year numbers, this was good news for sure. The problem for sellers is  supply is also up – 52% over last year and up 3.7% in just the past week.

The realization that the Federal Reserve Fund rate adjustment did not translate directly to mortgage rates put a wet blanket on the increased buyer pre-qualification activity.  What buyer’s were finding was that mortgage rates actually increased slightly after the Fed action and have remained higher than most buyers can stomach or afford at this time.    

The market shift that was anticipated, was a mirage and faded quickly.

Traditional seasonal trends show increases in inventory this time of year, only to drop off as the holidays appraoch.  Our friends at the Cromford Report point out: “Buyers are still gaining negotiation power as supply rises… The general picture is of low volumes but stable pricing. The outlook is for volume to improve a bit and for prices to remain stable with a slight downward tendency due to the slight excess of supply over demand…Unless the trend changes direction we are headed toward a buyer’s market.”

On top of interest rates, still high home prices compared to pre pandimic prices, sticky inflation and oh yeah…an election that features two parties running o

n the promise of complete destruction of the country if the other side wins.  Consumer sentiment in residential housing remains surpressed at best.  Greetings friends,

Here is the latest market update from the world of residential real estate in the southeast region of metro Phoenix, as I see it anyway:

Damand for housing falters as interest rates remain higher than most buyers can or will pay.

Most real estate market shifts happen slowly, and over a period of time, like a large ship taking a long time to turn. Since early 2024 the market has been slowly shifting in favor of buyers.  Thus forcing sellers (and their Realtor’s), to adjust expectations along the way.

That slow shift seemed to turn course September,  when the Federal Reserve made good on their signals and lowered the Federal Fund Rate.  Both buyers and sellers responded. Demand was up approximately 14% compared to a year ago.  Given that it has been over 3 years since we’ve seen any improved year over year numbers, this was good news for sure. The problem for sellers is  supply is also up – 52% over last year and up 3.7% in just the past week.

The realization that the Federal Reserve Fund rate adjustment did not translate directly to mortgage rates put a wet blanket on the increased buyer pre-qualification activity.  What buyer’s were finding was that mortgage rates actually increased slightly after the Fed action and have remained higher than most buyers can stomach or afford at this time.    

The market shift that was anticipated, was a mirage and faded quickly.

Traditional seasonal trends show increases in inventory this time of year, only to drop off as the holidays appraoch.  Our friends at the Cromford Report point out: “Buyers are still gaining negotiation power as supply rises… The general picture is of low volumes but stable pricing. The outlook is for volume to improve a bit and for prices to remain stable with a slight downward tendency due to the slight excess of supply over demand…Unless the trend changes direction we are headed toward a buyer’s market.”

On top of interest rates, still high home prices compared to pre pandimic prices, sticky inflation and oh yeah…an election that features two parties running on the promise of complete destruction of the country if the other side wins.  Consumer sentiment in residential housing remains surpressed at best.  

The best advice for sellers is to hire a qualified and experienced listing broker and get pricing and marketing right from the beginning. For buyers, recognize you have a window of opportunity to buy with stable pricing and choices.

As always, lean on experienced counsel and professional representation in these very important transactions.  Public perception does not always match reality of day to day market trends.  

Until next time my friends,

 Mark Newman

The best advice for sellers is to hire a qualified and experienced listing broker and get pricing and marketing right from the beginning. For buyers, recognize you have a window of opportunity to buy with stable pricing and choices.

As always, lean on experienced counsel and professional representation in these very important transactions.  Public perception does not always match reality of day to day market trends.  

Until next time my friends,

 Mark Newmanrest rates, still high home prices compared to pre pandimic prices, sticky inflation and oh yeah…an election that features two parties running on the promise of complete destruction of the country if the other side wins.  Consumer sentiment in residential housing remains surpressed at best.  

The best advice for sellers is to hire a qualified and experienced listing broker and get pricing and marketing right from the beginning. For buyers, recognize you have a window of opportunity to buy with stable pricing and choices.

As always, lean on experienced counsel and professional representation in these very important transactions.  Public perception does not always match reality of day to day market trends.  

Until next time my friends,

 Mark Newman