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    August 2020 Market Update

    New Historic Lows

    New Historic LowThe historic real estate market in Phoenix has hit new record lows this summer. Home supply has dropped nearly 39% below what it was last year, resulting in a miniscule .76 months of supply. Shrinking supply continues to create challenges for home buyers and incredible opportunities for home sellers.

    Mortgage Rates Drop Further

    Mortgage rates have fallen again hitting a record low for the eighth time this year. The resilience of the housing market continues as mortgage rates hit another all-time low, giving potential buyers more purchasing power and strengthening demand. We expect rates to stay low and continue to propel the purchase market forward. However, the main barrier to rising demand remains the lack of inventory, especially for entry-level homes.  If you know anyone thinking of refinancing or purchasing a new home, please contact me about an exclusive Zero-Plus loan to save thousands on a home mortgage.


    3023 W Cheyenne Drive

    This quintessential Southwest home offers breathtaking views of Arizona sunsets, desert mountains, and city lights. Featured in magazines and home tours for its unique architectural design and native landscaping. Private 1-acre setting provides both quiet seclusion and easy access to amenities. View the video tour here!

     

     

     


     

    1 in 3 People Miss July Housing Payment

    Last month nearly 1 in 3 people missed a portion of their housing payment. Unemployment rates may lead to future trouble for many home owners and renters. Help is available before problems become too great. Contact me for resources.

     

     

     

     


    Contact us today for any of your real estate needs. 

    C: 602-373-4658

    JeffryKlein@LucidoAgency.com

    phoenix.lucidoagency.com

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