Lately, I’ve been calling many of you and hearing stories of how challenging these new times have been. At worst, I’ve heard a lot of fears around health issues for some family members and the loss of employment and livelihood. At best, I’ve heard of tremendous outpouring from friends and family, especially on kid’s birthday when cars have been lined up down the street to wish a Happy Birthday and make the day special.
Like you, I’ve been adapting as well. We’re doing many more virtual home tours and implementing safety guidelines for showing homes. At home, we’ve added a new family dog, a tree swing, and “backyard camping.”
The Phoenix real estate market hit bottom in early April. Home sales for April 2020 dropped 29.4% compared to last year (and a 26% drop compared to last month). However, a key leading indicator is Buyer showing activity, which has returned to Jan 1, 2020, levels since its low on April 12 (see the chart above). How strong and sustained will the Phoenix real estate rebound be? Stay tuned for next month’s report!
U.S. mortgage rates have fallen to their all-time lows, according to Freddie Mac, making a new home purchase more affordable than ever. The 30-year fixed mortgage rate averaged 3.23 percent for the week ending April 30. A year ago, mortgage rates stood at 4.14 percent. The latest mortgage rate is the lowest recorded since Freddie Mac began tracking in 1971. Now is a great time to refinance as well. Please contact me for details on a Zero-plus exclusive loan.
As always, please consider me a trusted partner for all your real estate needs and information. We have a ton of resources for home buyers and sellers, as well as anyone you know going through a challenging time. Who do you know who I can help? I’m grateful for your trust and the opportunity to be of service!
Stay In Touch From Home with the Keller Williams Real Estate Mobile App
If you’re distancing at home but want to keep tabs on the real estate market, the KW App has everything you need. View real-time pricing data, insights from local residents, and receive expert guidance every step along the buying or selling process.