Here are the latest numbers in our real estate market from December 2020.

Today we’re discussing the numbers from December 2020. We’re so glad it’s now 2021, but let’s fill you in on what happened at the end of the year:

As you can see in the chart above, we have some mixed numbers, so what’s happening? We still have incredibly low interest rates. The other day, I was calculating how much it costs to borrow $100,000 at 2.625% interest, and it was about $408 per month—that’s cheap! Many buyers are purchasing because of the great rates, and people are trading up because they have a ton of equity in their homes and can get a larger house because their payments will be lower than if they’d bought in the past. 

Also, as I’ve mentioned before, a lot of people are moving to Arizona from out of state. We have plenty of demand but not enough inventory, so prices are increasing. We’re not seeing many properties on the market, and those that are listed are being bid up with multiple offers. Typically, in the first quarter of the year, we get about 30,000 new homes on the market, and we need them. Hopefully this year we’ll get the usual amount of inventory.  

If you’re considering selling, this is an excellent time to do so. If you’re thinking about buying, reach out to us. We’ll show you strategies to help you find houses and not be forced into a bidding war. We’d love to help you navigate this market.

Call me on my cell 602-738-9943 or email us if you’re considering buying or selling or have any questions about our current market. We look forward to hearing from you.