Home Sellers Slashing Prices in Phoenix

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In this video, I'll share the TRUE story about the recent price drops in the Phoenix housing market. We'll analyze the data, discuss what it means for buyers and sellers, and address whether we're headed for a crash. You'll learn about inventory trends and days on the market. You'll also learn about the Cromford Market Index and how interest rates affect buyer demand.
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Опубликовано:

9 июн 2024

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Комментарии : 71

@puckgold4956 Месяц назад

We bought a house in Surprise that was purchased by a short term rental company based in New Jersey. They bought 40 properties in 2022 and according to the real estate agent they were selling all of them because they had trouble renting them. They paid $439k in July '22 and we got them down to $364k in May '24. These short term rental companies have messed up the housing market in the area so I don't feel bad they lost $75k!

@tinasmith8241 Месяц назад

People simply do not have the wages here in the PHX area or in other big cities to afford the high home prices. Inflation is out of control, and people are bowed over, and cannot buy even if they wanted to. Prices will continue to drop if sellers want to sell.

@rl9808 Месяц назад

Prices in az are ridiculous

@107productionsllc6 Месяц назад

Hi Shawn, As always, you're really tuned into the macro and micro elements of the housing market in the greater Phoenix area. Also, you're not afraid to tell it like it is. You provide a very direct and honest perspective on the market.

@joeacquavella6548 Месяц назад

No matter how you slice it AZ is in a housing bubble!

@mikej238 Месяц назад

yeah 😂 I wish I had 10c for everytime someone said that in the last 10 years. 2008 won't happen again.

@joeacquavella6548 Месяц назад

@@mikej238 That's what they said in 2005. 🤣Sorry, homes are severely over-valued in AZ just like in 2008. Anyone who buys now will be a bag holder just like those that bought in the last several years.

@user-oh6ox9hz9c Месяц назад

I agree. In 2006 everyone was saying prices would never come down because there was a housing shortage. 2 years later there over 50k homes sitting that nobody wanted and rates were at 4.5%. Most that say a crash won't happen are too young to remember 2008 or didn't follow it.

@mikej238 Месяц назад

@@joeacquavella6548 you forget what triggered the 2008 collapse. Had nothing to do with supply or actual prices. Remember subprime loans from shi# banks?.People had to renew their mortgage at higher rates and didn't qualify. I bet you don't own anything and dream for 2008......

@mikej238 Месяц назад

b@@user-oh6ox9hz9c fck are you confused. After the bank collapse nobody could get financing . I bought 3 when it bottomed out in 2011. You are dreaming if you think prices are going to crash. Might be flat, might drop 10% tops

@deedeew4040 Месяц назад

I live in the Prescott area, DOM, are 2 to 4 months with several price reductions. Buyers are coming in with CASH and buying 1 to 2 million dollar houses.

@timothyyoung4061 19 дней назад

The Arizona homes are still extremely overpriced. We need a 20% at minimum reduction, it’s understood 2019 prices are not coming back but homes listed at double that of 2021 is just completely crazy.

@missinformed9550 Месяц назад

Central Arizona here and I can say that the market has been destroyed by short term rentals, which have pushed up prices and decimated availability of regular rental properties for people who live and work here. The short term rental market is oversaturated, causing investors to sell before they lose their shirts. There is no place to rent, so people are living in RVs and RV parks are full, so people are camping in the deserts. City of Sedona allows people to camp in the parking lot of a closed entertainment venue, just so employees have some place to stay. It's a mess. Employers have difficulties finding workers, raising wages that are still inadequate to pay around $2200 month to rent a house.

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@benjaminmcclatchey9814 17 дней назад

Your not counting something. During COVID people thought that they would no longer be expected to come into the office and now the trend is that companies are wanting workers to come into the office for at least two days a week. So people who moved to Phoenix are now having to move back to other cities.

@JK-zw8ec Месяц назад

Excellent report. What's the difference between "under contract" and "pending"? Also, tracking the number of new homes added to the supply (on a quarterly/yearly rate) would be interesting as far as the supply demand balance. I know you addressed home builders controlling the number of new homes they're building overall.

@JonSmith531 Месяц назад

Inventory is rising against seasonality. This is a very bad sign.

@rd24life Месяц назад

Oh yeah, let’s pay a million to live in scorching heat and arid land and scorpions. People are nuts!!!

@JBoy340a Месяц назад

Perhaps I missed it, but do you have any statistics on the income levels of buyers over time. I was curious to see if the sales were in areas where people had more resources. These are likely to not be as price sensitive.

@kmnichol1 Месяц назад

Ol shock and awe headliner 😂

@icarusrising728 Месяц назад

I appreciate your video but keep in mind that you are trying to apply Ceteris paribus, which is kind of a common tactic for sales professionals :) All of the major builders have stated in their latest earnings calls that they are and intended to keep building without contracts or buyers commitments

@cyndiholland5704 Месяц назад

Are you able to see who all the buyers are? Meaning, what percentage of buyers are investors vs. regular folks? The reason I ask is because homes are selling, but they appear to be selling in order to become rentals. If the majority are investors, is it a legit sellers market?

@jimmystewart3288 Месяц назад

Sorry but I think that here comes the big crash, pay attention to the Bricks Nations. Pray, prep and hold your cash.

@1AJohnnyCruiser Месяц назад

Clickbait bs

@Whiskey_Pete Месяц назад

Also not considered in this inventory rise are new home builders restricting inventory. I know one community in particular that have a couple hundred homes built just waiting for buyers but they have not listed them. They do not want them sitting on the market bringing prices down so they only list a few at a time. Some of these homes were completed in late 2022. This inventory issue is much deeper than people know and is heavily manipulated. *cough Fulton Homes * cough

@matthewphillips5483 Месяц назад

A form of "shadow inventory"

@shawn.shackelton 29 дней назад

Where are these homes?

@matthewphillips5483 29 дней назад

@@shawn.shackelton Not sure about your area, but where I'm at (Northern California), you can find the actual homes for sale by going to the builder's site and checking their "site map" or "plan layout" link which will pop up a map of available homes. Most of these homes aren't listed on the MLS. They only keep one of each floorplan of house on the MLS to lure in buyers and then they give you the pricelist (which often isnt listed online or anywhere until you sign in and they give it to you).

@matthewphillips5483 29 дней назад

Another trick they use is trying to keep comps high by refusing to do a price cut but offering ridiculous incentives. I had one builder the other day offer me > 18k in seller credits AND free owned solar at no extra cost.

@Whiskey_Pete 29 дней назад

@@shawn.shackelton The homes are located in their Escalante community in Surprise. If you drive around this neighborhood you will see the homes that are just sitting vacant unlisted. They are starting to list more as of the last month. Maybe things are getting tighter and possibly getting more desperate to sell.

@timothyyoung4061 19 дней назад

Unemployment is not steady . Middle class employment is plummeting , everywhere . Government is replacing middle class with cheaper labor for their elite owners.

@glennlevy7260 Месяц назад

Thank you Shawn, for the well-produced video. I'm relatively new to your channel, and am wondering about your thoughts on the prospect of a "silver tsunami" which my hit when the Baby Boom generation passes away in large numbers in the next two decades, releasing a massive inventory of owner-occupied homes. When this happens, inventory could spike by 10% or more per year, depending on the share of units which heirs put on the market (and on the mortality rate). Do you believe this will sink values in Phoenix. and Tucson or just moderate price increases, all things being equal? Thank you.

@shawn.shackelton Месяц назад

I don't believe this will happen. If you really look at what's happening with the older generation many of them are selling their homes now and moving into independent/assisted living facilities. On the flip side if we have more inventory come to the market that will be helpful, I don't see it coming in a huge wave but more of a trickle which will be absorbed into the market without much impact.

@glennlevy7260 Месяц назад

@@shawn.shackelton Thank you for your input. As usual, some "experts" (like Meredith Whitney) are sounding alarmist about this issue.

@jameswilson9988 Месяц назад

Lol I saw someone drop the price $1. Must be cooking the books to show a price drop.

@shawn.shackelton Месяц назад

Those that do that are trying to get the home to show up on buyers portals again. Not a trick I would ever suggest, buyers are too smart for that!

@phiberoptik232 Месяц назад

I like peanuts.

@esthermarygold-lowe4403 27 дней назад

We renters cannot afford to buy

@MPGunther1 Месяц назад

I read that the Administration was going to give lower percentage rates to lower income buyers and higher rates to people that can actually afford a home. Do you have a prediction what this may cause to the market. Obama did it and there were a rash of trashed homes under foreclosure.

@martinmdl6879 Месяц назад

With elections around the corner, the Government is THROWING money at the economy. Government jobs and spending are propping up everything. Adding $1 Trillion in Fed Govt debt every 100 days. This is unsustainable. Let us see your charts again next year.

@alanmartins6349 Месяц назад

Government is throwing money at the economy? You want them to throw it at Russia? lord help us.

@dailysmelly9756 Месяц назад

A caveat to the open enrollment: it does not apply to special need students, so if you have a special needs child, choose carefully where you buy a home. Kyrene and Gilbert are typically considered the best school districts for special needs.

@shawn.shackelton Месяц назад

Thank you for adding that information!!

@bhpatriot4318 Месяц назад

You did an excellent job reporting historical data but unemployment isn't really holding steady. Check historical data on that. The federal government manipulates the data.

@friedrice2912 Месяц назад

Lol this poor thing wont get as big a commission from sales as she wants.. hahaha im kidding, she wont lose a cent in commissions... Punch a wall to make sure you are not being sold a Styrofoam walled structure...