Here are my thoughts on how our current recession relates to 2008.

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What would it take for us to have prices go down during this recession like they did in the Great Recession of 2008? During the Great Recession, lending essentially stopped and out-of-work homeowners were simply out of luck.
During this recession, however, the government has allowed mortgage forbearance, thereby allowing people to stay in their homes. The government has also lowered interest rates and foreclosures in Arizona are near all-time lows. ...

These are difficult times, but real estate is still moving. Today I’m sharing some promising signs from our Phoenix market.

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Curious as to how COVID-19 has impacted real estate? Over the last month, roughly 8,500 properties have sold in Greater Phoenix. Considering that we’ll sell 7,000 a month on average, it’s clear that there’s still some very strong demand in the market.
Many people ask the question, “When the market’s going to crash?” Truthfully, it will only crash if demand dies down and supply increases. On the supply side, we have 14,000 homes on the market—a slight increase from 11,000 last month, but historically speaking, our norm here is 30,000; we went into this pandemic with extremely low inventory, which now serves as a barrier keeping home prices healthy. ...