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Market Updates | Elite Results Realty Blog

Tuesday, October 13, 2020   /   by Vyral Marketing

What Would It Take for Prices to Drop?

Here’s a look at the market index that may show the future of our real estate market.


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It’s no secret we’re entrenched in a seller’s market, but lately many people have been asking, “What would it take for housing prices to drop?” To answer this question, let's take a look at some of the factors that will play a huge part in determining the future of our Phoenix area real estate market.
At 0:46 in the video above, you’ll see a chart that’s probably the best indicator of what we can expect for future pricing—the “Cromford Market Index as a Predictor of Future Annual Price Appreciation” model. On this chart, the black line represents the leading indicator (the Cromford Market Index itself), while the blue lines represent the actual appreciation rate (i.e., the percentage by which housing prices changed from year to year or m ...

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  real estate market, seller's market, market updates

Wednesday, June 10, 2020   /   by Vyral Marketing

How Mortgage Rates Are Calculated

Here’s why current mortgages rates hover around 3.5%, not 0.5% or 2.5%.


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Oftentimes, people will wonder why mortgage rates don’t follow suit when the fed funds rate drops significantly—as was the case at the onset of the COVID-19 pandemic and our current recession. The truth is, in today’s market, mortgage rates are not determined by the fed funds rate.

Though not calculated on the fed funds rate, mortgage rates do align closely with the 10-year Treasury yield. If you look at the history of the 10-year Treasury, you’ll notice that that yield tends to be about 2% lower than mortgage rates.

Back in 2007, when we saw the market crashing, mortgage rates were at 6.5% to 7%, and the Treasury yield was at 4.5% to 5%. It took a couple of years for the Fed to step in and start buying Treasury bonds, which caused the rates to go down.
 

The 10-year ...

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  elite results realty, buying a home, market updates

Friday, May 15, 2020   /   by Vyral Marketing

Are We Headed for Another Great Recession?

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.

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  market updates

Thursday, April 23, 2020   /   by Vyral Marketing

How the Coronavirus Is Affecting Our Real Estate Market

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.

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  real estate market, market updates