• Average days a home is on the market are still very low at 29 days from active to close. This is up from the record low of 26 days recorded earlier this year, but considerably less than the 44 days on market just one year ago and 57 days two years ago. Closing in less than 30 days from contract to close is pretty incredible since most lenders need at least that much time just to get through the financing process.
• Housing affordability has also been in the headlines and, in my opinion, this is really what we need to be watching. However, the ultra low mortgage rates have allowed prices to continue to rise while still keeping the monthly payments relatively affordable. In today’s market, even with the higher prices, buyers are spending less as a percent of their overall income towards housing than historical averages.

What we are experiencing today is anything but a normal housing market so if you have questions on the headlines and what they mean for you, let’s set up time to connect. Each client’s situation is unique and as your market authority, I love sharing my knowledge and experience to help you achieve your real estate goals. You can book your one on one session with me here.

Lindsay Fricks, Helping you, your family and friends Live & Love in Arizona.