As mortgage rates rise, buyers can afford less and less of a home. Because of this, prices begin to drop and real estate investors can’t flip houses as easy as previous years. Due to the rising rates and lowering prices, investors are turning the homes into rental properties. This all sounds like it will be a better situation for the first-time home buyer, but ironically not. Since these homes are being converted to rentals rather than reselling, this turns an already low inventory level to an even smaller one. Hopefully, if investors continue to pull back, inventory rises and home prices begin to lower, some buyers could be in a good position to buy. So good luck with your home search. #mikeblackrealtor @sellingarizonanet

Housing inventory has dropped to it’s lowest levels in decades. In December 2021, inventory was already at a low mark of 1.7 months of supply and now it has dropped to 1.6 months. Not much to choose from if you are currently searching for a home. Good Luck! #mikeblackrealtor @sellingarizonanet

Housing sales have skyrocketed the last two years. In 2021, home sales reached 6.12 million, which is the highest since 2006. The median home price has reached an all-time high of $347,100, which is a one-year gain of 16.9%. Prices will continue to rise, but will rise at a more stable rate of 3% to 6% per year for 2022 and 2023. #mikeblackrealtor @sellingarizonanet

More people moved into Greater Phoenix area from L.A. than the entire population of El Mirage, Arizona. Just about 38,200 Los Angelans chose to make Phoenix their new home. Second on the list are the people from Tucson moving north to Phoenix. More than 11,600 people moved from Tucson. Asian countries were the 3rd-largest group, with over 10,500 people moving to Phoenix, almost the same number as the combined total of Central American, Mexican and Canadian immigrants coming to the Valley. Welcome to diversity. Phoenix is the new “melting-pot”

I don’t know about you, but I’m tired of people rumoring that we are in a market bubble that’s about to burst in Phoenix. To put it in simple terms, “No. We are not in a bubble.” “I repeat. We are not in a bubble.” As I’ve stated in other…

I know, I know… Everyone’s asking what does 2022 hold in store for real estate in Arizona. I would have to say that this year will be exactly the same as 2021, but with less activity. Home prices will rise, but much more slowly than 2021. The one thing that…

Last month I posted the most expensive cities in the Phoenix Metro area, so it’s only fair to post the most affordable cities in the Metro Phoenix area. Below is a list of those cities and the price per square foot: • $180.66 — Sun City • $179.34 — Avondale • $178.97 — Tonopah “Location, Location, Location”. #mikeblackrealtor @sellingarizonanet

As prices rise in the Metro Phoenix area, it does bring a curiosity as to which cities bring in the most value per square footage. Below is a list of the top 5 cities and the average price per square foot. 1. $549.71 — Paradise Valley 2. $372.07 — Scottsdale 3. $337.12 — Carefree 4. $298.31 — Rio Verde 5. $295.03 — Fountain Hills As they say, “Location, Location, Location”. #mikeblackrealtor @sellingarizonanet

Pre-coronavirus new home-buyers were searching for smaller houses to be able to spend more time outdoors and enjoy a more active lifestyle. After the outbreak of coronavirus and government mandated business-closures, new home-buyers are looking to spend more time in the home and are looking for more creature-comforts and space. Buyers are searching for dedicated work-spaces with more and more working remotely from home with the advent of Zoom software.