July 2020


Wishing You a Safe and Happy 
Independence Day!

Homebuyers Are in the Mood to Buy Today

Keeping Current Matters
June 22, 2020 Comments/By The KCM CREW

According to the latest FreddieMac Quarterly Forecast, mortgage interest rates have fallen to historically low levels this spring and they're projected to remain low. This means there's a huge incentive for buyers who are ready to purchase. And homeowners looking for eager buyers can take advantage of this opportune time to sell as well.

There's a very positive outlook on interest rates going forward, as the projections from the FreddieMac report indicate continued lows into 2021:

"Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021." 

With mortgage rates hovering at such compelling places, ongoing buyer interest is bound to keep driving the housing market forward. Rates also reached another record low last week, so homebuyers are in what FreddieMac is identifying as the buying mood:

"While the rebound in the economy is uneven, one segment that is exhibiting strength is the housing market. Purchase demand activity is up over twenty percent from a year ago, the highest since January 2009. Mortgage rates have hit another record low due to declining inflationary pressures, putting many homebuyers in the buying mood. However, it will be difficult to sustain the momentum in demand as unsold inventory was at near record lows coming into the pandemic and it has only dropped since then."



Phoenix real estate entered 2020 on a high, which should ease the pandemic's market impact

StreetScout
By Catherine Reagor| April 26th, 2020

Rebuilding America: Metro Phoenix's housing market slowed in the early days of COVID-19 but is showing signs of bouncing back.

Metro Phoenix's housing market slowed quickly in the early days of COVID-19 but is showing signs of bouncing back.  New listings and home sales cancellations climbed in March when many homeowners and homebuyers were worried about making mortgage payments as unemployment soared.

The Valley's real estate industry didn't stop though. Real estate agents, mortgage brokers, title agencies, home builders, appraisers and home inspectors donned masks, gloves and figured out how to keep home sales going during the health and economic crisis. Now, pending home sales in the Phoenix area are climbing again, prompting housing analysts to call for less of a housing market slowdown this summer than previously expected.

"We have very low inventory, which will keep the housing market from collapsing," said Mark Stapp, real estate expert and director of the Master of Real Estate Development program at ASU's W.P. Carey School of Business. "It will take until early to mid-July to see the full impact on the market." He said how much the Valley's housing market cools will depend on how many people receive benefits from the government stimulus package and if those benefits are enough to help people avoid credit problems, evictions, foreclosures and taking on more credit-card debt.

No crash expected

Metro Phoenix's housing market started 2020 so strong, housing analysts said it would take a catastrophe to slow it. Then when the novel coronavirus hit the U.S., housing experts forecasted home sales could slow by as much as 80% during this summer. But based on an almost 50% increase in contracts signed to buy Valley homes since then, Tina Tamboer, senior real estate analyst with the Phoenix-based Cromford Report, said COVID-19's impact on the housing market likely will not be that extreme.






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Ivan Martinez/City of Mesa

Fourth of July fireworks 2020: Where to see July 4th fireworks around Phoenix

ABC 15 | Josh Frigerio

PHOENIX - Editor's note: On June 23, the City of Buckeye announced that it would cancel its Independence Day fireworks scheduled for July 4. We have updated the story below.

In light of the COVID-19 pandemic and requirements to physically distance, Fourth of July celebrations and fireworks in the Phoenix area will look and feel different than last year.

Some communities and venues have canceled their events, including Anthem, Avondale, Buckeye, Fountain Hills, Phoenix, and Tempe. Fort McDowell Casino near Fountain Hills and Westgate Entertainment District in Glendale have also canceled their Independence Day fireworks.

Not all are canceled, however. Fireworks are still planned at celebrations in Apache Junction, Chandler, Gilbert, Goodyear, Litchfield Park, Maricopa, Mesa, Peoria, Queen Creek, Scottsdale, and Surprise.

For most, the events have gone from the look of a festival with food trucks and music to that of a drive-in, with families and friends watching the show from inside their vehicles.  Spokespersons for Apache Junction and Maricopa confirmed to ABC15 that they would have fireworks, but their plans were not yet finalized. We'll update our story once we get more information.

If you're looking to get out and see fireworks, here is where and when to watch, and what you need to know.




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Tammy Rossman
REALTORĀ®

602.881.5928   |   Tammy.Rossman@BHHSAZ.com   |   www.tammyrossman.bhhsaz.com