For the Phoenix Real Estate Market, Spring is typically the busiest real estate season. Mostly, that's because warmer weather and the chance for families to move and get settled in between school years makes it an opportune time to pack up and start somewhere new. In a typical spring real estate season we normally see our prices lift, then they cool back off.
In 2020 Spring, though, the coronavirus, social distancing, and stay-at-home orders have disrupted the start of the 2020 Phoenix spring selling season. So what happens to all those potential buyers and sellers with plans to enter the market this spring?
Well, according to Lawrence Yun, the National Association of Realtors' chief economist, they're more likely to put their plans on hold than to cancel them.
“We are in uncertain times, but I do think that people who are staying at home right now, once the all-clear signal is given, will be going back into the market,”
Yun told Housing Wire. In short, the housing market got off to a strong start this year and those buyers and sellers who were ready to make a move will still be ready once things return to normal.
The experts don’t always get predictions right. Nobody has a crystal ball. Ask everyone that purchased homes in 2005, or all the people that loaded up on tech stocks. Be conservative, buy well within your budget so you can weather a storm.
The combination of a market well positioned to weather the storm and a high level of pent-up demand means we can reasonably expect spring sales in Arizona will be delayed till later in the year rather than canceled altogether.