Unlike Spring Training in Surprise AZ, the stay-at-home orders are starting to gradually lift throughout parts Surprise AZ and the country, data indicates 2020 home buyers are jumping back into the real estate market. After many Arizona families put their plans on hold due to the COVID-19 pandemic, what we once called the busy spring real estate season is shifting into the summer. In 2020, summer is the new spring for real estate, and for many youth baseball teams.
Joel Kan, Economist at The Mortgage Bankers Association (MBA) discuses purchase Applications:
“Applications for home purchases continue to recover from April’s sizable drop and have now increased for five consecutive weeks…Government purchase applications, which include FHA, VA, and USDA loans, are now 5 percent higher than a year ago, which is an encouraging turnaround after the weakness seen over the past two months.”
Looking at information from Google Trends, which scores search terms online, Home searches for Surprise AZ and all real estate increased from 68 points the week of March 15th to 92 points last week. As we can see, more potential Surprise AZ home buyers are looking for homes virtually.
What’s the Opportunity for Buyers?
Another reason Arizona buyers are coming back to the market, even with forced unemployment and stay-at-home orders, is historically low mortgage rates. Sam Khater, Chief Economist at Freddie Mac discusses Mortgage rates for the last few weeks:
“For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic…As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago.”
With Arizona mortgage rates at such low levels and cities gradually beginning to reopen, there’s more incentive than ever to buy a home in Surprise this summer.
What’s the Opportunity for Sellers?
Finding an AZ home to buy, however, is still a challenge, as this spring sellers removed many listings from the 2020 market. Though more people are now putting their houses up for sale this month as compared to last month, current inventory is still well below last year’s levels.
According to last week’s Weekly Economic and Housing Market Update from realtor.com discussing inventory:
“Weekly Housing Inventory showed continued tightening. New Listings declined 28% compared with a year ago, as sellers grappled with uncertainty and hesitated bringing homes to market. Total Listings dropped 20% YoY, a faster rate than in prior weeks, leaving very few homes available for sale. As Time on Market was 15 days slower YoY, asking prices moved up 1.5% YoY.”
If you’re thinking of selling your Phoenix house this summer, now may be your best opportunity. With so few Surprise AZ homes on the market for buyers to purchase, this season may be the time for your house to stand out from the crowd. Scott Schulte Trusted real estate professional can help you list safely and effectively, keeping your family’s needs top of mind. Buyers are looking, and your house may be at the top of their 2020 list.
If you’re thinking of selling, many buyers may be eager to find a home just like yours. Let’s connect today to make sure you can get your Arizona house in on the action this 2020 summer.