Real Estate Market Update + What To Do First If You Are Ready To Buy A Home

Hey everybody, welcome back to a another episode of Market Updates with AZDigest.com. Today, in this episode, we're going to be touching on all Arizona cities in the Phoenix metro area. We're going to dive into and relook at some of the stats we've been looking at in the last couple of weeks. And we're also going to talk about if you are a first time homebuyer, or if you're looking to buy in this market, what your first and next steps should be given the craziness. Okay, so again, we're going to touch on some of the stats are going to be for all Arizona cities. So from Mesa Scottsdale to Peoria (at least in this episode). And so the chart I have pulled up if you're watching the video, and just a reminder, if you're listening to the podcast, you can click the link in those show notes to see the video or see the chart we're looking at. But I just wanted to bring up the two stats that we looked at last week (days in inventory and month's supply). And I just want to show you that these numbers are steady from what we saw last week. And are actually exactly the same to this time last month. So we have about 51 days inventory, or about 1.4 months supply. And so if you've been listening in the in the last couple of weeks. We talk a lot about this month supply number because it really gives us a good indication of where is the market. That month's supply number basically means that if no new homes hit the market, how much inventory would we have left? Right? How long would it take us to sell out of the homes that are currently active? And so right now about 1.4, last quarter at 1.8. And last year, we're at 2.2. So you can see that numbers gone down. Luckily, in the last month, it's kind of stayed steady. But having a reduced month supply really is a huge indicator for the seller's market that we're in, right. So that low month supply 1.4 if you're a seller means that if you need to list your house, now's a great time to do it. But if you're looking to buy, it's extremely competitive market, right. But again, I just wanted to showcase these numbers 1.4 months supply, it's the same number we saw last week. And it's the same number from last month. So this is steadied out a little bit. We saw this number drop in previous weeks and a few other things. But so we'll continue to monitor this and I'll continue to update you guys in the upcoming weeks. But it's a good number for us to look at to understand where the market is that. Okay, the other thing I wanted to talk about today was for anyone looking to buy because. As we just showed, with that stat, we were in a crazy seller's market right now. People who are looking to buy a home in Arizona, buy a home in Phoenix, Scottsdale, wherever. If that's something you're interested in, you need to be prepared and need to be ready. So one question we get all the time is, "okay, Jeff, we're looking to buy a house, what should we do first?" And my answer is always talk to a lender. Okay. And that's good advice, regardless the market you're in, but especially because we're in a crazy seller's market. You need to talk to a lender to see what you can get qualified for, what your down payments gonna look like what your monthly payments gonna look like. And and we ultimately need to get a pre qualification from a lender, before we go out and look at any homes. Because what happens all too often is someone goes out and they look at a bunch homes, they find when they like, or, in some cases worse off, they love but they haven't talked to a lender yet. Well in the crazy seller's market that we're in, if you find the house that you love, and you're not already pre qualified, and there's a good chance that within 12-24 hours, that house has a ton of offers already on it with buyers who are pre qualified, who have already gotten all that stuff sorted out with their lender. So if you're thinking about all about buying a house in the near future, talk to a lender. It's just good practice to understand, what is it how it's going to cost you? What's the interest rate? What are the monthly payments going to look like? So you can start to figure out that and how that fits in with your daily life, with your budget, and all that other fun stuff. So that's kind of our tip for today. If you guys need a recommendation for a good lender here in the Arizona area, we know several. So please don't hesitate to reach out. We're happy to send those recommendations over to you. Our lenders are really good at talking through with people who are doing this for the first time where you just don't know where to start or what it looks like. A lender can talk to you about getting pre qualified and what the interest rates are and what that means for what a house might cost you. So again, if you need a good recommendation for a lender, please don't hesitate to reach out. So that's pretty much all I have for you today in our market updates podcast. As always, if you go there show notes, if you're listening to the podcast, you can click the link in that show notes. And you can watch the video or see the charts we're talking about. Again, as always, you can go to AZDigest.com to search for homes. We don't require you to register. But not only do we have all of our previous market updates, podcast episodes, we've got a lot of great info on some of the various cities, Phoenix, Scottsdale and Gilbert Chandler. We put a lot of these different stats in those informational pages. So please don't hesitate to check us out there. And then as always, guys, if you enjoyed the podcast, like, rate, subscribe, and if we can help you buy or sell real estate here in the Phoenix era, please don't hesitate to reach out. So thanks so much, guys. We'll talk to you next time.