Yesterday's real estate data class was enlightening. Essentially, everyone should take a chill pill and calm down. The world isn't ending. The housing values aren't plummeting. To give you perspective, there are now a whopping total of 12,000 units on the market--that includes everything from condos, mobile homes to mansions. We have currently 2.387 buyers for every unit for sale.
Last week, in the entire Phoenix metro area 5 percent of all home escrows fell out. And of those 5 percent, three percent went back into escrow. So, take a breath.
There are some positive results of this crazy time. Investors and Ibuyers (like Zillow, OfferPad, Open Door) have completely withdrawn from the market. They aren't buying or selling. That means, for buyers, there are less multiple offers. For sellers it means they might have their home on the market for a week instead of a day. Also, a seller might have to fix a broken widget or two. But it doesn't mean prices are crashing or foreclosures are rampant.
Could all this change if we have more uncertainty? Sure. I don't have a crystal ball. But as of today, it is still a good time for my seller to sell their home.
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