403: Is the Seller’s Market OVER? The Cromford Report, Tina Tamboer

Is the housing market at an inflection point? Tina Tamboer, Senior Housing Analyst at The Cromford Report says there has been a significant shift, specifically in supply and demand creating a very interesting dynamic right now in the greater Phoenix area, one of the nation's hottest markets. Are things becoming more favorable to buyers? What about investors? Is this seller’s market finally over?

Phoenix is a boom and bust type of market nowadays, but today is different from the last housing market crash. Whatever your residual anxiety over what you went through during that period of 2005, all the way to 2008, ‘09 and ‘10, you have to put those emotions aside. Emotions are not facts and you have to lean into the numbers to learn what's happening today.

If you rely on the numbers, you’ll see that shifts in supply and demand affect each range of the market differently. Somebody experienced on the higher end of the market is going to be different from somebody who's experienced on the lower end of the market and you have different players. People on the investment side of the market are having to adjust quickly as well.

Key Takeaways:

0:00 Welcome Tina Tamboer, Senior Housing Analyst at The Cromford Report

1:11 Shift in supply and demand affects each range of the market differently

2:00 Inventory is going up in different amounts in different markets

4:26 Affordability in the Phoenix Metro area

5:37 The interest rates have gone up so fast, the lending community can’t keep up

6:12 The difference between a crash and a correction

7:30 Interest rates coming down at the end of a recession

9:39 In RE investing, you can continually renegotiate your deal

10:48 Why this market is different from the last crash

13:28 Measuring housing supply and demand

15:37 Phoenix is a boom and bust type of market nowadays

17:14 New listings increasing sharply

18:09 Number of closings in the great Phoenix area

22:47 What’s happening in each market segment - below 400K and above 400K

23:35 Tune in for part 2 on the next episode! Learn more at CromfordReport.com

 

 

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