Everyone always wants to know how the real estate market is doing. If you are an agent you have been spammed like crazy by every lender and title company you have ever done business with. They are having webinar and virtual meetings with self proclaimed market experts to tell us how the market is doing. I say there is an easier way to know how the market is doing.
If you are an average consumer or even a savvy buyer and seller of real estate, you may not have all the tools you need to make assumptions on the health of the market. The bottom line is data. In this modern era data is king and everyone is tracking it. So you might think sites like Zillow and Realtor would be good tools. They in fact can be for some things but it is hard to get hyper local data from those sites. They often use a computer algorithm to predict where things are headed, and for the most part they are accurate about 80% of the time.
Another great way to track the market is by subscribing to your favorite agents blog or email list. Most agents put out monthly email blast or blogs talking about what is going on in your area. Also some agents use third party systems to help them stay on top of their clients mind. One that we use is called Homebot. It is a monthly email that tells you about your exact home and circumstances. Once you put in you information it has a “what if” calculator. So you can see on screen what if I refinance, how much will my payment be? What if I make an extra payment, how much faster will I pay off my mortgage? It also tracks your payoff and equity for you. Most of our clients love it and find it very useful.
There is even one more way to track the market and this is the easiest way of all. In my previous life working for two different Fortune 100 companies. I learned that data was king to them too, and they had huge resources dedicated to get that data. So why not let someone else pay to collect that data and use them as a resource? Here is the secret, call a local builder! The builders have a huge budget for marketing and data capture. So whatever they are doing will give you a pretty good indication of which way the market is leaning. If the builders are offering huge incentives then it is most likely leaning towards a buyers market and if they aren’t offering anything it is leaning towards a sellers market.
That being said a few of the local builders are offering some great deals right now. Meritage homes has a new subdivision going in San Tan valley at Combs and Schnepf road called Archer Meadows. They are offering a free appliance package( Washer,Dryer,Fridge) all closing cost paid for by them ( if you use their lender) and they are buying down the interest rate for you. It’s a pretty good deal if you are in the market for a new home. Also Starlight homes in Casa Grande has a similar offer plus they are offering realtors an extra bonus for bringing clients to them.
So put all that together, and I would say that the market is pretty stable right now. But with the builders offering these incentives I wouldn’t be surprised at all to see a slow down. Like I said they spend lots of money to capture that data and stay ahead of the curve. So when they are making moves you should pay attention!
I am always a phone call away if you need anything. Even just someone to listen.
Mike Hernandez Branch Manager My Home Group (480) 720-0730