Happy anniversary…. otherwise known as…. congratulations on making it through the past year! As we approach the one-year mark of our new normal and take a look back at the last year, I can truthfully say the stuff I’m grateful for far outweighs all else. Granted, I can’t imagine any of us could have predicted we would spend an entire year not gathering, shaking hands, or hugging, but on the plus side we have learned to navigate virtual meetings like a boss. And while most of us probably didn’t want to learn Zoom as well as we have and are pretty much over it at this point, I can’t imagine navigating the past year without tools like this.
Things to be Grateful For
I think if each of us took a look back at the last year, we’d all find something that we’re profoundly grateful for, even if it’s small. My Dad turns 90 at the end of March. My personal victory in this past year has been keeping him Covid free and relatively sane, despite not only being prohibited from seeing his friends, but losing his lifelong best friend to Covid in November. I am also incredibly grateful for ‘project warp speed’, and that my Dad has already received both his Covid vaccinations. Because of this, he will get to spend his 90th birthday fishing on a pontoon boat with his masked and socially distanced children and grandchildren celebrating him.
Real Estate Highs & Lows
When I think of those grandchildren who are all near and dear to my heart, I can’t help but be a little concerned about their future when it comes to that important milestone of homeownership. Taking a look back at the last year and the insane market, I have to wonder how they will ever be able to afford to purchase a home right here in their hometown – because I want them to stay close, of course – when they become young adults. With the Valley’s extreme lack of inventory and quickly escalating home pricing, I have wondered what their journey as first-time buyers will look like. Needless to say, I was relieved to stumble across a study published by the Phoenix Business Journal regarding the affordability index for the Phoenix market. It followed home pricing, income, and cost of living in the Phoenix area from 2010 to 2020. While I wasn’t incorrect in my concern that home pricing has indeed increased by 71% during the past decade, it turns out income has increased by 51%, and many living costs have decreased. The affordability index was at 17 in 2010 and I was pleasantly surprised that it’s still 17 in 2020.
An Aura of Hope
While lack of inventory in the real estate world is still a concern, there seems to be an aura of hope on the horizon. Hope that with the vaccine roll out, people are adopting a more positive outlook, and that those who have been unable to work and/or have been attempting to learn online for a year, will soon be returning to their workplaces and classrooms. And we now have hope that a return to the good old days may be closer than we had imagined. In the words of Soren Kierkegaard, ‘hope is passion for what is possible’.
We’re wishing the very best for you and your loved ones in this year of rebirth.
About the Author
Barb Savoy is the Director of Operations for The Cusick Group. Her many years of real estate experience and intimate local area knowledge allow her to work extensively helping buyers and sellers meet their real estate goals.⠀⠀⠀⠀⠀⠀⠀⠀⠀
On the personal side, Barb is a rare native of our beautiful Valley of the Sun. She’s passionate about animal rescue, and not only has several fur babies at home, but also volunteers with Friends for Life in her spare time🐾⠀⠀⠀⠀⠀⠀⠀⠀⠀