You know what they say: feed a cold, starve a fever, drink a Corona! I remember going to bed one night in early March 2020, and then suddenly feeling like I woke up in July 2021. Time seemed to blend together into one extremely long year – for Phoenix real estate and beyond! While we weren’t participating in memorable activities, like vacations, weddings, or other celebrations that distinctly mark the season, we nonetheless made new memories.
We’ve had ample time to reflect and learn more about our inner circle of family and friends, and even learn more about ourselves than we ever thought possible – which brings to mind that old 60’s western, ‘The Good, the Bad and the Ugly’, lol. We experienced food and alcohol consumption jumping 45% during the pandemic due to stress and boredom. And that led to this: The long and popular reign of the blue jean has given way to the era of the elastic waistband. High fives all around!
‘We learned patience. Self-reflection. Living with less and making it work!’
Most of us have never lived through something like this. Along with fear, I first saw it as an inconvenience – so many freedoms that we took for granted were taken away overnight. As this pandemic has begun to wane, I now see it as a gift in real estate & beyond. We learned patience. Self-reflection. Living with less and making it work! The earth beginning to recover from our decades of constant vehicle emissions and pollution. And as a result of spending more time outdoors, binocular sales jumped 22% and bicycle sales soared by 70%! Double high fives!
‘We spent more time in our homes than ever before, and also rediscovered that home really matters.’
On top of all of the above-mentioned pandemic ‘perks’, the housing market soared as well. The average home value in the Metro Phoenix area increased by about 35% with the typical days on the market now at just a week. Offers over asking price became the norm. Spurred by the promise of working remotely along with flexibility, many people migrated. We spent more time in our homes than ever before, and also rediscovered that home really matters.
A Real Estate Update
As a listing coordinator, I’ve noticed the frenzy has begun to slow down. The number of active listings on the market is increasing, the number of showings is in decline, and the number of accepted contracts is getting smaller as each week goes by. All this makes complete sense. When prices leap by over 35%, demand is suppressed, and supply stimulated.
The obvious question is how far this trend will go before it levels out. The honest answer is that no one knows. The market still favors sellers; however, buyers are beginning to catch a break with more homes to choose from and on-going low mortgage rates.
The Cusick Group is here to help you through these times, holding true to the five C’s we’ve built our business on: Client Centric, Competency, Communication, Consistency, and Culture. Maybe you need a larger garage for those bicycles? Call us. We can help 🙂