Please SUBSCRIBE HERE bit.ly/31kAR73 My Gear I Use for RUclips: www.amazon.com/shop/jasonwalter Products I use and like: #ad Tubebuddy www.tubebuddy.com/jason808 Virtual Assistants (video editing) bit.ly/3lYRujQ
Average temp in Phoenix is 115 in the summer, power bills average $500. A lot of people moved here from Washington and California thinking it was a cheaper cost of living and beautiful weather, its anything but that. Its like living in an oven in summer. They will be fleeing in droves pretty soon.
if you have solar panels your a/c bill will be cheap. The one thing i liked about the summer is the snowbirds would leave and it was less crowded everywhere and yes in the fall the californians will be putting their houses up for sale after the brutal summer months
I have never had an electric bill 500.00 but in Michigan I had gas bills from 300 to 800 dollars in the winter. My electric bill in the summer probably less then your bill plus it snow there now high bill in summer and winter it is cheaper here. During the winter I don't use heat just warm comforters.
@@darlenesutton7248 Have a Smart Carpenter lots of Dumb ones by me LOOK at ur House. My house 1988 spent $100 and Fixed the Roof to OK not Good .ALOHA🤑🤑
After 4 years renting we've given up in Tucson. We saw those 2019 prices and should have bought in hindsight. Coming from Pittsburgh they seemed high then though. A 1450sq ft townhome in our complex just sold in days for 330K. There's always someone who thinks that is cheap and can pay cash. When we moved here they were around 200K. I just don't see it abating anytime soon. Heading back to the mid-atlantic the end of month. Rent there until I can buy something below 250K. With me it's not location, location, location but price, price, price. 🙂
No it won't more condos and apartments are being built..house proces will continue to go up !! No one is selling because they want to keep their low mortgage rate and people are still moving here in droves !!
@@dkay4304 even if no one with a low mortgage sells it will not matter. Some pople always must sell and it only takes a few sales to reset an entire area. Rates have doubled in a year. No way housing prices stay at these levels.
yea! i was in a newish rental house in surprise and every morning there would be a new termite trail around my sliding door. i think they found that header above the slider tasty
@@JasonWalter1 Im usually a heavy critic of your stuff, but this was a great analysis. The only thing i disagree with is what we are considering a balanaced market with home inventory.,
The price of homes in Peoria and Glendale, Az. Are ridiculous. I would rather buy a brand new home instead of where an old HOA controls how much they’re going to hike up our dues because of the infrastructure going to chit, Sun City. Happening now with old trees and irrigation systems failing.
I live in Peoria and I agree, old homes that are marked up by 200%. The place is full of crime and schools are terrible. HOAs have the most insane rules, Im wanting to move out of Arizona its gotten so bad here.
@letsgobrandon911 agreed. As soon as rates or home prices drop, we are moving out of state. Because of everyone moving from California, Arizona is done. Welcome to Calizona.
@@letsgobrandon911 Its always been that way in az. 20 years ago i was in a hoa that didn't allow visitors parked outside your house overnight. they had to pull their car in my garage
The prices of houses are set at the margin. It only takes one or two sales to reset the value of an entire area. So even if no one sells who has an ultra low mortgage rate, it does not matter. Time and life continue forward and people will always need to sell. Credit is tightening very quickly. Banks need to circle the wagons and protect their balance sheets. Especially because of massive CRE exposure. This will break the back of residential real estate. Less loans = less demand. And eventually when people are forced to sell because of life circumstances (see point number 1) then you will see violent downward moves. This cycle is nothing new.
The 10 yr. US Treasury hit 4.15 % this morning. That should send mortgage rates to near new highs. Supposedly it was the Fitch downgrade that started this. Moody's maybe, Fitch, no way. Why now?
My issue is I don't put much value in "year to year" data this particular year. The reason I say this is because last year was crazy with quickly rising mortgage interest rates starting mid year. Before rates rose over 5 people were chasing closing fast and paying over at times. After it went up to 7 the opposite happened. But since the beginning of the year interest rates have gone pretty much sideways while inventory is dropping like crazy. That wasn't true a year ago. Its interesting but I don't believe it means much in the current trends. Still good data though!
I'm a contractor for a property management company and I can tell you this 9.8 of the work order I get are people from California or Texas or the east coast. Az isn't any nicer than it was when I was born in 82. The only reason home prices have increased is because to many people are moving here. No other reason. Period. I mean queen creek average home price is 600+ lmfao. Queen Creek? Az is going to be the next Cali without the ocean
@@edhcb9359 in a mater of a couple min you can find loads of homes in the Phoenix, Mesa, Santan, Gilbert, queen creek, area with a 10-15% decrease on sales price. Really give it a try lol sounds to me like you haven’t looked.
This market is ridiculously inflated another issue has to be all the owners that refinanced and pulled close to all that equity out. Most owners can’t even sell right now and break even. Foreclosures will start kicking off early next year. The only thing available that is decent is Tucson no thanks.
Have a great day and thanks for commenting! Here's one for you: in late April inventory in AZ was up by 79% YOY and now it's down 37% year over year. Talk about a big change! :)
These charts and prices assume demand is at record high to keep the prices up. Who is buying these homes lol really …..who? There can’t be this many people still trying to flee the ridiculous country of California.
Actually the rise in prices is really due to limited supply, not high demand. This is because there's such a low amount of homes for sale that is propping up prices.
@@JasonWalter1 yes they say demand is at record high, if supply goes down and demand goes down then prices stay the same until demand falls below supply. It’s a simple equation but is always looked at as if demand can’t be touched and stayed record high.
Anyone who has owned for at least 12 years still have lots of equity. People who are selling in california or florida can buy anywhere, doest matter the interest rate
That’s an absurd statement. If you buy when the price is overinflated, then when the market crashes, and it will sooner than you think, you will be under water. Many people like you who bought when all the experts were telling them not to buy, had to declare bankruptcy and walk away from their homes.
@@oletreed4230 Learn to read. If you bought in 2011 you did not buy in current market. You bought in the down cycle just like I did. I am talking about people like you who thinks they should buy in current overinflated market just because they cashed in their equity. Go ahead and buy this year and get back to us next year and tell us all about how much equity you have left in your new house.
Good channel but bad data. You can't compare housing today to 2021 or 2022 because historically low-interest rates were not the norm. Go back and compare to 2018 and 2019 and then we can see a better comparison.
You posted the same comment twice. Please check out the video again because I shared July 2019's data for inventory, closed home sales, median sold price and share of price reductions (i.e. the vast majority of the stats that the AZ Realtors reported).
This video is so misleading. I can provide the real data to anyone that wants it. All these comparisons are back to post-pandemic and historically low-interest rates. Ask him for data going back to 2018 and 2019. All data must be compared to historic norms.
Thanks for your comment and I disagree with you. I'm guessing you didn't watch the full video because I provided the report from Arizona Realtors plus included July 2019's numbers when possible as well (also from the AZ Realtors). If you don't agree with the data, then you may want to reach out to them.
Please SUBSCRIBE HERE bit.ly/31kAR73
My Gear I Use for RUclips:
www.amazon.com/shop/jasonwalter
Products I use and like: #ad
Tubebuddy www.tubebuddy.com/jason808
Virtual Assistants (video editing) bit.ly/3lYRujQ
Average temp in Phoenix is 115 in the summer, power bills average $500. A lot of people moved here from Washington and California thinking it was a cheaper cost of living and beautiful weather, its anything but that. Its like living in an oven in summer. They will be fleeing in droves pretty soon.
It will be great if they leave!
if you have solar panels your a/c bill will be cheap. The one thing i liked about the summer is the snowbirds would leave and it was less crowded everywhere and yes in the fall the californians will be putting their houses up for sale after the brutal summer months
NOPE !!!!!!! Sister's $`134 a month 2K sq ft !3 years old..LOOK at Whats Wrong..ALOHA🤑🤑
I have never had an electric bill 500.00 but in Michigan I had gas bills from 300 to 800 dollars in the winter. My electric bill in the summer probably less then your bill plus it snow there now high bill in summer and winter it is cheaper here. During the winter I don't use heat just warm comforters.
@@darlenesutton7248 Have a Smart Carpenter lots of Dumb ones by me LOOK at ur House. My house 1988 spent $100 and Fixed the Roof to OK not Good .ALOHA🤑🤑
After 4 years renting we've given up in Tucson. We saw those 2019 prices and should have bought in hindsight. Coming from Pittsburgh they seemed high then though. A 1450sq ft townhome in our complex just sold in days for 330K. There's always someone who thinks that is cheap and can pay cash. When we moved here they were around 200K. I just don't see it abating anytime soon. Heading back to the mid-atlantic the end of month. Rent there until I can buy something below 250K. With me it's not location, location, location but price, price, price. 🙂
I'm local to Tucson, AZ. I noticed prices have been dropping a bit (5% - 8%). Closer to 10% in some areas.
Thank you for sharing your local insights.
I live in San Tan and haven't noticed any drops.
I own a lot in 85140, would you build?
Another great informational video. Really do hope you exceed 1million subscribers soon one day. Keep it up.
Thank you very much!
I live in Arizona and there’s a ton of inventory being built right now. Prices will drop like a rock near the end of this year.
A year ago they were doing Rent $2K or buy $400K.😁😁
No it won't more condos and apartments are being built..house proces will continue to go up !! No one is selling because they want to keep their low mortgage rate and people are still moving here in droves !!
Sorry, but you are wrong. I wish you were right. Inventory is almost half of normal and that's why prices are stable
I agree, this market cant sustain itself any longer.
@@dkay4304 even if no one with a low mortgage sells it will not matter. Some pople always must sell and it only takes a few sales to reset an entire area. Rates have doubled in a year. No way housing prices stay at these levels.
In general I think it’s better to invest in a place with good weather and limited land to build. Always supply and demand
Hawaii😁😁😁😁😁😁😁
AZ has a terrible termite infestation problem, its called Californians who moved into the state.
yea! i was in a newish rental house in surprise and every morning there would be a new termite trail around my sliding door. i think they found that header above the slider tasty
Great Assessment Jason!
Thank you Shawn!
@@JasonWalter1 Im usually a heavy critic of your stuff, but this was a great analysis. The only thing i disagree with is what we are considering a balanaced market with home inventory.,
The price of homes in Peoria and Glendale, Az. Are ridiculous. I would rather buy a brand new home instead of where an old HOA controls how much they’re going to hike up our dues because of the infrastructure going to chit, Sun City. Happening now with old trees and irrigation systems failing.
Sun City dues are nothing for what you get and they rarely have increases
I live in Peoria and I agree, old homes that are marked up by 200%. The place is full of crime and schools are terrible. HOAs have the most insane rules, Im wanting to move out of Arizona its gotten so bad here.
Thank you for sharing, Cheryl.
@letsgobrandon911 agreed. As soon as rates or home prices drop, we are moving out of state. Because of everyone moving from California, Arizona is done. Welcome to Calizona.
@@letsgobrandon911 Its always been that way in az. 20 years ago i was in a hoa that didn't allow visitors parked outside your house overnight. they had to pull their car in my garage
The prices of houses are set at the margin. It only takes one or two sales to reset the value of an entire area. So even if no one sells who has an ultra low mortgage rate, it does not matter. Time and life continue forward and people will always need to sell. Credit is tightening very quickly. Banks need to circle the wagons and protect their balance sheets. Especially because of massive CRE exposure. This will break the back of residential real estate. Less loans = less demand. And eventually when people are forced to sell because of life circumstances (see point number 1) then you will see violent downward moves. This cycle is nothing new.
Imagine a summer in AZ and the power goes out ?
I do and that's why I am not sure about moving there. But anything is better than living in California even with almost perfect weather in this state.
Haha it’s truly hilarious how over priced this place is. I’m a born native and can’t wrap my head around why people moved her in droves.
The heat is deadly here, we have had over 30 days with temps over 115.
It’s a dry heat. When it’s 119, it only feels like 118 in the shade, if u can find shade w no trees
@@davidallen2682 better than living in California
I’m confused. How can realestate activity be down 40% without affecting GDP when it contributes 4%.
@robhernandez1827 I sold one of 4 in 11/06 I didn't Care . I started looking again 2009 it takes TIME..😁😁😁
C'mon man! We live in the Republic of Bananas! You know it cornpop!
The 10 yr. US Treasury hit 4.15 % this morning. That should send mortgage rates to near new highs. Supposedly it was the Fitch downgrade that started this. Moody's maybe, Fitch, no way. Why now?
Wow! Just saw this. If that maintains, mortgage rates should be around 7.2% today 😳
T Bills like 5.5% 😁😁😁😁😁
My issue is I don't put much value in "year to year" data this particular year. The reason I say this is because last year was crazy with quickly rising mortgage interest rates starting mid year. Before rates rose over 5 people were chasing closing fast and paying over at times. After it went up to 7 the opposite happened. But since the beginning of the year interest rates have gone pretty much sideways while inventory is dropping like crazy. That wasn't true a year ago. Its interesting but I don't believe it means much in the current trends. Still good data though!
agree.
I'm a contractor for a property management company and I can tell you this 9.8 of the work order I get are people from California or Texas or the east coast. Az isn't any nicer than it was when I was born in 82. The only reason home prices have increased is because to many people are moving here. No other reason. Period. I mean queen creek average home price is 600+ lmfao. Queen Creek? Az is going to be the next Cali without the ocean
Here comes all the comments from people saying their local housing prices have already dropped 20% but they will never say exactly where!😂
Good morning and thanks for watching the video!
All over Texas prices are dropping fast.
@@JonSmith531 “All over Texas”. Hello vague. 🤣
@@edhcb9359 Austin, Dallas, San Antonio, Houston. Take your pick.
@@edhcb9359 in a mater of a couple min you can find loads of homes in the Phoenix, Mesa, Santan, Gilbert, queen creek, area with a 10-15% decrease on sales price. Really give it a try lol sounds to me like you haven’t looked.
Ferrari's 2st quarter profits up 33% YOY.... Crash ????🙄🙄🙄
Wow!
Mahalo glad I’m not in Arizona. 🌴🌴🤙🏽🤙🏽🇺🇸🇺🇸
Aloha!
This did not age well.......
This market is ridiculously inflated another issue has to be all the owners that refinanced and pulled close to all that equity out. Most owners can’t even sell right now and break even. Foreclosures will start kicking off early next year. The only thing available that is decent is Tucson no thanks.
I'm not falling for that thumbnail and title today. Nice try! I will leave a comment though. Have a good one!
Have a great day and thanks for commenting! Here's one for you: in late April inventory in AZ was up by 79% YOY and now it's down 37% year over year. Talk about a big change! :)
😂🤣
These charts and prices assume demand is at record high to keep the prices up. Who is buying these homes lol really …..who? There can’t be this many people still trying to flee the ridiculous country of California.
Actually the rise in prices is really due to limited supply, not high demand. This is because there's such a low amount of homes for sale that is propping up prices.
@@JasonWalter1 yes they say demand is at record high, if supply goes down and demand goes down then prices stay the same until demand falls below supply. It’s a simple equation but is always looked at as if demand can’t be touched and stayed record high.
Leaving where? So many people leaving cali that Cali home prices keep going up?
Chinese and Japanese investors
Arizona is no more. California just got bigger. Welcome to Calizona.
True
Good morning!
Yes, we are seeing a shift.
How much will we see in the future?
Lets see...
Thanks once again for everything you do for us
Good morning!
Anyone who has owned for at least 12 years still have lots of equity. People who are selling in california or florida can buy anywhere, doest matter the interest rate
That’s an absurd statement. If you buy when the price is overinflated, then when the market crashes, and it will sooner than you think, you will be under water. Many people like you who bought when all the experts were telling them not to buy, had to declare bankruptcy and walk away from their homes.
@@ArizonaAirspace I bought in 11' and another in 14' and another in 20'. And you are saying I have no equity?? 2m in equity N California
@@oletreed4230 Learn to read. If you bought in 2011 you did not buy in current market. You bought in the down cycle just like I did. I am talking about people like you who thinks they should buy in current overinflated market just because they cashed in their equity. Go ahead and buy this year and get back to us next year and tell us all about how much equity you have left in your new house.
@@ArizonaAirspace so you are brilliant and have a crystal ball... lol
What a great financial plan. Lol
Biggest Takeaway: Im screwed when it comes to buying a house
patience....
Prices can't increase forever. I know if feels very frustrating right now though.
Good channel but bad data. You can't compare housing today to 2021 or 2022 because historically low-interest rates were not the norm. Go back and compare to 2018 and 2019 and then we can see a better comparison.
He has solid data, time till tell if its correct but right now no one knows where this is going.
You posted the same comment twice. Please check out the video again because I shared July 2019's data for inventory, closed home sales, median sold price and share of price reductions (i.e. the vast majority of the stats that the AZ Realtors reported).
@@JasonWalter1 He obviously didn't watch the entire video.
@@gormanthomas8135he is a typical Arizona real estate cheerleader
1
Good morning!
87th
Try Harder u could be 86th😁😁😁
GM Jason 😁.How about the Fitch downgrade ? Always on a dem term !!😁😁
Good morning, Jim!
This video is so misleading. I can provide the real data to anyone that wants it. All these comparisons are back to post-pandemic and historically low-interest rates. Ask him for data going back to 2018 and 2019. All data must be compared to historic norms.
Thanks for your comment and I disagree with you. I'm guessing you didn't watch the full video because I provided the report from Arizona Realtors plus included July 2019's numbers when possible as well (also from the AZ Realtors). If you don't agree with the data, then you may want to reach out to them.
@@JasonWalter1 Thanks on AZ We like that and u need a Shave..😁😁