May 2020 Market Update – VIDEO

Happy Monday! In case you can’t watch the video above, I wanted to share what’s going on in the Arizona real estate market now that the Stay Home, Stay Healthy, Stay Connected order for COVID-19 has expired. We are still operating under the CDC guidelines and doing virtual tours, 3D tours, virtual open houses, and virtual listing appointments.

Our market did slow down during the closures related to the quarantine order. New listings were down 23% and pending sales were down 25%. However, as of the end of April/beginning of May, so far we are up 32% in new pending sales. Our market is still a strong seller’s market and is still appreciating. With interest rates in the low 3’s, which gives you significantly more buying power (around $40,000 to $60,000 more!), it is an excellent time to consider selling and making a move to your dream home.

The third thing I wanted to make everyone aware of is that if you did inquire with your mortgage lender about a forbearance under the CARES Act, that lender automatically put your loan in a forbearance status whether you opted to defer payments or not. This does affect your credit, and you must make 12 consecutive on-time payments in order to have your loan moved out of that status. I think it’s horrible that lenders are penalizing people who did not opt in to the program. I am happy to refer you to our preferred lender if you would like to see if you were placed in that forbearance status.

If you have any questions, feel free to reach out to me via call or text at 480-355-8645, or click this link to be taken to our Contact page! I’m happy to help any way I can.

About the Author
Gina McKinley
Gina is an Associate Broker with Gina McKinley Group LLC and the Team Leader for The Gina McKinley Group. She is dedicated to selling homes in Arizona and passionate about providing the ultimate customer service experience through her expertise in the field. The Gina McKinley Group has served the Scottsdale and Chandler real estate market for over 25 years.