Doug and Kathy Ingersoll
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Here's why it is so hard to find a home to buy in Desert Ridge

Here's why it is so hard to find a home to buy in Desert Ridge

There is a level of demand for Phoenix single family homes that is beyond amazing. It is impossible to sit at a traffic light without seeing license plates from other states. Current interest rates are at historic lows with 3% the rule of thumb now. These two factors are driving an incredible and unsustainable pace of sales. Here is a look at all single family home inventory in Desert Ridge this morning: The sold number is going back 50 days so 1.5 sold homes everyday. This is from 56th St to Cave Creek Road to the west. There are 22 single family homes available this morning in Desert Ridge. In all of Phoenix there are 4765. Conse...
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Valley And National Home Values Are Rising - Possibly too Quickly?

Valley And National Home Values Are Rising - Possibly too Quickly?

Pandemic Pricing from Elliot F. Eisenberg, Ph.D.  "For the nine months ending 3/20, 14% of all homes purchased were priced at $500,000 or more. Between 4/20 and 6/20, that percentage jumped to 25%! Relatedly, since the start of Covid-19 home buyer median income is $110,800 compared to $94,400 for pre-pandemic purchasers. Not surprisingly, the percentage of first-time buyers was just 31% for the year ending 6/20, down from 33% during the prior 12 months. Affordability problems mount." That is on a national scale. Lets take a look at our local Desert Ridge real estate market: This is as of this morning November...
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Home Prices Continue To Spike Higher

Home Prices Continue To Spike Higher

Home prices continue to spike higher Traditionally, the real estate market begins to take a breather over the holidays. But 2020 is a year that nothing is traditional. Housing Wire’sJulia Falcon reports that low mortgage rates paired with record-low housing inventory have driven home price through the roof, with the National Association of Realtors saying that the median single-family home price grew year over year in all 181 metro areas it tracks. “In the U.S., median existing single-family home prices rose 12% year over year to $313,500,” NAR said. “In 1...
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