Experts call current real estate market ‘unusual’

By Jen Wahl | 12News Phoenix

PHOENIX — A new report showed the average homeowner has a historically large amount of equity in their home, coining the term ‘equity rich.’ This is happening as Arizonans looking to buy a home are battling the highest interest rates in more than 20 years.

Greg Hague, 72 Sold CEO, said more Arizonans have a lot of tappable equity in their home. But when it comes to buying, the high interest rates are not giving any relief to prospective homeowners.

A new report from Black Knight, a mortgage and real estate data and software provider, revealed the average mortgage holder has about $200,000 dollars of tappable equity in their homes, making them equity rich.

Hague said he predicts home prices will set new equity records soon in Arizona and nationwide.

“I’m predicting first quarter of next year, new records in tappable home equity,” Hague said.

However, high interest rates are making it tough on Arizonans who want to buy a home. Current rates are in the sevens, leading to a stalemate. Rates are going up so fast homeowners don’t want to sell, even though they might want to, and it’s tougher for buyers to qualify.

The amount of supply dropped faster than demand, so demand still exceeds supply today even with the high interest rates.


Share this!

Additional Articles

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

News Categories

Plastics recycling facility planned in Eloy

By AZBigMedia Freepoint Eco-Systems LLC announced the development of a commercial-scale advanced plastics recycling facility located in Eloy, Arizona. The ISCC Plus Certified facility will recycle end-of-life waste plastic otherwise destined for landfills or incineration.

Read More »

Scottsdale to unveil updated civic center

(Photo via City of Scottsdale) By KTAR PHOENIX — The city of Scottsdale is preparing to officially unveil its new civic center remodel this fall. “We are absolutely thrilled to officially relaunch Scottsdale Civic Center, the original epicenter of Scottsdale’s

Read More »
August 2023