The Arizona Governor, Doug Ducey, had a press conference on May 12th, 2020, on the next steps for Arizona’s economy and facing the Novel Coronavirus. He has decided to expire the stay-at-home order on Friday, May 15th, and allow businesses such as gyms, spas, and community swimming pools to be open earlier than that.
Instructions on opening businesses include following the CDC’s rules on social distancing, and those who are considered vulnerable should continue to self-quarantine to avoid exposure. While it may not be an immediate return to normal, it will allow Arizona residents fewer restrictions on where they can go, and they can support their local businesses once again to reignite the Arizona economy further.
Currently, real estate in Arizona has to lead the way in economic recovery with mortgage applications on the rise and spurred with a healthy sellers’ market still in place in many of the Valley’s real estate markets, with the exception of some markets such as Paradise Valley and Sun City according to the Cromford report.
May 2020 started strong with a 6.4 increase from the previous month on active listings (excluding UCB and CCBS) with 14,051 properties listed, helping add some much-needed supply. While a fast return to normal is not expected in the real estate market, we can take comfort in knowing that real estate is still an essential and critical player to our overall economy recovering. This has all happened with Phoenix home prices remaining more or less unchanged.
Cromford also anticipates that the market for homes over $350,000 will take longer to recover than homes under $350,000, so if you are looking for a fast flip, keep an eye out for properties that fit into that price range. Luckily enough, many buyers that are looking for their next home will likely be looking in that price range for a starter home.
Things that Capital Fund 1 will be doing as we begin to transition to this new environment is that we will continue to practice safe social distancing, all members of the office will take their temperature upon arrival in the office. We are also sanitizing our workspace every day and our meeting rooms after anytime we use them, employees are encouraged to wear masks to assist with slowing the spread of COVID, while the team alternates days on who works in the office and who works from home. For all our loans we do accept online payments, or you can mail or drop off a check to our office, and if you need to meet in person we are accepting scheduled meeting requests to avoid spreading anything