Scottsdale and Paradise Valley Real Estate 

Please see our sister site for dozens of buyer and seller tips . Click here for link.

July 14, 2020

August Homes Prices in Scottsdale and Paradise Valley

Attached are graphs showing market activity in the Phoenix area with an emphasis on Scottsdale and Paradise Valley. The chart below denotes the "per square foot" home price increases and decreases between now and the corresponding period in 2019.  In last 30 days, the real estate prices have gone thru the roof with high demand, low inventory.  There is no summer slow down. Where we were seeing ever increasing price increases above 2019 this month is no different  . Homes in Paradise Valley, our uber luxury market, are up 7.4 % over last year and look for September numbers to substantially above this.  Scottsdale is up a strong 6.3%. At the start of the C19 lock down, the "acceleration of prices" stopped ... but did not fall below 2019.. but the Home buying train is now a bullet train.
These reports are always based on sold closings, so inherently about 45 days behind the actual market. I can share from being showing and selling homes seven days a week. In Paradise Valley and Scottsdale there are bidding wars for nearly every home that is presented well, has a good floor plan and is priced reasonably within market conditions.
Please call for a more detailed analysis.  My pleasure to review them with you.
The next report in mid September, where we will be seeing the next preview of the effects of C19.

Again please enjoy the graphs and market report and please call me for additional information. Noting again.

Call Michael Chaisson Realtor RL Sotheby's International Realty Specializing in luxury homes in Scottsdale, Paradise Valley and the greater Phoenix area. 480-450-4632

Entire report updated every 35 days.






July 9, 2020

Calculating Home Closing Cost in Scottsdale

When considering buying a home in Phoenix, Scottsdale or Paradise Valley, one of the factors you will likely be interested in is... How much will your closing cost be, in the City of Scottsdale, Town Of Paradise Valley or any of the over 20 cities that make up the Phoenix metropolitan area?  In terms of the "cost of buying a home", there are five main cost, 1. Purchase Price ( I always recommend buying well within your budget, stretches are only good for the body) 2. Taxes - Maricopa County, has not only one of the lowest residential property taxes in the US but also some of the lowest property taxes in the State of Arizona  3. Closing Cost ( Fees for title transfer,  title Insurance and associated fees) 4. Hoa Fee (if any - fees associated with monthly, quarterly, semi annual or annual fees set by the Homeowners Association when applicable) 5. Property Maintenance and renewal (Homes in Arizona typically have less repair and maintenance than homes back east. The weather, as nice as it is to live in.... is also a joy to the homes here. Meaning roofs, walls, floors everything stay in better shape longer.  Below is a link to one of my favorite title companies, with a closing cost calculator. Very easy to arrive at a close estimate of 'closing cost' needed to purchase a home in your price range. I am always here to answer question and provide helpful information.


When filling this out, please note county is 'Maricopa'  unless you are an "investor" select not applicable when it ask about "Investor"

I am one of the most recognized names in Luxury Real Estate in the Scottsdale area and Paradise Valley, due to caring - honest services, hard work and a genuine talent for making sure my clients get the best home within their budget and selling and marketing homes so my clients earn top dollar.  looking forward to your call at 480-450-4632  Michael Chaisson. Realtor @ Sotheby's International Realty.

Posted in Home Buying Tips
June 24, 2020

Relocation Numbers From Your State to Arizona

Attached is a list of states that have the most people moving from/to Arizona... in order.

Enjoy this... a really nice client of mine asked me today via text... "Why aren't prices going down in Paradise Valley
and Scottsdale for Home - Buyers" ... and the simple/text answer was, limited supply , high demand, low interest rates.... and  "There is only one Paradise Valley in Arizona", an iconic, beautiful, tree lined community with large lots and beautiful homes. Minutes to some of the best restaurants and fun spots in the world. The more famous sister city of Scottsdale enjoys almost an infamous status as one of the best luxury and lifestyle destination in the world... and who can argue?... with beautiful sunny days, a well run and attractive city populated by some the nicest yet most successful people in the world.

I love reminding people , Scottsdale was voted one of the TEN HAPPIEST CITY IN THE UNITED STATES" . Looking for a home to buy in Scottsdale or.. the best homes for sale in Paradise Valley Arizona.
I have them, please call me at your convenience. It is always my pleasure to see you smile and know that I helped you and your family truly find, not just a "nice home" but the very best home, in the very best location comfortably within your budget.



Michael Chaisson, Realtor

Russ Lyon Sotheby's International Realty

Premier Client Services
Ranked Top 1% Nationally
Circle of 26 Excellence Award Recipient

June 20, 2020

Scottsdale Area Top Ten Delicious and Fun Restaurants

Scottsdale Area Top Ten Delicious and Fun Restaurants

You will notice some of Scottsdale's “name” restaurants are not on here.  Here's the rub...  if the restaurant is priced at $$$$$ and the food taste is really good but closer to 3.5 Stars than 5 Stars, it does not make the Top Ten List...Great Food with commensurate price gets a '10' ..... add in a little 'Fun factor' and we give the restaurant an 11. I have added added to the TOP TEN best restaurants in Scottsdale in last few months it's now Scottsdale's top 13 best restaurants and bars in Scottsdale.

Every day is an absolute GIFT. Enjoy!! 

Ruth Chris..., Hands down one of the best steakhouses in Scottsdale. Nice outdoor patio with a roaring fire. Great food and some of the friendliest staff in fine dining.

The Mission... Beautiful decor plus inspired south of the border flavors and lively bar make this restaurant a top pick for Scottsdale's best dining.

Citizen Public House... in Old Town, a great restaurant, bright decor even at night, with a refreshing menu and tasty fare. Plus favorite, an outdoor patio 

La Grande Orange... It’s not 5-star dining, the chef’s name is not Pierre but if you would like the best pizza in town and a fine glass of wine, this should definitely be on your list of Top Ten best restaurants.

Chelsea's Kitchen... Those who know me, know, it’s not just the food that makes a great restaurant,  it’s the atmosphere and a great staff that add points to make a restaurant a top ten pick. Chelsea’s Kitchen manages to have tasty food in a fun, inviting, cozy atmosphere with a charming outdoor patio and bar that opens to the outside. A good time... Sorry, no escargot but great burgers and other traditional fare.

Benihana’s Hibachi Restaurant. As full DISCLAIMER this was my favorite restaurant as a child, so I am biased! I loved going there and watching the hibachi masters slice and dice the food in front of my family. The tradition lives on.. and the restaurant continues to be a popular favorite in Scottsdale. Again good food and fun! A top ten restaurant in Scottsdale

Sapporo Restaurant and Sushi Roku at the W in Scottsdale  tie for  “ Best Sushi” restaurants in Scottsdale.  I have been to some of the biggest name sushi restaurants in Scottsdale.  My friends have said  “you have to go to Sushi whatever  ” and then I go and the food would be pleasant “ but not noteworthy”.  I lived in Japan for almost a year so my sushi palette may be a bit more discerning. Which brings me to Sapporo and Sushi Roku. Both of these fine restaurants in Scottsdale may be off a point or two from the “Best Sushi” in Scottsdale depending on the day, but add in a fun, lively crowd with a great atmosphere and they are both winners. Sapporo in the center of Scottsdale with those great fire pits outside and Sushi Roku in south Scottsdale, attached to the very fun W Hotel Bar and Club both win for best Sushi restaurants in Scottsdale!

Geisha a GO GO… what can I say,  like the name it’s a  fun place in the center of Scottsdale with an outdoor patio and an eclectic decor..The decor is a little Polynesian, a little Japanese, a little mid-century modern… heck…  have a Mai Tai. It will all make sense. In Old Town Scottsdale. Enjoy.  

Tommy Bahamas....  Most people here start with the drink menu...and from there decide on food before it’s too late. In the center of Scottsdale, a fun restaurant with good ‘restaurant’ quality food. Again atmosphere, pleasant food and great cocktails make this restaurant a top ten in Scottsdale.

The Vig in Arcadia    is #11 on my top ten list.. woops ... can we re-coin the phrase top 11. The Vig stands out simply because although the restaurant is a mix of bar and restaurant , I am constantly impressed that the meals come out tasting as if they were from a fine dining establishment yet the atmosphere is great with the occasional live band on the outdoor patio or a dj spinning cool tunes to be enjoyed in the dining area. The crowd is a cool neighborhood mix between 25 to those that are still young in their fifties.

Az88  in Old Town Scottsdale.. LOVE this restaurant.. it has changing art exhibits from local and international artist in a contemporary yet inviting interior. On my recent visit an New York artist was being exhibited.. and this is not your old style "oils " of cactus or a buffalo but true big city contemporary pieces. Az 88 is known for it's atmosphere and BEST Martini's in Scottsdale..maybe all of Phoenix that are big and delicious.. the menu ranges from sandwiches to entree items. For the palette the food is on par with other fine Scottsdale restaurants but add in atmosphere, art, setting and Martini's and it is one of Scottsdale best ten restaurants.

Monarch Cafe .. I have not met the person who has not absolutely loved the charm, appeal and service at this most romantic and charming restaurant. A Prix Fixe menu of some of the best prepared foods in Arizona. Located in the old town part of Scottsdale.

Element Restaurants at Sanctuary and The Jade Bar.  Simply put this is likely the most beautiful restaurant experience to be had in the Scottsdale area..Gorgeous views from this hilltop restaurant located in one of the most exquisite resorts in the city, the food is EXCELLENT but it is the scenery and setting that will transport you to making this dining experience a memorable one.... Only bring a date here if you want them to fall in love with you. 

Roka Akor -- WOOWSA... so good and truly an amazing combination of culinary and visual treats from the drinks that literally sparkle on request.... to how the food is served. Taste is beyond compare. Definitely in Top 15 if not in top 5 - Best Scottsdale restaurants.

Please share your delicious restaurant suggestions. 


I love finding great new places, especially in the Scottsdale area.  If after or BEFORE dining you would like to preview Scottsdale's ten Best homes, please feel free to call.

Michael Chaisson Realtor 480.450-4632

Specializing in Fine Residential properties

in Scottsdale, Paradise Valley, Arcadia & Phoenix.

Russ Lyon Sotheby's International Realty

Premier Client Services

Ranked Top 1% Nationally

Circle of 26 Excellence Award Recipient



Posted in Fun & Events
June 4, 2020

How to Find the Best Scottsdale Home

For Your Home Search Success.
In previous blogs,  I have shared numerous tips for successful negotiations and how to get your dream home below market value and YET... the number #1 MOST valuable tip, to purchase the BEST home - not just a nice home...Is a tip almost no home-buyer factors in or attributes adequate weight. The #1 Tip, irregardless of what web site you search homes or where you are moving from is;  Hire the most experienced, talented, hard working, honest Realtor you can find. If you are moving to Phoenix, Paradise Valley or Scottsdale - Add me to your phone contacts now.

Please add my contact to your phone as,
Realtor - Michael Chaisson
Notes   - Realtor w/ integrity, care and expertise"

#1 The last two homes, a client of mine made an offer on and received an acceptance on.. and then later cancelled-
sold shortly thereafter to home-buyers represented by different Realtors for $50,000 and $100,000 more . In other words I saved my clients that amount.

#2 In another example, last week a client of mine closed sale on a 1.6 acre, gated estate with park like grounds in Paradise Valley AZ with tennis court, pool, spa, gym, 16 foot ceilings, views... an absolutely gorgeous, one of a kind estate! This home was an exclusive off market sale, only available to my client and was purchased by them at almost $500,000 below market value.

#3 How it makes a difference; A Realtor is essentially a "Real Estate Advisor" Every component of "advising"  is based on experience and integrity, including negotiations, area, construction quality, subtleties of home value, home inspections, contract pitfalls, legal and title issues, accessing off market homes. None of this learned in the six week real estate course or 99% of current real estate licensees.
What other profession provides a license in less time?... and allows the "professional", to practice as they go"?   Lawyer 4 years - Doctor 8 years - Hairstylist - 1 to 2 years then an internship,  "real estate professional 6 weeks"


When I share these tips... it is for your benefit. I believe you deserve the very best. I am passionate about helping you achieve your housing goals. Your family sincerely deserve the very best representation!
Please feel free to call me anytime, for an honest evaluation of any home you see on our Sotheby's Realty site OR any web site.  I will gladly, freely share my expertise. Always my honor to help.
Please add my contact to your phone as,
Realtor - Michael Chaisson
Notes   - Realtor w/ integrity, care and expertise"

The OFFICIAL Realtor MLS site I am sending homes from IS A DIRECT feed from the OFFICIAL Realtor MLS, “The massive national search sites do not have full time direct feeds from the official AZ Realtor MLS site so often times their information is less than accurate and they do NOT have all the homes in their search that are actually listed. Don't miss out Log in..


For Your Home Search Success. Picture needs updating... so add a few wrinkles

Posted in Home Buying Tips
May 30, 2020

Phoenix Homes Sales 2020 VS 2008

Article published May 30- 2020- How fast the market changes.
I am not sure if you are like research and data as it pertains to your home search in Phoenix area.. but just in case, here is a bit of historical data (from previous high market 2005 -2008) to analyze in comparison with data from current market. Many homebuyers drawing comparisons due to the pandemic.  A good historical 'lesson' to be taken from the statistical market 'extremes' we've seen in the current real estate market is how the Active Listings in Chart 1 (Below) exploded from a low in April of 2005 (8,342 active listings - relatively few - "active listings" in high demand period) to over 58,000 in October of 2007 - (as the market decline began- low demand - supply and demand economics -primary driver of price increases... or decreases) the consequence of the rise and fall in Demand from 2004 through 2007, shown in Chart 2. 
Chart 1: Active Listings Long Term

Charts 2 and 3 below are also instructive, showing in Chart 2 how even as Sales per Month were plummeting, reaching their low point in January of 2008 of 2,517, Chart 3 shows Sales Prices continuing to rise for 18 months (that red line in Chart 3 shows prices continuing rising for 18 months, even as sales numbers were falling, just before the dramatic, but inevitable collapse of prices). As we discussed... home sellers are a typically pushing for highest dollar sale price irregardless of "writing on the wall" until- insurmountable market pressures force a price reduction. I saw this "cest for profit" - over and over again between 2007 to 2009.
Historical 'lesson': Sales Prices are a lagging indicator. 
Chart 2: Sales per Month Long Term:

Chart 3: Average Sales Price Long Term:

To this day,  it is useful to continue to measure current market prices against 'the peak' back in 2007 (and other markets) as a barometer of the market.
You can see in Chart 3 how Phoenix has exceeded 'the peak set in 2007' Valley-wide in 2020. 
It's an interesting to see how areas of interest compares with the peak e.g. communities like Arcadia have far exceeded the peak in 2007, while other areas like North Scottsdale and Gilbert are riding at or just under the peak.

 These Long Term trend charts tend to indicate that in spite of the real estate crash in 2008, the consistent Demand evidenced in Sales relative to Supply of Actives continues to inform us that for the near term, (not a predictor) we will not see any dramatic price decreases.
 The Under Contract stat is our best near term predictor. We see it as not only a welcome sign of recovery and market resilience, which is of this writing, off only 2.39% year-over-year, whereas... in the first two weeks of the lock down,  new contracts were down between 55% and 72% depending on area and price range. It's a very fluid situation. Please feel to call with questions.

Michael Chaisson, Realtor
RL Sotheby's International Realty
Premier Client Services
Ranked Top 1% Nationally

May 11, 2020

What Defines a Scottsdale Luxury Home

If you’re looking for a Scottsdale luxury home for sale, or a Paradise Valley home for might be wondering how "luxury home" is defined - as far as cost and amenities. Lately, the word is overused since it seems like half the homes for sale seem to have the word “luxury” attached. 

What Defines a Scottsdale Luxury Home?

What defines a luxury home is different in each market, depending on property values, median income and development in the area. In some cases, you might say,

“Luxury is an experience, not a price point.”

The term has been used to describe ultra-luxury homes of the wealthiest one percent in the world to a comparatively modest kitchen in a different real estate market. So, let's look at the features, amenities, qualities that truly define a Scottsdale and Paradise Valley Luxury Home

Where Does Luxury Begin in Scottsdale and Paradise Valley?

The typical luxury home for sale is $1 million or more in many larger U.S. cities, in New York City, a luxury homes may start at $4 million due to elevated market and associated amenities.  In Scottsdale you may find a rare $700,000 luxury home; In Paradise Valley, I have not seen any qualifying "luxury homes" for less than 1.5 .

Luxury real estate agents are defined as those who are performing in the top 10 percent of a market. The best Realtors specializing in luxury homes in Scottsdale have a unique, talent, experience and ability to negotiate and transact luxury sales. Be assured, once in the price range of a Scottsdale or Paradise Valley luxury home, the process for buying a high-priced home greatly differs from that of lower priced properties. 

What Defines Luxury?

There’s not really a checklist for what determines a Paradise Valley luxury property but generally, it’s a great location, quality construction, high-end furnishings and amenities such as marble countertops, wine rooms, kitchen appliances that are top-of-the-line, Wolf- Sub Zero, Gaggenau, Viking, and customized interior finishes and detail, custom his and her oversized closets, a dedicated theater room, gym off master suite, en-suite bathrooms in most bedrooms, multi zone cooling, designer lighting, pools with water features, over sized patios, high powered misters,  latest technology in the home, 4 or more air conditioned  garage spaces.  In the case of a luxury condo in Scottsdale, you’ll find additionally, all the finest high end finishes with added amenities such as concierge services, butler, cleaning services, a prestigious fitness center along with a spa center. If you are looking for true luxury home, these boxes will need to be checked.

How to Define Luxury in a Real Estate Listing

Defining what’s high-end in a Scottsdale luxury home listing can come from reading a description however the best approach is to,  ask me to evaluate the property for you. I have read countless marketing comments on a home where the homes finishes were completely inaccurately described by the listing representative. Either due to lack of knowledge or misrepresentation.  You want a Realtor who’s familiar with the area and also high-end properties. I can help you with all your real estate goals.  I am a Realtor specializing in luxury homes in Scottsdale and Paradise Valley.

My goal is to be of service to you. I say it often but it cannot be said enough, " in real estate, there is a difference in Real estate professionals" For more tips on a 'best home buy" Please call me now at 480-450-4632.

Realtor -Specializing in Scottsdale , Arcadia and Paradise Valley Arizona

Michael Chaisson - Realtor
Russ Lyon Sotheby's International Realty
Premier Client Services
Ranked Top 1% Nationally
Circle of 26 Excellence Award Recipient

Please feel free to browse this site for information on activities in Scottsdale, Arcadia and Paradise Valley (see resources Tab)and recommendations for the best restaurants and service providers in the community. I also encourage your recommendations.


Posted in Home Buying Tips
May 3, 2020

Win in Real Estate Negotiations -Scottsdale

There are several tips to winning in Real Estate negotiations. Especially now with current world events. Below are just a few simple tips to keep in mind while searching and before buying.

1. Know the market, look at as many homes and areas as you are comfortable viewing. (Compare)

2. Ask me questions, about the neighborhood and the sales in the immediate area. Are homes trending up or down and at what percentage (Data)

3. Make a list of the plus and minus of any home you are considering. Let's discuss how those factors effects market value. Use the minus feature to get substantial savings.  (Negotiate)

4. If you are interested in home you are viewing in person, before exclaiming, "Eureka, Honey this is our dream home" ..make sure there are no hidden cameras. Yes, I had a client do this... and the seller did have hidden cameras.. It makes negotiation far more difficult.  (Reserve Interest)

5.  Never work with or speak with the agent who is representing the seller. For obvious reasons. No matter how big their smile on the sign.  (Quality Representation)

6. Be prepared but patient. The best comes to those that wait.   (Selective)

7. If financing, shop lenders a few days before you start searching in earnest. Please feel free to call me for a list of lenders all competing to earn your business.  (Preparedness)


"We have worked with the biggest name Realtors in the business and Michael Chaisson was by far the most committed, dedicated and talented Realtor we have ever worked with.”
 Rod & Karen
"He is patient, knowledgeable, personable at the risk of sounding redundant, the hardest and most honest Realtor we’ve ever met.” Carol & Harry   
"We can’t thank you enough for the incredible job you did in getting us our dream home, your patience and insight was a gift.”  Richard & Ann
"You far exceeded any of our expectations, absolutely the best Realtor we’ve ever worked with.” Christine & Rick  




Interested in the latest Real Estate Market Data in Scottsdale - Paradise Valley and Phoenix? Click the link below.


Posted in Home Buying Tips
April 16, 2020

2020 - The future of the Housing market in near future

What’s going to happen to our housing market in the near future? 

The pandemic lockdown in Arizona created a slight deceleration of home prices, however with lock-down eased, prices are accelerating once again... and when a leading firm surveyed 100 of the top economist in the country to answer the trend in pricing question...
Of the 100 surveyed, only nine thought the housing market would retract in the next two years, and they predicted that the rate of that regression would only be between 7% and 9%. The rest predicted that the market would continue to appreciate—not just through 2020, but throughout the next five years. In fact, some still think that home prices will increase by 47% in that time.

If you combine this study with the fact that we are seeing 18- and 24-month lows in interest rates, it means that homes are more affordable now than they were in 2017. In addition, I work with some of the Best Lenders with the lowest rates; 99% of the time, lower than any rate my clients have been able to find.

This is great news for you,  if you are looking on the Sotheby's International Realty or to find a home for purchase. If you buy now, you can lock in the best interest rate and get the home of you alwyas dreamed of and truly deserve. Our VIP clients never settle; our goal is always to secure you the very best home in your price range, Irregardless of anyt

If you have any adjustment request to your search or you have any other real estate questions, don’t hesitate to reach out to me today. My team and I love to help.

5 star rated- Voted #1 By Client Reviews and awarded many honors by Sotheby's International Realty and Berkshire Hathaway - including the “Circle of 26 Excellence Honor” 


Michael Chaisson, Realtor

My Team's Sotheby's International Realty Web sites are:



RL Sotheby's International Realty

Premier Client Services

Ranked Top 1% Nationally

Rated #1 by Client Reviews since 2005                                                                                

Circle of 26 Excellence Award Recipient


March 21, 2020

Home prices vs. Corona Virus - Affect and Outcome


Home prices vs. Corona Virus - Affect and Outcome

Coronavirus Real Estate News - Phoenix - Scottsdale - Paradise Valley


Should you buy a home?

Many of you are probably wondering if it’s a good time to buy a home during the COVID-19 pandemic.

It’s always good to proceed with a home purchase with care and research. However, provided your financial situation is stable, then yes.  If you have been looking for a home, an intelligent purchase, negotiated UNDER the current market pricing should still be on your list. The market will bounce back... and in the meantime, you will have a beautiful home, value purchased, to quarantine in.  The report following, is simply to provide direct, honest, informed information for purchases during the current economic situation.

I would recommend NOT buying a house: 

1. If you are not comfortable with your personal economic outlook.  

2. Emotionally not comfortable buying.

Updated JUNE -2020- Quarantine has ended so buying has resumed. Information below was based on a continuing lock-down. which has subsequently been changed.  

If you’re wondering where home prices will go over the next 12 to 18 months, let’s look at the Phoenix, Scottsdale Real Estate market today, APRIL 2020 A quick look will show, among all price ranges, one in six new listings is a home that is “back on market “due to buyers canceling the purchase contract.  In the price range between $1,000,000 and $3,000,000, there were recently 22 purchase cancellations and NEW contracts in Scottsdale overall are down 54%- below levels in 2019 . Showings of all active listings are down in all price ranges.

So where are prices and demand headed? “According to a flash survey by the National Association of Realtors” conducted in early March 2020, 78% said, “Buyer interest was not changed.”  More recently, as a Senior Realtor, at one of the most highly regarded Real Estate Brokers in the U.S., My research shows, #1. 20 out of 20 Realtors I surveyed have seen buyers either cancel a contract, stop looking or put their home search on hold. 2. Showings of homes according to the MLS Service, "ShowingTime" are down an average of 52%. #3 The same survey suggested sellers were not concerned and were holding onto prices. What does this mean for the near term residential real estate market?

Simply put, based on simple economics, demand and steady demand creates price increases. Lack of demand (overtime) causes prices to drop.  Economists have noted housing demand dropped 35% by late March 2020.
Apply that to home pricing and we will be seeing reflective price drops over time.

Look for very small changes in the early stages of the business closure/recession with more significant monthly drops if the closures and recession continue. AGAIN, IF (A BIG "IF") the business closures and quarantine continue or maintain at the current level, the question is if that number is expected to grow? The answer is "yes." However, this could all change with swift action and a more comprehensive remedy. IF we are all back to work in the next 30 days the market will bounce back quickly.

However... currently, homebuyers across the U.S are losing their jobs, businesses are closing and a number of those will go out of business. Homeowners losing their jobs could be risking foreclosure, thus increasing the supply of homes; combine that with low demand, a slow seller response to pricing pressure and that is a recipe for a significant slow down for home sales. According to a recent article, Banks are already doing loan modifications and tightening lending guidelines to a very significant degree. The very guidelines that have assisted in the most recent boom housing market. See link here for more details .

Between 2007 through 2012 loan modifications and payment deferrals helped homeowners…but did not prevent the landslide of foreclosures sales.  This is a snippet of that article. “ Mortgage modification programs-  Several large financial institutions are projecting that the economy will fall into recession. Coronavirus-related layoffs have already hit businesses throughout the U.S. When someone gets laid off, they lose their principal way of paying their mortgage and can easily start to miss payments”.

However, even with the banks, strengthening loan guidelines, preparing for loan modifications and foreclosures,  some journalists and Real estate marketing outlets are suggesting a return to business as usual by the end of the year. My working experience from the last epic drop is  “It will take time”  (again IF the current business closures continue)  Take a look at this link below with a timeline of the spread C19, with the first noteworthy events in China beginning in December of 2019.


The reality is; Economist, Myself as a Realtor and Market Analyst cannot predict the future of the real estate market due to the many variables involved - but it is, none the less a mathematical equation. The longer the virus hampers are the ability to safely interact, the lower demand for homes will be.  Prices will slowly reflect the change in demand. Homesellers in 08 were slow to respond to pricing pressure no doubt this period will be no different.. so how low prices go will be entirely determined by the length of time the economic woes continue - noting, Home-buyers that bought in early 08, as prices were still coming down, lost thousands in equity almost daily as prices continued to drop. Link here is an article from CNN money in 2008.  Although circumstances are different,  many of the same economic components are in play. So what should you expect to see is-  small percentage price drops/losses every month as this pandemic and recession continue. If you buy now at current pricing and the pandemic and recession last just 6 months expect a  6% to 12% loss in that period. (PLEASE NOTE EVEN A 10% DROP IN PRICES WILL STILL BE ABOVE 2019 PRICING).  Link to 2008 article  Is this all bad news??... NOT if you are a buyer. You now have honest/accurate information from an educated source and you can negotiate accordingly.

I want to be positive,but you are better served with realistic -honest information. To think,  'when lockdowns are eased, the market will bounce right back'.. is unfortunately not realistic, home buyers will have incurred additional debt, saving depleted, credit scores will drop - or be down, bank lending guidelines have already been tightened
in last 5 days.
.. and for at least a few additional months, even for those select few who did not suffer substantially economically, caution will be exercised.  Provided no new additional market/health events take place and there are no new measures in place slowing the economy .. my near term projection, based on going though two previous market collapses ... and current research is, 'it will be 12 to 18 months before the market fully recovers" IF these shutdowns and closures go beyond 60 days…and longer if the closures and containment of the virus falter...

Should you buy a home in the meantime…?

Again. Absolutely yes !! …in spite of the cautionary news above. HOWEVER…as I mentioned earlier,  1. Not if you are not comfortable with your personal economic outlook  2. Emotionally not comfortable buying.... or 3. The home seller is holding on to pre-corona virus/stock market crash pricing. And many home sellers will try to… and for them,….‘I have seen the future’… I saw in 2007 when many sellers stubbornly called good offers, “insulting”  only to call months later with “hat in hand’ to apologize and kindly ask for an offer $200,000 less! .. than the offer they dismissed just months before. So yes to intelligent purchases. The market will bounce back and in the meantime, you will have a beautiful home to quarantine in.

Call me and we can discuss the market and what numbers are currently reasonable when considering purchasing a home in this market.


Michael Chaisson, Realtor

Russ Lyon Sotheby's International Realty

Premier Client Services
Ranked Top 1% Nationally
Circle of 26 Excellence Award Recipient