The housing market in Phoenix has shifted to generally more “balanced” between buyers and sellers. This mean inventory is up, the number of homes for sale has multiplied compared to the first few months of 2022. Interest rates are now in the high 5% and even more than 6%, which makes monthly mortgage payments higher. This changed landscape means many more sellers are willing to negotiate and perhaps even contribute with concessions (funds paid to buyer’s side of the transaction from seller proceeds at close of escrow). Some buyers are using such seller concessions to buy down the interest rate to some extent (the buyer’s lender has limits on the amount that can be accepted from outside sources, so this is based on each individual’s scenario).
Sales are still taking place, although not in the volume seen over the last several years in the valley. To see how your property would fare (estimated value range) or if you want to discuss a possible purchase, please call or email!
What a change a few months has wrought on our Phoenix Metro real estate. Increased interest rates mean many buyers are sitting it out, waiting for prices to soften or rates to, or both. I don’t have time to update this page very often, so please touch base with me to hear what the latest news is.
Are you looking for assistance to make your next real estate sale or acquisition? My clients tell me they appreciate my desire to bring about results on their behalf and I am pleased to share their testimonials with you! I’ve been happily representing sellers and buyers achieve their goals and dreams since January 2003, specifically in the metro areas of Ahwatukee, Ocotillo, Chandler, Tempe, Baseline Corridor/South Mountain Village, Mesa, Gilbert, Central Phoenix and Scottsdale.
My approach is fairly straightforward: I advise, provide consultative expertise, as much information as you require, up to date market stats, outstanding market knowledge, and allow you breathing room to make the decision that is best for you – and on your time frame. My role is not to “sell” you, but to be the best real estate advisor possible. Please call or email, I look forward to discussing how we can best work together to achieve your goal.