PHOENIX METRO AREA: August Market Update

August market update:

As we enter into the fourth quarter, we are still experiencing an interesting seller’s market. Why is it interesting? As interest rates have continued to creep up near 8%, we have seen buyer demand decrease which should show signs of a buyer’s market, however inventory levels have also decreased at an even faster rate than buyer demand.

Why is that? Many homeowners are “rate locked”. They are sitting with mortgages under 4% which makes it a tough decision to sell. So now what? If you are looking to buy, don’t let rates scare you. If you can afford to move, you can always refinance when rates go down.

If you are considering selling, it’s still a seller’s market. Maybe not as crazy as a year ago, but if you take the time to prep your home to sell and price it right, you may still see multiple offers on your home. If you want some guidance on how to navigate this market, just give me a call.