PHOENIX METRO AREA: November Market Update

November Market Update:

Are you ready to go Back to the Future!? It’s time to bust out those mixtapes, sharpen your PacMan skills and take a trip back to the 1980’s where inflation was soaring and the Fed was raising interest rates to try and drag the country out of a recession.. Sound familiar? Were people even buying homes when rates hit an all time high of 18%? (makes 8% seem reasonable) The answer is YES! So how were they doing it? Creativity!  With gifted down payments, rate buydowns, assumable loans, seller financing, buying with friends (tenant in common) and even buying homes unfinished and finishing themselves! Experts predict we will be entering into a balanced market, with even some predicting a buyer’s market by Thanksgiving.  So if you are wanting to buy, it’s time to get creative so you don’t miss out, because although we are seeing demand decrease, home prices are staying steady.  Are they shooting up at record speed like the past two years, no… but they are not dropping. And if you are thinking of selling, don’t wait and don’t push the market on price. It’s time to get competitive and partner with an agent who knows how to get your home seen and sold in this shifting market.