PHOENIX METRO AREA: December Market Update

December Market Update:

All I want for Christmas is a lower interest rate! Both buyers and sellers have been singing this tune this holiday season as lower interest rates would get more buyers in the market and make it more digestible for a seller to make a move.  The elves seem to be listening as we have seen declining interest rates over the past few weeks. Other gifts buyers have been receiving include less competition, the ability to negotiate price and seller concessions which we haven’t seen in a couple of years!  But could lower interest rates throw some logs on our simmering buyer’s market? My prediction is yes…If we continue to see declining interest rates I think 2024 may put us back into a mild seller’s market as inventory continues to be low. We are seeing normal seasonality back in our market which means fewer sales in December and January with predictions that our spring market should be an exciting one for sellers, especially if rates continue to decline. If you are considering a move in the next few months, be sure to reach out now so we can tailor a strategy that works best for you!