PHOENIX METRO AREA: March Market Update

March Market Update:

7’s may bring luck in Vegas but, as we are finding out, they are not so fortunate in the real estate market. This year has been quite the ride for interest rates which has had a direct impact on both Buyers and Sellers. I feel like we are playing a game of Red Light/Green Light. As soon as the 30-year rate dips below 7%, GREEN LIGHT! Buyers reach out to their lenders, mortgage applications go up and agents get a call (usually while on vacation – haha) that there is a house they want to go see.

Sellers see showing requests go up and everyone is feeling optimistic. Then…we get some iffy economic news and RED LIGHT! Buyers jump back on the fence to wait out the turbulence and Sellers start to panic as their days on market climb and they fear the inevitable price drop conversation with their agent. Does this feel familiar? Well, I can’t predict the future, but if I could I would predict the red light/green light effect continuing through the end of 2024.

Don’t let that discourage you though. As long as you are partnered with a seasoned and experienced agent, there are strategies that can help you cross the finish line first during this turbulent market. Give me a call and we can talk through what options work best for you!

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