May Market Update:
They say “April showers bring May flowers”. Well, I guess “they” don’t live in Phoenix. Just like our weather, the market has been pretty consistent and dry over the last few months. We had all hoped that we would have seen a drop in interest rates by now, which would have been the rain we all need, but no drop in rates.
No rain, no flowers. No drop in interest rates, no rush of buyers.
That being said, the market has not dried up. I am certainly seeing buyers get off the fence and get serious about buying again. In fact, I have had a big uptick in buyers reaching out saying they are tired of waiting and are ready to reset their criteria and buy. So, I think we will still have a pretty decent summer buying season, but buyers are definitely taking their time to make decisions. That translates into longer days on market for sellers and the resurgence of price reductions. For sellers wondering if now is the time to sell, what I can tell you is that buyers are desperate for quality listings priced reasonably. Does that mean you have to price under market value? No. But you can’t sell homes in today’s market for a premium if you don’t have a premium product. So if you have deferred maintenance, an old roof, outdated finishes and your AC is hanging on by a thread, don’t expect multiple offers and a quick sale. If you are considering selling, be sure you partner with a seasoned agent who can help you put your best foot forward and minimize your time on market.
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