07/11/2022
📈 Market Update for November…and what you need to know👇🏼
• We are continuing to see an increase in inventory, as interest rates keep rising with fewer homes going under contract (demand), bringing us to the more BALANCED market we are experiencing now.
• What cities are in a Seller’s or Buyer’s market? 🤔
✔️Slight Seller’s market (Fountain Hills, Scottsdale & Paradise Valley)
✔️Balanced market (Cave Creek & Phoenix)
✔️Mild Buyer’s market (Glendale, Chandler, Tempe & Mesa)
✔️Stronger Buyer’s market (Goodyear, Peoria, Gilbert, Avondale, Surprise)
✔️Strongest Buyer’s market (Maricopa, Queen Creek & Buckeye)
Here is a snapshot of what homeowners and homebuyers should expect:
Sellers: You will have more competition with other homes on the market. Listing your home at the correct price is so important, so your home doesn’t sit stagnant on the market or experience multiple price reductions. Seller concessions are more common (to help buyers with closing costs or rate buy downs) with the average sitting at $9K. Appreciation is still projected, but at a slower pace than what we have seen previously.
Buyers: There are more homes to choose from, less competition with offers and a great opportunity to purchase a home at or under appraised value. Now is a great time to purchase, as you can “win-win” with rising interest rates. Why⁉️ Interest rates have a history of rising quickly and lowering slowly. As interest rates rise, you will have locked in the lower rate. When the rates lower in the future, consult with your loan officer to refinance for a lower rate.
If you have any questions, drop me a DM! Don’t be frightened by uneducated headlines - do your research, and make sure you are knowledgeable about what is actually happening in this ever-changing market.
I don’t have a crystal ball, but this is what the numbers are showing from Altos Research, Inc. on November 7, 2022 🤓