Real Estate News & Scottsdale Happenings
Sellers Market Is Officially Over
Since my last email about 2 weeks ago, another 2000 homes have come on the market in the greater Phoenix area. This means we have now reached a "balanced market". The days of sellers "dumping their junk" has come to a hault- as competition for sales has now heated up. Smart sellers may want to consider offering a good buyer a seller concession. Buyers can use this an opportunity to "buy" their interest rate down- which will save hundreds of dollars a month on mortgage payment.
Summer in Arizona typically offers a market slowdown anyway, but this year with interest rates rising so quickly, a few would be buyers may be taking a bit of a wait and see attitude.
The stock market isn't too many people's friend right now either... so there will be people choosing to buy real estate in lieu and have a firm asset.
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