What is happening in the Hot Summer market of Arizona?
Less homes for sale but our demand remains steady and the market is fairly well balanced at 2 months of supply.
Some people are hesitant to move and take on the new interest rates, although most sellers have great deal of equity to fuel their move/keep the mortgage balance down. Many renters are looking to avoid the drastically increasing rents. As Dave Ramsey loves to say, if you can afford the house, "buy the home and refinance later." This advice makes sense as rent can't create equity and this is where the majority of Americans create wealth.
Three reason a move this summer makes sense:
1. Most sellers are priced right.
2. Many are willing to consider concessions.
3. Rate buy downs/opportunity to refinance later.
The latest news on inflation dropping to 3% means, that if we follow historical trends, experts are expecting to see rates move downward in the latter part of the year -- here is some insight from NAR:
You may be asking yourself, why not wait for rates to come down? Remember that the inventory is low, there is still demand AND when rates come down the prices will likely rise further while leaving you with less options.
So if you are looking to move up and have a home to sell first this also is a great time as your equity is likely high and you'd have less competition of homes for sale too...
Lastly I'm going to brag on our team, because we can't make the market but we can help you make the most of it as demonstrated by us receiving the Award for America's Best Small Agent Team for the 7th straight year! Thanks to all who allow the privilege to serve!
Whatever your goals are in real estate we can help you reach YOUR goals!
Also want to thank our partners are Security Title
The Drew Team is Robin & Steven Drew, Robin McAvoy, Casey Hurlburt, Tom Walton and our amazing Admin Nancy Horn. Since 2015 we have, together, served in over 820 real estate transactions, you would be hard pressed to find a more experienced or dedicate team!
