Posts in category 'Market Update'

Phoenix area sales are down, but home prices are up . I'll give you the scoop on home prices and tell you how much sellers are giving buyers to help with affordability. Plus, find out why 2024 could be a promising year in the Phoenix metro real estate market. Watch this video for the latest market update. 

Cindy Nelson is an Arizona native and REALTOR with Realty ONE Group and serves the Phoenix Metro area and the White Mountain region. In her spare time, you'll find her volunteering in her community, supporting local small businesses, and enjoying all Arizona has to offer.

Get the scoop on the Valley's real estate market and find out what's happening in the Phoenix area.  

In this issue: Phoenix Area Market Update PLUS Safest Cities for Trick or Treating, AZ Inflation Slows, Chili Recipe

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Why Buyers Should Stay in the Game in 2023
Sellers: Prepare for Longer Days on Market in Q4

For Buyers:

When first-time home buyers talk to their parents or grandparents about today's mortgage rates, they may get a response similar to, "I purchased my first home in the 80's at [insert range of 10%-18% interest here]." In fact, some carry their high mortgage rate like a badge of honor because it turned out to be a great decision, despite the uncertainties of their time. In their 20s and early 30s, Baby Boomers endured 4 recessions, 4 rounds of high unemployment, and erratic mortgage rates that started from a low of 7% and rose to a peak of 18%. However, those who got in the game where they could, with a long term mindset, were rewarded and are looked upon as "lucky" to have gotten in when they did.

Flash forward to 2023. While admittedly there is a large swath of buyers priced out of purchasing a home du...

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Get the scoop on the Phoenix area real estate market including the impact of mortgage rates and seller concessions.

For Buyers:

Not a lot of changes are happening in the housing market right now. It's as if both buyers and sellers are in a holding pattern awaiting a sign before making a move. Conventional mortgage rates have held steady in the high 6% and low 7% range for nearly 3 months now with little signs of a decline yet, keeping contract activity restricted since the 4th of July and overall demand 22% below normal for this time of year.

The continuous drop in supply we've been experiencing since October has slowed and flattened out over the past 6 weeks as well, but still 52% below normal for the past month and 39% below last year's supply count. The ratio between supply and demand is keeping Greater Phoenix in a seller's market, but it's mild compared to the last 3 years. This indicates an upward pressure on price, but more subdued. Betwee...

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Struggling with high mortgage rates? Watch as I crunch the numbers to unveil an incredible tax savings strategy that could put thousands back in your pocket. Don't miss out on this opportunity to maximize homeownership benefits.

Cindy Nelson is an Arizona native and REALTOR® with Realty ONE Group and serves the Phoenix Metro area and the White Mountain region. Cindy is a subscriber to the Cromford Market Report and an active Trusted Advisor University member.