What you need to know:
Sellers: In its truly cyclical fashion, the Phoenix real estate market once again experienced a slight drop in active inventory in December, along with a drop in contract received. This means there will be about 1000 fewer sales in January from December. Despite the low inventory, prices have remained stagnant for the 7th month in a row. "Pretty homes" are still selling faster and for more money, so if you are selling your home, it's best to have your home in tip-top shape to secure the best offer(s) from potential buyers. Now is a great time to present your house to the buyers wanting to lock in a lower interest rate, as they are expected to continue to increase this year.
Buyers: Multiple offers are still common for homes under $200,000 and sometimes up to $250,000. Buyers should take this into account when placing an offer on a property. Interest rates continue to rise, they went up slightly this past month after a significant increase in November. Time to get off the fence and secure a good rate before they go up again!
Please click on the image below to access October's MLS Market Report.
