While most updates are TL;DR (too long didn’t read) this one dishes what you need to know in 72 seconds or less. 3, 2, 1… GO!
40 Seconds for Sellers
- Available homes for sale in Maricopa and surrounding counties (aka inventory) has once again dropped from last month
- The number of homes going from Active to Under Contract has also dropped.
- Fewer homes are being put into contract because of last month’s increase in interest rates which is slowing buyer demand again.
- But inventory is so low that this slowing in demand isn’t going to be enough to impact prices in a negative way… in fact, prices increased by a little over 1% this month from last (still 6% lower than last year)
- Inventory is expected to stay low, new home builder plans to build more are modest and sellers with lower interest rates now are unlikely to sell to buy into a higher rate unless they absolutely must move – these two factors equal fewer new options on the market.
- To avoid stagnating on the market or underselling your home email me for the 10 Steps to Higher Prices checklist we use to break records in any market.
22 Seconds for Buyers
- Home prices increased by 1% last month.
- Fewer homes are for sale this month than last month (down 6% from last month SHEESH).
- We are seeing bidding wars on homes that are priced fairly again, in all ranges up to $1M
- Home prices aren’t expected to dramatically decrease any time soon.
- You delaying in offering will likely cost you the home you want, when you like something 8 out of 10 you need to take action same day.
- The sellers on market now likely need to move, this is good for you.
- If you want a deal, email me for my Pre and Off-Market Homes list
As always, I’m your collaborator, your strategist, and friend when it comes to navigating today’s market to hit your goals. Reach out to me anytime, never too busy.
Until next month,
Monie
Associate Broker – Hague Partners
Regional Director 72 SOLD
National Coach 72 SOLD
