Here’s what buyers and sellers need to know about our market.
What’s happening in our real estate market? I receive this question all the time from clients. Interest rates are rising, but should you be concerned? Let’s take a look at the state of our market.
First, the No. 1 thing on everyone’s mind is rising interest rates. Last year, they were in the high 2% or low 3% range. Now, the average rate is around 5%. All the experts agree that rates will continue to increase in 2022 to combat rising inflation, so what does this mean for you?
Fortunately, it’s still a great time to buy. Rates are higher than they were last year, but they’re still lower than the historical average. Furthermore, rental prices are increasing quickly in Arizona. If you buy now, you can lock in your monthly payment for the next 30 years.
For sellers, we still have incredibly low supply. However, the average days on market is increasing as some buyers get priced out of the market due to rising rates. You can still get a great deal, but I’m not sure how long it will last. Whether you’re looking to buy or sell, I recommend moving quickly in this market.
Every situation is different, so if you are thinking about making a move, call or email me so we can discuss yours. I look forward to hearing from you!