April 2022 Our Phoenix Market is still favoring Sellers.
You don't want to miss this! Our Phoenix Market is still favoring Sellers however, demand has declined in response to recent increases in interest rates. 30 days ago, buyer demand was 12% above normal now it is 6% above normal. In just a few short months, the average interest rate has gone up from 3.1% in December to 4.7% by April. This has added a $500 increase in the estimated payment on a 1,500 - 2,000 square-foot home. Rates are expected to continue to rise through 2022. This does not mean the market is at its peak, or at the precipice of a price decline. We will not see a flattening in sales prices until there's an upward shift in price reductions or seller concessions. If you have questions about the market, whether you are considering buying or selling reach out I am always eager to chat. The Brian Buffini Show [...]