Buyers:

Prices in the Phoenix valley are still ticking up but at a much slower rate than the past 18 months. Demand is quite steady, but from my past experience, there’s a lot of distractions during the holidays so it feels like more people are shopping for Christmas gifts and less focused on shopping for homes. This is a great opportunity to get into a home with less competition. Although my listings are still receiving multiple offers, they look much different than the last 18 months. I am not seeing people waive appraisal, inspections or repairs. This is all good news if you’re looking to buy a home. 

If you’ve been waiting to buy, I really believe that now is the time to jump in before interest rates are predicted to go up next year in order to combat inflation. Interest rates could dramatically change affordability and reduce your purchasing power. I highly recommend scheduling a buyer consultation now if you’re even remotely interested in buying a home in the next 12-18 months. 

Sellers:

The biggest mistake I’m seeing seller’s make is being overly optimistic on list price. We are no longer in an environment where you can list well above all reasonable comparable properties and expect to get it. Listings are sitting longer before getting an accepted offer and many listings have to lower their list price to adjust to the slowing appreciation rates. This does NOT mean prices are going down… they are going up, but slower than the rates we experienced 6+ months ago.