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The “Perfect Storm” for Homebuyers

Sellers are beginning to feel the “holiday slowdown” as we move further and further away from the feeding frenzy of summer.   We had fewer sales in September and did experience a spike in new listings.  Our inventory has increased just a bit causing more competition for sellers and more selection for buyers.  Interest rates remain low allowing for affordable financing.  Increased inventory, motivated sellers, and affordable financing?  It is the perfect storm for homebuyers.

Is this the summer slow down?

August achieved its typical cycle with a bit of a slow down compared to the summer rush.  We are up a bit in inventory and down a bit in sales but the numbers still suggest a healthy market meaning sellers are selling and buyers are finding homes to buy without having to deal with much competition from other buyers.  Since the beginning of September we’ve noticed an increase in showing activity across the board.  It seems that September is on track for its typical cycle as well.  Mortgage rates will have an effect on this however we aren’t sure what is going to happen with rates come October.

Is the Phoenix Real Estate Market finally on Summer Break?

It happens every year but usually we see it at the beginning of July vs the end.  The market is finally showing signs of the summer slow down.  Up from 2.58 months inventory in June to 2.83 in July and down just a tad in sold listings, we are finally seeing the numbers reflect it.  For buyers, this might be a good time to find that perfect home…while you have a little breathing room before the market kicks up again.  For sellers, it’s still a sellers market but you might want to air on the side of realistic with your pricing and negotiation terms.  The more inventory creeps up, the more choices the buyers have.

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