How Rising Interest Rates Will Impact the Phoenix Market

How will upcoming interest rates affect the Phoenix real estate market? I’ll explain why we don’t have much to worry about today.

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Right now, there is a lot of concern about what will happen to our market if interest rates go up. However, I don’t think we have much to worry about here in Arizona.

For one thing, mortgage rates move independently from the Federal Reserve’s rate. An overnight increase in the Fed rate will not have an effect on our short-term market.

Secondly, all leading economists predict that any interest rate increases will be small. The Fed is very concerned about the real estate market, so they will watch it very closely before making any decisions.

"Don’t worry about the Fed raising interest rates."

Even a 1% increase in interest rates, which is pretty big, would only change your monthly payment by about $120. That’s because the average sales price in Arizona is lower than in other parts of the country, especially those that have a lot of $7 million homes to sell.

So, don’t panic about interest rate increases. If you have any other questions about our current market, just give me a call or send me an email. I would be happy to help you!

Real Estate News for Phoenix Buyers, Sellers, and Investors

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Today we are here to answer the question “What’s been going on in the Phoenix residential real estate market?” The answer really depends on whether you are looking to invest, buy, or sell.

If you’re an investor and you already own a rental property already, now is a great time to buy another. Rental rates are continuing to go up across the board and vacancy is at an all-time low.

If you are a buyer or seller, the strength of the market depends on which price range you are looking in. In the $300,000 and below range, we are in a seller’s market. In the $300,000-$600,000 range, we are in more of a balanced market. In the $600,000+ range, we are in more of a buyer’s market. However, there are pockets in each price range where there is a lot of inventory, and you can still get a great deal on a home in Arizona.

If you want to know more about those pockets or what’s going on in your specific area, give us a call or send us an email. We look forward to speaking with you!

Phoenix: The Tale of Two Markets

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I think a lot of people are confused as to what is actually happening in the Phoenix real estate market.

The truth is that if your home is worth less than $350K, the market is absolutely on fire. If you're looking to sell a home in this range, you can expect multiple offers from buyers. A friend of mine recently listed their $280,000 home, and they got 15 offers and 
sold for $300,000 in just a couple of days!

If you have a property worth more than $350K, you should take a look at the days on market to determine how quickly you might be able to sell the home. It's a much different market for homes that are worth more.

This isn't such great news for buyers, but there are deals out there. You just have to be quick and prepared to pull the trigger at all times. You can take comfort in the fact that interest rates are sitting at historic lows, so you have a chance to buy a good home at an affordable price.

If you need help buying or selling this summer, please don't hesitate to contact me!

Phoenix Real Estate Market Update for Spring 2014

There are a variety of opportunities in the Greater Phoenix real estate market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

Phoenix Real Estate Market Update for Spring 2014

Welcome to my real estate video blog. I will be updating you bi-weekly with informative topics meant to increase your knowledge of the real estate market here in Phoenix and abroad. Today I will be focusing on the state of our current real estate market and what it will mean for you.

The Phoenix real estate market has been through quite a few changes over the last two years and we have transitioned from a seller's market to a much more balanced market. We still have a seller's market at some price points, so it depends what your home value is.

However, properties that are priced correctly are getting multiple offers and selling in just a few weeks. Homes that aren't priced well are bound to sit on the market and go stale. Pricing is very important in this market.

Inventory is neither high nor low right now because it really depends on what price point you're looking at. For properties that are priced at $150K or below, it is still a little bit of a seller's market.

If you are a seller looking to move up into a better home, then you should know that our market has appreciated by 40% in the last 24 months. Now would be a fantastic time to get your property on the market if you want to reap the benefits of this appreciation.

If you are a buyer you need to keep in mind that interest rates are still historically low. Your buying power is very high, and you can usually own a home for less than you could rent it for, so it is a great time to be a buyer. 

Overall our market is well balanced and has recovered nicely from where we were just a few years ago.

If you are interested in speaking with me about real estate in Phoenix or if you have any questions about this video, please do not hesitate to contact me. I am always willing to sit down and discuss your individual needs with you.

You can reach me via phone or email. Thanks for tuning in!