Joffe Featured in the News Phoenix is still a sellers market, but the spigot has turned off
The housing market has been a seller's market for quite some time now. But recently, we've noticed a slight shift in the market: new listings and price reductions are popping up, and it looks like things are becoming slightly more stable; the "frenzy" has subsided and home buyers and sellers alike have plenty of options across the greater Phoenix area.
This doesn't mean bad news for sellers. Home prices are still among the highest we've ever seen in Arizona, but the hysteria around multiple offers in a short period of time has slowed.
As Robert Joffe explained to AZTV's Brad Perry during his appearance on Arizona Daily Mix, the largest factor in this shift is the increase to Federal interest rates. As buyers have had to start paying more for their mortgages, they've begun to seek out deals elsewhere—and that means they're back in the market! We've seen a significant increase in interest from buyers who have been waiting on the sidelines during the frenzied first quarter of 2022.
Sellers, on the other hand, are still at an advantage based simply on supply and demand, but as Robert put it, "the spigot has turned off."
While this shift is good news for home sellers who had been hoping for a respite from the fast-paced market, it also signals an opportunity for those who are ready to make their move now. If you're looking to buy or sell your home, call The Joffe Group at (602) 989-8300 today!