Now that we have a couple months under our belts in 2015, we have started to see some emerging trends. Buyer demand seems to be picking up slightly in the price ranges between $75,000 and $700,000. We have too many homes on the market about $700,000 and little demand which is leading to a long time on the market for luxury homes. We are seeing the number of listings overall decline this year which is great news is you are thinking of selling your home. We like to see that number start to decline in the spring when we experience our "selling season."
Buyers - this is a great time to go out and buy! We have heard predictions that interest rates are going to end the year around 5% for 2015 and around 6% for 2016. With interest rates still hovering around 4%-4.3%, this is a great time to buy a home and take advantage of the marketplace.
We have also seen a huge upswing in rental rates with the average being around $1900 per month. There are very few hoes on the market for rentals, about 50% of our normal number which indicates a very low supply with a very high demand thus creating an inflated price for most of the rentals in Phoenix. If you've been renting, it may be time to think about buying. Mortgage payments are on average much less then the rental payment for a similar property.
Buyers - this is a great time to go out and buy! We have heard predictions that interest rates are going to end the year around 5% for 2015 and around 6% for 2016. With interest rates still hovering around 4%-4.3%, this is a great time to buy a home and take advantage of the marketplace.
We have also seen a huge upswing in rental rates with the average being around $1900 per month. There are very few hoes on the market for rentals, about 50% of our normal number which indicates a very low supply with a very high demand thus creating an inflated price for most of the rentals in Phoenix. If you've been renting, it may be time to think about buying. Mortgage payments are on average much less then the rental payment for a similar property.
Want to learn more about real estate in your neighborhood?
Call Chelsea Elwood Anderson at (602) 748-6136 and see how you can make the most
of today's real estate market!
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