Realty Executives Phoenix
Denise van den Bossche
Denise van den Bossche
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Don’t let the numbers trick you this season. Let me get you the real statistics specific to your situation.
Now is the time to look for potential homebuyer treats. Buyers who are less affected by mortgage rates, but are looking for the best time to pounce on a home, should know that the 4th quarter of the year tends to be the best time for buyers seasonally. The boost in supply in October (historically the top month for the most added new listings to inventory here) are mostly comprised of those sellers eager to close before the end of the year. Once 2023 gets started, contract activity is expected to rise sharply from January through May. The upcoming Super Bowl, Phoenix Open and Spring Training events are expected to generate more open house traffic and exposure for active listings.
Mortgage rates have declined in every recession dating back to 1973. Recessions have lasted between 6 months and 1 1/2 years. It would be shocking if we did not see mortgage rates come down.
For home sellers, we continue to have far too low of inventory for the Phoenix Valley. There are many reasons why Phoenix is somewhat isolated by the current and expected national housing market downturn.
Arizona’s 2.5 percent flat tax will take effect in 90 days, effective January 1, 2023. The state ranks #1 in the nation for economic performance, according to the Governor’s office last week (9/29/2022).
And businesses continue to move into the Valley, attracting employees. The Greater Phoenix Economic Council (GPEC) stated in August that so far in fiscal year 2023, 61 international businesses were siting new locations in the Valley, an 85% increase from a decade ago. With employers, come jobs. And with jobs come employees and families, creating a need for housing. Even Buckeye, with the lowest current demand for housing, has recently learned of top new employers moving in. Hurricanes are rare in the Sonoran desert, as are earthquakes and other natural disasters. Sunshine 300 days provides a beautiful view, even if it is hot for 3 months. And a dry heat is so much more preferable when it is hot. These are some of the reasons people and businesses continue to move to Arizona and maintain a strong housing demand.
"The appetite for luxury has certainly not diminished. The affluent are still buying and selling in the upper tier but they are enjoying the opportunity of time to decide what fulfils their requirements for the long term." Based on the ptick on real estate websites and requests for virtual tours, most luxury agents agree that there are definate signs that luxury home buyers used this summer to formulate their plans. These buyers have a pent up demand having waited out the craziness we experienced just a few months ago. There is also a rise in second home ownership, as many affluent buyers are not committed to one specific location for work anymore, and are staying clear of travel chaos. And co-ownership and short term rental investments are also strong. Download the most current report National, with local reports on Scottsdale and Paradise Valley here.
One thing remains constant and is even more true than ever: Your Home Equity is a significant asset in your portfolio and you deserve expert guidance. Is Now a Good Time to Buy or Sell a Home? Call Denise 602-980-0737, celebrating a nearly 40 year career in Metro-Phoenix Real Estate.