What’s the most recent market update? Here at The Caniglia Group, we’ve got the scoop on the housing market that you have been waiting for.
There has been a lot of talk about the real estate market over the last couple of years. The unprecedented increase in prices and demand has quickly come to an end. More inventory is hitting the market daily, while the rise in interest rates is slowing buyer demand. There is good news in all of this:
1. Prices have remained steady so far. Yes, there are price adjustments being made, however homes that are closing are showing similar purchase prices as the homes that have closed over the last few months. The price adjustments that you are seeing are on homes that came on the market above the market rate. Homes that are priced well, in good / great condition and well located are still selling quickly.
2. Buyers have more options. Sure, interest rates are higher, so buying power might be a little less, but now buyers have choices and they are able to do full inspections and not have to sign away all of their contingencies.
At the current rate of change, it is anticipated that we will be in a more balanced market by September.
For more information and extended details on trends we’re seeing in the market, please have a look at the video, visit our website, or give us a call at 602-903-7220. One of our experienced, dedicated agents will be happy to assist you!
