For both buyers and sellers, the good news is that mortgage rates have steadily declined since last October and are expected to remain in the mid-6% range for 2024. While higher than the record lows of 2020 and ’21, they still fall below the historical average of 7.74%. This, along with increased inventory, signals the […]
One question persists in the minds of those considering a move in today’s housing market: Why is it so hard to find a house to buy? Waiting for more options might seem tempting, but the reality is that it’s not the best strategy. Let’s delve into the underlying factors contributing to the low housing inventory […]
In a world in constant flux, investors, homeowners, and everyday consumers are finding solace in the steady hand of Jerome Powell, Chair of the Federal Reserve. The recent decision by the Fed to keep its benchmark interest rate unchanged comes as no surprise, given Powell’s well-established reputation for caution and deliberate decision-making. March Meeting: No […]
As we embark on the journey of a new year, the real estate market remains a hot topic of discussion. The year 2023 was marked by the “mortgage rate lock-in effect,” which brought about significant shifts in the housing landscape. This article will explore what experts predict for the 2024 real estate market, specifically focusing […]
A 13% decrease in SOLD properties reflects reduced demand and market activity. Despite this decline, the Average Sales Price Increased by a modest 1%, while the Average Price Per square foot remained stable, indicating consistent pricing dynamics. The rise in available homes for sale suggests a shift toward a more balanced market. However, with interest […]
A 19% decrease in SOLD properties reflects reduced demand and market activity. Despite this decline, the Average Sales Price Increased by a strong 7%, while the Average Price Per square foot declined, indicating consistent pricing dynamics. The rise in available homes for sale suggests a shift toward a more balanced market. However, with interest rates […]
In a recent meeting of the US Federal Reserve’s Monetary Policy Committee on December 13, 2023, Chairman Jerome Powell announced a decision to maintain the current interest rate levels for the third consecutive meeting. This decision was accompanied by a signal that the Fed expects to make three rate cuts next year, suggesting a possible […]
The recent 5% increase in SOLD listings to 275 units has impacted the real estate market, but not like you’d think. The rise in available Scottsdale homes for sale hasn’t led to a significant price shift, with the Average Sales Price declining by 8% to $1,412,191. Additionally, the 7% decrease in mortgage rates to 7.41%, […]
In contrast to the positive trend in Scottsdale, the Metro Phoenix real estate market experienced a 28% decrease in SOLD listings, totaling 303 units. This decline in sales has contributed to a 9% decrease in the Average Sales Price, which now stands at $958,526, leading to a lower Average Price Per square foot of $373. […]
The mortgage rate forecast for 2023 has taken many by surprise, with rates staying higher for longer than initially expected. As of early November, mortgage rates have hovered at nearly 8%, defying earlier predictions of a gradual decline throughout the year. This unexpected turn of events has left prospective homebuyers and sellers wondering about the […]
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