Hello to all my fellow House Hunters & Real Estate Enthusiasts,
If you've been paying attention to the housing market at all in the last few years, you'll know that the market has been HOT with bidding wars, soaring home prices, low inventory and relatively lower interest rates. With all the hot buzz on how well the economy is doing, especially the real estate market, it begs the question in both buyers and sellers' minds: "Are we heading for another 2008?!"
Slow your roll, guys. The sky isn't falling and neither is the housing market, however what we are seeing is a slow down and a market SHIFT. Chief economist at realtor.com, Danielle Hale says, "The signs are pointing to a market that's shifting toward buyers, but in most places we're still a long way from a full reversal."
In the last few months, we've seen interest rates go up a bit. Enough to where it cuts many buyer's buying-power down significantly. We have buyers who maybe qualified for a $300K home loan five months ago, who today at 4.5-5% only qualify for $250K. Combine that with the already low inventory, and that puts some buyer's completely out of certain price brackets to even purchase. And guess what that means for sellers? Yup, that's right! Maybe a little longer time on market and say good-bye to the "whatever goes" listing prices.
"We've hit that tipping point in a lot of these cities where what sellers think they can get is just not possible for many buyers," says Daren Blomquist, senior vice president at real estate information provider ATTOM Data Solutions. "Now the pendulum is swinging away from sellers and back toward buyers."
So what does this mean for YOU?
Whether you're a home buyer, or a home owner looking to sell, there are a few key things to keep in mind during this housing shift.
Sellers, you will need to work with your licensed Realtor on setting a solid listing price based on the comparable properties sold in your area if you want to be competitively priced in today's market. And Buyers, you will need to work with your local trusted lender to pinpoint exactly what your buying power is, and work with your Realtor to find homes that are within your budget and "wants & needs."
If you are interested in either, selling your current home, or finding out how much you can qualify for, I would be delighted to be YOUR RESOURCE.
I help families and individuals everyday achieve homeownership and I would love to help you too!
Click the Finance tab above to get connected with our lender or click the "Contact Us!" tab to get connected with me directly.
The AZ Prestige Group comes from a family of real estate brokers and agents with over 20 years of combined experience. Our knowledge and expertise in Real Estate includes selling, listing and working with all types of buyers to help them find their dream home or that perfect investment property.
Born and raised here the team comprises a wealth of knowledge of the Tucson region as well as the surrounding areas. Our passion in real estate sets us apart from the crowd and as real estate professionals we have top notch support from the best brokers and support staff, which allows us to focus on serving you.
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"Excellent realtor. We were very impressed with Bryan’s professionalism, personal attention, and friendliness. Bryan is high caliber and very knowledgeable of real estate in the Tucson area. We received his personal attention almost on a daily basis. He was always available for questions and supported a flexible schedule. Bryan also made us feel like we were cared for as if we were family and still makes sure we are happy after we purchased our home. In addition he has given us many referrals to help get connected in other networks as we have moved from out of state. We were completely satisfied and would recommend Bryan to anyone who is looking for a great realtor."