This is pretty good news for a Monday morning. After two weeks of upward movement, mortgage interest rates fell last week. This is good news for the Phoenix real estate market!
http://ow.ly/r9Wqi #realestate #interestrates #mortgage
“WHAT?”, you say. “Has Bill gone and lost his mind? Everyone knows that no one wants to go through that right now. The buyers are all hibernating for heaven’s sake!”
Yes, yes, yes. I know that’s the common perception when it comes to buying and selling homes during the holidays. But I am here to tell you that there are many advantages to selling and buying right now.
First of all, you’re not the only one who thinks now is a bad time to sell a home. Most people believe the same thing. That is why the number of new listings drops every year during November and December. But here’s the deal… as a seller, you have LESS COMPETITION. As a buyer, you have LESS COMPETITION! Let’s face it, no one really wants to move during the holidays, but some people have to move during the holidays. You won’t be inundated with looky-loo’s. They’re all at the mall. And buyers have the advantage of looking at houses that aren’t on the market “just to see if something happens”. They know they are working with sellers that are truly interested in selling.
And guess what happens as soon as the holidays are over, typically about the middle to end of January? Everyone decides to list their house! Everyone decides to buy a house! Hello competition.
Here’s another plus: lenders, title companies, home inspectors, and appraisers are not as busy during the holiday season. Things get done faster! Chances are they’ll all be able to work with your time line and there won’t be as many frustrating delays.
The big price changes are over for now, in my opinion. Home values will appreciate at a much more normal pace. Our market has reached a nice, balanced state. Waiting until next spring to sell your home probably won’t net you a huge amount more, and if you’re selling a home and planning to buy another, there’s a good chance you may pay a higher interest rate by then.
If you know you are ready to move on with your life, there’s no reason to wait. I’m about to start my 40th year in the real estate business and I can tell you that trying to predict when the best time to sell or buy is like nailing Jell-o to a wall. You just have to do what is right for you and what moves you to the next part of your life and where you want to be.
If you would like to discuss whether now is the time for you to buy or sell a home in the Chandler area, give me a call today. I’ve always been honest with you and if I don’t think it’s in your best interest, I will tell you that. I’ve spent my career making clients for life and I’m not about to stop now.
Bill Ryan, The Ryan-Whyte Team at RE/MAX Infinity Chandler Arizona. (480) 726-7000 or cell (480) 694-7733. Visit my website to browse the MLS or to get an estimate of your home value at http://www.chandlerocotillo.com or check out our video to find out more about who we are and how we work including what our clients have to say about us at http://www.youtube.com/watch?v=AFDkofIZWKA&feature=youtu.be
The latest from The Cromford Report:
The contract ratio for all areas and types plummeted from 90.5 on June 17 to 37.2 on November 2, going from hot to tepid at the same time. However it has hardly moved since November 2, standing at 37.8 today. It appears that prices have moved upwards far enough to stabilize the market and at the moment there is no further cooling taking place. At the current contract ratio there is little pressure for prices to move either up or down, but sales prices are likely to continue to rise for a couple of months based on previous momentum.
If they reach $131 per square foot, which seems quite likely, then this is the point at which house prices will have almost exactly matched CPI inflation rates for the last 13 years. This therefore seems like a very legitimate place to cool off and resume normal market behavior. No bubble here.
You can read the daily updates for Phoenix real estate from The Cromford Report on our website by clicking here. Be sure to bookmark the page and visit often!
By Bill Ryan, The Ryan-Whyte Team at RE/MAX Infinity, 480-726-7000. We specialize in residential real estate in the Southeast Phoenix and Chandler real estate markets.
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