Waiting to Buy a Home in Phoenix?
By Jan Green - Scottsdale, AZ, HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN
(Value Added Service, 602-620-2699)
The current real estate market can be defined in one word - Unusual! We're in somewhat of a balanced market in the Phoenix metro area. After 17 of our 19 cities in Maricopa and Northern Pinal County were in a sellers market, things have shifted. Buyers seem to be waiting on the fence to buy a home thanks to 7.5% interest rates and sellers are hesitant to sell. But are rates really that high? A lot of us labeled "baby boomers" can remember when interest rates were MUCH higher. The interest rate for my first home in 1984 was 14%! Obviously, prices were much lower, but it's all relative when you consider wages. And there weren't any down payment programs less than the required 20% down. So, the hurdle of homeownership felt high at that time. Check out this snip from the FRED Econo...
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