January market news:
Our market shows some signs of balance although inventory remains low, but improved since last month. Fountain Hills under contract properties increased a whooping 40, and both markets had sales price to list price at 99% and days on market were greatly reduced.
Raising interest rates have settled down, and polling of buyers asking about the effect of rising interest rates on the buyers willingness to buy found that it is rising HOA fees that concern buyers more than interest rates. HOA fees compound, and you can’t write them off. Rising home prices, interest rates and HOA fees have impacted affordability. Sellers sitting on a property with a low interest mortgage may also contribute to reluctance to move and impact inventory.
Call the Verdes-Lifestyle Team if you are ready to make an appointment for a consultation and find out what your home is worth.