Now that the temperatures have started to dip we are seeing a cooling off of the Arizona real estate market. This is evident by a cooling off of appreciation and an increase in the average days on the market for listed homes.
Why is this happening? Some potential culprits are:
- Higher interest rates
- Government shut down and reopen
- Partisan bickering over the debt-ceiling and Obamacare
- More new home builders have increased the supply
How do we interpret all of these factors? The market has finally reached a price-point where buyers are just saying “too pricey for me!”
Given the fast approaching holidays, if your home is on the market and you have to move, a healthy price drop might be the answer.
Final assessment: keep playing it smart and don’t fear competition – we don’t! Why? We do what agents can’t!