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Hey everyone, we are here today to give you the latest market update for Phoenix. Right now, we have fewer homes for sale than we have had at any point in the last 2 years. It's tough to get people under contract and when the supply of homes goes down, like it has been lately, demand goes up. In fact, we just listed a home this last week at $450,000 and got 7 offers on it! That's the kind of market we're experiencing right now and if you've even been entertaining the idea of selling your home, now may be the perfect time.
Home prices are steadily rising, as are interest rates. They have actually gone up about .5% in the last month, and there is no sign of them slowing down. We hope they will go down a little in the near future, but can never know for certain.
Either way, it would be a good idea to give Tom a call to make sure you are pre-qualified if you aren't already. A lot of people will pre-qualify based on what they wan their payments to be, and a .5% change in interest rates can be a huge difference.
If you have any questions for us, feel free to give us a call or send us an email. We can't wait to hear from you!
