The high today is 91 degrees. Next week the highs are all in the 80s, at least according to my phone. That sounds great and after our hot, hot summer, that news is more than welcome. Here in Greater Phoenix, the only thing we like seeing heat up in the fall is real estate activity. We are on the eve of October with our Q4 hopefulness. Unfortunately, with the recent spike in interest rates, as of today according to MND rates are at 7.49%, the cooling weather is not bringing new demand. In fact, demand has been falling since mid-August. The uncertainty in the markets, with tariffs, and geopolitically has dampened demand. Demand is not gone for all of the reasons we talked about last week. Ultimately it always evens out. Demand pauses and sits on the sidelines until it is comfortable returning. When this uncertainty settles, buyers will return.
In the meantime, please remind your sellers to price their homes according to the current market, not what was. Price it for the condition and it will sell. Many sellers may choose to wait. But this is truly the best time to be a buyer, they have options, little competition, and sellers who are ready to make a deal.
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Sarah Perkins is an award winning account executive and has been in title sales since 2004. As the Director of Industry Research & Senior Account Executive, Sarah’s role is to bring real estate transactions to Navi Title. Sarah supports her clients by helping them navigate the ever-changing real estate space through thorough research and understanding of current trends impacting today’s home buyers and sellers.