For April the Story is Inventory! Inventory! Inventory!
As of April 1st, 2018, available residential inventory in the greater Phoenix area continues its downward trend. Available homes are down ~2% from last month, and ~24% from last year.
In part because of this, long-term shrinking inventory, median prices are 9.2% higher than this time last year.
On the interest rate front, Freddie Mac reports that although 30-year rates were relatively flat over the last 3 weeks (4.46 Versus 4.44%) they are still up ~.5% from the start of the year.
What does all this mean? This is the long-term trend:
The market will continue to get tighter, sales prices will continue to go, up and interest rates (although plateaued) are not going down. Buyers wanting to move in the next 1-2 years, should already be engaged with their trusted Real Estate advisor.
The sooner you close, the lower your buying price, and the more equity you will have already accrued. In other words:
“Buy now and bank the equity. Buy later and donate that equity to the seller”.