I just got back from my weekly sales meeting at my office and I wanted to share some information about the current real estate market here:
1. The interest rates for 30-year fixed mortgage are still down just below 6%. Not bad at all (and as my mortgage guy, Matt says, “Money’s still cheap, get it while you can!”).
2. In May, there were approximately 9,400 properties available for sale in the Arizona Multiple Listing Service. In August, there were 15,000. This is fabulous news for buyers. Lots more properties are available and bidding wars are being kept down to a minimum. This news coupled with the still low interest rates means that if you are renting, you should at least think about buying. Don’t forget that the interest you pay on your mortgage is all tax-deductible, while your apartment rent is not.
3. The average property days on market is at 24-25 days. This is still very low and indicates a still healthy sellers market.
So the news is good! Our market is thriving!