By Frank May, Real Estate Agent
The year’s real estate market has started off strong. With threats of higher interest rates, buyers don’t want to wait, and with what seems like 20 buyers for every listing, the home prices are still getting bid up.
If buyers are thinking of waiting, they risk not only higher interest rates but higher prices. The inventory in the Valley remains extremely low—even in 85383. In October we were averaging about 140 active homes, and we are now in the low 50s in our home zip code.
What’s the takeaway? If you know anyone looking to buy, tell them to get busy and don’t lose heart. It will probably take a couple of offers or more to get one under contract, so we really try and prepare our buyers to be emotionally ready. I’ve heard stories of buyers getting frustrated and just deciding to rent for a year and wait for it to slow down. They are potentially (very probable at this moment) missing out on a year of increased equity, low interest rates, and rents are so high right now that they are probably spending at least $20,000 for the year on rent.
If you are already a homeowner, then you are in a great financial position right now. Equity has been increasing every month with no slowdown in sight.
On a personal note, thank you to everyone who reached out last month to find out their home value and talk to me about Northwest Peoria real estate. It was great talking to homeowners and getting more of a feel for what residents of the Upper Westside are thinking, feeling, and looking for in real estate.
If you want to keep up to date on your home value, especially to see the direction of prices so you know if any changes are taking place, call me at 623-203-1800 or email me at [email protected].
Frank May grew up in the Valley, graduating from Northwest Christian School and Northern Arizona University. He is a real estate agent with RE/MAX Fine Properties and has been helping both buyers and sellers for over 20 years. He has been a Dave Ramsey Endorsed Local Provider (ELP) since 2003. Learn more at MayTeam.com.
