Stay informed on this crucial information with my new market update.
Today, I’m here to provide you with an important market update. This time of year, we typically experience an uptick in activity. Inventories increase, and there is a rise in buyer interest. Recently, you likely noticed the influx of visitors to the Prescott Tri-City area. This translates into more potential buyers, contributing to the current frenzied market.
I’ve been in the real estate industry for over 23 years, and I must say that this market is quite unique. While prices are generally holding steady, some areas are experiencing slight downward pressure. Still, it’s important to note that the market conditions can vary from neighborhood to neighborhood within our region.
“This is a highly dynamic market.”
There is no one-size-fits-all answer to explain what’s happening. I closely monitor various factors, including the overall economy, interest rates (which are currently hovering between 7% and 7.25%), economic data, unemployment numbers, and discussions surrounding the debt limit. These elements all impact the real estate market.
As recession numbers start to moderate, I hope to see some downward pressure on interest rates, ultimately improving affordability for both buyers and sellers. Building more affordability into the market will support current price levels.
This is a highly dynamic market characterized by intense demand, low supply, and limited affordability. These factors can sometimes work against each other, making the market particularly interesting to observe. My team and I study the market daily and are here to answer any questions you may have. If you need assistance, please don’t hesitate to reach out. We have the resources to support you, so call or email us anytime.
