Are you trying to decide whether to buy now or wait? Well here is what’s going on in our market today. Per the chart below, Mortgage rates are climbing above a 5 year high. The experts are claiming they are going to continue to climb as well. Some say that that they are expected to peak around 6.0% which we have not seen since 2008. With the increase in home prices, this will be pushing some of the Sub $200k buyer’s out of the market for some of the most affordable homes in Phoenix Metro. These home will most likely appreciate around 5% due to the lack of inventory. It will also greatly reduce your buying power at all of the price points. So, if you are sitting on the fence in trying to decide what to you, the data may be that little extra push you need to get into the market and buy today.
Here is the current market trend in Dollars per Square Foot: