One of the key factors drving home buyers to the sidelines is rising interest rates. The cost to borrow puts pressure on budgets by driving up monthly payments. While this doesn't necessarily impact cash buyers or those with significant home equity they can cash out of their current home when selling, interest rates ripple throughout the real estate market because fewer buyers mean less competition for homes. Less competition means sellers have to work harder or make more concessions to attract buyers. The recent meteoric rise in interest rates have cooled the market in the greater Phoenix area, but market watchers are hoping that rates have peaked and will bring a much-needed break to buyers and reinvigorate the Spring market. But will it? Barron's talks to key experts to answer that question.
We are here to help! If you want to find out how much your home is worth in this strong market, email me at [email protected]. We would be happy to help you determine if the time is right for you to sell your home or buy a new home.