What are is Happening in Phoenix Real Estate? October 2023
The world of real estate is constantly evolving, and it's essential to stay informed about what's happening in the market. As your trusted advisor, I'm here with this month's market update and valuable insights into the latest developments that may affect your real estate journey.
You may have seen news stories about challenges the National Association of REALTORS is currently facing. But it's important to know that these issues primarily impact the industry rather than consumers. Over the last few years we have seen changes that have increased transparency for consumers, and you'll continue to see consumer friendly changes in the industry.
One significant change in the real estate market is the continuing rise of mortgage interest rates, which haven't been this high in over 20 years. 8% mortgage rates impact affordability for homebuyers which has dropped buyer activity which in turn, impacts sellers who want to sell their homes. It is crucial to remember that there are effective strategies for buying and selling in today's market and I am here to guide you through them
Lastly, also in the news are stories about an increase in deed fraud involving criminals targeting vacant land and vacant homes where there is no mortgage on the property. They steal the sellers identity, list the property for sale, and keep the profits causing financial loss for the original owner.
While professionals in the real estate industry are trained to spot these frauds, you can also take steps to protect yourself. If you own land or vacant property with no mortgage, please reach out to me to set up a home search to detect any unauthorized listing of your property on the MLS. Also, please consider registering for a title alert on your county's website to stay informed about any activity in your name.
If you have questions about any of these issues, or need guidance in understanding today's challenging market, please don't hesitate to contact me. And if your thought process currently involves waiting until interest rates drop to make a move, we should talk, so you can understand the actual cost of waiting to make informed decisions on your next move.