Here’s what Axios Phoenix has to say about the Valley housing market:
“About half of all home sellers in the Phoenix area decreased their initial asking prices last month, one of several indicators that the Valley’s red-hot housing market is cooling off.”
“What’s happening: In July, 50.1% of home listings dropped their asking prices, compared with 21.7% in July 2021, according to the real estate company Redfin.”
“That gives the Valley the eighth-highest share of home listings with price decreases last month out of the top 97 metro areas in the U.S.
Redfin cited the Phoenix metro area as having the 17th fastest-cooling housing market in the country, based on changes in inventory, price drops and several other factors.”
Read the full article here:
Rates suck, I know; I originate loans, too. But if you have to eat ramen for the next two years while waiting to refinance your mortgage, so be it. MAYBE, you’ll have a stellar broker like me negotiate a 2/1 Buydown, so the Seller subsidizes your first two years’ mortgage payments.
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